[NEE] NextEra Energy: Q3 2026 Earnings Preview as Capex Jumps 42%

NextEra Energy, the parent of Florida utility FPL and renewable developer NextEra Energy Resources (NEER), is scheduled to hold its earnings call on 2026-10-27[1] to report results for the third quarter of 2026, ended September 30, 2026, making this a NextEra Energy Q3 2026 earnings preview. In the latest disclosed period, the second quarter of 2026, the company earned $1.50 per share on a GAAP basis and $1.15 per share on an adjusted basis, up from $1.05 a year earlier; FPL earned $1.412 billion, NEER posted adjusted earnings of $1.291 billion, and NEER added 3.6 GW to a backlog of about 35.1 GW[2]. The company kept its 2026 adjusted EPS guidance of $3.92 to $4.02, targeting the high end of that range, and continues to guide to adjusted EPS growth of 8% or more a year through 2032[2]. Management gives full-year guidance only, not quarterly guidance; the average of 7 analysts compiled by Drillr for third-quarter EPS is $1.18 (range $1.14 to $1.21), and the average of 12 analysts for full-year 2026 is $4.03, slightly above the top of company guidance at $4.02, although the data source does not state the EPS basis, so comparisons with the company's adjusted figure need care[3].

Three things matter most in the third-quarter report. First, whether FPL profit can keep pace with capital growth without drawing heavily on its rate stabilization mechanism (RSM) reserve: in the second quarter FPL's regulatory capital employed grew about 9.3% and net income rose 10.7%, but the utility had drawn a net $196 million of RSM in the first half[4], so peak-season usage will show how much of the growth comes from the reserve. Second, whether NEER can keep signing at least 3.6 GW a quarter while earnings growth comes mainly from newly operating projects: first-half after-tax contributions from new investments rose $271 million, while the customer supply business subtracted $146 million[5], and the balance between the two defines the quality of the growth engine. Third, whether operating cash flow can keep outgrowing EPS and whether the interest drag at the holding company widens: first-half capital spending and investment rose 42%, operating cash flow 22% and cash interest 32%[6], and the nine-month figures will confirm, weaken or leave open the view that growth can fund itself.

Company Background and Business Structure

NextEra Energy consists of two reportable segments plus Corporate and Other, pairing a regulated utility with a contracted generation platform. The company is based in Juno Beach, Florida, and was known as FPL Group until it changed its name in 2010; FPL is a vertically integrated utility regulated by the Florida Public Service Commission that serves about 12 million people through more than 6 million customer accounts[7]. NEER had about 37,505 MW of net generating capacity at the end of 2025 and is one of the largest wholesale power generators in the U.S.[8]; in 2025 FPL reported operating revenues of $18.262 billion and NEER $8.760 billion[9].

FPL earns mainly from retail electricity sales, recovering its costs and a return by adding investment to its rate base at an authorized return. Retail sales account for about 90% of FPL's 2025 operating revenues, mostly from residential customers[9]; the 2025 rate agreement covering 2026 to 2029 authorizes a 10.95% ROE within a 9.95% to 11.95% range and a 59.6% equity ratio in the capital structure[7]. Fuel costs pass straight through to customers under recovery clauses and generate no profit; FPL's fleet includes gas, nuclear, solar and storage, and in 2025 it added 894 MW of solar and 522 MW of battery storage[7].

NEER sells power under long-term contracts, which gives it a different profit profile from FPL. At the end of 2025 about 95% of NEER's net capacity was committed under long-term contracts, with about 1,878 MW of merchant capacity; NEER also owns rate-regulated transmission assets (NEET) with a $3.2 billion rate base and customer supply businesses including natural gas and oil production[8]. NEER's 2025 GAAP net income was $2.975 billion[10], a figure that includes substantial clean energy tax credits, which rose by about $585 million in 2025[8].

