# NEXTERA ENERGY INC (NEE)

Informational only - not investment advice.

CIK: 0000753308
SIC: 4911 Electric Services
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4911 Electric Services](/industry/4911/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=753308
Filing source: https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0000753308-26-000015 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000753308.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 27,412,000,000 USD | 2025 | verified |
| Net income | 6,835,000,000 USD | 2025 | verified |
| Assets | 212,721,000,000 USD | 2025 | verified |
| Net margin | 24.93% | 2025 | computed |
| Operating margin | 30.21% | 2025 | computed |
| Revenue YoY | +10.74% | 2025 | computed |
| ROE | 12.52% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Regulated electric utilities](/compare/utilities/) · SIC 4911 Electric Services

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including NEE

- Regulated electric utilities: [peer review](/compare/utilities/) · [market-risk page](/compare/utilities/risk/)

### Peer percentile fingerprint

| Ratio | NEE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 24.9% | 12.2% | 100 | 26 |
| Operating margin | 30.2% | 20.2% | 96 | 26 |
| Revenue growth | 10.7% | 9.2% | 68 | 26 |
| ROE | 12.5% | 9.4% | 78 | 28 |
| ROA | 3.2% | 2.6% | 78 | 28 |
| Liabilities / equity | 2.68 | 2.76 | 48 | 28 |
| Current ratio | 0.60 | 0.81 | 15 | 28 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4911 Electric Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 27412000000 | USD | 2025 | 2026-02-13 |
| Net income | 6835000000 | USD | 2025 | 2026-02-13 |
| Assets | 212721000000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000753308.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 16,138,000,000 | 17,173,000,000 | 16,727,000,000 | 19,204,000,000 | 17,997,000,000 | 17,069,000,000 | 20,956,000,000 | 28,114,000,000 | 24,753,000,000 | 27,412,000,000 |
| Net income | 2,906,000,000 | 5,380,000,000 | 6,638,000,000 | 3,769,000,000 | 2,919,000,000 | 3,573,000,000 | 4,147,000,000 | 7,310,000,000 | 6,946,000,000 | 6,835,000,000 |
| Operating income | 4,459,000,000 | 5,173,000,000 | 4,280,000,000 | 5,353,000,000 | 5,116,000,000 | 2,913,000,000 | 4,081,000,000 | 10,237,000,000 | 7,479,000,000 | 8,280,000,000 |
| Diluted EPS | 6.24 | 11.39 | 3.47 | 1.94 | 1.48 | 1.81 | 2.10 | 3.60 | 3.37 | 3.30 |
| Operating cash flow | 6,369,000,000 | 6,458,000,000 | 6,593,000,000 | 8,155,000,000 | 7,983,000,000 | 7,553,000,000 | 8,262,000,000 | 11,301,000,000 | 13,260,000,000 | 12,485,000,000 |
| Dividends paid | 1,612,000,000 | 1,845,000,000 | 2,101,000,000 | 2,408,000,000 | 2,743,000,000 | 3,024,000,000 | 3,352,000,000 | 3,782,000,000 | 4,235,000,000 | 4,680,000,000 |
| Assets | 90,474,000,000 | 97,963,000,000 | 103,702,000,000 | 117,691,000,000 | 127,684,000,000 | 140,912,000,000 | 158,935,000,000 | 177,489,000,000 | 190,144,000,000 | 212,721,000,000 |
| Liabilities |  |  |  | 75,844,000,000 | 82,755,000,000 | 95,243,000,000 | 109,499,000,000 | 118,465,000,000 | 129,283,000,000 | 146,242,000,000 |
| Stockholders' equity | 24,341,000,000 | 28,236,000,000 | 34,144,000,000 | 37,005,000,000 | 36,513,000,000 | 37,202,000,000 | 39,229,000,000 | 47,468,000,000 | 50,101,000,000 | 54,608,000,000 |
| Cash and cash equivalents | 1,292,000,000 | 1,714,000,000 | 638,000,000 | 600,000,000 | 1,105,000,000 | 639,000,000 | 1,601,000,000 | 2,690,000,000 | 1,487,000,000 | 2,812,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 18.01% | 31.33% | 39.68% | 19.63% | 16.22% | 20.93% | 19.79% | 26.00% | 28.06% | 24.93% |
| Operating margin | 27.63% | 30.12% | 25.59% | 27.87% | 28.43% | 17.07% | 19.47% | 36.41% | 30.21% | 30.21% |
| Return on equity | 11.94% | 19.05% | 19.44% | 10.19% | 7.99% | 9.60% | 10.57% | 15.40% | 13.86% | 12.52% |
| Return on assets | 3.21% | 5.49% | 6.40% | 3.20% | 2.29% | 2.54% | 2.61% | 4.12% | 3.65% | 3.21% |
| Liabilities / equity |  |  |  | 2.05 | 2.27 | 2.56 | 2.79 | 2.50 | 2.58 | 2.68 |
| Current ratio | 0.68 | 0.64 | 0.36 | 0.53 | 0.47 | 0.53 | 0.51 | 0.55 | 0.47 | 0.60 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NEE/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000753308.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.70 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.86 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.04 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 7,349,000,000 | 2,795,000,000 | 1.38 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 7,172,000,000 | 1,219,000,000 | 0.60 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 6,878,000,000 | 1,210,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 5,731,000,000 | 2,268,000,000 | 1.10 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 6,069,000,000 | 1,622,000,000 | 0.79 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 7,567,000,000 | 1,852,000,000 | 0.90 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 5,385,000,000 | 1,203,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 6,247,000,000 | 833,000,000 | 0.40 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 6,700,000,000 | 2,028,000,000 | 0.98 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 7,966,000,000 | 2,438,000,000 | 1.18 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 6,500,000,000 | 1,535,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 6,701,000,000 | 2,182,000,000 | 1.04 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NEE's latest 10-K: [/company/NEE/business/](/company/NEE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NEE's latest 10-K: [/company/NEE/risk-factors/](/company/NEE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/nee-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-24
Report date: 2026-06-30

