NextEra Energy, Inc. (NYSE: NEE) — research brief (BMC #065 on gallery, queue id 64)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by NextEra Energy in its Form 10-K for FY2025 (filed 13 Feb 2026), its Form 10-Q for the quarter ended 30 Jun 2026 (filed 24 Jul 2026) or its Form 8-K for the Dominion merger agreement (filed 18 May 2026). SECONDARY = none used. INFERENCE = ratios or plain-language readings computed by this project from company numbers.

Sources (accessed 2026-10-11)

Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm
Form 10-Q for the quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/nee-20260630.htm
Form 8-K (merger agreement with Dominion Energy, filed 18 May 2026): https://www.sec.gov/Archives/edgar/data/753308/000110465926063001/tm2614888d1_8k.htm
Form 8-K (derivative-suit settlement hearing notice, filed 6 Oct 2026): https://www.sec.gov/Archives/edgar/data/753308/000075330826000074/nee-20260922.htm
Investor relations: https://www.investor.nexteraenergy.com/ ; company site https://www.nexteraenergy.com
Logo: project monogram ("N" on a blue tile), not NextEra's official mark. Trademark of NextEra Energy; identification only.
Raw text in /workspace/nextera-src/ (10k.txt, 10q.txt, 8k0518.txt, 8k0724.txt, 8k0914.txt, 8k1006.txt).

Teaching arc

Run a cost-plus regulated Florida utility, build and sell contracted renewables through NEER, and pay for both with debt, tax credits and project stakes; then try to add Dominion Energy.

Key numbers (FACT unless noted)

FY2025 (10-K)

Operating revenues $27,412M (FY24 $24,753M, +11%; FY23 $28,114M). FPL $18,262M (FY24 $17,019M); NEER $8,760M ($7,542M); Corporate and Other $390M. Revenue from contracts with customers about $25.8B ($18.2B FPL).
Operating expenses $19,392M: fuel, purchased power and interchange $4,944M; O&M $5,399M; D&A $6,580M (FY24 $5,462M); taxes other than income $2,469M. Gains on disposals $260M. Operating income $8,280M (INFERENCE 30.2% of revenue).
Interest expense $4,572M (FY24 $2,235M). Income tax benefit $(802)M. Net income $5,332M; net loss attributable to noncontrolling interests $1,503M; net income attributable to NEE $6,835M (FY24 $6,950M).
Segments: FPL net income $5,012M (FY24 $4,543M); NEER $2,975M; Corporate and Other $(1,152)M. NEER effective tax rate (343)%.
FPL: 35,963 MW net generating capacity, ~93,000 circuit miles, 932 substations, 6M+ customer accounts, ~12M people; 226 franchise agreements through 2055; retail ~90% of FPL revenue; wholesale and industrial ~5%. FPL added 894 MW solar and 522 MW storage in 2025.
NEER: ~37,505 MW net capacity (contracted ~35,627 MW with ~14-year weighted-average remaining term; merchant ~1,878 MW incl. 841 MW nuclear); added 1,604 MW wind, 2,859 MW solar, 1,799 MW storage in 2025; ~5,177 MW storage; transmission rate base $3.2B.
Enterprise: ~80 GW net generation and storage; ~17,400 employees (FPL ~9,400; NEER ~7,900).
Cash flow: operating $12,485M; capex, independent power and other investments and nuclear fuel $24,606M (FPL $8,935M; NEER $15,669M); long-term debt issued $23,394M, retired $10,347M; differential membership investors $3,276M; equity $2,038M; NEER asset sales $1,115M; dividends $4,680M. Long-term debt incl. current portion $93,056M (FY24 $80,446M). Net available liquidity ~$18.7B.
Capex plan 2026–2030 (Note 15, accrual basis): FPL $58,630M; NEER $35,555M (INFERENCE sum ≈ $94.2B).
FPL rate agreement (2026–2029): base revenue +$945M (Jan 2026), +$705M (Jan 2027), SoBRA solar/battery adjustments, allowed ROE 10.95% (9.95%–11.95%), 59.6% equity ratio, rate stabilization mechanism up to ~$1.5B after tax; large-load tariff for 50 MW+ at 85%+ load factor; consumer groups sought reconsideration (Feb 2026).
Tax credits: wind and solar that begin construction before 5 Jul 2026 or are placed in service by 31 Dec 2027 are eligible for 100% PTC / 30% ITC under OBBBA; credits can be transferred for cash.

