Interactive Business Model Canvas · #065

NextEra Energy

Renewable Utilities · Oct 11, 2026

Regulated Florida utility Contracted renewables developer Tax-credit financing Dominion merger pending

NextEra Energy (NYSE: NEE) earns money two ways: Florida Power & Light (FPL) is the largest U.S. electric utility, charging 6 million+ Florida customer accounts regulated rates set to cover costs plus a return, while NextEra Energy Resources (NEER) builds wind, solar, storage and nuclear plants and sells the power under long-term contracts. FY2025 revenue was $27.4B (+11%), of which FPL was $18.3B and NEER $8.8B, and net income attributable to NEE was $6.84B (FY24 $6.95B): FPL earned $5.01B and NEER $2.98B, while corporate costs took $1.15B. The catch is the cash. NEE spent $24.6B on construction and investments in 2025 against $12.5B of operating cash flow, so it borrowed (long-term debt rose to $93.1B from $80.4B), sold tax credits and stakes in projects, and paid $4.68B in dividends. NEER's profit leans on federal clean-energy tax credits (its 2025 effective tax rate was (343)%). On May 15, 2026 NEE agreed to buy Dominion Energy in a stock-and-cash merger it hopes to close in the second half of 2027, which needs shareholder and regulatory approvals. H1 2026 revenue was $14.2B (+10%) and net income attributable to NEE was $5.33B (H1 2025 $2.86B).

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Independent educational project — not affiliated with, endorsed by, or sponsored by NextEra Energy, Inc., Florida Power & Light Company, NextEra Energy Resources, XPLR Infrastructure, Dominion Energy, Inc., or any other company named here. Company names and logos are trademarks of their respective owners, used for identification only; the NextEra Energy logo shown is a project monogram, not the company's official mark.

For learning and teaching — not investment, legal, or financial advice, and not a recommendation to buy, sell, or hold any security (including NYSE: NEE) or to vote on any proposed transaction. NextEra Energy, Inc. is a public company; figures marked FACT come from its Form 10-K for fiscal 2025 (year ended Dec 31, 2025), its Form 10-Q (quarter ended Jun 30, 2026) and a Form 8-K describing the May 15, 2026 merger agreement with Dominion Energy, and quarterly figures are unaudited. Ratios computed from company-stated numbers (e.g. revenue shares by segment, operating margin, share of capital spending covered by operating cash flow, dividend payout) are labeled INFERENCE. The proposed Dominion merger, its timing, bill credits, capital plans and tax-credit eligibility are the companies' plans and statements, not completed results, and depend on shareholder, regulatory and legal approvals. Sources are cited on this canvas; corrections welcome.

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