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than six million customer accounts in Florida and is the largest electric utility in the U.S., and NEER, which together with affiliated entities is one of the largest energy infrastructure developers in the U.S. The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable to NEE, assuming dilution, by reportable segment, FPL and NEER. Corporate and Other is primarily comprised of the operating results of other business activities, as well as other income and expense items, including interest expense, and eliminating entries, and may include the net effect of rounding. See Note 13 for additional segment information. The following discussions should be read in conjunction with the Notes to Condensed Consolidated Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2025 Form 10‑K. The results of operations for an interim period generally will not give a true indication of results for the year. In the following discussions, all comparisons are with the corresponding items in the prior year periods.

[[GREPCENT_TABLE]]
[["","","Net Income (Loss)Attributable to NEE","","Earnings (Loss)Per Share Attributable to NEE,Assuming Dilution","","Net Income (Loss) Attributable to NEE","","Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution"],["","","Three Months Ended June 30,","","Three Months Ended June 30,","","Six Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025","","2026","","2025","","2026","","2025"],["","","(millions)","","","","","","(millions)"],["FPL","","$","1,412","","","$","1,275","","","$","0.67","","","$","0.62","","","$","2,874","","","$","2,591","","","$","1.37","","","$","1.26"],["NEER(a)","","1,634","","","983","","","0.78","","","0.48","","","2,653","","","1,155","","","1.27","","","0.56"],["Corporate and Other","","98","","","(230)","","","0.05","","","(0.12)","","","(201)","","","(884)","","","(0.10)","","","(0.43)"],["NEE","","$","3,144","","","$","2,028","","","$","1.50","","","$","0.98","","","$","5,326","","","$","2,862","","","$","2.54","","","$","1.39"]]
[[/GREPCENT_TABLE]]

———————————————

(a)    NEER’s results reflect an allocation of interest expense from NEECH to NextEra Energy Resources based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.