H1 2026 (10-Q)

Revenue $14,235M (H1 2025 $12,947M, +10%): FPL $9,167M, NEER $4,844M. Q2 revenue $7,534M (+12%).
Operating income $4,446M; interest expense $1,774M (H1 2025 $2,834M); net income attributable to NEE $5,326M (H1 2025 $2,862M); Q2 $3,144M (Q2 2025 $2,028M). Segment net income H1: FPL $2,874M, NEER $2,653M, Corporate and Other $(201)M.

Dominion merger (8-K, 10-Q Note 5)

Signed 15 May 2026. Each Dominion share converts to 0.8138 NEE shares plus a pro rata share of $360M in cash. Proposed $2.25B bill credits for Dominion utility customers in VA, NC, SC over two years post-close. Target close 2H 2027. Needs both shareholder votes, HSR, FERC, NRC, Virginia SCC, NCUC, South Carolina PSC. Outside date 15 Nov 2027 (extendable to 15 Aug 2028). NEE termination fees $6.52B or $4.83B in specified cases; Dominion fee $2.24B.

Other items

NEE holds ~52.4% of XPLR (formerly NextEra Energy Partners), equity-method; NEER operates XPLR's projects under service agreements.
Duane Arnold (Iowa): application to NRC to reinstate license (Dec 2025), 25-year PPA, target COD 2029, contingent on approvals.
Symmetry Energy Solutions (commercial and industrial gas) acquired Jan 2026.
A shareholder derivative settlement hearing (Davidson v. Silagy) is set for 14 Dec 2026 (8-K, 6 Oct 2026); not modeled on the canvas.

Caveats

Segment shares of revenue, operating margin, dividend payout and "operating cash flow covers about half of investment" are INFERENCE from company numbers.
The plain-language meaning of net loss attributable to noncontrolling interests and differential membership investors is INFERENCE.
No guidance figures or backlog totals were taken from outside the filings; none are shown.

