NEE

NextEra Energy came into this Q3 2026 report with a reputation as the clean power bellwether that grows quietly while the market argues about interest rates. The stock had drifted over the past three months, with a 90 day return that declined 8.8%, and then jumped 4.6% to about US$81.90 after the release. The headline is simple. Q3 basic earnings per share printed at roughly US$2.29 on US$8.1b of revenue, and trailing net profit margins over the last year ran at just over 40%. The share price reaction looks like relief, but the real story is the strength in profitability rather than a sudden change in narrative. If you like the combination of high reported profitability at NextEra Energy but would prefer exposure to a broader set of companies with strong earnings power supported by resilient finances, explore our list of solid balance sheet and fundamentals stocks (26 results). - Revenue (Q3 2026 vs. Q3 2025): US$8,090m vs. US$7,966m (modest year-on-year increase in revenue) - Net Income (Excl. Extra Items, Q3 2026 vs. Q3 2025): US$4,775m vs. US$2,438m (substantial year-on-year increase in profit) - Basic EPS (Q3 2026 vs. Q3 2025): US$2.29 vs. US$1.18 (significant year-on-year increase in earnings per share for NextEra Energy) - Net Profit Margin (Trailing 12 Months vs. Prior Year): 40.4% vs. 24.7% (notable year-on-year expansion in trailing profitability) Earnings tell you how profitable NextEra Energy looks on paper, but cash flow shows how much money actually moves through the business and back toward lenders and shareholders. Investors who care about what the market might be paying for those cash streams focus on that second lens. On reported cash flows alone, and abstracting from the recent EPS strength, the stock could be a narrow 6% overvalued. The optimistic view hinges on NextEra Energy turning an ambitious project slate into durable earnings power rather than just headlines. "The main requirement for success is effective execution on large-load growth, data center hub development, and the sizeable capital plan at Florida Power & Light, while keeping customer bills and reliability metrics on the current trajectory." Q3 results back parts of this script. FPL retail sales grew 2.8% with weather adjusted gains and customer bills remain well below the U.S. average. Large load interest increased, with FPL lifting expected data center build to 8 GW by 2032, and management said it has already achieved more than two thirds of its 2026 to 2029 development goal. The skeptical narrative argues that policy shifts and funding costs could chip away at that same growth engine for NextEra Energy. "Heightened interest rates and higher project financing costs remain a live issue and were cited as having already reduced earnings by about $0.06 per share." Interest headwinds are visible, even as adjusted EPS grew about 9.7% in Q3. Management is leaning on more than US$48b of forward starting rate hedges and long debt maturities to contain funding costs, and reiterated equity issuance plans through 2032. Those actions reduce near term pressure, yet the large capital program and Dominion merger uncertainty mean balance sheet risk has not cleared the bar set by the bears. One Narrative disagrees with today's price. → See where this Narrative says NextEra Energy should trade. NextEra Energy just reported a quarter that shifted expectations and highlighted how fast sentiment can change. The real opportunity is finding stocks that could be undervalued before the market corrects them. - Company 1 - 31% below our estimate - builds high value custom chips and connectivity gear that hyperscalers need as data traffic and AI tasks grow. - Company 2 - 35% below our estimate - converts a swelling backlog of AI infrastructure and multicloud database work into subscription revenue that locks in long contracts. - Company 3 - 41% below our estimate - expands production of advanced circuit boards and RF assemblies used by defense and AI data center clients for key programs. That is three of the list. See every one of the 30 undervalued companies on it → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NEE. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- NextEra Energy reported third quarter 2026 sales of US$8.09b and net income of US$4.78b, alongside a regular quarterly dividend of US$0.6232 per share payable on December 15, 2026, to shareholders of record on November 27, 2026. - The latest results highlight strong contributions from Florida Power & Light and NextEra Energy Resources. Management reaffirmed long term earnings and dividend growth targets and expanded a large renewables and storage project backlog that supports the operating plan. - This article examines how NextEra Energy's investment narrative is shaped by its third quarter earnings performance and reiterated guidance. Capture how NextEra Energy's earnings, dividend outlook and data center exposure compare by scanning a hand picked set of 42 power grid technology and infrastructure stocks. For a shareholder in NextEra Energy, the core belief is that rising power demand, especially from data centers, and a large renewables and storage backlog can keep the business investing heavily while still generating solid earnings. The third quarter showed that FPL and Energy Resources are carrying that story, with adjusted EPS at US$1.24 and management reiterating the long term plan. The key short term catalyst is execution on this capital pipeline without letting borrowing costs and regulatory pushback on the Dominion Energy deal eat too far into cash generation. The latest earnings and dividend affirmation do not fundamentally change that balance. Interest rates and policy risk around tax credits remain the main pressure points. The most relevant recent news for that thesis is the board's decision to declare a regular quarterly dividend of US$0.6232 per share, payable on December 15, 2026. For an investor following NextEra Energy, this keeps income expectations steady while the business leans into large projects for data centers, renewables and gas generation. This payout sits against a backdrop where free cash flow coverage of the dividend is flagged as tight and debt is not described as well covered by operating cash flow. That mix puts more focus on how efficiently NextEra Energy funds its roughly 36.7 GW renewables and storage backlog, data center linked generation build and the pending Dominion transaction over the next few years. NextEra Energy's narrative projects US$39.9b revenue and US$10.6b earnings by 2029. This assumes 11.6% yearly revenue growth and an earnings increase of about US$1.3b from US$9.3b today. Uncover why NextEra Energy's fair value indicates an 18% potential upside to its current price that may not last much longer. The Simply Wall St Community brings eight fair value views on NextEra Energy, stretching from about US$77.10 to US$110, so you are seeing a wide spread of expectations from private investors. Set that against interest rate pressure, shifting tax incentives and large data center linked capital plans, and it becomes clear opinions can differ sharply. Explore several of these viewpoints before deciding how this story fits your own portfolio. Explore 7 other NextEra Energy fair value estimates, including one that suggests as much as 6% downside from the current price. Don't just follow the ticker. Dig into the data and build a conviction that's truly your own. - A great starting point for your NextEra Energy research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. - See our latest analysis for NextEra Energy. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate NextEra Energy's overall financial health at a glance. Once you understand where NextEra Energy fits in your watchlist, it can help to compare it with a broader mix of companies that share similar quality traits or income profiles. - If you want potential mispricings with strong fundamentals to back them up, start by scanning a curated set of 29 high quality undervalued stocks that pair balance sheet strength with earnings power. - For investors who care most about portfolio resilience and lower downside risk, focus on a carefully filtered group of 30 resilient stocks with low risk scores that aim to keep volatility in check. - When you are hunting for high quality operators that are not widely followed, broaden your opportunity set with a hand picked pool of 20 high quality undiscovered gems that combine solid finances with under-the-radar profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NEE. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

NextEra Energy (NEE) came out with quarterly earnings of $1.24 per share, beating the Zacks Consensus Estimate of $1.2 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.33%. A quarter ago, it was expected that this parent company of Florida Power & Light Co. would post earnings of $1.09 per share when it actually produced earnings of $1.15, delivering a surprise of +5.5%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. NextEra, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $8.09 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 10.97%. This compares to year-ago revenues of $7.97 billion. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. NextEra shares have lost about 1.8% since the beginning of the year versus the S&P 500's gain of 12.7%. While NextEra has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for NextEra was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.60 on $7.47 billion in revenues for the coming quarter and $4.03 on $30.87 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, PPL (PPL), has yet to report results for the quarter ended September 2026. This energy and utility holding company is expected to post quarterly earnings of $0.53 per share in its upcoming report, which represents a year-over-year change of +10.4%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. PPL's revenues are expected to be $2.44 billion, up 8.