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NextEra Energy (NEE) FY2025 results: revenue $27.4 billion, up 10.7% on the year

NextEra Energy Inc. (NEE) reported revenue of $27.4 billion for fiscal 2025, the year ended 31 December 2025, up 10.7% on the year before. Net income was $6.8 billion, down 1.6%, and diluted earnings per share $3.30. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$27.4 billion
+10.7% on the year
FY2018FY2025
Operating margin
30.2%
30.2% a year earlier
FY2018FY2025
Net income
$6.8 billion
-1.6% on the year
FY2018FY2025
Diluted EPS
$3.30
-2.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 kept.

  • Full-year adjusted EPS rose 8.2%: Full-year 2025 adjusted EPS was $3.71, up from $3.43 in 2024, and above the top of the range management gave in December.
  • Record origination adds 13.5 GW: NextEra Energy Resources added about 13.5 GW to its backlog in 2025, including about 3.6 GW in a record origination quarter.
  • Four-year FPL rate agreement approved: The Florida Public Service Commission approved a four-year rate agreement last November. Management said new rates took effect January 1, 2026.
  • FPL capital spending about $8.9 billion: FPL capital expenditures were about $2.1 billion in the fourth quarter and approximately $8.9 billion for full-year 2025.
  • FPL plans $90 to $100 billion through 2032: FPL expects to invest between $90 billion and $100 billion through 2032 to support Florida's continued growth.
Read the Q4 FY2025 earnings call summary

From this 10-K

NextEra Energy has two principal businesses. FPL is a rate-regulated electric utility whose prices are set by regulators. NextEra Energy Resources develops, builds and operates generation and storage under long-term contracts, and sells gas and power. The group had approximately 80 gigawatts of net generation and storage capacity at the end of 2025, from natural gas, wind, solar and nuclear generation and battery storage, and about 17,400 employees.

NextEra Energy Inc., the 10-K for 2025

NextEra Energy has two principal businesses. FPL is a rate-regulated electric utility whose prices are set by regulators. NextEra Energy Resources develops, builds and operates generation and storage under long-term contracts, and sells gas and power. The group had approximately 80 gigawatts of net generation and storage capacity at the end of 2025, from natural gas, wind, solar and nuclear generation and battery storage, and about 17,400 employees.

FPL

A rate-regulated electric utility generating, storing, transmitting, distributing and selling electricity in Florida, and the filing describes it as the largest electric utility in Florida and in the United States. At the end of 2025 it had 35,963 MW of net generating capacity, approximately 93,000 circuit miles of transmission and distribution lines and 932 substations, linked into one integrated transmission and distribution system.

It serves approximately 12 million people through more than 6 million customer accounts, across most of the east and lower west coasts of Florida and ten counties in the northwest of the state. Most operating revenue comes from retail customers, with a limited number of wholesale customers in Florida as well.

The prices it may charge are approved by regulators: the FPSC for retail customers and the federal energy regulator for wholesale. Under US and Florida law, regulated rates are intended to cover the cost of providing the service. Its stated focus is investing in generation, storage, transmission and distribution to keep customer bills low while delivering reliability, customer service and energy from diverse generation sources.

NextEra Energy Resources

The filing describes it as one of the largest energy infrastructure developers in the United States. Its focus is developing, constructing and operating long-term contracted generation, including renewables, nuclear and natural gas, along with battery storage. It also builds and owns regulated electric and gas transmission assets, supplies gas and power, and sells integrated energy and technology solutions to utilities and businesses across the country.

How the company frames the pairing

NextEra says it seeks to create value in both businesses by meeting customer needs more economically and reliably than competitors, and that its strategy has produced profitable growth over sustained periods at both. Management says it grows each in a manner consistent with the opportunities available to it, and believes the diversification and balance the two represent is a valuable characteristic of the enterprise, with each contributing to financial strength in different ways. The two share a common platform aimed at lowering costs, creating efficiencies and encouraging new ideas.

The company also says it continues to develop enterprise-wide initiatives, including deploying advanced technologies such as artificial intelligence and proprietary tools, aimed at improving processes, lowering costs and driving growth.

The structure

FPL and NextEra Energy Resources are the two reportable segments. A separate wholly owned subsidiary, NEECH, owns and provides the funding for the group's operating subsidiaries other than FPL and its own subsidiaries.

From NextEra Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue27,41224,75328,114+10.7%
Operating income8,2807,47910,237+10.7%
Operating margin30.2%30.2%36.4%
Pre-tax income4,5306,0377,288-25.0%
Income tax-8023391,006
Effective tax rate-17.7%5.6%13.8%
Net income6,8356,9467,310-1.6%
Net margin24.9%28.1%26.0%
Diluted EPS$3.30$3.37$3.60-2.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow12,48513,26011,301-5.8%
Cash from investing-23,865-22,264-23,467
Cash from financing12,9797,00012,149+85.4%
Depreciation and amortisation6,5805,4625,879+20.5%
Share-based compensation185138139+34.1%
Dividends paid4,6804,2353,782+10.5%
Dividend per share$2.27$2.06$1.87+10.2%
Diluted shares, weighted2,071m2,059m2,031m+0.6%
Shares outstanding at period end2,083m2,057m2,052m+1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity54,60850,10147,468+9.0%
Non-controlling interest11,87110,35910,300+14.6%
Redeemable equity0.04011,256
Debt95,61982,33373,211+16.1%
Other liabilities50,62346,95045,254+7.8%
Total liabilities and equity212,721190,144177,489+11.9%
Fixed assets156,197138,852125,776+12.5%
Goodwill4,8494,8665,091-0.3%
Intangible assets1,6301,5781,556+3.3%
Cash and equivalents2,8121,4872,690+89.1%
Receivables4,0183,3363,609+20.4%
Inventory2,4202,2142,106+9.3%
Other assets40,79537,81136,661+7.9%
Total assets212,721190,144177,489+11.9%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.