Strong full-year financial performance and clear growth targets
Adjusted earnings per share of $3.71 for full-year 2025, up over 8% versus 2024; 2026 adjusted EPS guidance unchanged at $3.92–$4.02 with management targeting the high end; company targets 8%+ CAGR in adjusted EPS through 2032 (and the same 2032–2035) off the 2025 base.
FPL regulatory win and customer affordability
Florida Power & Light secured a new four‑year rate agreement through the remainder of the decade with an allowed midpoint ROE of 10.95% (range 9.95%–11.95%), equity ratio at 59%, and a rate stabilization mechanism; FPL expects typical residential bills to rise ~2% annually 2025–2029 (below ~3% inflation) and reports typical retail bills more than 30% lower than the national average.
FPL investment, customer growth and operational efficiency
FPL full-year capital investments of roughly $8.9 billion (Q4 CapEx ~$2.1 billion); regulatory capital employed growth ~8.1%; added over 90,000 customers in 2025; weather‑normalized retail sales up 1.7% year-over-year; non‑fuel O&M claimed to be more than 71% lower than industry average indicating strong cost discipline.
Record origination and backlog growth at Energy Resources
Energy Resources added ~13.5 GW to its backlog in 2025 (record quarter origination of ~3.6 GW); originated ~35 GW over the past three years; backlog stands at ~30 GW after ~3.6 GW were placed into service since the prior call.
Strong project build and storage growth
Energy Resources placed ~7.2 GW of projects into commercial operations since last year and, together with FPL, placed ~8.7 GW of new generation and storage into service in 2025; battery storage build in 2025 exceeded 2024 by roughly 220% with over 2 GW placed into service; battery storage represents nearly one‑third of the 30 GW backlog and a 95 GW pipeline of standalone and co‑located storage was disclosed.
Transmission and gas infrastructure momentum
NextEra Energy Transmission has ~$8 billion total regulated and secured capital, has secured roughly $5 billion in new projects since 2023, and received PJM recommendation for a ~$1.7 billion high‑voltage line; Energy Resources expects combined electric and gas transmission to grow to $20 billion of regulated and invested capital by 2032 (≈20% CAGR off 2025 base).
Strategic supply chain and market positions
Secured solar panel supply to meet development expectations through 2029 and secured a domestic battery supply through 2029; gas turbine slots with GE Vernova secured to support 4 GW of gas‑fired projects; closed acquisition of Symmetry Energy Solutions (operates in 34 states) expanding natural gas supply and trading capabilities.
Partnerships and innovation initiatives
Launched a strategic technology partnership with Google Cloud to accelerate an enterprise AI transformation (Rewire) and develop AI‑first products; management expects first products (AI‑enhanced field operations / grid resilience) to be launched in early February.