NextEra Energy, Inc. (NEE)

Business

Source: FY2025 Form 10-K, accession 0000753308-26-000015.

NextEra Energy sells electricity and builds, owns and operates energy infrastructure. It has two businesses. Florida Power & Light (FPL) is a rate-regulated utility that sells power to Florida homes and businesses at prices set by regulators. NextEra Energy Resources (NEER) sells power from wind, solar, nuclear, natural gas and battery storage plants under long-term contracts with utilities, power cooperatives, municipal providers and commercial and industrial buyers. NEER also owns regulated electric and gas transmission and runs a gas and power supply and trading business. At December 31, 2025 the group had about 80 gigawatts of net generation and storage capacity and about 17,400 employees. In 2025 FPL produced $18.26 billion of operating revenues, NEER $8.76 billion and Corporate and Other $0.39 billion, for a consolidated total of $27.41 billion. NEE itself is a holding company and relies on dividends and distributions from its subsidiaries. NextEra Energy Capital Holdings (NEECH) funds every operating subsidiary other than FPL, and NEE guarantees NEECH's debentures.

FPL (regulated utility). FPL is the largest electric utility in Florida and in the U.S. It serves about 12 million people through more than 6 million customer accounts along most of Florida's east and lower west coasts and in northwest Florida. At year-end 2025 it had 35,963 MW of net generating capacity, about 93,000 circuit miles of transmission and distribution lines and 932 substations. Its owned fleet included gas-fired units with 24,314 MW of capacity, 108 solar facilities totalling 7,932 MW, four nuclear units with 3,502 MW and 991 MW of battery storage. Retail electricity sales made up about 90% of FPL's 2025 operating revenues, most of them to residential customers. Wholesale and industrial customers together account for about 5%. FPL earns a regulated return on its rate base, recovers its costs through base rates set by the Florida Public Service Commission (FPSC), and passes fuel, storm-protection, capacity and conservation costs through cost-recovery clauses. It serves most retail customers under 226 municipal and county franchise agreements, which expire at various dates through 2055.

The 2025 rate agreement, approved by the FPSC in January 2026, runs from January 2026 through at least December 2029. Its main terms are:

• annualized retail base revenue increases of $945 million from January 1, 2026 and $705 million from January 1, 2027;
• further base-rate increases for solar projects entering service in 2027–2029 and battery projects entering service in 2028–2029, through a Solar and Battery Base Rate Adjustment mechanism;
• an authorized regulatory ROE of 10.95% (range 9.95%–11.95%) and an equity ratio of 59.6%;
• a rate stabilization mechanism (RSM) reserve of up to about $1.5 billion after tax, which FPL can amortize to keep its earned ROE inside the authorized range;
• interim storm-cost recovery, capped at a surcharge of $5 per 1,000 kWh on residential bills in the first 12 months;
• a tariff for new large-load customers of 50 MW or more with a load factor of at least 85%, aimed at data centers.

NEER (competitive energy and regulated transmission). At year-end 2025 NEER had about 37,505 MW of net generating capacity across 44 U.S. states and 4 Canadian provinces, plus about 5,177 MW of net battery storage. It added about 1,799 MW of storage in 2025. About 95% of its net generating capacity is sold under long-term contracts, and its contracted assets have a weighted-average remaining contract term of about 14 years. Wind is the largest technology, with about 22,404 MW of net ownership, followed by solar at about 10,504 MW. NEER also owns the Point Beach nuclear plant in Wisconsin, is the largest joint owner of Seabrook in New Hampshire, and is working to restart the Duane Arnold nuclear plant in Iowa under a 25-year PPA for its full output. Other parts of NEER are:

• a rate-regulated electric transmission business, NEET, with a $3.2 billion rate base;
• equity interests in regulated natural gas pipelines worth about $1.5 billion;
• a customer supply business that provides full-requirements power, gas marketing and trading, and non-operated natural gas and oil production.

In January 2026 NEER bought Symmetry Energy Solutions, a commercial and industrial natural gas supplier.

NEE also holds an approximately 52.5% noncontrolling interest in XPLR Infrastructure, which owns contracted wind, solar and storage projects that NEER operates. NEE accounts for this stake under the equity method.

Tax credits underpin NEER's economics. Clean-energy tax credits come as PTCs (production tax credits) or ITCs (investment tax credits), and NEE sells them for cash to fund growth. Under the One Big Beautiful Bill Act (OBBBA), wind and solar projects keep the full PTC or 30% ITC only if they begin construction before July 5, 2026 or are placed in service by December 31, 2027. No credit applies to wind or solar placed in service after 2030. Storage keeps the 30% ITC for projects that begin construction by the end of 2033, with a phase-down in 2034–2035. Projects that begin construction after 2025 must also meet foreign-entity sourcing restrictions. NEE says it believes its current wind and solar pipeline through 2030 will qualify.

Risk factors

Source: FY2025 Form 10-K Item 1A, accession 0000753308-26-000015; merger-related additions from the Q3 2026 Form 10-Q, accession 0000753308-26-000081.