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NextEra Energy, Inc. (NEE) : Free Stock Analysis Report PPL Corporation (PPL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NextEra Energy, Inc. NEE reported third-quarter 2026 adjusted earnings of $1.24 per share, up 9.7% from $1.13 a year ago. The figure beat the Zacks Consensus Estimate of $1.20 by 3.3%. Strong contributions from Florida Power & Light ("FPL") and NextEra Energy Resources supported earnings growth. GAAP earnings per share were $2.28 compared with $1.18 in the year-ago quarter. Total operating revenues increased 1.6% year over year to $8.09 billion but missed the Zacks Consensus Estimate of $9.08 billion by 10.9%. NextEra Energy, Inc. price-consensus-eps-surprise-chart | NextEra Energy, Inc. Quote Operating revenues increased from $7.97 billion in the third quarter of 2025 to $8.09 billion in the reported quarter, primarily supported by higher revenues at FPL. By segment, FPL generated $5.42 billion in operating revenues, up 2.6% year over year. NextEra Energy Resources contributed $2.52 billion, down 1.9% from the prior-year quarter. Corporate and Other revenues totaled $153 million compared with $115 million a year ago. FPL reported third-quarter net income of $1.62 billion, up 10.7% from $1.46 billion in the year-ago quarter. Earnings per share increased to 77 cents from 71 cents. Growth was primarily driven by continued disciplined capital investments. FPL's regulatory capital employed increased approximately 9.2% year over year. Capital expenditures totaled approximately $2.4 billion during the quarter, while full-year investments are expected to reach approximately $12 billion. The utility added more than 86,000 customers year over year and increased its large-load expectations from 6 gigawatts ("GW") to 8 GW by 2032. NextEra Energy Resources reported adjusted earnings of $1.25 billion compared with $1.10 billion a year ago. Adjusted earnings per share increased to 59 cents from 53 cents, benefiting from contributions from new investments and existing energy assets. NextEra Energy Resources added 3.7 GW of renewables and storage to its development backlog. During the quarter, the segment added approximately 2.4 GW of battery storage, 0.7 GW of wind and 0.6 GW of solar projects to its backlog. The total development backlog reached approximately 36.7 GW after accounting for projects placed into service and other changes. The segment also expanded its regulated transmission investments. Regulatory and invested capital, along with secured capital expenditures across electric and natural gas transmission, increased approximately 25% to $12.7 billion since December 2025. Total operating expenses were $5.51 billion, down 1.3% from $5.58 billion in the year-ago quarter. Lower depreciation and amortization expenses, which declined to $1.65 billion from $2.10 billion, supported the decrease. However, fuel, purchased power and interchange expenses increased to $1.70 billion from $1.42 billion. Other operations and maintenance expenses increased to $1.43 billion from $1.41 billion. Operating income rose 3.8% year over year to $2.62 billion. As of Sept. 30, 2026, NextEra Energy reported cash and cash equivalents of $5.58 billion and total assets of $245.05 billion. Long-term debt stood at $97.13 billion, while total equity was $72.87 billion. During the first nine months of 2026, net cash provided by operating activities totaled $12.32 billion compared with $9.99 billion in the year-ago period. Net cash used in investing activities was $26.99 billion, while financing activities provided $17.52 billion. NextEra Energy maintained its 2026 adjusted earnings per share guidance of $3.92-$4.02 and continues to target the high end of the range. The company expects adjusted earnings per share growth of at least 8% annually through 2032 and targets the same growth rate through 2035, using 2025 adjusted earnings of $3.71 per share as the base. The Zacks Consensus Estimate for 2026 EPS is currently pegged at $4.03. The company also continues to advance its pending combination with Dominion Energy following shareholder approval in September. Subject to regulatory approvals, the transaction is expected to close in the second half of 2027. The combined company is expected to deliver adjusted earnings per share growth exceeding 9% annually through 2032. NextEra Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Xcel Energy XEL is set to release third-quarter 2026 results on Oct. 29. The Zacks Consensus Estimate for earnings per share is pegged at $1.35. XEL's long-term (three-to-five years) earnings growth rate is 7.29%. The Zacks Consensus Estimate for third-quarter earnings per share indicates year-over-year growth of 8.87%. Dominion Energy D is scheduled to announce third-quarter 2026 results on Oct. 30. The Zacks Consensus Estimate for earnings per share is pegged at $1.17. The consensus estimate for third-quarter earnings per share indicates growth of 10.38% from the prior-year actual. Exelon Corporation EXC is scheduled to announce third-quarter 2026 results on Oct. 30. The Zacks Consensus Estimate for earnings is pegged at 80 cents per share. Exelon's long-term earnings growth rate is estimated at 6.39%. The Zacks Consensus Estimate for second-quarter earnings per share indicates a decline of 6.98% from the year-earlier level. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NextEra Energy, Inc. (NEE) : Free Stock Analysis Report Exelon Corporation (EXC) : Free Stock Analysis Report Xcel Energy Inc. (XEL) : Free Stock Analysis Report Dominion Energy Inc. (D) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). 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This article first appeared on GuruFocus. - Adjusted EPS (Q3 2026): Increased 9.7% YoY; up 9.5% YoY through first nine months. - 2026 Adjusted EPS Guidance: Range of $3.92$4.02, unchanged; targeting high end. - Long-Term Adjusted EPS Growth: 8%+ CAGR through 2032 and 20322035, off 2025 base of $3.71. - FPL EPS: Increased $0.06 YoY, driven by ~9.2% YoY growth in regulatory capital employed. - FPL Capital Expenditures: ~$2.4 billion for the quarter; ~$12 billion expected for full year 2026. - FPL Return on Equity: ~11.8% reported ROE for regulatory purposes (12 months ending September 2026). - FPL Retail Sales: Up 2.8% YoY; up 1.4% weather-normalized on customer growth. - Rate Stabilization Mechanism: ~$172 million reversed in Q3; after-tax balance of ~$1.5 billion. - Energy Resources Adjusted Earnings: ~13% YoY growth; adjusted EPS up $0.06 YoY. - New Investments Contribution: Up $0.09 per share, including initial federal hubs contributions. - Existing Energy Assets Contribution: Up $0.05 YoY on more normalized wind resource (101% of long-term average vs. 90% prior year). - Customer Supply Contribution: Down $0.04 per share on timing of origination activity. - All Other Impacts: Down $0.04 per share on interest expense and prior-year capital recycling timing. - Renewables & Storage Backlog: 3.7 GW added in Q3 (2.4 GW battery storage); backlog totals ~36.7 GW; ~15 GW added over last 12 months. - Recontracting: ~1,400 MW of renewables YTD at ~$20/MWh premium to recent realized pricing; ~2,400 MW recontracted in total this year. - Interest Rate Hedging: $48+ billion forward-starting hedge program at ~4% average rate, ~9-year average tenor; 50 bps move impacts 2028 EPS by only $0.01$0.03. - Debt Profile: ~15-year weighted average maturity, well-staggered. - Dividends: ~10% annual growth through 2026 off 2024 base; ~6% per year from year-end 2026 through 2028. - Operating Cash Flow: Average annual growth from 20252032 expected at or above adjusted EPS CAGR range. - Warning! GuruFocus has detected 10 Warning Signs with NEE. - Is NEE fairly valued? Test your thesis with our free DCF calculator. Release Date: October 21, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. - NextEra Energy Inc (NYSE:NEE) delivered strong Q3 2026 results with adjusted EPS up 9.7% YoY and is targeting the high end of its 2026 EPS guidance range. - FPL's typical residential bill is about 37% below the national average and is projected to increase only 2% annually through 2030, ensuring affordability. - Energy Resources added 3.7 GW to its backlog in Q3 2026, including 2.4 GW of battery storage, and has achieved over two-thirds of its 2026-2029 development midpoint. - NextEra Energy Inc (NYSE:NEE) has advanced over 20 GW of large load projects, with 18 GW gas-fired, and signed agreements for three federal hubs totaling ~16.5 GW with $5.7 billion in initial funding. - The company maintains a strong balance sheet with a $48 billion interest rate hedging program, limiting the impact of a 50 bps rate move to less than 1% of 2028 EPS. - The pending Dominion Energy combination faces regulatory hurdles, with the Virginia governor's office proposing onerous conditions and hearings scheduled through 2027. - NextEra Energy Inc (NYSE:NEE) has not yet signed a large load deal in Florida despite raising its expectations to 8 GW by 2032, creating uncertainty around timing. - Solar backlog was revised lower in certain years, and the company faces cost pressures from rising interest rates, Section 232 tariffs, and equipment constraints. - Wind resource in Q3 2026 was only 101% of the long-term average, and Q4 is expected to be 90-95%, which could impact earnings. - The company has significant equity needs of $12-17 billion through 2032, which could dilute shareholders and depends on capital markets conditions. Q: Steve Fleishman of Wolfe Research asked how to think about the potential for a near-term rebasing of the outlook, given NextEra is already tracking to the high end of its 2026 EPS range and is beginning to book income from the federal hub process earlier than normal contracting would have allowed.A: CEO John Ketchum said NextEra expects 2026 adjusted EPS of $3.92 to $4.02 and is targeting the high end of that range, even after factoring in expected El Nino wind impacts in Q4, with generation at 90% to 95% of the long-term average. On the long-term forecast, he pointed to the S-4, noting that while standalone EPS growth remains 8%+, the combination with Dominion is expected to lift that to 9%+. Q: Steve Fleishman asked for perspective on the Virginia governor's office and staff proposals, which include potentially onerous conditions such as ring-fencing, and how NextEra sees a path to resolution.A: Ketchum framed the case around three pillars: affordability, jobs, and clean energy. On affordability, he cited moving residential rate credits from two to four years, nearly $2 billion in rate credits before the Virginia SCC, an added $100 million for EnergyShare, and FPL's track record of bills 37% below the national average. On jobs, he highlighted 1,000 new Virginia jobs (600 NextEra, 400 from supplier letters of intent), a new Richmond co-headquarters tower, a $5 billion supplier program, and $100 million for workforce development. On clean energy, he said the combined company would be the second-largest nuclear operator in the US and best positioned to meet the Virginia Clean Economy Act. He said NextEra looks forward to filing a strong rebuttal and presenting its case at hearings in mid-November. Q: Paul Zimbardo of Jefferies asked about the pending permitting reform bill and what it could mean for NextEra's wind platform and competitive transmission business.A: Ketchum said NextEra has long pushed for permitting reform and welcomed the bipartisan effort, acknowledging puts and takes but calling the overall features promising. He stressed the need for more linear infrastructureboth transmission to enable new generation and new gas transmissiongiven expectations that power demand could rise sixfold, and said he looks forward to potential outcomes as the year ends. Q: Constantine Lednev of Wells Fargo asked about the equity needs and capital markets tightening, and whether NextEra sees incremental funding needs versus its earlier equity plan or alternative funding sources as projects grow in size.A: CFO Michael Dunne said expected equity issuances remain consistent with the prior range of roughly $12 billion to $17 billion through 2032. He noted NextEra has diversified corporate funding globally, raising capital this year in Europe, Australia, Canada, and the