NextEra Energy Inc. (NEE) First Take Beat versus GS consensus, still robust 3.6 GW backlog additions

Equity Research 24 July 2026 | 9:04AM EDT

NextEra Energy Inc. (NEE): First Take: Beat versus GS/consensus, still robust 3.6 GW backlog additions

NextEra Energy (NEE, Not Rated) reported 2Q26 adjusted EPS of $1.15, above our Carly Davenport | estimate of $1.12 and beating FactSet consensus of $1.11. On a segment basis, NEER Goldman Sachs & Co. LLC and FPL came in better than our expectations, while results at Parent were slightly Beatriz Abreu, CFA below our estimates. NextEra updated its large load expectations at FPL, now | foreseeing 8 GW by 2032 from 6 GW previously. At NEER, the company added a solid Goldman Sachs & Co. LLC

3.6 GWs of renewables to its backlog during the quarter, half of it expected for the Jaya Patel | 2028-2029 backlog and the balance in 2026-2027/2030-2032. The company also Goldman Sachs & Co. LLC gave updates on its data center hub strategy, expecting the number of Hubs in the Ananya Jaison pipeline to reach ~40 by year-end 2026, from ~30 currently (no change from April | 2026). Goldman Sachs India SPL

We expect the focus of the conference call to be around 1) proposed merger with Dominion Energy 2) US-Japan strategic partnership and data center hubs, and 3) progress on Duane Arnold and nuclear opportunities.

Analysis What were the key drivers of the quarterly variance? The slight bottom line beat vs. our estimate was mostly driven by a tax benefit in the quarter, while operating income came in below our expectations, driven by lower than expected gross margin. On a segment basis, NEER and FPL came in above our expectations, while parent/other was lower than anticipated.

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Goldman Sachs NextEra Energy Inc. (NEE)

Exhibit 1: Higher earnings at NEER and FPL drove the slight beat vs our numbers GS vs actual EPS and net income NextEra Energy

FPL $0.66 $0.67 $0.01 NEER $0.58 $0.62 $0.04 Parent ($0.12) ($0.14) ($0.02) Total $1.12 $1.15 $0.03

FPL $1,378 $1,412 2% NEER $1,226 $1,291 5% Parent ($248) ($296) -19% Total $2,356 $2,407 2% Source: Company data, Goldman Sachs Global Investment Research

Exhibit 2: The bottom line was slightly higher than GSe on tax benefits, while operating income was lower than expected on lower gross profit 2Q26 income statement variance 2Q26 GS est. Actual Variance INCOME STATEMENT $1.12 $1.15 $0.03 Operating Revenues $8,320 $7,534 ($786) Energy Costs ($1,063) ($1,563) ($500) Gross Profit $7,257 $5,971 ($1,286)

Operating Expenses Operation & Maintenance ($1,410) ($1,459) ($49) Depreciation & Amortization ($2,078) ($1,757) $321 Taxes other than Income tax ($675) ($667) $8 Other one time items $0 ($7) ($7) Total Operating Expenses ($4,163) ($3,890) $273

Operating Income $3,094 $2,081 ($1,013)

Other Income Income from Equity Method Investments $136 $342 $206 Benefits associated with differential membership interests - net $0 $0 $0 Other Net Periodic Benefit Income $67 $23 ($44) Allowance for Equity Funds during Construction $38 $59 $22 Interest Income $0 $0 $0 Gain on disposal of Assets $0 $103 $103 Other than temporary Impairments $0 $0 $0 Other - Net $55 $77 $22 Total Other Income $295 $604 $309

EBIT $3,389 $2,685 ($704) Interest Expense ($1,189) ($1,160) $29 EBT $2,200 $1,525 ($675) Income tax expense ($220) $360 $580 Net Income $1,980 $1,885 ($95) Income from discontinued operations $0 $0 $0 Other One time Items & Adjustments $0 $0 $0 Preferred convertible $0 $0 $0 Non-controlling interests $376 $522 $146 Operating Earnings $2,356 $2,407 $51

Source: Company data, Goldman Sachs Global Investment Research