The risks that matter most for this business fall into seven groups:

• Regulatory recovery at FPL. The FPSC can refuse to let FPL recover costs it deems imprudent, and it sets FPL's allowed return. Political and economic pressure in Florida can shape those decisions. The 2025 rate agreement is under appeal before the Florida Supreme Court (see Current quarter).
• Clean-energy policy. NEER depends on federal and state incentives, mainly tax credits, renewable portfolio standards and favorable permitting. The OBBBA phase-outs, executive actions affecting wind permitting on federal land, tariffs on imported equipment and changes to Treasury "begin construction" guidance could raise equipment costs or leave projects without a market. They could also force NEE to abandon development spending. New rules on interconnecting large loads and generation also add uncertainty.
• Construction and supply chain. Growth depends on building generation, storage and transmission on time and on budget. Equipment and batteries come from international supply chains, and government actions have already caused minor disruptions. The Duane Arnold restart needs NRC and other approvals. If it fails, capitalized costs could be impaired.
• Weather and storms. FPL's service territory is prone to hurricanes, and NEE carries no property insurance on most of its transmission, distribution and pipeline assets. Wind and solar output also varies with the weather, which moves NEER's results.
• Capital markets and credit ratings. NEE needs steady access to debt, equity and tax-equity markets, including differential membership and project minority investors, to fund its capital program. A ratings downgrade would raise borrowing costs and trigger collateral calls. Defaults on project-level limited-recourse debt could also force early repayment.
• Commodity and hedging exposure. Mark-to-market swings on interest-rate, foreign-exchange and energy derivatives make GAAP earnings volatile. Customer supply, gas and oil production, and merchant generation are exposed to commodity prices.
• Litigation, reputation and nuclear operations. The group faces shareholder suits tied to alleged campaign-finance violations, XPLR-related securities suits, and an eagle-collision probation at a NEER subsidiary. Its nuclear plants carry decommissioning-funding, outage and retrospective-assessment risk under the Price-Anderson Act.

Merger risks. The Q3 2026 10-Q incorporates the risk factors in the Dominion Energy merger proxy/prospectus. The main risks are restrictions on NEE's operations while the merger is pending, and approvals that are denied, delayed or come with burdensome conditions. Others are a termination that could trigger a fee of $4.8 billion or $6.5 billion payable by NEE, and the risk that NEE fails to integrate Dominion or realize the expected benefits.

Management's discussion, fiscal 2025

Source: FY2025 Form 10-K Item 7, accession 0000753308-26-000015.

Net income attributable to NEE was $6.835 billion ($3.30 per diluted share) in 2025, against $6.946 billion ($3.37) in 2024. Both operating businesses grew, but Corporate and Other swung to a loss. On NEE's adjusted basis, which excludes non-qualifying hedges, XPLR investment results and nuclear-fund marks, 2025 earnings were $3.71 per share (from the Q3 2026 earnings release, accession 0000753308-26-000077). Segment results for 2025 were:

• FPL, net income rose $469 million to $5.012 billion. Investment grew FPL's average rate base by about $5.5 billion, and its earned regulatory ROE rose to about 11.70% from 11.40%. FPL used $593 million of reserve amortization in 2025, against $328 million in 2024. Revenues rose $1.243 billion, mostly from about $1.091 billion of storm-surcharge recovery for Hurricanes Debby, Helene and Milton. A matching rise in storm-cost amortization offset that recovery. Retail base revenues rose about $222 million on 1.7% customer growth, partly offset by 1.2% lower usage per customer because of weather.
• NEER, net income less noncontrolling interests rose $676 million to $2.975 billion. New wind, solar and storage projects added $967 million. Higher financing and other costs took away $604 million. NEER added about 1,604 MW of wind, 2,859 MW of solar and 1,799 MW of storage. NEER's interest expense rose $569 million, including about $351 million from interest-rate derivative marks. Equity-method results again included an XPLR impairment, about $0.7 billion pre-tax ($0.5 billion after tax), against $0.8 billion ($0.6 billion) in 2024.
• Corporate and Other, fell $1.256 billion to a loss of $1.152 billion. About $1.002 billion of the decline came from after-tax losses on non-qualifying interest-rate and currency hedges of expected debt issuances. Higher average debt balances also added to the loss.

NEE's effective tax rate was about (18)% in 2025, against 6% in 2024, because of clean-energy tax credits.

Cash and capital. Operating cash flow was $12.49 billion in 2025. Capital expenditures and investments were $24.61 billion: $8.94 billion at FPL and $15.67 billion at NEER, of which $6.98 billion was solar and $3.33 billion was wind. Long-term debt issuance of $23.39 billion, $3.28 billion from differential membership investors and $2.04 billion of equity issuance funded the gap. Dividends paid were $4.68 billion. At year-end, net available liquidity was about $18.7 billion. On December 31, 2025, NEE set up a $4 billion at-the-market (ATM) equity program. The 10-K capital plan for 2026–2030 was $58.63 billion at FPL and $35.56 billion of approved projects at NEER.

