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Company file · NEE

NextEra Energy

NextEra Energy's revenue rebounded in 2025, while net income slipped

Operating revenues rose 10.7% to $27.4B. Net income fell 1.6% to $6.8B, and total debt rose to $95.6B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Oct 25, 2026

Key facts

NextEra Energy (NYSE: NEE) reported operating revenues of $27.4B for fiscal 2025, the year ended Dec 31, 2025, up 10.7% from fiscal 2024. Net income to NextEra Energy was $6.8B, down 1.6%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $8.1B, up 1.6% from the same quarter a year earlier, and net income was $4.8B. The largest piece by business was FPL, at 68% of fiscal 2025 operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$27.4BFY2025 · +10.7% vs FY2024
Net income to NextEra Energy$6.8BFY2025 · −1.6% vs FY2024
Operating cash flow$12.5BFY2025 · −5.8% vs FY2024
Cash & equivalents$5.6Bat Sep 30, 2026 · +98.4% vs FY2025 end
Total debt$113.9Bat Sep 30, 2026 · +19.2% vs FY2025 end
Diluted shares2.07BFY2025 avg · +0.6% vs FY2024
Operating revenues and net income to NextEra Energy, three fiscal yearsBy fiscal year, $bn
Operating revenuesNet income to NextEra Energy
Operating revenues and net income to NextEra Energy by fiscal yearOperating revenues FY2023: $28.1B28.1Net income to NextEra Energy FY2023: $7.3B7.3FY2023Operating revenues FY2024: $24.8B24.8Net income to NextEra Energy FY2024: $6.9B6.9FY2024Operating revenues FY2025: $27.4B27.4Net income to NextEra Energy FY2025: $6.8B6.8FY2025

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly operating revenues, fiscal 2026 vs 2025FY2025 Q1: $6.2B6.2FY2026 Q1: $6.7B6.7Q1FY2025 Q3: $8.0B8.0FY2026 Q3: $8.1B8.1Q3

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Oct 21, 2026

How it makes money

FY2025 total by categoryFPL: $18.3B (68%)NextEra Energy Resources: $8.8B (32%)$27.0BFY2025 total

By business, FY2025

  • LineAmountSharevs FY2024
  • FPL$18.3B68%+7.3%
  • NextEra Energy Resources$8.8B32%+16.1%

Source: 10-K FY2025, XBRL breakdown

FPL was 68% of 2025 segment revenue and NextEra Energy Resources 32%.

By business: three-year mixShare of the total each fiscal year
FPLNextEra Energy Resources

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$8.1B Q3 2026
$8.0B Q3 2025
1.6% increase
Net income
$4.8B Q3 2026
$2.4B Q3 2025
95.9% increase

Source: NextEra Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

By business

FPL
$5.4B Q3 2026
$5.3B Q3 2025
2.6% increase
NextEra Energy Resources
$2.5B Q3 2026
$2.6B Q3 2025
1.9% decrease

Source: NextEra Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

  • Cash & equivalents $5.6B at Sep 30, 2026, vs $2.8B at FY2025 end.
  • Total debt $113.9B at Sep 30, 2026, vs $95.6B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $12.3B vs $10.0B a year earlier.

The bull case and the bear case

The bull case

The bear case

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

NextEra Energy owns Florida Power & Light, the largest US electric utility by retail sales, and NextEra Energy Resources, one of the largest US developers of wind, solar and battery storage.

FPL is a regulated utility serving about six million customer accounts in Florida, with rates set by state regulators. NextEra Energy Resources builds and runs power plants and sells the output, mostly under long-term contracts.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in NextEra Energy's latest 10-K. Read the original for the full list.