US, and remains the tax equity provider of choice at the project level. He added that large asset managers are increasingly looking to deploy capital with NextEra, giving the company multiple financing paths and confidence in its position. Q: Nicholas Campanella of Barclays asked whether the shift of 4 to 6 gigawatts of gas development to a capital-light federal hub model reduces the need for asset sales, whether retained earnings are upside to the plan, and whether there is downward pressure on the prior 7 to 12 gigawatts of capital recycling.A: Dunne said NextEra intends to hold assets through their life because they are attractive investments, and its base plan does not rely on capital recycling to meet equity needs. He said the $7 billion to $12 billion of capital recycling would likely trend lower, with NextEra holding more unless an opportunistic buyer values assets well above its own assessment. Q: Constantine Lednev asked about FPL's data center targets, which are up, and the visibility into advanced development stages, ramp timing, and turbine availability, given no deals are signed yet.A: Scott Bores, President of FPL, said the company remains confident, with a pipeline of over 20 gigawatts of interest. He described the deals as complicated, multi-billion dollar transactions that take time, and said FPL is working with local communities to build consensus before announcing. He noted that serving the first couple of gigawatts of large load mainly requires building battery storage, given FPL's strong baseload gas and nuclear fleets, and reiterated confidence in announcing a deal before year-end. Q: Paul Zimbardo asked how to frame the benefit of the federal hubs in Q3 and how to think about contributions in calendar 2026 and 2027.A: Ketchum said early-year payments will be relatively modest, based on development activities, in 2026 and 2027, then grow over time through 2032 when operating fees begin. From 2032 to 2052, those operating fees are expected to be roughly half the EPS NextEra would earn if it owned the facilities outright. Q: Carly Davenport of Goldman Sachs asked about cost pressures in solarciting rising interest rates, Section 232, and equipment constraintsand confidence in passing costs through in higher PPA prices, noting the backlog was revised lower in certain years.A: Ketchum said customer demand remains strong and solar prices competitively against alternatives, and that NextEra's supply chain position is a real competitive advantage, with storage co-location (including four- to eight-hour expansions) adding appeal. Brian Bolster, CEO of NextEra Energy Resources, added that customers are currently focused on capacity, driving a pickup in storage, but he expects a shift back toward more energy products in coming quarters, consistent with NextEra's expectations over time. Q: Nicholas Amicucci of Evercore ISI asked about the Virginia "do-no-harm" statute and how to think about the baseline standard and any go-forward path.A: Ketchum said the standard is adequate service and just and reasonable rates, and pointed to the affordability packagefour years of credits, nearly $2 billion, the $100 million EnergyShare step-up through 2038plus long-term scale benefits and FPL's operating track record. He said he likes NextEra's chances under that standard but noted the decision belongs to the SCC, which will apply the law to the facts. Q: Nicholas Amicucci asked about the earnings uplift and start date for the Point Beach recontracting once approved.A: Ketchum said Point Beach has a current contract with We Energies that rolls For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. - Adjusted EPS grew 9.7% year-over-year, driven by strong operational execution at FPL and a 13% earnings increase at Energy Resources. - FPL's performance was anchored by 9.2% growth in regulatory capital employed and top-decile reliability, with smart grid investments avoiding 140,000 outages during Hurricane Isaias. - Energy Resources added 3.7 GW to its backlog, marking the fourth consecutive quarter above 3.5 GW, fueled by robust demand for battery storage and quick capacity solutions. - Management is pivoting toward 'federal hubs' for large load, a capital-light model where the company earns development and operating fees without direct investment. - Strategic recontracting of 2,400 MW of existing assets year-to-date achieved pricing premiums of approximately $20 per megawatt hour above recent realized levels. - The pending Dominion Energy merger is framed as a 'merger of addition,' combining NextEra's development scale with Dominion's local expertise to meet unprecedented regional load growth. - Targeting the high end of the 2026 adjusted EPS range of $3.92 to $4.02, despite expected El Niño-related wind resource headwinds in Q4. - Projecting an 8%+ adjusted EPS CAGR through 2032, with the potential to reach 9%+ following the successful integration of Dominion Energy. - Expects to announce a significant large load transaction in Florida by year-end 2026, supported by an advanced more than 20 GW of large load projects and raised 2032 large load expectations to 8 GW. - Federal hub projects are expected to generate approximately 50% of the adjusted EPS of owned projects over 20 years, with significant load service beginning in 2028-2029. - The company maintains a $48 billion interest rate hedging program at approximately 4% to insulate project economics and future refinancings from rate volatility. - Announced an enhanced $5 billion Virginia supplier program and a 1,000-job commitment to secure regulatory approval for the Dominion merger. - The Duane Arnold nuclear plant restart remains on track for Q1 2029, supported by a $1.9 billion Department of Energy loan. - Management signaled a cautious approach to Small Modular Reactors (SMRs), requiring commercial terms that include risk-sharing mechanisms to limit capital exposure. - FPL utilized $172 million of its rate stabilization mechanism in Q3, leaving a $1.5 billion balance to manage future cost volatility. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. - Management expressed confidence in meeting Virginia's 'do-no-harm' standard by highlighting $2 billion in rate credits and a track record of operational efficiency. - John Ketchum noted that while the current proposal is strong, the rebuttal and hearing process allows for potential compromises on specific stakeholder concerns. - The company intends to hold more assets long-term rather than relying on the previously signaled $7 billion to $12 billion capital recycling range. - Asset sales will now be treated as opportunistic rather than a core funding requirement, as the company prioritizes retaining high-return projects. - Management argued that higher rates are flushing out 'low-cost bidders' with thin margins, potentially increasing NextEra's market share. - The company is successfully passing through higher capital costs to customers because renewable energy remains the most cost-competitive option for meeting urgent power needs.

- Interested in NextEra Energy, Inc.? Here are five stocks we like better. - NextEra Energy reported strong earnings growth, with third-quarter adjusted EPS up 9.7% year over year and the company targeting the high end of its full-year guidance range of $3.92 to $4.02. - FPL continued to benefit from customer growth and significant capital investment, while raising its forecast for large-load demand to 8 GW by 2032 and citing strong hurricane-restoration performance from hardened and smart-grid infrastructure. - NextEra Energy Resources added 3.7 GW of renewable and storage projects to its backlog, which reached nearly 36.7 GW, while the company reaffirmed long-term EPS and dividend-growth targets and expects its Dominion Energy combination to close in the second half of 2027. - Utilities Are Bouncing Back—These 2 Giants Could Signal the Next Big Sector Rally NextEra Energy (NYSE:NEE) reported third-quarter 2026 adjusted earnings-per-share growth of 9.7% from a year earlier and said it remains positioned to target the high end of its full-year adjusted EPS guidance range of $3.92 to $4.02. For the first nine months of 2026, adjusted EPS rose 9.5% year over year, Chairman, President and Chief Executive Officer John Ketchum said during the company's earnings call. He attributed the performance to continued execution at Florida Power & Light, or FPL, and NextEra Energy Resources. → The AI Sell-Off Continues—These 3 Stocks Keep Raising Guidance Anyway - 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves "America needs more electrons on the grid," Ketchum said, describing affordability, reliability, scale and speed to market as central priorities amid rising electricity demand. FPL's earnings per share increased by $0.06 from the prior-year quarter, driven principally by approximately 9.2% year-over-year growth in regulatory capital employed, Chief Financial Officer Mike Dunne said. FPL spent approximately $2.4 billion on capital expenditures during the quarter and expects full-year capital investments of about $12 billion. → Tesla's Roadster Reveal Hints at 2 Much Bigger Moves - 5 Defensive Stocks to Watch as CPI and the Fed Put the Rally to the Test Third-quarter retail sales at FPL increased 2.8% year over year due to customer growth and weather. On a weather-normalized basis, retail sales increased 1.4%, also driven by customer growth. Ketchum also discussed FPL's response to Hurricane Isaias, saying the utility assembled a restoration workforce of approximately 17,000 people from 29 states. FPL restored power to more than 97% of affected customers by Tuesday after the storm exited its service area early Saturday, he said. → Luxury's Middle Market Is Cracking—These 3 Stocks Could Win The company said early forensic analysis showed that none of its hardened transmission or distribution poles failed during the storm. Underground neighborhood lines performed approximately 14 times better than overhead lines, while smart-grid technology avoided about 140,000 outages, according to Ketchum. FPL's typical residential bill is approximately 37% below the national average and is projected to rise an average of 2% annually through the end of the decade, Ketchum said. He added that the utility's non-fuel operations and maintenance expense is more than 70% below the industry average on a dollar-per-megawatt-hour basis. FPL raised its expectation for large-load demand to 8 gigawatts by 2032 from 6 gigawatts previously and remains confident it can announce a large-load transaction before year-end. FPL President and CEO Scott Bores said the company has more than 20 GW of large-load interest in its pipeline, though the projects involve complicated, multibillion-dollar agreements. NextEra Energy Resources reported adjusted earnings growth of approximately 13% year over year, contributing an increase of $0.06 per share. New investments, including federal hubs, contributed $0.09 per share, while the existing energy portfolio added $0.05 per share, Dunne said. The stronger existing-portfolio contribution reflected more normalized wind conditions. Wind resource was approximately 101% of