Current quarter, Q3 2026 (three months ended September 30, 2026)

Sources: Form 10-Q, accession 0000753308-26-000081; Q3 2026 earnings release (Exhibit 99), accession 0000753308-26-000077.

Headline results. GAAP net income attributable to NEE nearly doubled to $4.775 billion ($2.28 per diluted share) from $2.438 billion ($1.18). Most of the jump came from $2.246 billion of after-tax gains on non-qualifying hedges, mainly interest-rate derivatives at Corporate and Other, as rates moved. Excluding those marks and other adjustments, adjusted earnings rose to $2.592 billion ($1.24 per share) from $2.348 billion ($1.13). That is a 9.7% increase in adjusted EPS. Operating revenues rose 1.6% to $8.09 billion. Merger-related expenses were $19 million in the quarter. For the nine months, GAAP net income was $10.102 billion ($4.82) against $5.300 billion ($2.57), helped also by the absence of the 2025 XPLR impairment. Segment results for the quarter were:

• FPL, net income rose to $1.620 billion from $1.463 billion, driven by investment. Average rate base was about $6.8 billion higher, and regulatory capital employed grew about 9.2%. Retail base revenues rose about $368 million, including $281 million from the new 2025 rate agreement. Customer accounts grew about 1.4% and usage per customer about 1.4% on favorable weather. Storm-surcharge revenue fell about $452 million as the 2024-hurricane surcharges ended, offset by a matching drop in storm-cost amortization. FPL reversed about $172 million of after-tax RSM amortization in the quarter. Its trailing earned regulatory ROE was about 11.80%, and about $1.5 billion of after-tax RSM reserve remained available. FPL spent about $2.4 billion of capital in the quarter and expects about $12 billion for the full year.
• NEER, net income attributable to NEE rose $216 million to $1.491 billion; adjusted earnings were $1.247 billion against $1.102 billion. The main contributors were:
  • new investments, which added $186 million, including fees under management, construction and operating services agreements;
  • existing assets, which added $108 million on stronger wind resource;
  • non-qualifying hedges, which added $153 million;
  • customer supply, which lowered results by $75 million.

Equity-method earnings included a gain of about $139 million on selling part of an equity-method investment.

• Corporate and Other, net income was $1.664 billion against a $300 million loss a year earlier. The swing came from about $2.041 billion of favorable after-tax interest-rate derivative marks, partly offset by higher interest expense on more debt. On an adjusted basis, Corporate and Other was $0.01 per share lower.

Growth and origination. NEER added 3.7 GW to its renewables and storage backlog in the quarter, including 2.4 GW of battery storage. The backlog stands at about 36.7 GW after 1.8 GW of projects entered service since late July. Large loads such as data centers are a growing part of the opportunity. In July NEE joined a partnership to develop a data-center campus at the Department of Energy's Paducah Site in Kentucky, where it expects to own up to 2 GW of gas generation and up to 2.6 GW of battery storage. NEER is also building fee-based "federal hub" projects, in which it develops, builds and operates the assets without investing its own capital.

Portfolio moves in 2026. Besides the January Symmetry purchase and the move to full ownership of Duane Arnold, the 10-Q records two transactions:

• Transmission joint venture, in March 2026 a NEET subsidiary sold an approximately 50% economic interest in a California rate-regulated transmission asset for about $287 million. The sale produced a net gain of about $133 million ($107 million after tax).
• Caliber Resource Partners, acquired June 30, 2026 by a 95%-owned NEER subsidiary for a base price of $1.3 billion: about $1.0 billion of cash from NEE and the noncontrolling owners, plus $0.3 billion of assumed debt. Caliber holds non-operated interests in more than 7,500 producing wells across U.S. shale basins, which support NEE's natural gas activities.

Pending acquisition of Dominion Energy. The largest change to the story this year is the May 15, 2026 agreement to acquire Dominion Energy, mainly for NEE stock: 0.8138 NEE shares per Dominion share plus $360 million of cash in aggregate. Dominion would become a wholly owned NEE subsidiary, adding its utility operations in Virginia, North Carolina and South Carolina alongside FPL. Shareholders of both companies approved it in September 2026. It still needs approval from FERC, the NRC, the three state commissions and the Hart-Scott-Rodino reviewers, and closing is targeted for the second half of 2027. The companies have proposed more than $2.25 billion of bill credits for Dominion's customers. NEE says the combined company should support about 11% annual growth in regulatory capital employed and 9%+ annual adjusted-EPS growth through 2032, off a 2025 base. Merger costs are running through earnings: $50 million after tax in the first nine months.

Funding. Over the nine months, operating cash flow rose to $12.32 billion from $9.99 billion. Capital expenditures and investments rose 42.6% to $27.55 billion, led by $10.37 billion of NEER solar. Funding came from several sources:

• $18.23 billion of long-term debt, including euro, Australian-dollar and junior subordinated issues;
• a $5.41 billion net increase in commercial paper and short-term debt;
• 11.0 million ATM shares sold for $938 million gross, leaving about $3.1 billion available under the program;
• $1.559 billion from selling project minority interests in September 2026;
• $1.334 billion from differential membership investors;
• about $1.684 billion from sales of clean-energy tax credits.