Corporate and Other carries holding-company interest, hedge gains and losses and merger costs, so the Dominion Energy combination shows up here first. In May 2026 the company signed an all-stock merger agreement with Dominion Energy under which Dominion shareholders receive 0.8138 NEE shares per share and NEE shareholders will own about 74.5% of the combined company[11]; the company expects the deal to close in the second half of 2027[2]. Shareholders of both companies approved the deal in September, it still needs Virginia, other state and federal regulatory approvals, and on September 14 the two companies announced an enhanced Virginia benefits package[12].

Financial History and Current Position

Over the last three full years, operating revenues swung widely while net income attributable to NEE edged lower. Operating revenues were $28.114 billion in 2023, $24.753 billion in 2024 and $27.476 billion in 2025[9]; net income attributable to NEE was $7.310 billion, $6.946 billion and $6.834 billion, with 2025 diluted EPS of $3.30[10] and adjusted EPS of $3.71[2]. In 2025 FPL earned $5.012 billion, NEER $2.975 billion, and Corporate and Other lost $1.152 billion[10]; FPL's earned regulatory ROE for the year was about 11.70%, with reserve amortization of about $593 million[7].

The 2025 cash flows show capital spending at roughly twice operating cash flow, with debt filling most of the gap. Operating cash flow was $12.485 billion in 2025 (FPL $8.533 billion), while capital expenditures, independent power investments and nuclear fuel purchases totaled $24.606 billion and NEER asset sales returned $1.115 billion[13]. The company issued $23.394 billion of long-term debt and retired $10.347 billion; year-end long-term debt was $89.556 billion plus $3.5 billion due within a year, and dividends were $2.27 per share[13].

Adjusted earnings kept growing at about 10% in the first two quarters of 2026. First-quarter adjusted EPS was $1.09 versus $0.99 a year earlier and NEER's first-quarter adjusted earnings were $1.038 billion[14], while FPL's first-quarter net income was $1.462 billion, up 11.1%[15]. In the second quarter GAAP EPS was $1.50 and adjusted EPS $1.15, FPL earned $1.412 billion (up 10.7%) and NEER's adjusted earnings were $1.291 billion (up about 18%)[2]; first-half adjusted EPS totaled $2.24, up about 9.8%. Corporate and Other posted GAAP income of $98 million in the second quarter, driven mainly by favorable non-qualifying hedges, while higher average debt balances pushed interest expense up[16].

First-half 2026 cash flows show both stronger operating cash flow and faster capital spending. Operating cash flow was $7.276 billion versus $5.958 billion a year earlier; capital spending and investment totaled $19.389 billion versus $13.626 billion, including $5.932 billion at FPL and $13.449 billion at NEER[6]. Over the same period the company issued $15.566 billion of long-term debt, raised $3.650 billion of other short-term debt, paid $2.599 billion of common dividends and paid $1.980 billion of cash interest, up from $1.502 billion[6].

Operating Model

FPL's profit is driven mainly by the size of its regulated capital, with sales volume and weather mostly shaping quarterly timing. FPL revenue is roughly retail volume times base rates, plus fuel and other cost-recovery clause revenue and wholesale and transmission revenue; annualized base rates rose $945 million from January 2026 and rise another $705 million in 2027[7], and solar and storage placed in service in 2027 to 2029 can add rates through the SoBRA mechanism. FPL net income is roughly average regulatory capital times the 59.6% equity ratio times the earned ROE; RSM amortization or reversal steers earned ROE toward its target, and ROE is measured on a thirteen-month average retail rate base[4], so new investment lifts profit but only with a lag of several months as it enters the average.

NEER's profit comes from newly operating projects, with a construction-period lag between signing and earnings. NEER revenue is roughly operating capacity times output times contract price, plus customer supply and NEET transmission revenue, plus or minus fair-value changes on non-qualifying hedges; adjusted earnings are roughly the sum of new-investment, existing clean energy, customer supply and NEET contributions, less financing and overhead costs[5]. New contracts enter the backlog first, pass through construction-period capital spending and then begin operating, and their after-tax contribution includes clean energy tax credits; on the second-quarter call, management said the 2026 to 2029 backlog represents about two-thirds of the midpoint of development expectations through 2029[17].

