# NextEra Energy Stock Q3 2026: FPL Rate Base Grows 9.2% as Backlog Hits 36.7 GW
> NextEra Energy stock Q3 2026: adjusted EPS rose 9.7% to $1.24, FPL's rate base grew 9.2% to $81.1bn and the backlog reached 36.7 GW. NEE earnings.

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## Facts
- Ticker: NEE
- QSILabs fair value: $45.00 USD
- Price: $85.03 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-21) and Form 10-Q filed 2026-10-21; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/nextera-energy-stock-q3-2026-earnings-fpl-rate-base-backlog/

## Short answer
NextEra Energy stock Q3 2026 comes down to two businesses growing at once. In the three months to 30 September 2026, adjusted earnings per share rose 9.7% to $1.24 and GAAP earnings per share almost doubled to $2.28, helped by gains on interest rate hedges. Florida Power & Light (FPL), the regulated utility, grew its regulatory capital employed, or rate base, by about 9.2% to $81.1bn and earned a regulatory return on equity of about 11.8%. NextEra Energy Resources added 3.7 GW of renewables and storage, taking its backlog to about 36.7 GW. NextEra kept its 2026 adjusted EPS range of $3.92 to $4.02 and is targeting the high end. The shares closed at $85.03 on 2 November 2026, up 8.6% since the results. Our regulated asset base model values them at $45.00 a share, about half that price, because it counts only FPL's returns and carries the rest of the group at book value. We explain that gap below.

## Key takeaways
- Adjusted EPS rose 9.7% to $1.24. Adjusted earnings were $2,592m, up 10.4% from $2,348m. FPL added 6 cents a share and NextEra Energy Resources 6 cents, while Corporate and Other cost 1 cent more.
- GAAP earnings almost doubled. GAAP net income attributable to NextEra was $4,775m, or $2.28 a share, against $2,438m, or $1.18, a year earlier. Pre-tax gains on non-qualifying hedges, which NextEra excludes from adjusted earnings, were $3,005m.
- FPL's rate base grew about 9.2%. FPL's net income rose 10.7% to $1,620m. Chief financial officer Mike Dunne said FPL spent about $2.4bn in the quarter and expects about $12bn of capital investment for 2026.
- The backlog reached about 36.7 GW. NextEra Energy Resources added 3.7 GW, including 2.4 GW of battery storage, after placing 1.8 GW of projects into service. Dunne said it was the fourth quarter in a row with more than 3.5 GW of additions.
- Spending peaks in 2026. The Form 10-Q shows $36.6bn of capital spending in 2026, nine months actual plus the estimate for the rest of the year, falling to $29.4bn in 2027 and $22.9bn in 2028.
- The Dominion deal is moving. Shareholders of both companies approved the combination on 3 September. NextEra expects final orders in Virginia and South Carolina in January 2027 and closing in the second half of 2027.
- Our value: $45.00 a share, against an $85.03 close on 2 November 2026, little changed from $44.78 in our previous model. Analysts' average target is $94.
- What to watch. Hurricane Isaias storm costs, the Virginia and South Carolina hearings in November and December, further backlog additions and whether NextEra lands at the high end of its 2026 range.

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