Long-term debt, including the current portion, rose to $105.96 billion from $93.06 billion at year-end, and net available liquidity was about $19.3 billion. The capital plan now shows $53.01 billion at FPL and $41.52 billion at NEER for the rest of 2026 through 2030.

Rate case and litigation. The FPSC denied substantially all of the intervenors' motion to reconsider the 2025 rate agreement in April 2026. Appeals to the Florida Supreme Court were consolidated in June 2026 and remain pending. Separately, NEE agreed in June 2026 to two settlements, both pending court approval:

• 2023 securities class action, NEE would pay $150 million, which is expected to be covered by insurance.
• Shareholder derivative actions, insurers would pay NEE about $16 million, less counsel fees, and NEE would make governance changes.

The Avangrid antitrust suit, in which the original complaint sought $350 million (subject to trebling), and the XPLR securities and derivative suits remain open.

Outlook. In the October 21, 2026 release NEE left its 2026 adjusted EPS range of $3.92–$4.02 unchanged and said it is targeting the high end.

Subsequent events

Sources: Form 10-Q, accession 0000753308-26-000081; Q3 2026 earnings release, accession 0000753308-26-000077.

The 10-Q has no stand-alone subsequent-events note. It and the October 21, 2026 release report two developments after September 30, 2026:

• Hurricane Isaias (October 2026). Isaias made landfall near the Florida panhandle and damaged FPL's service territory. FPL's preliminary estimate of recoverable storm restoration costs is about $450–$500 million. Its storm reserve held about $119 million at September 30, 2026, and costs above the reserve will be deferred as a regulatory asset. FPL intends to seek recovery, and to replenish the reserve, under the 2025 rate agreement's interim storm surcharge, which is capped at $5 per 1,000 kWh on residential bills in the first 12 months and subject to an FPSC prudence review. The storm left FPL's service area on October 10. FPL had restored power to more than 97% of affected customers within days, using a workforce of about 17,000 from 29 states.
• Securities class action settlement. In October 2026 the parties filed a renewed motion for preliminary court approval of the $150 million settlement. The court had denied the first motion without prejudice in August 2026, asking for more information.

No acquisition, divestiture, debt issuance or equity issuance dated after September 30, 2026 is disclosed in the 10-Q or the October 21, 2026 earnings release.

Filings that contain financial statements

NextEra Energy files 10-Qs and a 10-K, and those carry the full statements. Each quarterly earnings release, furnished as Exhibit 99 to an Item 2.02 Form 8-K, also includes preliminary, unaudited condensed consolidated statements broken out by segment (FPL, NextEra Energy Resources, Corporate and Other):

• Third quarter 2026. Form 8-K dated October 21, 2026 (accession 0000753308-26-000077), Exhibit 99. It contains:
  • income statements for the three and nine months ended September 30, 2026 and 2025, with reconciliations to adjusted earnings;
  • balance sheets at September 30, 2026 and December 31, 2025;
  • cash flow statements for the nine months ended September 30, 2026 and 2025;
  • an earnings-per-share contribution bridge by quarter.

The release has no cash flow statement for the three months alone.

• Second quarter 2026. Form 8-K dated July 24, 2026 (accession 0000753308-26-000058), Exhibit 99. It contains:
  • income statements for the three and six months ended June 30, 2026 and 2025;
  • balance sheets at June 30, 2026 and December 31, 2025;
  • cash flow statements for the six months ended June 30, 2026 and 2025.
• First quarter 2026. Form 8-K dated April 23, 2026 (accession 0000753308-26-000028), Exhibit 99. It contains:
  • income statements for the three months ended March 31, 2026 and 2025;
  • balance sheets at March 31, 2026 and December 31, 2025;
  • cash flow statements for the three months ended March 31, 2026 and 2025.
• Fourth quarter and full year 2025. Form 8-K dated January 27, 2026 (accession 0000753308-26-000007), Exhibit 99. It contains:
  • income statements for the three and twelve months ended December 31, 2025 and 2024;
  • balance sheets at December 31, 2025 and 2024;
  • cash flow statements for the twelve months ended 2025 and 2024.

There are also pro forma statements for the pending Dominion Energy combination. They are illustrative and do not report NextEra Energy's own results:

• Form 8-K dated August 10, 2026 (filed August 11, 2026; accession 0000753308-26-000065), Exhibit 99.2: unaudited pro forma condensed combined statements as of June 30, 2026, for the six months ended June 30, 2026 and for the year ended December 31, 2025.
• Form 8-K dated June 15, 2026 (accession 0000753308-26-000046), Exhibit 99.3: preliminary pro forma statements as of March 31, 2026, for the three months ended March 31, 2026 and for the year ended December 31, 2025.

Both filings incorporate Dominion Energy's own statements by reference. The filing company states that the business "has not yet been acquired."

