NextEra Energy has filed its 10-Q with the SEC, and the figures are now included in our data. Revenue over the twelve months to Q3 2026 was $28.82 billion, which rose 9.6% on the year before. That growth rate was down 1.2 percentage points on the rate a quarter earlier.

Profitability

The trailing operating margin was 30.0%, up 1.0 percentage points from a year earlier. The trailing net margin was 40.4%. Net income over the twelve months was $11.64 billion, which rose 79.0% on the year before.

Cash flow

Operating cash flow over the twelve months was $14.82 billion, up 23.8% on the year before. Capital spending was $6.40 billion, or 22.2% of revenue. Free cash flow, defined as operating cash flow less capital spending, was $8.43 billion, up 53.5% on the year before. The free-cash-flow margin, which represents free cash flow as a percentage of revenue, was 29.2%, up 8.4 percentage points from a year earlier.

Share count

The average diluted share count rose 1.4% over the year.

Against its own history

Today’s free-cash-flow margin of 29.2% is higher than 96% of the company’s own past quarterly readings, which have ranged from 11.1% to 32.8%. Today’s operating margin of 30.0% is higher than 77% of the company’s own past quarterly readings, which have ranged from 9.0% to 36.4%. Today’s twelve-month revenue growth rate of 9.6% is higher than 73% of the company’s own past quarterly readings, which have ranged from −13.3% to 54.1%.

Guidance

The company kept its 2026 guidance for adjusted earnings per share at $3.92 to $4.02. It also maintained its through 2032 guidance for adjusted earnings per share compound annual growth rate at 8%. The company kept its from 2032 through 2035 guidance for adjusted earnings per share compound annual growth rate at 8%. Additionally, the company provided its through 2032 guidance for adjusted earnings per share growth for the combined company, NextEra Energy-Dominion Energy, at 9%.

What it means for value

In our model, a scenario where growth is 5 percentage points lower would lower the value by 54.2%, while a scenario where growth is 5 percentage points higher would raise it by 70.4%. A free-cash-flow margin 1 percentage point lower would lower the value by 7.5%.

What to watch

The next filing will show whether the recent expansion in operating and free-cash-flow margins continues or reverses. It will also reveal if the deceleration in revenue growth persists or stabilizes relative to the previous quarter. Finally, investors will look for any changes in capital spending levels that may impact the free-cash-flow margin trajectory.