Corporate and Other mainly carries holding-company interest, while adjusted earnings strip out several swings unrelated to operations. The adjustments cover non-qualifying hedges, XPLR investment gains, fair-value changes in nuclear decommissioning funds and merger costs; in the second quarter they removed $640 million of after-tax hedge gains and $31 million of after-tax merger expenses[18]. GAAP and adjusted earnings can therefore diverge sharply, with 2025 GAAP EPS of $3.30 against adjusted EPS of $3.71, and rising interest expense reduces Corporate and Other's adjusted earnings directly.

The core of the cash model is that operating cash flow does not cover capital spending, and debt and asset sales fill the gap. Operating cash flow is roughly net income plus depreciation and amortization, adjusted for deferred taxes and tax credit sales and for timing differences in storm cost and fuel clause recovery; in 2025 it was $12.485 billion against $24.606 billion of investment[13]. Management targets average annual operating cash flow growth at or above the adjusted EPS growth rate from 2025 to 2032[19] and dividend growth of about 10% in 2026 and 6% a year from year-end 2026 through 2028[2]; faster capital spending raises debt and interest first, and operating projects and rate increases turn into cash flow later.

Industry and Competitive Position

NextEra combines a high-growth regulated utility with one of the largest contracted renewable development platforms. FPL is the largest electric utility in the U.S., with more than 6 million customer accounts[7]; NEER added 1,604 MW of wind, 2,859 MW of solar and 1,799 MW of battery storage in 2025[8]. Compared with regulated peers such as Duke Energy and Southern, this two-engine structure means growth does not depend on a single state's rate base; compared with independent power producers, NEER has about 95% of its capacity under long-term contracts and less commodity exposure[8].

The industry backdrop is rising power demand from data centers and electrification against insufficient new supply. FPL raised its large-load generation target for 2032 from 6 GW to 8 GW, with 21 GW of total customer interest and 12 GW in advanced discussions; each gigawatt requires about $2 billion of capital spending earning the same ROE as other FPL investments[20]. NEER recontracted existing projects in the second quarter at an average premium of about $20 per megawatt-hour over prior realized pricing on 15-year average terms, and has 30 data center hub opportunities in discussion[20].

This competitive comparison is mostly qualitative, and its quantitative limits are clear. The company does not disclose capital spending and returns for the backlog or NEER earnings by asset type, which makes line-by-line comparison of project returns with peers difficult; large-load projects also depend on site selection and community approval, and a prominent proposed project in West Palm Beach (Project Tango) was rejected[20]. After combining with Dominion, the company would become one of the world's largest regulated electric businesses with about 10 million customer accounts, but that scale reaches the financial statements only after closing.

Core Debates

FPL grew second-quarter net income 10.7% on roughly 9.3% growth in regulatory capital employed, after drawing about $196 million of its rate stabilization reserve in the first half. In the peak-demand third quarter, can profit keep pace with capital growth without leaning heavily on that reserve?

FPL is NextEra's largest and steadiest profit source, and its profit growth now has to come almost entirely from capital expansion. FPL earned $5.012 billion in 2025[10]; the new rate agreement caps earned ROE at 11.95%, and FPL's trailing twelve-month earned ROE through June 2026 was already about 11.70%[4]. The transmission runs from Florida customer and load growth to generation, storage and grid investment, with 2026 FPL capital spending guided at $12 billion to $13 billion[17], then to higher average regulatory capital, which turns into net income at a 59.6% equity ratio and about 11.7% ROE, while RSM amortization or reversal determines how much of that comes from the reserve.

Second-quarter data support the view that capital drives profit. Average rate base rose about $6.8 billion year over year, regulatory capital employed grew about 9.3%, and FPL net income reached $1.412 billion, up 10.7%[2]; in the same quarter FPL reversed about $110 million of after-tax RSM amortization, showing that quarterly profit did not rely on the reserve[4]. FPL's first-quarter net income was $1.462 billion, up 11.1%, with average rate base about $6.3 billion higher[15].