Pending combination with Dominion Energy (signed, not closed)

• May 15–18, 2026: merger agreement signed. Form 8-K, accession 0001104659-26-063001. NextEra Energy entered into an Agreement and Plan of Merger with Dominion Energy, Inc. on May 15, 2026.
  • Consideration. Under the agreement, each Dominion Energy share converts into 0.8138 NextEra Energy shares plus a pro rata share of $360 million in aggregate cash. The joint press release calls the deal an all-stock, tax-free transaction. It says Dominion Energy holders would own about 25.5% of the combined company and NextEra Energy holders about 74.5%.
  • Termination fees. Dominion Energy would pay $2.24 billion in specified circumstances. NextEra Energy would pay $6.52 billion in reciprocal circumstances, or $4.83 billion if the deal ends over specified regulatory conditions.
  • Outside date. November 15, 2027, which can be extended to August 15, 2028.
  • Closing conditions. Both shareholder approvals; expiry of the waiting period under the Hart-Scott-Rodino Act; and clearances from FERC, the Nuclear Regulatory Commission, and the utility commissions of Virginia, North Carolina and South Carolina.
  • Customer bill credits. The companies proposed $2.25 billion of bill credits for Dominion Energy customers.
• July 2026: regulatory filings and proxy. NextEra Energy filed the registration statement on Form S-4 on July 9, and the SEC declared it effective on July 23. The definitive joint proxy statement/prospectus followed on July 28. On July 15 the companies filed for merger approval with:
  • the Virginia State Corporation Commission;
  • the North Carolina Utilities Commission;
  • the Public Service Commission of South Carolina;
  • FERC;
  • the Nuclear Regulatory Commission.

Sources: accessions 0000753308-26-000058 and 0000753308-26-000065.

• August 25, 2026: supplemental proxy disclosures. Accession 0001104659-26-100476. Purported shareholders sent demand letters alleging that the proxy left out information. NextEra Energy said the claims are without merit. To moot them, without admitting any liability, it voluntarily added disclosures, mostly about its financial advisors' analyses.
• September 3, 2026: shareholder approval. Accession 0000753308-26-000071. At a special meeting, NextEra Energy shareholders voted on three proposals:
  • Issuing shares to Dominion Energy shareholders: approved with 99.47% of votes cast.
  • Raising authorized common shares from 3.2 billion to 5.0 billion: approved with 99.02%.
  • Adjourning the meeting if needed: approved.

The third-quarter release says Dominion Energy shareholders also approved the combination on September 3.

• September 14, 2026: enhanced Virginia benefits package. Accession 0001104659-26-107537, Exhibit 99.1. The companies' Virginia commitments:
  • extends Virginia residential bill credits from two years to four;
  • adds $100 million of shareholder-funded EnergyShare bill assistance through 2038;
  • creates a $100 million workforce development fund;
  • sets up a Virginia Supplier Program of up to $1 billion a year for five years;
  • commits to 1,000 new direct jobs, with a new shareholder-funded co-headquarters tower in Richmond;
  • holds Virginia headcount steady for five years.
• Status as of October 21, 2026. The combination remains pending, according to the third-quarter release (accession 0000753308-26-000077):
  • Virginia hearings are set for November and South Carolina hearings for December. The companies expect final orders in January 2027.
  • North Carolina expert-witness hearings begin in February 2027.
  • Federal reviews are continuing.
  • The companies still expect to close in the second half of 2027.

Earnings releases and guidance

• January 27, 2026: fourth quarter and full year 2025. Accession 0000753308-26-000007.
  • Full-year 2025 GAAP net income attributable to NextEra Energy was $6.835 billion ($3.30 per share), compared with $6.946 billion ($3.37) in 2024.
  • Adjusted earnings were $7.683 billion ($3.71 per share), compared with $7.063 billion ($3.43).
  • FPL's new four-year rate agreement, approved by a Florida Public Service Commission vote in November 2025 (the release says the commission "approved" it "last November"; the final order was issued in January 2026, per the FY2025 Form 10-K, accession 0000753308-26-000015), took effect January 1, 2026.
• April 23, 2026: first quarter. Accession 0000753308-26-000028. GAAP net income was $2.182 billion ($1.04 per share), compared with $833 million ($0.40). Adjusted earnings were $2.275 billion ($1.09), compared with $2.038 billion ($0.99). NextEra Energy Resources added about 4 GW to its backlog, a record quarter, bringing the total to about 33 GW.
• July 24, 2026: second quarter. Accession 0000753308-26-000058. GAAP net income was $3.144 billion ($1.50 per share), compared with $2.028 billion ($0.98). Adjusted earnings were $2.407 billion ($1.15), compared with $2.164 billion ($1.05). The backlog reached about 35.1 GW.
• October 21, 2026: third quarter. Accession 0000753308-26-000077.
  • GAAP net income was $4.775 billion ($2.28 per share), compared with $2.438 billion ($1.18). Adjusted earnings were $2.592 billion ($1.24), compared with $2.348 billion ($1.13).
  • FPL net income was $1.62 billion ($0.77). FPL capital expenditures were about $2.4 billion for the quarter, and the full-year plan is now about $12 billion; the prior range was $12–13 billion.
  • NextEra Energy Resources added 3.7 GW to its backlog, bringing it to about 36.7 GW.
• Guidance: unchanged all year. The January 2, 2026 Regulation FD 8-K (accession 0000753308-26-000004) and every quarterly release kept the same targets:
  • 2026 adjusted EPS of $3.92 to $4.02. Every release from April onward adds that the company is targeting the high end of the range.
  • Adjusted EPS growth of 8%+ a year through 2032, and the same target from 2032 through 2035, off the 2025 base of $3.71.
  • Dividends per share growing about 10% a year through 2026 (off a 2024 base), then about 6% a year through 2028.

