NEE NextEra Energy FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-13 · 2,071M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company operates as a diversified electric power and energy infrastructure enterprise with two principal businesses, FPL and NEER. FPL is a rate-regulated electric utility engaged in the generation, transmission, distribution and sale of electric energy to retail and wholesale customers within Florida under rates approved by state and federal regulators. NEER develops, constructs and operates power generation and battery storage facilities using wind, solar, nuclear and natural gas resources, and also owns regulated electric and natural gas transmission assets, selling capacity, energy and related products through long-term contracts and market transactions to utilities, retail electricity providers, cooperatives, municipalities, and industrial and commercial customers across the United States and Canada.

S&P 500 · UTILITIES · CIK 753308
REVENUE$25.8B+9.8% YoY
NET INCOME$6.8B-1.6% YoY
OPERATING CASH FLOW$12.5B-5.8% YoY
88
FILING SCORE / 100
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How the score is computed: 4 management claims are checked against the filed statements and 6 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 6/8 on claims and 12/12 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG10 CHECKS · no flagsNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues25,80023,50024,8003
Depreciation, depletion and amortization6,5805,4625,879
Total operating expenses19,39217,62618,282
Operating income8,2807,47910,237
Other income (expense), net(3,750)(1,442)(2,949)
Income before income taxes4,5306,0377,2881
Income tax provision(802)3391,0061
Net income incl. noncontrolling interests5,3325,6986,282
Less: noncontrolling interests——(1,028)
Net income attributable to common6,8356,9467,3103
Diluted earnings per share$3.30$3.37$3.60
Weighted-average diluted shares2,0712,0592,0311
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests5,3325,6986,282
Depreciation, depletion and amortization6,5805,4625,879
Deferred income taxes4531,308708
Net cash provided by operating activities12,48513,26011,3013
Net cash used in investing activities(23,865)(22,264)(23,467)
Dividends paid4,6804,2353,782
Debt issued23,39424,76913,857
Debt repaid10,34710,1137,978
Net cash used in financing activities12,9797,00012,149
Cash and equivalents at end of period3,0061,4023,420
Balance sheet · $ millions20252024
Cash and cash equivalents2,8121,487
Receivables, net4,0183,3361
Inventories2,4202,2141
Total current assets13,58411,951
Property, plant and equipment, net156,197138,852
Goodwill4,8494,8661
Intangible assets, net1,6301,578
Total assets212,721190,1441
Current debt3,5008,061
Total current liabilities22,81725,355
Long-term debt89,55672,385
Total liabilities146,242129,283
Redeemable interests (temporary equity)0401
Stockholders' equity54,60850,101
Noncontrolling interests11,87110,359
Total equity66,47960,460
Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS212,721190,144+22,577+11.9%—
Property, plant and equipment, net · BS156,197138,852+17,345+12.5%—
Long-term debt · BS89,55672,385+17,171+23.7%—
Total liabilities · BS146,242129,283+16,959+13.1%—
Total equity · BS66,47960,460+6,019+10.0%—
Net cash used in financing activities · CF12,9797,000+5,979+85.4%◐ outsized
Current debt · BS3,5008,061−4,561-56.6%◐ outsized
Stockholders' equity · BS54,60850,101+4,507+9.0%—
Total current liabilities · BS22,81725,355−2,538-10.0%—
Other income (expense), net · IS(3,750)(1,442)−2,308-160.1%◐ outsized
Total revenues · IS25,80023,500+2,300+9.8%—
Total operating expenses · IS19,39217,626+1,766+10.0%—
Total current assets · BS13,58411,951+1,633+13.7%—
Cash and equivalents at end of period · CF3,0061,402+1,604+114.4%◐ outsized
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
13.1%
sector median 10.8%
adequate
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+1.3%
sector median +0.3%
diluting
Debt to equity
(current debt + long-term debt) ÷ year-end equity
1.70
sector median 1.66
leveraged
FCF consistency
operating cash flow − capital expenditure, per year
n/ainsufficient data
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 17.6%
sector median 16.3%
cyclical
Quarterly · as filed in 10-Q/10-K · $ millionsSEP 24MAR 25JUN 25SEP 25MAR 26
Total revenues6,7006,0006,4007,4006,100
Depreciation, depletion and amortization—1,095——1,371
Total operating expenses4,9424,0274,8075,5824,750
Operating income2,8562,2561,9112,5272,208
Other income (expense), net(1,260)(2,313)(528)(642)(1,009)
Income before income taxes1,596(57)1,3831,8851,199
Income tax provision5(521)(256)(250)(489)
Net income incl. noncontrolling interests1,5914641,6392,1351,688
Net income attributable to common1,8528332,0282,4382,182
Diluted earnings per share$0.90$0.40$0.98$1.18$1.04
Weighted-average diluted shares2,0612,0612,0612,0712,092
Net cash provided by operating activities—2,769——2,614
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues7,4006,100−1,300-17.6%
Total operating expenses5,5824,750−832-14.9%
Income before income taxes1,8851,199−686-36.4%
Net income incl. noncontrolling interests2,1351,688−447-20.9%
Other income (expense), net(642)(1,009)−367-57.2%
Operating income2,5272,208−319-12.6%
Depreciation, depletion and amortization1,0951,371+276+25.2%
Net income attributable to common2,4382,182−256-10.5%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$142,860M10-K cover · as of 2025-06-30
Insider Form 4s, 90d5 filings · 1 non-market txnsquiet — awards/exercises only
Insider ownership %—needs the proxy statement — not read yet, never estimated
· The Vanguard Group9.93 %5%+ holder · DEF 14A filed 2026-04-01
· BlackRock, Inc.7.26 %5%+ holder · DEF 14A filed 2026-04-01
· State Street Corporation5.58 %5%+ holder · DEF 14A filed 2026-04-01
Institutional %3 holders of 5%+ namedfull 13F total pending — never estimated
· 10b5-1 adoptedTerrell Kirk Crews II, Executive Vice President, Chief Risk OfficerDecember 9, 2025 · 19,672 shares · 10-K insider trading arrangements
· 10b5-1 adoptedMark Lemasney, Executive Vice President, Power Generation DivisionDecember 9, 2025 · 3,217 shares · 10-K insider trading arrangements
· 10b5-1 adoptedJames May, Executive Vice President, TreasurerDecember 9, 2025 · 4,672 shares · 10-K insider trading arrangements
· 10b5-1 adoptedNicole Daggs, Executive Vice President, Human Resources and Corporate ServicesDecember 11, 2025 · 4,189 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from NextEra Energy's Form 10-K for FY2025 (accession 0000753308-26-000015), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. NEE is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.