Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Adjusted EPS growth (Consolidated) | 9.7% | Year-over-year |
| FPL retail sales | 2.8% | Increase from prior year |
| Energy Resources adjusted earnings growth | 13% | Year-over-year |
| FPL capital expenditures | $2.4 billion | For the quarter |
| FPL regulatory ROE | 11.8% | For 12 months ending September 2026 |
Guidance and outlook
- 2026 adjusted earnings per share expectations range of $3.92 to $4.02 remains unchanged, and we are targeting the high end of that range.
- We expect to grow adjusted earnings per share at a compound annual growth rate of 8% plus through 2032 and are targeting the same from 2032 through 2035.
- We also continue to expect to grow our dividends per share at roughly 10% per year through 2026 off a 2024 base and 6% per year from year-end 2026 through 2028.
How management sounded
Positive (+6 on our -10 to +10 scale). Management expressed high confidence in their execution across all growth areas and raised large load expectations, though they face ongoing regulatory scrutiny regarding the Dominion Energy combination. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Dominion Merger
Asked: Steve Fleishman asked about the onerous proposals from the Virginia governor's office.
Answer: John Ketchum emphasized the strength of their case regarding affordability, jobs, and clean energy, noting they look forward to the hearings in November.
Federal Hubs
Asked: Paul Zimbardo asked about the benefit of federal hubs in the near term.
Answer: Management noted that early years will see modest payments based on development activities, growing over time through 2032 as operating fees begin.
Florida Data Centers
Asked: Konstantin Lednev asked about the visibility and ramp timing for data center deals.
Answer: Scott Bores stated they remain confident in announcing a deal by year-end, noting they are working with local communities to build consensus.
Capital Recycling
Asked: Nick Campanella asked if the capital-light nature of federal hubs reduces the need for asset sales.
Answer: Management stated they do not rely on capital recycling to meet equity needs, preferring to hold assets, but will execute recycling if parties offer valuations exceeding their own.
What to watch before the next call
- The outcome of the Dominion Energy merger regulatory reviews in Virginia, South Carolina, and North Carolina, with final orders expected in early 2027.
- The announcement of a large load data center transaction in Florida, which management expects by the end of 2026.
- The progress of the federal hub projects and their contribution to earnings as they move from development to operation.