Management says the combined company with Dominion Energy would support adjusted EPS growth of 9%+ through 2032.

Other acquisitions, investments and operating events

• Symmetry Energy Solutions (closed). The fourth-quarter release (accession 0000753308-26-000007) says the acquisition closed in January 2026. The third-quarter 10-Q (accession 0000753308-26-000081) dates it January 9, 2026. The price was about $0.8 billion in cash plus about $0.3 billion of working-capital and other adjustments, and the deal produced about $0.4 billion of goodwill.
• Mountain Valley Pipeline stake (completed). The same January release says NextEra Energy Resources increased its stake in the pipeline in January 2026 by buying part of Consolidated Edison's interest. The release gives no price.
• Duane Arnold nuclear plant (closed). The second-quarter release says NextEra Energy Resources "successfully closed on the acquisition of the final 30% minority interest," making it the sole owner; the 10-Q dates this July 2026. In September 2026 a subsidiary closed a federal loan of up to $1.9 billion, guaranteed by the U.S. Department of Energy, to fund the restart. The plant is to return to service no later than the first quarter of 2029.
• Data-center and gas projects. These come from the third-quarter release:
  • definitive agreements for three federal hub projects totaling about 16.5 GW, with $5.7 billion of initial funding secured year to date;
  • a joint venture with Chesapeake Utilities to build a $1.2 billion natural gas pipeline in South Florida;
  • a 20-year power purchase agreement for about 1 GW of Point Beach nuclear output, still subject to approval by the Public Service Commission of Wisconsin.
• Caliber Resource Partners (closed). On June 30, 2026, a 95%-owned subsidiary of NextEra Energy Resources acquired Caliber Resource Partners, an energy investment firm with non-operating interests in more than 7,500 producing wells. The base purchase price was $1.3 billion: about $1.0 billion of cash from NextEra Energy and the noncontrolling owners plus $0.3 billion of assumed debt, subject to post-closing adjustments. Disclosed in the third-quarter Form 10-Q (accession 0000753308-26-000081).
• Transmission joint venture sale (closed). In March 2026, a NextEra Energy Transmission subsidiary sold an ownership interest representing about a 50% economic interest in a joint venture that holds a rate-regulated electric transmission asset in California, for cash proceeds of about $287 million, subject to post-closing adjustments. The subsidiary continues to operate the asset. Disclosed in the third-quarter Form 10-Q (accession 0000753308-26-000081).
• Hurricane Isaias (October 2026, after the quarter ended). FPL's preliminary estimate of recoverable storm restoration costs is $450 million to $500 million, against a storm reserve of about $119 million at September 30, 2026. Costs above the reserve will be deferred as a regulatory asset. This appears in the third-quarter 10-Q (accession 0000753308-26-000081); the third-quarter release covers the restoration effort only.

Financing

Debt and equity-linked issuance was heavy throughout the year:

• February 5, 2026. NextEra Energy Capital Holdings sold $700 million of 4.40% debentures due 2031 and $600 million of 5.85% debentures due 2056. Accession 0000753308-26-000009.
• February 10, 2026. NextEra Energy Capital Holdings sold €650 million of 2.989% debentures due 2030 and €650 million of 3.624% debentures due 2034. Accession 0000753308-26-000011.
• February 26, 2026. NextEra Energy Capital Holdings sold €1.0 billion of Series X and €750 million of Series Y junior subordinated debentures, both due 2056, with initial coupons of 4.20% and 4.75%. Accession 0000753308-26-000017.
• March 3, 2026. NextEra Energy sold $2.3 billion of equity units with a 7.375% total annual distribution rate. Holders must buy NEE common stock by February 15, 2029, at a price per share in the range of $91.99 to $115.00. Accession 0000753308-26-000020.
• March 20, 2026. NextEra Energy Capital Holdings sold $600 million of 6.50% Series Z junior subordinated debentures due 2086. Accession 0000753308-26-000024.
• May 26, 2026. FPL sold $255.4 million of floating-rate notes due 2076. Accession 0000753308-26-000039.
• June 1, 2026. FPL sold $2.25 billion of first mortgage bonds in three series: $600 million at 5.125% due 2036, $600 million at 5.750% due 2056 and $1,050 million at 5.900% due 2066. Accession 0000753308-26-000043.
• June 22, 2026. NextEra Energy Capital Holdings sold $3.75 billion of junior subordinated debentures in three series: Series AA ($1.0 billion, initial rate 6.000%), Series BB ($1.25 billion, 6.200%) and Series CC ($1.5 billion, 6.625%), due 2056 to 2066. Accession 0000753308-26-000052.

