NextEra Energy reports 9% rise in adjusted earnings for Q1 2025 as solar and storage backlog grows

NextEra Energy has posted a strong start to 2025, with a 9% year-on-year increase in adjusted earnings per share and a substantial boost to its renewable energy and storage project pipeline.

For the quarter ending 31 March 2025, the company reported adjusted earnings of $2.038 billion, or $0.99 per share, up from $1.873 billion, or $0.91 per share, in Q1 2024. On a GAAP basis, net income fell to $833 million, or $0.40 per share, from $2.268 billion, or $1.10 per share, largely due to mark-to-market impacts and other non-recurring items.

“NextEra Energy is off to a strong start this year,” said Chairman, President and CEO John Ketchum. “Both our regulated and renewable businesses delivered solid results, and we remain on track to meet or exceed the top end of our earnings expectations through 2027.”

FPL: solar leader with growing capital investment

Florida Power & Light (FPL), the company’s regulated utility, recorded net income of $1.316 billion, or $0.64 per share, up from $1.172 billion, or $0.57 per share, a year earlier. First-quarter capital expenditure reached $2.4 billion, with full-year investment forecast between $8 billion and $8.8 billion.

FPL brought 894 megawatts of solar capacity online during the quarter, expanding its total owned solar portfolio to over 7.9 GW—making it the largest utility-owned solar fleet in the United States. Its newly submitted Ten-Year Site Plan projects over 17 GW of new solar and 7.6 GW of battery storage by 2034.

In February, FPL filed a four-year rate proposal with the Florida Public Service Commission. The plan outlines base rate increases from 2026 through 2029, aimed at maintaining high reliability, low customer bills and diversifying its energy mix. Typical residential bills are projected to remain around 25% below the national average.

NextEra Energy Resources: pipeline reaches 28 GW

NextEra Energy Resources added approximately 3.2 GW of new renewable and storage projects to its backlog in Q1, bringing the total pipeline to roughly 28 GW. Adjusted earnings rose to $908 million, or $0.44 per share, compared with $828 million, or $0.40 per share, in Q1 2024.

However, GAAP net income declined to $172 million from $966 million due to valuation and hedge-related factors. The segment continues to see strong demand across all sectors for clean energy solutions.

Outlook remains positive

NextEra reaffirmed its adjusted earnings guidance for 2025 at $3.45 to $3.70 per share. The company expects continued growth through 2027, with earnings guidance ranges rising to $4.32 per share by the end of the period. A dividend growth target of around 10% annually remains in place through at least 2026.

A webcast of the company’s earnings call is scheduled for 9:00 a.m. ET today and can be accessed via the company’s investor website.