the long-term average during the third quarter of 2026, compared with 90% in the same quarter of 2025. Energy Resources added 3.7 GW of renewable and storage projects to its backlog during the quarter, including 2.4 GW of battery storage. Its backlog reached nearly 36.7 GW after accounting for more than 1.8 GW of projects placed into service since the prior earnings call. - The company said it has added more than 15 GW to its backlog in the past 12 months. - Energy Resources has now completed more than two-thirds of the midpoint of its 2026-to-2029 development expectations. - The business has 17.6 GW remaining to add before reaching the midpoint of its backlog-development expectations for that period. Ketchum said Energy Resources has advanced more than 20 GW of large-load projects, including more than 18 GW of gas-fired generation. The company expects to derive value through federally supported hubs, where it would earn development, construction and operating fees without investing capital, and through projects it expects to own and operate. Energy Resources has signed definitive agreements for three projects in Texas and Pennsylvania totaling approximately 16.5 GW. Those projects have secured $5.7 billion in initial funding year to date, according to Ketchum. The company expects the projects to begin serving significant load through behind-the-meter generation as early as 2028 and 2029, with full campus requirements ramping between 2030 and 2032. Dunne said federal-hub payments are expected to be relatively modest in 2026 and 2027 before rising as projects advance. Operating fees from 2032 through 2052 are expected to generate roughly half the earnings per share that Energy Resources would receive if it owned the facilities, Ketchum said. NextEra said its Duane Arnold nuclear plant in Iowa remains on track to return to service no later than the first quarter of 2029. During the quarter, the company closed on a Department of Energy loan of up to $1.9 billion to support the plant restart. The company also executed a 20-year power purchase agreement for approximately 1 GW from its Point Beach nuclear plant in Wisconsin, subject to approval by the Public Service Commission of Wisconsin. The agreement would extend contracting for the facility's full output into the 2050s. Ketchum said Point Beach's contribution under the new contract is expected to average roughly $0.21, with the new agreement taking effect as existing contracts roll off from 2031 through 2033. In renewable recontracting, NextEra said it executed contracts for more than 250 MW of existing projects during the quarter. Its year-to-date renewable recontracting total reached nearly 1,400 MW, with pricing averaging roughly $20 per megawatt-hour above recent realized pricing for those projects. The company said its regulated and invested capital, plus secured capital expenditures for electric and gas transmission, increased about 25% since December 2025 to approximately $12.7 billion. Dunne said NextEra continues to expect 20% to 25% compound annual growth in transmission rate base from 2025 through 2032, with gas-transmission opportunities representing a potential additional avenue for growth. NextEra reaffirmed its expectation to grow adjusted EPS by more than 8% annually through 2032 from a 2025 base of $3.71 per share and to target the same growth rate from 2032 through 2035. The company expects average annual operating cash flow growth from 2025 through 2032 to be at or above its adjusted EPS growth rate. The company also reaffirmed plans to grow dividends per share by roughly 10% annually through 2026 from a 2024 base, followed by approximately 6% annual growth from year-end 2026 through 2028. Regarding its pending combination with Dominion Energy, Ketchum said shareholders of both companies approved the transaction on Sept. 3. Regulatory hearings in Virginia and South Carolina are scheduled for November and December, with final orders expected in January 2027. North Carolina expert-witness hearings are scheduled to begin in February 2027. NextEra continues to expect the combination to close in the second half of 2027. Ketchum said the company has proposed commitments in Virginia involving customer bill credits, bill-assistance funding, workforce development, supplier spending and job creation, while noting that regulatory authorities will determine whether to approve the transaction. NextEra Energy, Inc is an energy infrastructure company headquartered in Juno Beach, Florida. Through its businesses, the company generates, transmits, distributes and sells electricity, with a focus on regulated utility operations and clean energy development. Florida Power & Light Company, NextEra Energy's principal regulated utility, serves customers across much of Florida. FPL operates electric generation, transmission and distribution infrastructure and provides retail electricity service to residential, commercial and industrial customers. NextEra Energy Resources develops, owns and operates renewable energy and energy storage projects, including wind and solar facilities. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "What NextEra Energy (NEE) Said on Its Q3 Earnings Call" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Image source: The Motley Fool. Wednesday, Oct. 21, 2026 - Director of Investor Relations - Michael Dowling - Chairman, President, and Chief Executive Officer of NextEra Energy - John Ketchum - Executive Vice President and Chief Financial Officer of NextEra Energy - Mike Dunne - Vice Chairman of NextEra Energy - Armando Pimentel - President and Chief Executive Officer of Florida Power & Light Company - Scott Bores - President and Chief Executive Officer of NextEra Energy Resources - Brian Bolster - Executive Vice President of NextEra Energy - Mark Hickson Operator: Good morning, and welcome to the NextEra Energy Inc. third quarter 2026 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Michael Dowling, Director of Investor Relations. Please go ahead. Michael Dowling: Good morning, everyone, and thank you for joining our third quarter 2026 financial results conference call for NextEra Energy. With me this morning are John Ketchum, Chairman, President, and Chief Executive Officer of NextEra Energy; Mike Dunne, Executive Vice President and Chief Financial Officer of NextEra Energy; Armando Pimentel, Vice Chairman of NextEra Energy; Scott Bores, President and Chief Executive Officer of Florida Power & Light Company; Brian Bolster, President and Chief Executive Officer of NextEra Energy Resources; and Mark Hickson, Executive Vice President of NextEra Energy. John will start with opening remarks, and then Mike will provide an overview of our results. Our executive team will then be available to answer your questions. We will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings news release, in the comments made during this conference call, in the Risk Factors section of the accompanying presentation, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.nexteraenergy.com. We do not undertake any duty to update any forward-looking statements. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. With that, I will turn the call over to John. John Ketchum: Thanks, Michael, and good morning, everyone. NextEra Energy delivered strong third-quarter results with adjusted earnings per share increasing 9.7% year over year. Through the first 9 months of the year, our adjusted earnings per share has increased 9.5% year over year. The continued strong financial and operational performance at both FPL and Energy Resources positions our company well to meet its overall objectives for the year. Before I turn to the progress we have made executing against our broader strategy, I want to spend a moment on Hurricane Isaias. FPL continues to stand shoulder to shoulder with our communities throughout Northwest Florida devastated by this high-end Category 2 storm. While we have restored power to all customers able to safely accept service, it will undoubtedly take months for life to truly recover from the destructive wind, torrential rain, and toppled trees that ravaged many homes and businesses. In preparation for the storm, FPL assembled a restoration workforce of approximately 17,000 men and women from 29 states, pre-positioning crews, equipment, and supplies ahead of the storm so that restoration could begin as soon as conditions were safe. I want to recognize our employees and the thousands of contractors, mutual assistance crews, first responders, and community partners who worked around the clock for our customers. Their preparation, dedication, commitment, and selflessness allowed us to restore power safely and quickly. The hurricane exited our service area early Saturday morning, and by Tuesday, we restored power to more than 97% of customers affected. Early forensic analysis shows investing in a stronger, smarter, and more storm-resilient grid benefited our customers. Not a single hardened transmission or distribution pole failed during Isaias. Underground neighborhood power lines performed approximately 14 times better than overhead lines, and smart grid technology avoided approximately 140,000 outages. To be clear, these investments do not make the grid hurricane-proof, but together with our preparation and coordinated response, they have reduced both the number and duration of outages and enable us to get our customers' lives back to normal faster. It is our people who make the biggest difference, and I again want to say thank you to our teams and the thousands of mutual assistance crews who worked tirelessly to support our communities when they needed us most. A year ago, we laid out a clear plan for NextEra Energy with more than 12 ways to deliver value for our customers across our regulated and long-term contracted businesses. The backdrop then is the same as it is today. America needs more electrons on the grid. Affordability, reliability, scale, and speed to market are more important than ever. Here is what is materially different between then and now. Today, we are not just talking about a plan. We have executed and continue to execute against that plan. In many areas, we have exceeded our own expectations. In a complex environment where power demand continues to accelerate, customers cannot afford to wait. They need a partner who can deliver now and do it affordably. That is exactly what we continue to do all across America. It is why we believe NextEra Energy remains one of the best-positioned companies in the sector. No company does more to build generation and energy infrastructure necessary to keep pace with the demand for power across this country. We have the scale, the balance sheet, the supply chain, the technology, the customer relationships, and the development and operating expertise to build what our customers need, when and where they need it. We are executing across the full set of growth opportunities we laid out 12 months ago by staying focused on affordability, reliability, and delivering every day for our customers. I could not be prouder of the team's execution this year, and I could not be more excited about