Adjusted Earnings

NEE prepares its financial statements under GAAP. However, management also uses earnings adjusted for certain items (adjusted earnings), a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the Board of Directors and as an input in determining performance-based compensation under NEE’s employee incentive compensation plans. NEE also uses adjusted earnings when communicating its financial results and earnings outlook to analysts and investors. NEE’s management believes that adjusted earnings provide a more meaningful representation of NEE's fundamental earnings power. Although these amounts are properly reflected in the determination of net income under GAAP, management believes that the amount and/or nature of such items make period to period comparisons of operations difficult and potentially confusing. Adjusted earnings do not represent a substitute for net income, as prepared under GAAP.

The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["","","(millions)"],["Net gains (losses) associated with non-qualifying hedge activity(a)","","$","640","","","$","(189)","","","$","596","","","$","(701)"],["XPLR investment gains, net \u2013 NEER(b)","","$","(6)","","","$","(1)","","","$","(13)","","","$","(643)"],["Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI, net \u2013 NEER","","$","134","","","$","54","","","$","92","","","$","5"],["Merger-related expenses \u2013 Corporate and Other(c)","","$","(31)","","","$","\u2014","","","$","(31)","","","$","\u2014"]]
[[/GREPCENT_TABLE]]

———————————————

(a)    For the three months ended June 30, 2026 and 2025, approximately $215 million of gains and $161 million of losses, respectively, and for the six months ended June 30, 2026 and 2025, approximately $245 million of gains and $206 million of losses, respectively, are included in NEER's net income; the remaining balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

(b)    The six months ended June 30, 2025 includes an impairment charge related to the investment in XPLR. See Note 3 – Nonrecurring Fair Value Measurements.

(c)    See Note 5 – Proposed Business Combination.

45

NEE segregates into two categories unrealized mark-to-market gains and losses and timing impacts related to derivative transactions. The first category, referred to as non-qualifying hedges, represents certain energy derivative, interest rate derivative and foreign currency transactions entered into as economic hedges, which do not meet the requirements for hedge accounting, or for which hedge accounting treatment is not elected or has been discontinued. Changes in the fair value of those transactions are marked to market and reported in the condensed consolidated statements of income, resulting in earnings volatility because the economic offset to certain of the positions are generally not marked to market. As a consequence, NEE's net income reflects only the movement in one part of economically-linked transactions. For example, a gain (loss) in the non-qualifying hedge category for certain energy derivatives is offset by decreases (increases) in the fair value of related physical asset positions in the portfolio or contracts, which are not marked to market under GAAP. For this reason, NEE's management views results expressed excluding the impact of the non-qualifying hedges as a meaningful measure of current period performance. The second category, referred to as trading activities, which is included in adjusted earnings, represents the net unrealized effect of actively traded positions entered into to take advantage of expected market price movements and all other commodity hedging activities. At FPL, substantially all changes in the fair value of energy derivative transactions are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause or base rates. See Note 2.

RESULTS OF OPERATIONS

Summary

Net income attributable to NEE increased $1,116 million and $2,464 million for the three and six months ended June 30, 2026, respectively, reflecting higher results at FPL, NEER and Corporate and Other.

FPL's increase in net income for the three and six months ended June 30, 2026 was primarily driven by continued investments in plant in service and other property.

NEER's results increased for the three months ended June 30, 2026 primarily reflecting favorable non-qualifying hedge activity compared to 2025 and higher earnings from new investments. NEER's results increased for the six months ended June 30, 2026 primarily reflecting the absence of an impairment charge related to the investment in XPLR recorded in 2025, favorable non-qualifying hedge activity compared to 2025 and higher earnings from new investments.

Corporate and Other's results increased for the three and six months ended June 30, 2026 primarily due to favorable non-qualifying hedge activity compared to 2025, partly offset by higher interest expense driven by higher average debt balances.

NEE's effective income tax rates for the three months ended June 30, 2026 and 2025 were approximately (3)% and (19)%, respectively, and for the six months ended June 30, 2026 and 2025 were (15)% and (59)%, respectively. See Note 4 for a discussion of NEE's and FPL's effective income tax rates.