The alternative view is that the reserve and base-rate increases lifted the profit base while underlying demand grew only modestly. FPL drew about $306 million of after-tax RSM in the first quarter[15], leaving a first-half net draw of $196 million, about 13% of the roughly $1.5 billion four-year cap[4]; second-quarter retail sales grew only 0.4%, or 0.6% weather-normalized[17], and the $945 million annualized base-rate increase from early 2026 also raised the profit base[7]. What remains open is whether RSM keeps reversing or returns to amortization in the peak-demand third quarter, because faster early use leaves less cushion for profit growth in 2027 to 2029.

The third-quarter 10-Q will disclose FPL net income, earned ROE and RSM usage together, which is enough to separate the two explanations. The measures to watch are whether FPL's third-quarter net income grows at least 9%, whether the nine-month net RSM draw stays at or below about $290 million and whether it exceeds the $375 million annual average allowance, whether trailing twelve-month earned ROE holds above 11.6%, and whether the first large-load transaction is announced by year-end, as management said at least one would be[20]. If third-quarter profit growth falls below 6% alongside heavy RSM amortization, the capital-driven explanation fails; a Florida Supreme Court ruling on the rate-agreement appeal that changes rates or the RSM would also rewrite the 2026 to 2029 profit base.

NextEra Energy Resources signed 3.6 to 4 GW of new contracts in each of the first two quarters and grew second-quarter adjusted earnings 18%. Can third-quarter origination stay at or above 3.6 GW, with earnings growth driven mainly by newly operating projects?

NEER is NextEra's growth engine, and the company's 8%-plus EPS growth target depends heavily on whether the backlog keeps filling and projects enter service on time. At the end of 2025 NEER had about 37.5 GW of net capacity, 95% of it under long-term contracts[8]; its second-quarter adjusted earnings of $1.291 billion were more than half of the company's $2.407 billion adjusted total[2]. The transmission runs from power demand and scarce new supply to long-term power purchase agreements (PPAs), new gigawatts entering the backlog, construction-period capital spending and commercial operation, after which the after-tax contribution of new investments, including tax credits, flows into NEER adjusted earnings, partly offset by customer supply and financing costs.

First-half signings and earnings support the demand-driven explanation. NEER signed a record 4 GW in the first quarter, including 1.3 GW of storage, and grew adjusted earnings about 14%[14]; it signed another 3.6 GW in the second quarter, lifting the backlog to about 35.1 GW after 1.1 GW entered service, and adjusted earnings rose from $1.091 billion to $1.291 billion, up about 18.3%[2]. The after-tax contribution from new investments rose $179 million year over year in the second quarter and $271 million in the first half[5], and recontracted existing projects priced about $20 per megawatt-hour above their prior contracts[20].

The alternative view is that first-half signings clustered as customers locked in projects ahead of tax-credit rule changes, and that earnings growth includes nonrecurring items. Management rejected that reading on the first-quarter call, attributing signings to fundamental demand[19]; still, customer supply subtracted $146 million in the first half and $70 million in the second quarter alone, existing clean energy fell $27 million in the second quarter[5], and NEET's $102 million first-quarter increase included gains from selling transmission assets[15]. What remains unresolved is whether signing momentum survives policy changes and how much earnings growth comes from durable new operations.

Third-quarter disclosure can separate the two explanations. The measures to watch are whether third-quarter backlog additions reach at least 3.6 GW, whether the year-over-year increase in new-investment contribution is at least about $136 million (the first-half quarterly average), whether NEER adjusted earnings grow at least 12%, and whether the customer supply (oil and gas production) drag keeps widening. If signings fall below 3 GW and the company attributes the shortfall to demand or costs, the case for sustained demand fails; if earnings growth comes mainly from one-time gains such as asset sales, backlog conversion into operations is falling short.