None of these filings reports a share repurchase, a dividend change outside the stated policy, or a stock split.

Management, governance and legal

• March 5, 2026 (Form 8-K filed March 10). Executive Vice President and Chief Risk Officer Terrell Kirk Crews II notified NextEra Energy on March 5 that he would resign, effective March 20, 2026, to become chief financial officer at another company. Accession 0000753308-26-000022.
• May 18, 2026. As part of a planned succession, FPL Chief Executive Officer Armando Pimentel, Jr. became Vice Chairman of NextEra Energy, and FPL President Scott Bores succeeded him as FPL's CEO. Both changes took effect May 18. Accession 0001104659-26-062992.
• May 21, 2026: annual meeting. Accession 0000753308-26-000041.
  • All twelve director nominees were elected.
  • Deloitte & Touche was ratified as auditor.
  • Say-on-pay passed with 88.2% of votes cast.
  • A shareholder proposal on Paris Agreement alignment failed with 34.6% support.
• July 8, 2026. The board amended the bylaws, effective immediately. The board can now set the time and place of special meetings of shareholders, and shareholder meetings can be held solely by remote communication. Accession 0001104659-26-081863.
• October 6, 2026: proposed derivative settlement. Accession 0000753308-26-000074. A Palm Beach County court will hold a hearing on December 14, 2026 on a proposed settlement of shareholder derivative actions (Davidson v. Silagy and related matters). The actions allege fiduciary breaches tied to an alleged political-influence scheme. Under the proposed terms:
  • the individual defendants' D&O insurers would pay $15.5 million to NextEra Energy;
  • NextEra Energy would adopt governance reforms for at least four years, including adding an independent director with political or legislative experience;
  • plaintiffs' counsel would receive fees and expenses of $5.75 million.

The defendants deny all allegations. Objections are due by November 30, 2026.

Not yet reflected in current reports

• As of October 21, 2026, NextEra Energy had filed no 8-K announcing completion of the Dominion Energy combination or any regulatory order approving it.
• The Caliber Resource Partners acquisition, the California transmission joint venture sale, Hurricane Isaias storm costs and the Duane Arnold ownership change were disclosed in the third-quarter 10-Q (the Duane Arnold change and the storm also in the earnings releases), not in separate 8-K items.

About this file

NEE annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

NEE quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

NEE year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

NEE trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. Fiscal 2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025. Every input is a column printed in the FY2025 10-K (accession 0000753308-26-000015) or the third-quarter 2026 10-Q (accession 0000753308-26-000081). Fiscal 2025 had no merger-related expenses line, so that input is taken as zero.

