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Welcome to Beta Finch, your AI-powered earnings breakdown. Here's the script.
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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, joined as always by Jordan, and today we're digging into NextEra Energy's second quarter 2026 results. Before we get into it — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
**JORDAN:** And there's a lot to get into with this one, Alex. NextEra is one of the biggest utility and clean energy players in the country, and this quarter had everything — solid numbers, a huge pending merger, and a whole lot of data center talk.
**ALEX:** Let's start with the headline numbers. Adjusted EPS came in at $1.15 for the quarter, and through the first six months of the year, adjusted EPS is up 9.8% year-over-year. Full-year guidance stayed right where it was — $3.92 to $4.02 a share — and management said they're targeting the high end of that range.
**JORDAN:** What jumped out to me is how this growth is split across their two main engines. Florida Power & Light, the regulated utility, saw EPS grow thanks to about 9.3% growth in regulatory capital employed — basically the rate base they earn a return on. Meanwhile Energy Resources, their competitive, contracted generation business, posted adjusted earnings growth of roughly 18% year-over-year. That's the growth engine really firing.
**ALEX:** And the customer growth story at FPL is wild — over 90,000 net new customers in the quarter versus a year ago. Florida's economy is now the 14th largest in the world, bigger than Australia's or Mexico's, according to them. And despite all that growth, they're touting bills that are about 30% below the national average.
**JORDAN:** That affordability-while-growing pitch is really the core of NextEra's whole narrative right now, and it matters because it's also the exact pitch they're using to sell their proposed combination with Dominion Energy.
**ALEX:** Right, let's talk about that — this is probably the biggest strategic story here. NextEra is moving forward with its merger with Dominion Energy. They filed for approval with Virginia, North Carolina, and South Carolina regulators on July 15th, plus FERC and the Nuclear Regulatory Commission. The SEC registration became effective the day before this call, and they're expecting shareholder votes from both companies in early September.
**JORDAN:** And the numbers behind it are big. They're projecting the combined company would more than double in size by 2032, with about 11% annual growth in regulatory capital and 9%+ adjusted EPS growth through 2032, extending to 2035. They're also offering $2.25 billion in shareholder-funded bill credits to Dominion customers in Virginia, North and South Carolina — basically a sweetener to get regulators and communities on board.
**ALEX:** CEO John Ketchum kept calling this "a merger of addition, not subtraction" — one plus one equals three, in his words. The plan is dual headquarters in Richmond and Juno Beach, plus an operational hub in Cayce, South Carolina, with a commitment to retain Dominion's local workforce. They expect the deal to close in the second half of 2027.
**JORDAN:** Now let's get into what's really driving the excitement on this call — the data center and large load story. NextEra bumped up FPL's large load expectations from 6 gigawatts to 8 gigawatts by 2032. Every gigawatt under that tariff is roughly $2 billion of capital spend, earning the same return as their other regulated investments.
**ALEX:** And they've got roughly 21 gigawatts of large load interest at FPL alone, with 12 gigawatts in advanced discussions. They reiterated they expect to announce at least one
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2026/07/248 分