In the first half, NextEra's capital spending rose 42%, operating cash flow 22% and cash interest 32%. Can operating cash flow keep outgrowing earnings per share through the third quarter, and will the interest drag at the holding company widen further?

NextEra trades heavy capital spending for growth in regulated capital and contracted assets, so cash flow and interest costs decide how much of the two businesses' profit growth survives. In 2025 investment was $24.606 billion, operating cash flow $12.485 billion and year-end long-term debt about $89.556 billion[13]. The transmission runs from faster FPL and NEER capital spending to financing the excess over operating cash flow with long-term, short-term and hybrid debt, then to higher debt balances and cash interest, and finally to a wider adjusted loss at Corporate and Other that offsets part of FPL and NEER profit growth; on the other side, newly operating projects, rate increases and tax credit sales add operating cash flow.

First-half cash flow data support the view that financing remains under control. Operating cash flow was $7.276 billion, up about 22%[6], faster than adjusted EPS growth of about 9.8%; management kept its 2026 adjusted EPS guidance of $3.92 to $4.02 and is targeting the high end[2], and reiterated the target for operating cash flow to grow at or above the EPS growth rate[19].

The alternative view is that part of the cash-flow improvement came from one-time tax refunds while financing costs are rising faster. First-half operating cash flow included $1.188 billion of income tax refunds versus $353 million a year earlier, and growth slows markedly without them; over the same period capital spending and investment rose about 42%, the company issued $15.566 billion of long-term debt and cash interest rose about 32%[6]. Corporate and Other's adjusted drag widened by 4 cents per share year over year in the second quarter to about 14 cents[17], the 10-Q attributed higher interest expense to higher average debt balances[16], and the company is also pursuing its all-stock merger with Dominion[11].

Nine-month cash flow and Corporate and Other adjusted earnings in the third-quarter 10-Q can separate the two explanations. The measures to watch are whether nine-month operating cash flow grows at least 12%, whether Corporate and Other's third-quarter adjusted loss per share widens by more than 5 cents year over year, how fast capital spending and new long-term debt grow, and how the Dominion merger progresses through Virginia review[12]. If operating cash flow growth falls below 8% while capital spending keeps rising fast, the view that growth can fund itself fails; if the Corporate and Other loss widens by more than 5 cents per share, interest costs are eroding the growth of the two businesses.

Risks and Falsifiers

The first risk is that the Dominion merger approval stalls or carries heavier conditions, which exposes the return on shareholder dilution and holding-company costs. Virginia officials, legislators and environmental groups have publicly opposed the deal, and approval could take longer or require larger bill credits; the transaction is all-stock, leaving NEE shareholders with about 74.5% of the combined company[11], the company has committed about $2.25 billion of shareholder-funded bill credits[20], and second-quarter after-tax merger expenses were $31 million[18]. If key state approvals keep to a second-half 2027 closing timetable without significant new commitments, this risk recedes materially.

The second risk is that changes to clean energy tax credits and related policy lower returns on new NEER projects, which exposes NEER net income and new-investment contributions. NEER earnings depend heavily on tax credits, with a 2025 effective tax rate of about −343% and clean energy tax credits up about $585 million that year[8], while NEER's 2026 solar capital spending plan is $8.045 billion[21]. If new signings and recontracting premiums hold and NEER adjusted earnings keep growing at double digits, policy risk has not yet reached earnings.

The third risk is that the RSM reserve runs out early, which exposes FPL's net income growth in 2027 to 2029. If amortization is needed even in peak season to sustain ROE, the reserve will be used faster than an even four-year pace; the RSM cap is about $1.5 billion after tax and FPL drew a net $196 million in the first half[4], against 2025 FPL net income of $5.012 billion[10]. If the nine-month net RSM draw stays at or below about $290 million and FPL net income grows at least 9%, this risk is falsified.