Adjustments

Non GAAP adjusted earnings

Notes

• Sources. Fiscal 2025, 2024 and 2023 come from the FY2025 Form 10-K (accession 0000753308-26-000015), which presents three years of income statement and cash flow and balance sheets at December 31, 2025 and 2024. The third quarter of 2026, the third quarter of 2025 and both nine-month periods come from the third-quarter 2026 Form 10-Q (accession 0000753308-26-000081), which also carries the balance sheet at September 30, 2026. The non-GAAP adjusted earnings block comes from the third-quarter 2026 earnings news release furnished as Exhibit 99 to the Form 8-K dated October 21, 2026 (accession 0000753308-26-000077). Every figure is stated in actual dollars; the statements themselves are printed in millions.
• Two net income lines. NextEra Energy consolidates partnerships it does not wholly own, so its income statement reports consolidated net income first and then net income attributable to NextEra Energy. Both are kept here under those names. In every period shown the attributable figure is the larger of the two, because the noncontrolling investors in those partnerships are allocated losses: $1,503 million of them in 2025 and $408 million in the third quarter of 2026. Earnings per share is struck on net income attributable to NextEra Energy, not on the consolidated line.
• Interest expense was a net credit in 2026. The income statement prints interest expense in parentheses when it is a charge and without them when it is a credit, and the figures here keep that sign: a negative number is an expense, a positive number a net credit to income. The line was a credit of $1,929 million in the third quarter of 2026, against a charge of $1,153 million a year earlier, and a credit of $155 million for the first nine months of 2026, against a charge of $3,987 million. The 10-Q states that for interest rate and foreign currency derivative instruments, all changes in fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense, and its derivatives note records $3,045 million of gains on interest rate contracts in interest expense for the third quarter of 2026, $3,005 million of them unrealized. The 10-Q attributes Corporate and Other's higher results for the quarter and the nine months primarily to favorable non-qualifying hedge activity, partly offset by higher interest expense driven by higher average debt balances.
• Capital spending and free cash flow. The `capex` figure is the single line the segment note prints as 'Capital expenditures, independent power and other investments and nuclear fuel purchases' - $24,606 million for 2025, $24,729 million for 2024, $25,113 million for 2023, $27,554 million for the first nine months of 2026 and $19,328 million for the first nine months of 2025. It is the sum of the four spending lines the cash flow statement prints separately (Florida Power & Light capital expenditures, NextEra Energy Resources independent power and other investments, nuclear fuel purchases and other capital expenditures), each of which is also reported here as the cash flow statement prints it, as a negative outflow. Free cash flow is operating cash flow less that total. It is deeply negative in every period because capital spending runs at roughly twice operating cash flow; the gap is funded with debt and equity, which is what the financing section of the cash flow statement shows.
• No three-month cash flow figures. The 10-Q's cash flow statement presents nine-month columns only, and the cash flow statements in the third-quarter earnings news release are also nine-month statements, so no cash flow is published here for the third quarter of 2026 or the third quarter of 2025 on its own. The nine-month cash flow for both years is in the year-to-date block.
• Fiscal 2023 balance sheet. The 10-K presents balance sheets at December 31, 2025 and 2024 only. The two December 31, 2023 balance sheet amounts shown for fiscal 2023 - total assets of $177,489 million and net property, plant and equipment of $125,776 million - are the only two the 10-K prints for that date, in its segment note. No other 2023 balance sheet line is published here.
• Total debt. `total_debt_derived` adds the four borrowing lines the balance sheet prints: commercial paper, other short-term debt, the current portion of long-term debt, and long-term debt. It was $95,619 million at December 31, 2025 and $113,932 million at September 30, 2026.
• Redeemable noncontrolling interests. The September 30, 2026 balance sheet carries $1,477 million of redeemable noncontrolling interests outside equity, against none at December 31, 2025. Total liabilities, redeemable noncontrolling interests and total equity together equal total assets.
• Dividends per share. The income statement does not carry a dividends-per-share line; the figures here are the ones stated in the footnotes to the statement of equity: $2.27 for 2025, $2.06 for 2024 and $1.87 for 2023, and $0.6232 for the third quarter of 2026 against $0.5665 for the third quarter of 2025. The nine-month amounts, $1.8696 for 2026 and $1.6995 for 2025, are three quarters added together, which the 10-Q supports by stating that dividends per share were $0.6232 for each of the quarterly periods in 2026 and $0.5665 for each of the quarterly periods in 2025.
• Segment results. NextEra Energy reports two segments - Florida Power & Light (FPL), the rate-regulated Florida utility, and NextEra Energy Resources (NEER), the competitive generation and regulated transmission business - plus Corporate and Other, which holds remaining activities, eliminating entries and, in the company's words, may include the net effect of rounding. The three add to the consolidated revenue and net income lines. FPL earned $5,012 million of the $6,835 million attributable to NextEra Energy in 2025 and $1,620 million of $4,775 million in the third quarter of 2026, when Corporate and Other contributed $1,664 million.
• Merger-related expenses. The 2026 income statement adds a line the earlier years do not have, merger-related expenses of $19 million in the third quarter of 2026 and $51 million in the first nine months, which the 10-Q discusses in connection with the pending merger with Dominion Energy.
• Trailing twelve months. The trailing-twelve-month block covers October 1, 2025 through September 30, 2026 and is arithmetic, not a filed column: fiscal 2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025. Its diluted earnings per share of $5.55 is derived the same way - fiscal 2025 diluted earnings per share of $3.30 plus $4.82 for the nine months ended September 30, 2026 less $2.57 for the nine months ended September 30, 2025 - so it adds per-share figures struck on different weighted average share counts; no weighted share count is published for such a period, so none is shown.
• Restatements. None. The December 31, 2025 balance sheet column the 10-Q prints agrees line for line with the 10-K, and the 10-K's 2024 and 2023 columns are presented on the same basis as in that filing.

Uncertainties

• No cash flow statement exists for a single three-month period in these filings, so third-quarter operating cash flow, capital spending and free cash flow are not reported here and cannot be derived from what the 10-Q prints alone.
• The nine-month dividends-per-share amounts ($1.8696 for 2026, $1.6995 for 2025) are the sum of three quarterly amounts rather than a figure printed as a nine-month total. No trailing-twelve-month dividend per share is shown: the 10-K prints the 2025 annual amount rounded to the cent ($2.27), so subtracting the nine-month amounts from it would not give an exact fourth-quarter 2025 figure.
• Every trailing-twelve-month figure is derived arithmetic rather than a reported column, and the trailing per-share amount adds per-share figures struck on different weighted share counts, so it is approximate to about a cent.
• Fiscal 2023 carries only two balance sheet amounts, because the 10-K's balance sheet columns stop at December 31, 2024. No 2023 debt, equity or cash balance is published here.
• No balance sheet is shown for the third quarter of 2025: the 10-Q compares September 30, 2026 with December 31, 2025, not with September 30, 2025.
• Adjusted earnings and adjusted earnings per share are the company's own non-GAAP measure, taken from a news release furnished with a Form 8-K rather than from an audited or reviewed financial statement. They are shown beside the GAAP figures they reconcile to and should not be read as a substitute for them.
• Quarterly figures for the first and second quarters of 2026 are not published here: the third-quarter 2026 10-Q (accession 0000753308-26-000081) prints the third quarter and the two nine-month periods, and nothing in it gives the first or second quarter as a discrete three-month column.

Company details

Fiscal period

Source filings