what we have left to accomplish in 2026 and beyond. At FPL, we continue to support Florida's strong and growing economy. Florida remains one of the fastest-growing states in the nation, supported by continued net in-migration, job creation, and business investment. Florida's $1.9 trillion annual economy is the 14th largest in the world. Florida's growth continues to drive the need for new energy infrastructure across the state. We are making smart capital investments to meet those customer needs. We also continue to demonstrate that serving growth can be done affordably and reliably. FPL's typical residential bill is approximately 37% below the national average and is only projected to increase 2% annually on average through the end of the decade. We drive consistently low bills through exceptional operating efficiency. FPL's non-fuel O&M is more than 70% lower than the industry average on a dollar per megawatt hour basis. Customers also continue to benefit from top decile reliability that's more than 60% better than the national average. This performance is a direct result of a proven long-term strategy centered on sustained, disciplined capital investment scale, a strong balance sheet and credit rating, a highly efficient operating model, and a diverse generation fleet. FPL's customer service is also ranked top decile nationally for residential customer satisfaction while maintaining the lowest billing cost per customer. We've worked hard to extend this customer value proposition in Northwest Florida over the last 8 years. In addition to reliability investments, we've focused on customer affordability. When adjusting for inflation, FPL's typical residential bill in that part of the state is now approximately 25% lower than it was in 2018 before we acquired Gulf Power. We have also put into place a large load framework that allows us to serve new demand while ensuring existing customers are protected from the incremental costs required to serve that growth. FPL's large load tariff is not only one of the most customer protective in America, its protections and provisions have also been largely codified into Florida law. Needless to say, hyperscalers know exactly how we plan to serve them in Florida. As we discussed throughout the year, the interest is high. It's why we raised our large load expectations from 6 gigawatts to 8 gigawatts by 2032, and we remain confident in our ability to announce a large load transaction by the end of the year. At Energy Resources, we have turned an extraordinary opportunity set into real execution across the board in both our regulated and long-term contracted businesses. Our regulated and invested capital, along with our secured capital expenditures across electric and gas transmission, have increased roughly 25% to approximately $12.7 billion since December 2025. In the first quarter, Lone Star Transmission received ERCOT approval to build portions of 2 new transmission lines in North Central Texas to improve reliability in the region. In the second quarter, MISO selected NextEra Energy Transmission to build 2 large-scale 765 kV transmission projects in Illinois to help deliver safe, reliable, and cost-competitive energy for decades. In addition, our gas transmission business formed a joint venture during the quarter with Chesapeake Utilities Corporation to build a $1.2 billion 97-mile intrastate gas pipeline in South Florida. We continue to add renewables and storage to our backlog at a pace that underscores the strength of our customer demand and the value of our speed-to-power development platform. For the quarter, Energy Resources added 3.7 gigawatts of renewables and storage projects to its backlog. This includes another strong quarter of battery storage origination at 2.4 gigawatts. Importantly, we have multiple growth avenues for battery storage. We build standalone battery storage, co-locate storage at existing sites, develop storage as a grid solution, and expand batteries from 4 hours to 8 hours at existing projects. In a market driven by a significant need for quick capacity solutions, Energy Resources remains well positioned to serve customers with battery storage. Here's what's important. With these new additions to our backlog and projects that reach commercial operation, we have now achieved greater than two-thirds of the midpoint of our 2026 through 2029 development expectations, and we added approximately 15 gigawatts to the backlog in the last 12 months. We also continue to make significant progress across our large load opportunity set. To date, we have advanced more than 20 gigawatts of large load projects, over 18 gigawatts of which are gas-fired generation. We expect these opportunities to derive value in 2 different ways. The first is our federal hubs, where Energy Resources expects to develop, build, and operate projects for fees without investing capital. The second includes projects that we expect to develop, own, and operate ourselves. Starting with the federal hubs, we have signed definitive agreements to develop, construct, and operate 3 projects across Texas and Pennsylvania, totaling approximately 16.5 gigawatts that have secured $5.7 billion in initial funding year to date. Energy Resources earns fees based on a predetermined schedule for development and construction of the projects and for the first 20 years of operations. Across all 3 federal hubs, we are advancing construction and PPA solicitation in parallel to maximize speed to market while working to secure required permits and other approvals. We expect to serve significant load as early as 2028 and 2029 using behind-the-meter generation, and then ramp to the full requirements of these campuses from 2030 through 2032. Importantly, each of these projects are perfect examples of matching new electric load with new power generation, ensuring data centers pay for their own generation and infrastructure, not existing utility customers. While we do not put any capital into the projects, we expect federal hubs to generate approximately 50% of the expected adjusted earnings per share that Energy Resources would receive if we own the projects ourselves over the first 20 years of operation. The 3 federal hubs, on an equivalent adjusted EPS basis, are approximately equal to the top end of our natural gas development expectations of 4-8 gigawatts by 2032. We also have the opportunity to build and own battery storage to support data center load at these federal hub opportunities, which could be an incremental 6-11 gigawatts or an approximate 15%-30% potential upside to our storage development expectations. We also continue to advance a significant pipeline of large load projects that we expect to own and operate ourselves. In July, we were part of a coalition of energy, infrastructure, and utility companies that announced a strategic partnership to develop a data center campus at the U.S. Department of Energy's Paducah site in Western Kentucky. NextEra Energy expects to build and own dedicated generation resources to power the campus, including up to 2 gigawatts of natural gas and up to 2.6 gigawatts of battery storage systems. We also have a development pipeline of 30 potential hubs we are discussing with the market, and we continue to expect that number to rise to 40 by year-end. Duane Arnold, our nuclear plant in Iowa, remains on track to be recommissioned and reenter service no later than Q1 2029. During the quarter, we closed a loan with the Department of Energy for up to $1.9 billion to support the restart. This milestone moves us closer to restarting Iowa's only nuclear plant and adding reliable around-the-clock energy to the regional grid. We continue to evaluate advanced nuclear, closely assessing the commercial and technical capabilities of various SMR OEMs. We have 6 gigawatts of SMR co-location opportunities at our nuclear sites, and we are working to develop new greenfield sites. Of course, any new nuclear build would have to include the right commercial terms, conditions with appropriate risk-sharing mechanisms that limit our ultimate exposure. We also continue to successfully recontract across our existing portfolio. During the quarter, we executed a 20-year power purchase agreement for approximately 1 gigawatt of our Point Beach Nuclear asset in Wisconsin at a competitive price, which remains subject to approval by the Public Service Commission of Wisconsin. The full output of the plant is now contracted into the 2050s. Since the last earnings call, we also recontracted over 250 megawatts of existing renewable projects. This brings our year-to-date recontracting total to nearly 1,400 megawatts of renewables, which have been priced on average at a roughly $20 per megawatt hour premium above recent realized pricing for these projects. In total, we have recontracted nearly 2,400 megawatts to date this year. Bottom line, we believe it is important to do what we say. Last year, we laid out our plan across 12 key growth areas. One year later, we are delivering. Our growth plan is not dependent on any single technology, customer market, or policy outcome. We have multiple ways to deliver affordable and reliable power for our customers. As proud as we are of what we have accomplished, we are not satisfied. That has always been part of the culture at NextEra Energy, never settling and constantly looking for ways to get better every day for our customers. When it comes to the opportunity set in front of us, the runway for growth is significant. We also continue to advance our pending combination with Dominion Energy. As I have said before, this is a merger of addition, not subtraction. We are bringing together 2 industry leaders with a shared commitment to safety, reliability, affordability, customer service, and execution at a time when the power industry is tasked with meeting rapidly growing electricity demand. America needs new generation transmission, and customers expect us to meet that growth while continuing to keep their bills affordable. That is what makes this combination so compelling. Dominion Energy brings deep local knowledge and experienced workforce, critical generation assets, a significant transmission and distribution system, and longstanding relationships with its customers and communities. NextEra Energy brings additional scale, balance sheet strength, a strong credit rating, supply chain reach, and one of the largest energy infrastructure development and construction platforms in the country. In addition, the combination adds global leadership in renewables and battery storage, driving the ability to accelerate clean energy and battery storage. Bringing all of these capabilities together would give the combined company an even stronger platform to buy, build, finance, and operate the infrastructure our customers need more efficiently over time. Importantly, this combination is about preserving Dominion Energy's strengths while putting NextEra Energy's scale and capability behind them. Dominion Energy would remain locally led and separately regulated while gaining access to NextEra Energy's experience across the full energy value chain, including renewables, battery