The fourth risk is that the rate agreement remains under appeal at the Florida Supreme Court, where a ruling could change rates or reserve arrangements from 2026, which exposes FPL's revenue and profit base. The rate case docket stays open until the appeal is resolved[4], and at stake are the $945 million base-rate increase for 2026, the further $705 million for 2027 and the roughly $1.5 billion RSM reserve[7]. If the appeal is dismissed or the original agreement is upheld and the docket closes, this risk disappears.

The fifth risk is slower development and construction, which exposes the time it takes NEER to turn backlog into earnings. High interest rates, equipment supply or policy changes could slow signings and in-service additions, while NEER's 2026 capital spending plans are $8.045 billion for solar and $2.900 billion for other clean energy[21], against second-quarter adjusted earnings of $1.291 billion[2]. If third-quarter signings reach at least 3.6 GW and in-service additions and new-investment contributions keep rising, this risk has not materialized.

The sixth risk is rising financing costs, which exposes the Corporate and Other loss and consolidated EPS growth. Long-term debt was about $89.556 billion at the end of 2025, with another $3.5 billion due within a year[13], and first-half cash interest was $1.980 billion, up about 32%[6]; if debt keeps growing faster than earnings, the interest drag will hold down consolidated EPS growth. If nine-month operating cash flow grows at least 12% and the Corporate and Other adjusted loss widens by no more than 3 cents per share, this risk is falsified.

What to Watch Next

• FPL capital growth and the RSM: third-quarter FPL net income growth against 10.7% in the second quarter; at least 9% confirms, below 6% with heavy RSM amortization falsifies. The nine-month net RSM draw against $196 million in the first half; at or below about $290 million confirms, above the $375 million annual average is a warning. Trailing earned ROE against about 11.70%, and whether a first large-load deal is announced by year-end against 21 GW of interest.
• NEER backlog conversion: third-quarter signings against 3.6 GW in the second quarter and 4.0 GW in the first; at least 3.6 GW confirms, below 3 GW attributed to demand or costs falsifies. The new-investment contribution increase against $179 million in the second quarter and NEER adjusted earnings growth against 18.3%; at least about $136 million and 12% confirm, growth driven mainly by asset sales falsifies.
• Capex funding and holding-company drag: nine-month operating cash flow against $7.276 billion and 22% growth in the first half; at least 12% confirms, below 8% with capex still rising fast falsifies. Corporate and Other adjusted loss per share against about 14 cents, 4 cents wider year over year; widening by more than 5 cents falsifies.
• Merger execution: Virginia review of the Dominion merger after the September 14 enhanced benefits package; progress toward a second-half 2027 close without significant new commitments confirms.

Conclusion

NextEra Energy runs on two engines: FPL earns steady profit from about 9.3% growth in regulatory capital and an earned ROE of about 11.70%, close to its cap, while NEER adds growth as its roughly 35.1 GW backlog enters service[2][4]. Financially, earnings growth and capital spending are accelerating together, with first-half adjusted EPS up about 9.8%, capital spending and investment up about 42% and cash interest up about 32%[6]. The central unresolved relationship is whether capital expansion can keep turning into profit and cash flow faster than financing costs rise and the RSM reserve is consumed.

Independent commentary published after the latest results is thin: two pieces, both from September 19, with different emphases. Simply Wall St took a cautious stance, asking whether the company can keep funding heavy capital spending when interest payments are already not well covered by earnings, and arguing that investor focus has shifted to execution risk around the Dominion merger and the effect of higher financing costs on new-project economics[22]; that lines up with the side of the third debate that sees faster capex and a widening interest drag, but it does not address offsetting factors such as roughly 22% first-half operating cash flow growth and FPL's earned ROE near its cap, and its interest-coverage view rests on GAAP earnings that swing heavily with hedge results. Abdul Rahman of Insider Monkey argued instead that NextEra's standalone growth is already strong, that the Dominion merger is an accelerator rather than a necessity, and that regulatory approval is the critical test for realizing the projected benefits[23]. Both pieces treat merger approval as the main uncertainty and differ on whether financing pressure already threatens standalone growth, yet neither offers new evidence on FPL's profit sources or NEER's signing pace, and further rating pieces behind a login could not be checked against their original text.