  1. RegulationFPL's rates and returns are set by Florida regulators.
  2. Interest ratesIt borrows heavily to build plants, so rates affect costs and returns.
  3. Energy policyChanges to tax credits and clean energy policy affect its renewables business.
  4. WeatherHurricanes can damage FPL's system, and weather affects demand and output.
  5. ConstructionLarge projects can run late or over budget.
  6. MarketsPower and gas prices affect the parts of its business not under contract.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Operating revenues$28.1B$24.8B$27.4B
Net income to NextEra Energy$7.3B$6.9B$6.8B
Operating cash flow$11.3B$13.3B$12.5B
Cash & equivalents (year end)$2.7B$1.5B$2.8B
Total debt (year end)$73.2B$82.3B$95.6B
Diluted shares2.03B2.06B2.07B
  • Operating revenues: Electricity sales by its Florida utility, FPL, plus revenue from its NextEra Energy Resources power-generation business.
  • Net income to NextEra Energy: Net income attributable to NextEra Energy, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Commercial paper and other short-term borrowings plus current and long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of FPL plus NextEra Energy Resources revenue; corporate and other items sit outside both.

Recent filings

FormFiledPeriod
10-QOct 21, 2026Sep 30, 2026
10-QJul 24, 2026Jun 30, 2026
10-QApr 23, 2026Mar 31, 2026
DEF 14AApr 1, 2026May 21, 2026
10-KFeb 13, 2026Dec 31, 2025

Latest filings

  1. Oct 234:17 PM ET

    Form 4

    NextEra Energy EVP Power Generation Division Mark Lemasney reports an award of 1,416 shares

    The filing reports 1,416 shares in a grant or award (code A).

  2. Oct 217:40 AM ET

    8-K

    NextEra Energy files an 8-K on quarterly results

    NextEra Energy filed a Form 8-K on Oct 21, 2026 at 7:40 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  3. Oct 144:11 PM ET

    Form 4

    NextEra Energy Treasurer James Michael May reports 1,855 shares withheld for taxes

    The filing reports 1,855 shares withheld to pay the exercise price or tax (code F).

  4. Oct 94:09 PM ET

    Form 4

    NextEra Energy EVP Nicole J. Daggs reports a other acquisition or disposition of 8,487 common units Representing Limited Partner Interests

    The filing reports 8,487 common units Representing Limited Partner Interests in an other acquisition or disposition (code J).

  5. Oct 64:15 PM ET

    8-K

    NextEra Energy files an 8-K on other events

    NextEra Energy filed a Form 8-K on Oct 6, 2026 at 4:15 PM ET under Item 8.01 (Other Events).

All NextEra Energy filings notes →

Common questions about NextEra Energy

How does NextEra Energy make money?

NextEra Energy's operating revenues were $27.4B in fiscal 2025. FPL was 68% of 2025 segment revenue and NextEra Energy Resources 32%. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was NextEra Energy's revenue in fiscal 2025?

$27.4B of operating revenues for the fiscal year ended Dec 31, 2025, up 10.7% from $24.8B in fiscal 2024. Fiscal 2023 was $28.1B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is NextEra Energy profitable?

NextEra Energy reported net income to NextEra Energy of $6.8B for fiscal 2025, down 1.6% from $6.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $4.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did NextEra Energy report in its latest quarterly filing?

Revenue was $8.1B in the quarter ended Sep 30, 2026, up 1.6% from $8.0B a year earlier. Net income was $4.8B, up 95.9% from $2.4B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

How much cash and debt does NextEra Energy have?

NextEra Energy had $5.6B in cash and cash equivalents and $113.9B of total debt on Sep 30, 2026. Total debt here is commercial paper and other short-term borrowings plus current and long-term debt, at carrying value. Source: 10-Q filed Oct 21, 2026.

What are the main risks NextEra Energy lists?

NextEra Energy's 10-K for fiscal 2025, filed Feb 13, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Regulation; interest rates; energy policy; weather; construction; markets. The first: FPL's rates and returns are set by Florida regulators. Source: 10-K, Item 1A Risk Factors.

Where do these NextEra Energy numbers come from?

From NextEra Energy's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in NEE
The editor holds no position in NextEra Energy (NEE). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell NEE from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold NEE, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
NextEra EnergyNEEFY2025$27.4B+10.7%$6.8B
Southern CompanySOFY2025$29.6B+10.6%$4.3B
Duke EnergyDUKFY2025$31.7B+5.6%$5.0B
GE VernovaGEVFY2025$38.1B+9.0%$4.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.