A number of legislative, executive and administrative activities occurred in 2025 and 2026 that affect NEE and FPL including 1) the enactment of the One Big Beautiful Bill Act (OBBBA) which, among other things, modified tax legislation affecting clean energy tax credits, 2) the issuance of a number of federal executive orders and presidential actions, 3) the imposition of tariffs on a variety of imports and 4) the issuance of guidance by various federal agencies. A number of similar activities remain pending or are in various phases of implementation, such as certain Treasury Department rulemaking authorized by the OBBBA, trade investigations that may lead to additional tariffs or place limitations on imports of certain materials, ordered reviews of, or process or policy changes with respect to, federal permitting and approvals for wind and solar projects and proposals by regional transmission operators regarding the process for interconnecting new generation projects to certain regional transmission grids that have been approved by FERC. There has been no material impact on NEE's or FPL's operations or financial performance as a result of these developments and NEE believes that its current pipeline of wind and solar facilities to be placed in service through 2030 will qualify for clean energy tax credits. NEE will assess any further developments for potential impacts in future periods.

In May 2026, NEE and Dominion Energy entered into a merger agreement. See Note 5 – Proposed Business Combination.

FPL: Results of Operations

FPL's net income increased $137 million and $283 million for the three and six months ended June 30, 2026, respectively. Investments in plant in service and other property grew FPL's average rate base by approximately $6.8 billion and $6.6 billion for the three and six months ended June 30, 2026, respectively, when compared to the same periods in the prior year, reflecting, among other things, solar generation additions and ongoing transmission and distribution additions.

The use of RSM for the three and six months ended June 30, 2026 is permitted by the 2025 rate agreement, and, for the prior year periods, the use of reserve amortization was permitted by the 2021 rate agreement. The RSM reserve, which is authorized up to approximately $1.5 billion, after tax, over the term of the 2025 rate agreement, includes ITC amortization for battery storage projects placed in service in 2025, the remaining balance from FPL's previous reserve amortization mechanism as of January 1, 2026 and certain amounts related to deferred tax liabilities.

46

In order to earn a targeted regulatory ROE in each reporting period, subject to conditions of the effective rate agreement, RSM amortization and reserve amortization, as applicable, are calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by the RSM amortization or reserve amortization, as applicable, to earn the targeted regulatory ROE. In certain

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm
Complete FY 2025 MD&A: /company/NEE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than six million customer accounts in Florida and is the largest electric utility in the U.S., and NEER, which together with affiliated entities is one of the largest energy infrastructure developers in the U.S. The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable to NEE, assuming dilution, by reportable segment, FPL and NEER. Corporate and Other is primarily comprised of the operating results of other business activities, as well as other income and expense items, including interest expense, and eliminating entries, and may include the net effect of rounding. See Note 16 for additional segment information. The following discussion should be read in conjunction with the Notes to Consolidated Financial Statements contained herein and all comparisons are with the corresponding items in the prior year.

[[GREPCENT_TABLE]]
[["","Net Income (Loss) Attributable to NEE","","Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution"],["","Years Ended December 31,","","Years Ended December 31,"],["","2025","","2024","","2023","","2025","","2024","","2023"],["","(millions)"],["FPL","$","5,012","","","$","4,543","","","$","4,552","","","$","2.42","","","$","2.21","","","$","2.24"],["NEER(a)","2,975","","","2,299","","","3,558","","","1.44","","","1.12","","","1.75"],["Corporate and Other","(1,152)","","","104","","","(800)","","","(0.56)","","","0.04","","","(0.39)"],["NEE","$","6,835","","","$","6,946","","","$","7,310","","","$","3.30","","","$","3.37","","","$","3.60"]]
[[/GREPCENT_TABLE]]
______________________

(a)    NEER’s results reflect an allocation of interest expense from NEECH to NextEra Energy Resources based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.

For the five years ended December 31, 2025, NEE delivered a total shareholder return of approximately 18.2%, compared to the S&P 500’s 96.2% return, the S&P 500 Utilities' 59.1% return and the Dow Jones U.S. Electricity's 64.8% return. The historical stock performance of NEE's common stock shown in the performance graph below is not necessarily indicative of future stock price performance.