storage, nuclear, natural gas generation, transmission, and grid infrastructure. We believe that the combination of local expertise and national scale will uniquely position the combined company to help meet unprecedented energy demand while maintaining an intense focus on reliability, affordability, and customer service that both companies share. We are backing that strategic rationale with tangible commitments to Dominion Energy's customers, employees, and communities. In September, we announced an enhanced benefits package that demonstrates our commitment to Virginia. We provided additional commitments that further demonstrate our dedication to protecting and delivering value for customers. We organized the package around affordability, jobs, and building more clean energy and battery storage faster to decrease reliance on expensive imports. We have doubled the residential bill credits from 2 to 4 years, provided an additional $100 million of shareholder-funded support for Dominion Energy's customer bill assistance program through 2038, provided $100 million to directly support workforce development, created up to a $5 billion Virginia supplier program through spending commitments over 5 years that support cost-competitive contractors, suppliers, and service providers doing business in Virginia. Committed to creating 600 new NextEra Energy jobs in Virginia, who will work out of a new shareholder-funded co-headquarters tower in downtown Richmond, and committed to maintaining Virginia employee headcount for the next 5 years. We intend to bring others with us to Virginia. Through our extensive supplier relationships, we have already secured letters of intent for at least 400 new jobs if the combination is approved, bringing the total to 1,000 new Virginia jobs as we work to create an ecosystem of economic growth centered on energy. We believe these additional commitments deliver on those priorities and further demonstrate the tangible benefits this combination can deliver for customers and communities. We also will continue to engage in constructive dialogue with stakeholders in South Carolina and North Carolina, and we expect to share specifics as those conversations move forward. I am confident this combination will deliver benefits that matter most to each state. We have reached several important milestones since our last call. On September 3rd, shareholders of both NextEra Energy and Dominion Energy approved the pending combination, satisfying an important closing condition. The state regulatory reviews are also moving forward. In Virginia and South Carolina, procedural schedules have been set with hearings in November and December, and we expect final orders in January 2027. In North Carolina, the commission has established a procedural schedule with expert witness hearings beginning in February 2027. The federal review processes are also underway and continuing. We continue to expect the combination will close in the second half of 2027. With that, I'll turn the call over to Mike. Mike Dunne: Thank you, John, and good morning, everyone. For the third quarter of 2026, FPL's earnings per share increased by $0.06 year-over-year. The principal driver of this performance was FPL's regulatory capital employed growth of approximately 9.2% year-over-year. FPL's capital expenditures were approximately $2.4 billion for the quarter, and we expect FPL's full year capital investments to be approximately $12 billion. For the 12 months ending September 2026, FPL's reported return on equity for regulatory purposes will be approximately 11.8%. During the third quarter, we reversed approximately $172 million of the rate stabilization mechanism, leaving FPL with an after-tax balance of roughly $1.5 billion. FPL's third quarter retail sales increased 2.8% from the prior year comparable period due to customer growth and weather. On a weather normalized basis from the prior year comparable period, retail sales increased by 1.4% due to an increase in customer growth. Now let's turn to Energy Resources, which reported adjusted earnings growth of approximately 13% year-over-year. At Energy Resources, adjusted earnings per share increased by $0.06 year-over-year. To align with our 12 ways to grow, we have made select changes to certain categories that I will walk through. Contributions from new investments, which now include federal hubs, increased $0.09 per share, primarily driven by continued growth in our power generation portfolio and initial contributions from federal hubs. Existing energy assets now include contributions from natural gas and peaking generation, which were in other, prior to this quarter. Federal hubs will move from new investments to existing energy assets after 12 months of fees earned. Contributions from our existing energy portfolio increased $0.05 year-over-year, primarily reflecting more normalized wind resource compared with the prior year period. Wind resource for the third quarter of 2026 was approximately 101% of the long-term average versus only 90% in the third quarter of 2025. The comparative contribution from our customer supply business decreased by $0.04 per share, primarily driven by timing of origination activity last year. Regulated operations is a new category and will include contributions from NextEra Energy Transmission and regulated gas transmission assets. All other impacts decreased by $0.04 per share, primarily driven by interest expense and timing of capital recycling in the prior year comparable quarter. Energy Resources had a strong quarter of new renewables and storage origination, adding 3.7 gigawatts to the backlog. With these additions, our backlog now totals nearly 36.7 gigawatts after taking into account more than 1.8 gigawatts of new projects placed into service since our last earnings call. This highlights the continued strong demand for renewables and storage and marks the fourth consecutive quarter that Energy Resources has added over 3.5 gigawatts to its backlog. We only have 17.6 gigawatts left to add to our 2026 through 2029 backlog before we hit the midpoint of our development expectations over that period. Turning now to our third quarter 2026 consolidated results. Adjusted earnings per share from corporate and other decreased by $0.01 per share year-over-year. We remain well positioned to navigate the current interest rate environment through our more than $48 billion forward starting interest rate hedging program, which has an average rate of approximately 4% and an average tenor of approximately 9 years. This program allows us to lock in project economics at PPA execution and avoid window risk. Additionally, this program helps support our refinancings as large portions of our near-term maturities are hedged. Our debt has a weighted average maturity of approximately 15 years with a well-staggered maturity profile. As a result of our financial discipline, a 50 basis point move in rates only has a $0.01-$0.03 per share impact in 2028, which is less than 1% of expected 2028 adjusted earnings per share. Our 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%+ through 2032 and are targeting the same from 2032 through 2035, all off the 2025 base of $3.71 of adjusted earnings per share. From 2025 to 2032, we expect that our average annual growth in operating cash flow will be at or above our adjusted earnings per share compound annual growth rate range. 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. As always, our expectations assume our caveats. That concludes our prepared remarks, and with that, we will open the line for questions. Operator: Thank you. We will now open the line for questions for the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. The first question comes from Steve Fleishman with Wolfe Research. Please go ahead. Steve Fleishman: Yeah. Hi, good morning. Thanks. Just, I guess first question on the. Looks like you are tracking already through 3 quarters to the high end of the range, and it looks like you are also starting to already get the income from the federal hub process that probably, if it was done through normal contracting, would have come when the plants start running down the road. Just how should we think about the potential for kind of a rebasing in the near term of the outlook, just given that new addition and how you are tracking so far? John Ketchum: Thanks, Steve. As you noted, we expect to have adjusted earnings per share of $3.92 to $4.02 this year and are targeting the high end of that range. The high end of that range also includes the El Niño impacts that we expect to occur on our wind facilities in Q4 of this year. As we look at what those wind impacts could be, we expect that generation to be anywhere between 90%-95% of the long-term average. So we expect to be at the high end of our range despite those impacts. As we look at our long-term forecast, I would point you to the S-4, where we have provided to our board, to Dominion's board, and out publicly to what our expectations are for our growth of our business. While we have maintained our existing earnings per share growth of 8%+ on a long-term basis, in a combination with Dominion, we expect that to be 9%+. Steve Fleishman: Okay, great. Just separately, yesterday or 2 days ago, we got the proposed views of the governor's office in Virginia and the Virginia staff, and the governor's office proposal seems to have a lot of pretty onerous conditions. Staff, maybe not as much, but potentially on ring fence. So maybe, John, you could give some perspective on those proposals and how do you find a path, particularly with the governor's office, to some kind of resolution there? John Ketchum: Yeah, Steve, thanks for the question. First of all, here's how I look at it. We have the intervener testimony in, right? We're going through all of that. As I look at it, I really look forward to prosecuting this case as we move forward our rebuttal, and then hearings in mid-November. As we have reached out across the stakeholder group, we've talked quite a bit about this. I think this case breaks down to really 3 things. One is affordability, the second is jobs, and the third is clean energy. I think we have really put forward a very strong case in each of those areas. Of course, there'll be some nuances that we'll have to deal with as we go along. I look at affordability, moving the residential rate credits from 2 to 4 years, and we have almost $2 billion in rate credits in front of the Virginia SCC in our current proposal. That is by far the most of any transaction of this nature. We increase that commitment to the EnergyShare program by $100 million to help those in need. We have the long-term scale benefits, which I think speak for themselves, when you look at the need to add new generation and transmission to Virginia to decrease reliance on expensive imports. Then I just point to the track record of FPL, which I went through. A bill 37% lower than the national average, a bill that is 20% lower today than it was 20 years ago while investing in generation, while investing in transmission to keep up with growth from one of the fastest-growing states in the country. On jobs, I