NextEra has published the accounts of the company it would be if it buys Dominion Energy, and earnings per share are lower in both periods the filing shows
Every NextEra share would have earned less.
That is the plainest reading of the pro forma accounts the company filed at 21.41 on Monday evening, with no press release attached and nothing but a 626 kilobyte exhibit. On the six months to 30 June 2026, earnings per share from continuing operations attributable to NextEra were $2.56 as reported. Combined with Dominion Energy, on the assumption the merger had already closed, the same six months produce $2.08.
For the 2025 calendar year the gap is narrower. Reported basic earnings were $3.31 a share. Pro forma, they are $3.19.
Where the difference comes from
Not from the earnings. Combined net income from continuing operations attributable to NextEra rises in both periods, to $5,867m for the half year and $8,950m for 2025.
It comes from the shares. NextEra is paying for Dominion Energy almost entirely in its own stock, and the pro forma statements add 737.6 million weighted average shares to a base of 2,083.0 million for the half year. That is a share count up by more than a third. The cash element of the price is $360m in aggregate across all Dominion Energy holders, next to $64,858m of stock, and the stock figure rests on approximately 738 million NextEra shares valued at the 30 July closing price of $87.93. Total estimated consideration is $65,218m.
Each Dominion Energy share converts into 0.8138 NextEra shares plus its pro rata slice of the cash.
The balance sheet the merger would create
Goodwill is the line to read. NextEra carries $5,152m of it and Dominion Energy $4,143m, and the transaction adjustment adds $35,910m, giving $45,205m on the combined balance sheet.
Total assets come to $391,417m. Long-term debt comes to $145,538m, before the current portion. Total equity is $137,217m, of which $35,511m arrives as the adjustment for shares issued in the deal.
The allocation behind those figures is preliminary, and NextEra says so twice: the final acquisition accounting happens after closing and may differ materially.
What the document is not
Pro forma statements are a hypothetical, and this one carries the standard warning in the standard place. The income statements assume the merger closed on 1 January 2025 and the balance sheet assumes it closed on 30 June 2026, and the company states the information is illustrative, is not intended to represent what its results or position would have been, and does not project any future period. A $500m merger-related expense sits in the 2025 column as an adjustment.
The deal is not done. It still needs both sets of shareholders, the Hart-Scott-Rodino waiting period, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, the Virginia State Corporation Commission and the North Carolina Utilities Commission, among others. NextEra filed this exhibit, it says, so that the figures can be incorporated by reference into registration statements it has already made.