39

Table of Contents

Adjusted Earnings

NEE prepares its financial statements under GAAP. However, management also uses earnings adjusted for certain items (adjusted earnings), a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the Board of Directors and as an input in determining performance-based compensation under NEE’s employee incentive compensation plans. NEE also uses adjusted earnings when communicating its financial results and earnings outlook to analysts and investors. NEE’s management believes that adjusted earnings provide a more meaningful representation of NEE's fundamental earnings power. Although these amounts are properly reflected in the determination of net income under GAAP, management believes that the amount and/or nature of such items make period to period comparisons of operations difficult and potentially confusing. Adjusted earnings do not represent a substitute for net income, as prepared under GAAP.

The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above.

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024","","2023"],["","","","(millions)"],["Net gains (losses) associated with non-qualifying hedge activity(a)","$","(272)","","","$","666","","","$","1,497"],["Differential membership interests-related \u2013 NEER","$","\u2014","","","$","(5)","","","$","(49)"],["XPLR investment gains, net \u2013 NEER(b)","$","(656)","","","$","(852)","","","$","(963)"],["Gain on disposal of a business(c)","$","\u2014","","","$","\u2014","","","$","306"],["Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI, net \u2013 NEER","$","80","","","$","74","","","$","116"],["Impairment charges related to investment in Mountain Valley Pipeline \u2013 NEER","$","\u2014","","","$","\u2014","","","$","(38)"]]
[[/GREPCENT_TABLE]]

______________________

(a)For 2025, 2024 and 2023, approximately $28 million of gains, $36 million of losses and $1,729 million of gains, respectively, are included in NEER's net income; the remaining balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

(b)See Note 4 – Nonrecurring Fair Value Measurements for a discussion of impairment charges related to the investment in XPLR in 2025, 2024 and 2023.

(c)For 2023, approximately $300 million of gains are included in FPL's net income; the remaining balance is included in NEER. See Note 1 – Disposal of Businesses for a discussion of the sale of FPL's ownership interest in its Florida City Gas business.

NEE segregates into two categories unrealized mark-to-market gains and losses and timing impacts related to derivative transactions. The first category, referred to as non-qualifying hedges, represents certain energy derivative, interest rate derivative and foreign currency transactions entered into as economic hedges, which do not meet the requirements for hedge accounting, or for which hedge accounting treatment is not elected or has been discontinued. Changes in the fair value of those transactions are marked to market and reported in the consolidated statements of income, resulting in earnings volatility because the economic offset to certain of the positions are generally not marked to market. As a consequence, NEE's net income reflects only the movement in one part of economically-linked transactions. For example, a gain (loss) in the non-qualifying hedge category for certain energy derivatives is offset by decreases (increases) in the fair value of related physical asset positions in the portfolio or contracts, which are not marked to market under GAAP. For this reason, NEE's management views results expressed excluding the impact of the non-qualifying hedges as a meaningful measure of current period performance. The second category, referred to as trading activities, which is included in adjusted earnings, represents the net unrealized effect of actively traded positions entered into to take advantage of expected market price movements and all other commodity hedging activities. At FPL, substantially all changes in the fair value of energy derivative transactions are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. See Note 3.

2025 Summary

Net income attributable to NEE for 2025 was lower than 2024 by $111 million, or $0.07 per share, assuming dilution, due to lower results at Corporate and Other, partly offset by higher results at FPL and NEER.

FPL's net income increased in 2025 primarily driven by continued investments in plant in service and other property and a higher earned regulatory ROE in 2025.

NEER's results increased in 2025 primarily reflecting higher earnings from new investments, partly offset by higher financing costs. In 2025, NEER added approximately 1,604 MW of new wind generating capacity, 2,859 MW of solar generating capacity and 1,799 MW of battery storage capacity and increased its backlog of contracted development projects.

Corporate and Other's results in 2025 decreased primarily related to higher interest expense due to unfavorable non-qualifying hedge activity compared to 2024 as well as higher average debt balances.