think we just have an incredible story. First of all, Dominion will stay locally led, locally run. We are not making any changes there. We are actually bringing 1,000 jobs to Virginia and to Richmond, 600 of our own, 400 from the letters of intent from suppliers that I talked about, the new office tower. Really trying to create an ecosystem around Virginia with the $5 billion supplier program, the $100 million workforce development program. I do not know if folks saw it. Virginia Chamber put a study out here recently, not only talking about the direct economic benefits of what we put forward, but the indirect. I mean, this is just billions of dollars of potential investment opportunity for Virginia and just thousands of direct and indirect jobs. They will crystallize that report here in the middle of November. So affordability jobs, and the last one is clean energy. When I look at clean energy, we are the world's leader, right? In renewables, we are the world's leader in storage. If we cannot get it done, I do not know who else can in terms of meeting the requirements of the Virginia Clean Economy Act. The combined company will become the second largest in the United States in nuclear, and I think when you look at the pieces and you put them together, there is just no company better positioned to deliver on Virginia's goals and the governor's recently released energy plan than this combined company. I think that is just undeniable. We look forward to prosecuting that case as we move forward. Again, it is going to be really, really important that we are also able to bring speed to power to the table, right? Which is what we do every single day. Look at the results of this quarter. I will be super disappointed if we cannot accelerate the storage build in Virginia, for example, to help alleviate some of the high import charges they are facing, both on the energy and the capacity side. Because it is very important when you have a supply-demand imbalance like we see in Virginia, that we get new generation transmission up and running as quickly as we can, but do it in an affordable way for customers, which I think our package does. Really look forward to bringing this case forward in front of the commission in mid-November and really looking forward to responding to the intervener testimony that we saw come in Monday, which we are still digesting, and in a very strong rebuttal that we will file here in a couple of weeks. Steve Fleishman: Great. Thank you. Operator: Thank you. The next question comes from Paul Zimbardo with Jefferies. Please go ahead. Paul Zimbardo: Hi. Good morning, team. Thanks for taking the time. John Ketchum: Thanks, Paul. Paul Zimbardo: Yeah, no, thank you. The first one I was going to ask, obviously, there's this permitting reform bill out there. If you could kind of discuss your thoughts on it and specifically what it could mean for NextEra, whether it's the wind platform, competitive transmission, just if you have any thoughts on that. John Ketchum: Yeah, absolutely. I'll take that. This is John. Look, first of all, we've been trying to get permitting reform legislation moving forward for the industry for quite some time now. I think it's great to see both sides of the aisle come together and really trying to make a conscientious effort to move a package forward that makes sense. There are puts and takes in the bill. There's some good things. There's always going to be some things that may perhaps you don't like as much, but that's the spirit of compromise. I think when I look at the overall features of the bill, it does a lot of great things. We need more linear infrastructure in this country, which requires permitting reform. Whether that is new transmission to enable more generation across the U.S. or it's new gas transmission across the U.S. We are in a period where power demand is expected to increase sixfold across this country, and it's imperative that we do right by our customers, which means getting power to where it needs to go and having linear infrastructure available to meet those needs as we look to the future. So I think there are a lot of promising things in the bill. I applaud the efforts of Congress to really try to move this forward and looking forward to potential outcomes as we approach the end of the year. Paul Zimbardo: Okay, great. Thank you. Then one other last one for me quick. Just could you frame the benefit of the federal hubs in the third quarter and just any way you'd recommend we think about it for calendar 2026 or 2027 in the interim early years? Thank you. Mike Dunne: In the interim early years, it's going to be a relatively modest payment that is based on the development activities that we are pursuing. As you look at that, as that grow, you can imagine a relatively modest payment in 2026 and 2027, and then that will grow over time through 2032 when we receive the operating fees. You look at those operating fees from 2032 to 2052, you'd expect those to be roughly half the earnings per share as if we owned the facilities. Paul Zimbardo: Okay, great. Thank you very much. Operator: Thank you. The next question comes from Constantine Lednev with Wells Fargo. Please go ahead. Constantine Lednev: Hi, good morning, John and team. Maybe just shifting to Florida. In terms of the data center targets, the targets are up, but the deals aren't signed yet. How much visibility do you have into the advanced development stages? What does that ramp timing look like, and is there availability of turbines to serve that ramp? Scott Bores: Konstantin, good morning. It's Scott. I'll take that. I think as John said on the call this morning, we remain confident. We have a large pipeline of over 20 gigawatts of interest as we've indicated in prior quarters. That remains. These are complicated deals, multi-billion dollar deals that take some time, and given the outside environment, we're working with the local communities to build the consensus and support so we can move forward before we announce these deals. I think as we said previously, as you look at our system to serve the first couple of gigawatts of large load, we really just need to build battery storage, given that we've got a strong base load gas fleet and the nuclear fleet behind that. So we're well-positioned and again, remain confident with announcing a deal before the end of the year. Constantine Lednev: Okay, perfect. Maybe a broader question in terms of equity needs and capital markets tightening, do you see any incremental funding needs versus the equity plan announced earlier? Any thoughts around alternative instruments, alternative funding sources, especially as projects start increasing in size over time? Mike Dunne: Thanks. To take that, in terms of our expected equity issuances as we look through 2032, we remain consistent in the range that we have provided of roughly $12 billion-$17 billion of total equity needs through 2032. As we do look at the various funding plans that we have, you have seen us diversify our corporate funding across the globe. This year, we've been in markets such as Europe, in Australia, in Canada, and the U.S. So we are providing access to multiple markets to raise our financing. Then as you look at our project-level financing, we remain the tax equity providers partner of choice. Many times they are selecting us because of the stability and the confidence they have in our projects. In addition to that, you will see that with the rise of many of our partners in the financial spectrum, those partners, such as the larger asset managers, are also looking to deploy capital with us. We are working with those partners in a new path of raising funds. When you look across the broad transom, we have multiple different ways to raise our financing and feel very confident about where we sit. Constantine Lednev: Okay. So no major changes versus the plan. Maybe just a quick follow-up to Steve's question on the Virginia merger process. Is there a path to find any concessions through the rebuttal process or any partial settlement options, anything of the sort? John Ketchum: Yeah. Constantine, this is John. I'll speak to that. Again, first of all, I think we put a very strong case forward. As I said before, I'm not going to go back through the details again. But absolutely, I mean, in the rebuttal process and through the hearings themselves, there's always opportunities for compromise on certain specific issues. But again, I stand behind the strength of the filing that we have put forward. Constantine Lednev: Excellent. Really appreciate it. Thanks for the time today. John Ketchum: Thank you. Operator: Thank you. The next question comes from Nick Campanella with Barclays. Please go ahead. Nick Campanella: Hey, good morning. Thanks for all the information today. I just wanted to ask on follow-up on the funding and financing, just given the 4-6 gigawatts of gas development was going to be substantial CapEx, and now that is kind of capital light, and you are getting the associated earnings for your plan. Can you do less asset sales, and can there be downward pressure kind of overall there from the balance sheet run that creates? Is keeping that net income and EBITDA now upside to the plan, and is that included in the S1 earnings power? Can you kind of talk through the asset sales? I think you had the cycling of 7-12 in the last plan, and just wondering if there is downward pressure there. Thanks. Mike Dunne: Yeah. I think when we look at our assets that we invest into, we intend to hold those assets through their life because we believe that these are very attractive investments for us. Now, when we put together the asset recycling, we have based that on history where parties come to us and say that they value that more than the value that we see for our shareholders. When that happens, we will execute capital recycling. But our base plan for how we run our business is to not rely on capital recycling to meet equity needs because we believe these projects are best suited for our investors. We believe these are very attractive projects. As we move over time, I would expect us to look to see that $7 billion-$12 billion of capital recycling for us to look to hold on to more of that unless there's an opportunistic opportunity where a party comes in and values it far more than we value it. Nick Campanella: Okay, thanks. I appreciate that. Then, just one follow-up on getting a data center deal done in Florida this year. Is there anything that you can offer on the sizing of this? Is this getting a couple of hundred megawatts done, or could it be something more sizable, near a gigawatt? Mike Dunne: Nick, we're not going to comment on that. Obviously, we'll announce that at the time a deal is announced. Nick Campanella: No problem. Have a great day. Thanks. Operator: Thank you. The next question comes from Carly Davenport with Goldman Sachs. Please go ahead. Carly Davenport: Hey, good morning. Thanks so much for taking the questions and for all the updates today. Just one from me, more on the industry side. I guess on the solar front, seemed like the backlog got revised a little bit lower in certain years, and