NextEra Energy (NEE 1.87%) has an elite track record of paying dividends. The clean energy-focused utility has increased its payment every year for three decades. It has delivered supercharged growth over the past 10 years, increasing its payout at an 11% compound annual rate. The company currently offers a 3.1%-yielding dividend, more than double that of the S&P 500's 1.4%.

The dividend growth machine is showing no signs of stopping. The utility has gotten off to a strong start, keeping it on track to deliver on its long-term growth outlook.

The powerful momentum continues

NextEra Energy's adjusted earnings grew by 8.3% per share in the first quarter. That's a strong rate for a utility. The company benefited from solid operational and financial performance at its regulated electric utility in Florida (FPL) and energy resources segment.

FPL generated nearly $1.2 billion, or $0.57 per share, of net income in the first quarter, up from almost $1.1 billion, or $0.53 per share, in the year-ago period. The country's largest utility grew by continuing to invest in its business. FPL's capital spending was $2.3 billion in the period. That included spending to place more than 1.6 gigawatts (GW) of cost-effective solar energy into service in the period. It owns over 6.4 GW of solar capacity, the largest utility-owned solar energy portfolio in the country. FPL also benefited from strong customer growth, adding more than 100,000 over the past year. The first quarter was its strongest period of customer growth in more than 15 years.

Meanwhile, NextEra's energy resources segment generated $828 million, or $0.40 per share, of adjusted earnings in the first quarter, up from $732 million, or $0.36 per share, in the year-ago period. The main driver was new investments added to the portfolio over the past year, including about 1.2 GW of renewable energy projects completed since January.

The power to continue growing

NextEra Energy's strong showing in the first quarter gave it the confidence to reaffirm its long-term financial expectations. The company continues to expect that adjusted earnings will be in the range of $3.23 to $3.43 per share this year. Meanwhile, it expects its earnings to grow by 6% to 8% off that range through 2026, with growth likely toward the high end of that range. "We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2026, while maintaining our strong balance sheet and credit ratings," stated CEO John Ketchum in the first-quarter earnings press release. That earnings growth and a low dividend payout ratio drive its view that it will increase its dividend by around a 10% annual rate through at least 2026.

The company has increasing visibility into its ability to achieve that plan. Strong demand for renewable energy enabled NextEra's energy resources segment to deliver the second-best quarter in its history for originating new renewable energy and storage projects. It added almost 2.8 GW of wind, solar, and storage projects to its backlog in the period, including a record 1.5 GW of solar and 1 GW of storage. NextEra now has 21.5 GW of projects in the backlog.

Meanwhile, FPL continues to benefit from serving customers in one of the country's fastest-growing states. It's also capitalizing on its abundant sunshine. FPL expects to build roughly 21 GW of solar and over 4 GW of storage during the next 10 years. The utility plans to invest between $7.8 billion and $8.8 billion into capital projects this year to serve the state's growing population, driven partly by investments to expand its solar energy capacity.

A powerful dividend stock

NextEra Energy continues to generate strong results. The company grew its adjusted earnings by more than 8% in the first quarter, a pace it could maintain through at least 2026. That will give it the power to grow its dividend by around 10% annually. The combination of earnings and income growth could give the company the fuel to deliver double-digit total annual returns over the next few years. That makes it a great dividend stock to buy for the long haul.