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Table of Contents

NEE and its subsidiaries require funds to support and grow their businesses. These funds are primarily provided by cash flows from operations, borrowings or issuances of short- and long-term debt and, from time to time, issuances of equity securities, proceeds from differential membership investors, and sales of tax credits and ownership interests in assets/businesses. See Liquidity and Capital Resources.

RESULTS OF OPERATIONS

Net income attributable to NEE for 2025 was $6.84 billion compared to $6.95 billion in 2024. In 2025, net income attributable to NEE decreased primarily due to lower results at Corporate and Other, partly offset by higher results at FPL and NEER. The comparison of the results of operations for the years ended December 31, 2024 and 2023 are included in Management's Discussion in NEE's and FPL's Annual Report on Form 10-K for the year ended December 31, 2024.

NEE's effective income tax rate for 2025 and 2024 was approximately (18)% and 6%, respectively. The rates for both years reflect the composition of pretax income in 2025 and 2024 as well as the impact of clean energy tax credits. See Note 5.

A number of legislative, executive and administrative activities occurred in 2025 that affect NEE and FPL including 1) the enactment of the OBBBA which, among other things, modified tax legislation affecting clean energy tax credits, 2) the issuance of a number of federal executive orders and presidential actions, 3) the imposition of tariffs on a variety of imports and 4) the issuance of guidance by various federal agencies. A number of similar activities remain pending or are in various phases of implementation, such as certain Treasury Department rulemaking authorized by the OBBBA, trade investigations that may lead to additional tariffs or place limitations on imports of certain materials, ordered reviews of, or process or policy changes with respect to, federal permitting and approvals for wind and solar projects and proposals by regional transmission operators regarding the process for interconnecting new generation projects to certain regional transmission grids that have been approved by FERC. There has been no material impact on NEE's or FPL's operations or financial performance as a result of these developments and NEE believes that its current pipeline of wind and solar facilities to be placed in service through 2030 will qualify for clean energy tax credits. NEE will assess any further developments for potential impacts in future periods.

FPL: Results of Operations

FPL obtains its operating revenues primarily from the sale of electricity to retail customers at rates established by the FPSC through base rates and cost recovery clause mechanisms. FPL’s net income for 2025 and 2024 was $5,012 million and $4,543 million, respectively, representing an increase of $469 million. The increase was primarily driven by higher earnings from investments in plant in service and other property. Such investments grew FPL's average rate base by approximately $5.5 billion in 2025 and reflect, among other things, solar generation additions and ongoing transmission and distribution additions. The increase was also due to a higher earned regulatory ROE in 2025.

During 2025, FPL completed a twelve-month interim storm restoration surcharge that began in January 2025 for eligible storm restoration costs and the replenishment of the storm reserve of approximately $1.2 billion, related to Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024. The amount collected is subject to refund based on an FPSC prudence review. During 2024, FPL completed a twelve-month interim storm restoration surcharge that began in April 2023 for eligible storm restoration costs and the replenishment of the storm reserve of approximately $1.3 billion, primarily related to Hurricanes Ian

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NEE/mda/fy2025/
All MD&A years: /company/NEE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NEE/mda/fy2024/): filed 2025-02-14; accession 0000753308-25-000011 (https://www.sec.gov/Archives/edgar/data/753308/000075330825000011/nee-20241231.htm)
- [FY 2023 MD&A](/company/NEE/mda/fy2023/): filed 2024-02-16; accession 0000753308-24-000008 (https://www.sec.gov/Archives/edgar/data/753308/000075330824000008/nee-20231231.htm)
- [FY 2022 MD&A](/company/NEE/mda/fy2022/): filed 2023-02-17; accession 0000753308-23-000019 (https://www.sec.gov/Archives/edgar/data/753308/000075330823000019/nee-20221231.htm)
- [FY 2021 MD&A](/company/NEE/mda/fy2021/): filed 2022-02-18; accession 0000753308-22-000014 (https://www.sec.gov/Archives/edgar/data/753308/000075330822000014/nee-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4911 Electric Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NEE.md · JSON record: /company/NEE.json · verified financials: /company/NEE/financials.json / /company/NEE/financials.csv · machine TOC for the whole site: /llms.txt