# NextEra Energy, Inc. (NYSE: NEE) — research brief (BMC #065 on gallery, queue id 64) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by NextEra Energy in its Form 10-K for FY2025 (filed 13 Feb 2026), its Form 10-Q for the quarter ended 30 Jun 2026 (filed 24 Jul 2026) or its Form 8-K for the Dominion merger agreement (filed 18 May 2026). **SECONDARY** = none used. **INFERENCE** = ratios or plain-language readings computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm - Form 10-Q for the quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/nee-20260630.htm - Form 8-K (merger agreement with Dominion Energy, filed 18 May 2026): https://www.sec.gov/Archives/edgar/data/753308/000110465926063001/tm2614888d1_8k.htm - Form 8-K (derivative-suit settlement hearing notice, filed 6 Oct 2026): https://www.sec.gov/Archives/edgar/data/753308/000075330826000074/nee-20260922.htm - Investor relations: https://www.investor.nexteraenergy.com/ ; company site https://www.nexteraenergy.com - Logo: project monogram ("N" on a blue tile), **not** NextEra's official mark. Trademark of NextEra Energy; identification only. - Raw text in /workspace/nextera-src/ (10k.txt, 10q.txt, 8k0518.txt, 8k0724.txt, 8k0914.txt, 8k1006.txt). ## Teaching arc **Run a cost-plus regulated Florida utility, build and sell contracted renewables through NEER, and pay for both with debt, tax credits and project stakes; then try to add Dominion Energy.** ## Key numbers (FACT unless noted) **FY2025 (10-K)** - Operating revenues $27,412M (FY24 $24,753M, +11%; FY23 $28,114M). FPL $18,262M (FY24 $17,019M); NEER $8,760M ($7,542M); Corporate and Other $390M. Revenue from contracts with customers about $25.8B ($18.2B FPL). - Operating expenses $19,392M: fuel, purchased power and interchange $4,944M; O&M $5,399M; D&A $6,580M (FY24 $5,462M); taxes other than income $2,469M. Gains on disposals $260M. Operating income $8,280M (INFERENCE 30.2% of revenue). - Interest expense $4,572M (FY24 $2,235M). Income tax benefit $(802)M. Net income $5,332M; net loss attributable to noncontrolling interests $1,503M; **net income attributable to NEE $6,835M** (FY24 $6,950M). - Segments: FPL net income $5,012M (FY24 $4,543M); NEER $2,975M; Corporate and Other $(1,152)M. NEER effective tax rate (343)%. - FPL: 35,963 MW net generating capacity, ~93,000 circuit miles, 932 substations, 6M+ customer accounts, ~12M people; 226 franchise agreements through 2055; retail ~90% of FPL revenue; wholesale and industrial ~5%. FPL added 894 MW solar and 522 MW storage in 2025. - NEER: ~37,505 MW net capacity (contracted ~35,627 MW with ~14-year weighted-average remaining term; merchant ~1,878 MW incl. 841 MW nuclear); added 1,604 MW wind, 2,859 MW solar, 1,799 MW storage in 2025; ~5,177 MW storage; transmission rate base $3.2B. - Enterprise: ~80 GW net generation and storage; ~17,400 employees (FPL ~9,400; NEER ~7,900). - Cash flow: operating $12,485M; capex, independent power and other investments and nuclear fuel $24,606M (FPL $8,935M; NEER $15,669M); long-term debt issued $23,394M, retired $10,347M; differential membership investors $3,276M; equity $2,038M; NEER asset sales $1,115M; dividends $4,680M. Long-term debt incl. current portion $93,056M (FY24 $80,446M). Net available liquidity ~$18.7B. - Capex plan 2026–2030 (Note 15, accrual basis): FPL $58,630M; NEER $35,555M (INFERENCE sum ≈ $94.2B). - FPL rate agreement (2026–2029): base revenue +$945M (Jan 2026), +$705M (Jan 2027), SoBRA solar/battery adjustments, allowed ROE 10.95% (9.95%–11.95%), 59.6% equity ratio, rate stabilization mechanism up to ~$1.5B after tax; large-load tariff for 50 MW+ at 85%+ load factor; consumer groups sought reconsideration (Feb 2026). - Tax credits: wind and solar that begin construction before 5 Jul 2026 or are placed in service by 31 Dec 2027 are eligible for 100% PTC / 30% ITC under OBBBA; credits can be transferred for cash. **H1 2026 (10-Q)** - Revenue $14,235M (H1 2025 $12,947M, +10%): FPL $9,167M, NEER $4,844M. Q2 revenue $7,534M (+12%). - Operating income $4,446M; interest expense $1,774M (H1 2025 $2,834M); net income attributable to NEE $5,326M (H1 2025 $2,862M); Q2 $3,144M (Q2 2025 $2,028M). Segment net income H1: FPL $2,874M, NEER $2,653M, Corporate and Other $(201)M. **Dominion merger (8-K, 10-Q Note 5)** - Signed 15 May 2026. Each Dominion share converts to 0.8138 NEE shares plus a pro rata share of $360M in cash. Proposed $2.25B bill credits for Dominion utility customers in VA, NC, SC over two years post-close. Target close 2H 2027. Needs both shareholder votes, HSR, FERC, NRC, Virginia SCC, NCUC, South Carolina PSC. Outside date 15 Nov 2027 (extendable to 15 Aug 2028). NEE termination fees $6.52B or $4.83B in specified cases; Dominion fee $2.24B. ## Other items - NEE holds ~52.4% of XPLR (formerly NextEra Energy Partners), equity-method; NEER operates XPLR's projects under service agreements. - Duane Arnold (Iowa): application to NRC to reinstate license (Dec 2025), 25-year PPA, target COD 2029, contingent on approvals. - Symmetry Energy Solutions (commercial and industrial gas) acquired Jan 2026. - A shareholder derivative settlement hearing (Davidson v. Silagy) is set for 14 Dec 2026 (8-K, 6 Oct 2026); not modeled on the canvas. ## Caveats - Segment shares of revenue, operating margin, dividend payout and "operating cash flow covers about half of investment" are INFERENCE from company numbers. - The plain-language meaning of net loss attributable to noncontrolling interests and differential membership investors is INFERENCE. - No guidance figures or backlog totals were taken from outside the filings; none are shown.