it seems like costs across the industry have been rising due to interest rates, Section 232, and some equipment constraints. I guess, could you just talk a little bit about any sort of cost pressures you might be seeing on the solar side and confidence in your ability to pass those costs through in higher PPA prices? John Ketchum: Yeah, sure, Carly. Let me go ahead and take it, and then Brian could fill in with anything that I might have missed. First of all, we continue to see in our discussions as we look to the future with customers, strong demand. When I think about solar and where solar prices out against alternative technologies is a very compelling product offering. When I think about how we are positioned around our supply chain, I think we've got a real competitive advantage there. I like the outlook for our ability to continue to develop and offer solar as a competitive offering to customers. Then also when you think about combining that with storage, with 4 potentially going to 8 hours on expansion opportunity over time, it just further adds to the appeal. So, we have not changed really our views and continue to feel very good about the solar market moving forward. Brian Bolster: The only thing I'd add is that as we're out with customers right now, we've seen a focus on capacity. That's why we've seen a big pickup in storage. We are starting to see our customers look for more energy products. I do think you're going to see a shift in the coming quarters back towards more energy than capacity as you think about those products. It's very consistent with what's going on in the market. There's a need to fill in capacity, and when people get that sorted out, they're going to look at their energy needs. That's what we're seeing amongst our customers. These things ebb and flow, but we feel like the mix is going to be consistent with our expectations over time. Carly Davenport: Got it. Great. That's really helpful context. I'll leave it there. Thank you. Operator: Thank you. The next question comes from Nick Amicucci with Evercore ISI. Please go ahead. Nick Amicucci: Hey, guys. Good morning. Just wanted to ask too, just as we kind of think about the Virginia process, and obviously we don't want the truth to get in the way of good political headlines. Just kind of thinking through that, and obviously the statute says, it's a do-no-harm. Could we just kind of walk through the baseline of that when you're talking about a do-no-harm clause and kind of just how to think about any type of go forward on that? John Ketchum: Yeah, Nick, this is John. I will go ahead and take that. The standard is adequate service, just and reasonable rates, right? Like you said, it is a do-no-harm statute. The proposal that we have put forward around affordability with the 4 years of credits, almost $2 billion, the $100 million EnergyShare program step up through 2038, the long-term scale benefits that we bring, the track record of running one of the best run utilities in the U.S., I would say the best run in Florida Power & Light. I like our chances under that standard reflecting the affordability benefits there. That is not for me to decide. That is for the SCC to decide. On the jobs side, look, I think we are making a real commitment to Virginia. It is going to stay locally run, locally led, but we are also moving more roles from NextEra also to Virginia. From a job standpoint and a capability of running generation transmission and all the planning that goes into running an affordable and a reliable system for customers, I think I feel very good about where we stand there. On the clean energy point of being able to build more generation transmission affordably and reliably in Virginia to make sure that we are able to comply with that do-no-harm standard. I feel good about what we are putting forward there as well. But again, all that is not for me to decide. It is for the SCC to decide. They will apply the law, and I have no doubt that they will look at all the facts and circumstances, the filing, and do their job at the end of the day. That is all you can ask for. Nick Amicucci: Great. Thanks, John. As we kind of think about too, just the Point Beach upgrades and when that is approved, how can we kind of think about the earnings uplift and what kind of start date should we be kind of pointing to? John Ketchum: On Point Beach, you said? Nick Amicucci: Yeah. John Ketchum: Point Beach has a current contract with We Energies, and as those contracts roll off in 2031 to 2033, the new contract will be put in place. I think as we mentioned in December, is that we believe the overall contribution will be roughly $0.21 on average from Point Beach under this new contract. Brian Bolster: Nick, just to be clear, you used the word upgrade. This is our recontracting the existing facility. This is not an upgrade. It is just taking the existing capacity and extending out the contract for 20 years when the contract rolls off. Nick Amicucci: Yeah. Understood. Sorry. Misspoke there. Thanks, guys. Operator: Thank you. The next question comes from Jeremy Tonet with J.P. Morgan. Please go ahead. Excuse me, Jeremy, your line is open. Is your phone muted accidentally? Jeremy Tonet: Hi. Sorry about that. Operator: Please go ahead. Jeremy Tonet: Hi. Good morning. Operator: Thank you. Jeremy Tonet: Thanks for all the details today. Just wanted to kind of come back to the nuclear side, if I will. I think you talked a bit about the SMRs earlier, and was just wondering within NextEra's strategy, if you see room for large scale in any scenario, or is it just SMR? If you could just walk us through the gives and takes there, that would be helpful. Thanks. Brian Bolster: Hey, Jeremy, it is Brian. I am going to start with something that we repeat often, which is we build for customers, right? Take that input first and foremost. John has said this several times, as we look at the opportunity set, we are also going to look to make sure that we have got those 4 walls in place. As we look at any nuclear opportunity that involves new build, we are going to want to be able to look at our investors and say, we know where we are going to be able to draw the line from a capital perspective. I would say those are going to be our first 2 guiding lights as we look at opportunities, which is, one, what does the customer need? 2, what is the structure that is going to protect our shareholders? I do think we have a bias, and John talked towards SMRs because I do think there is a benefit to the scale of capital you are putting to work, especially as we start out in this industry again, rebuilding. Again, if the protections are right and the customer has a very strong preference for something of large scale, then we are obviously going to look at that. We have a preference, but at the end of the day, we are building these for the customers, and we need to have the right protections in place. Jeremy Tonet: Got it. Understood. That's helpful. Thank you. Operator: Thank you. The next question comes from David Arcaro with Morgan Stanley. Please go ahead. David Arcaro: Oh, hey, good morning. Thanks so much. Wanted to ask on the electric and gas transmission side of things. You're already tracking at 25% growth rate ahead of the original plan. I was wondering, what's the potential for further extension and upside in that side of the business? Mike Dunne: As we look at our transmission broadly, and we looked at roughly 20% to 25% CAGR and rate base growth from 2025 through 2032, we believe that what we are doing today positions us well to hit that overall metric. As we look at where could we see additional opportunities, I think as we look there, it's really on the gas transmission side. One of the key things that we had seen in December of 2025 was a very robust process on electric transmission. But as we look now at the opportunity set, particularly with bring your own generation and the needs that we are seeing across the gas value chain, we think that can be an opportunity for us to expand beyond our expectations. But I would caution that our overall growth expectations for this segment are already quite high in the 20% plus range. Brian Bolster: David, I appreciate the comment, and we're very excited about the growth that we've achieved. But I would remind everyone, just so we can put these things in perspective, because compound growth rates get skewed. We're growing effectively a small utility into a $50 billion utility if we hit our numbers from the standpoint of you just think a rate base type multiple against these. So we've had good success. We're very happy with the targets that we've put out there. But just to give people a sense of the order of magnitude that we're talking about from the size of what we'll have when we're done, that would be on the order of a $50 billion type utility just sitting within Energy Resources. So we're staying quite busy. David Arcaro: Absolutely. That makes a lot of sense. Then, just other question I had. In the broader backdrop of rising rates on the renewable side of the business, the question that we usually come to, are you able to pass through higher cost of capital in new PPA rates with new renewable contracts? Are you able to potentially see higher equity returns, going forward, to reflect that as well? Mike Dunne: So as we look at today's environment, number one, when we sign our PPAs, we lock in the interest rates to lock in the economics. Then the second question is, as we look, how exposed are we to interest rate movements for our origination activities? There are 2 key things that we see driving today that allow us to pass that through. Number one is that people need power. So when you need power, people are looking for the lowest cost power and the people who can execute and deliver that. In both cases, that's us. So when we look at their comparative alternatives, they're going to be higher, and they are going to be less reliable from an execution perspective for what we're providing. The second piece is obviously that as you look at tax credits, particularly for wind and solar, those help reduce the cost of wind and solar relative to other choices. So those 2 things create us in a place where we are competing against the other projects, and we are able to pass through the interest rates of those to our customers. Brian Bolster: Mike, the only thing I would add is, we were never the low-cost bidder in the market, and so actually this is helping us because I think others are feeling a lot more pressure because their margins were skinnier, and so they are having to get. So I actually think it is going to help us on a market share perspective as well as a return perspective because it is flushing out some of the low-cost bidders that were in the market. So we are quite comfortable with our competitive position in this rate environment or anything consistent with what we have been seeing recently. David Arcaro: Got it. Okay, thanks. Appreciate it. Operator: Thank you. This concludes our question and answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may all now disconnect. 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