The current understanding would be materially strengthened by a combination of observations: FPL third-quarter net income growth of at least 9% with a nine-month net RSM draw at or below about $290 million, NEER signings of at least 3.6 GW with a new-investment contribution increase of at least about $136 million, nine-month operating cash flow growth of at least 12%, and a Corporate and Other adjusted loss that widens by no more than 5 cents per share. Conversely, if FPL profit growth falls below 6% with heavy RSM amortization, NEER signings drop below 3 GW, or operating cash flow growth falls below 8% while capital spending keeps rising fast, the view that capital expansion converts into profit on schedule would be materially weakened; progress on merger approval will determine how large a company these judgments end up describing.

Sources

[1] Drillr earnings calendar (updated 2026-09-26) · NEE 2026-10-27 call · 2026-09-26 · Earnings calendar

[2] NEE 8-K filed 2026-07-24 · 2Q26 earnings release · 2026-07-24 · 8-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000058/neeq22026exhibit99.htm

[3] Drillr analyst_financial_estimates (updated 2026-09-25) · NEE 3Q26 and FY2026 consensus · 2026-09-25 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[4] NEE 10-Q filed 2026-07-24 · 2Q26 FPL results, RSM and regulatory ROE · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/

[5] NEE 10-Q filed 2026-07-24 · 2Q26 NEER earnings drivers · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/

[6] NEE 10-Q filed 2026-07-24 · 1H26 cash flow statement · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/

[7] NEE 10-K filed 2026-02-13 · FPL business and 2025 rate agreement · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/

[8] NEE 10-K filed 2026-02-13 · NEER fleet, contracts and 2025 additions · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/

[9] NEE 10-K filed 2026-02-13 · FY2025 segment operating revenues · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/

[10] NEE 10-K filed 2026-02-13 · FY2025 net income by segment · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/

[11] NEE 8-K filed 2026-05-18 · Dominion Energy merger terms · 2026-05-18 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000753308&type=8-K

[12] NEE 8-K filed 2026-09-14 · enhanced Virginia benefits package · 2026-09-14 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000753308&type=8-K

[13] NEE 10-K filed 2026-02-13 · FY2025 cash flows, investment and debt · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/

[14] NEE 8-K filed 2026-04-23 · 1Q26 earnings release · 2026-04-23 · 8-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000028/neeq12026exhibit99.htm

[15] NEE 10-Q filed 2026-04-23 · 1Q26 segment results and RSM · 2026-04-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000753308&type=10-Q

[16] NEE 10-Q filed 2026-07-24 · 2Q26 net income by segment · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/

[17] NEE 2Q26 earnings call 2026-07-24 · Drillr structured summary (segments and guidance) · 2026-07-24 · earnings_call · https://gateway.drillr.ai/mcp/private

[18] NEE 10-Q filed 2026-07-24 · 2Q26 adjusted earnings reconciliation · 2026-07-24 · 10-Q · https://www.sec.gov/Archives/edgar/data/753308/000075330826000060/

[19] NEE 1Q26 earnings call 2026-04-23 · Drillr structured summary · 2026-04-23 · earnings_call · https://gateway.drillr.ai/mcp/private

[20] NEE 2Q26 earnings call 2026-07-24 · Drillr structured summary (highlights and Q&A) · 2026-07-24 · earnings_call · https://gateway.drillr.ai/mcp/private

[21] NEE 10-K filed 2026-02-13 · estimated capital expenditures 2026-2030 · 2026-02-13 · 10-K · https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/

[22] Simply Wall St 2026-09-19 · How Investors May Respond To NextEra Energy Stock As Merger Concerns Grow · 2026-09-19 · Simply Wall St · https://simplywall.st/stocks/us/utilities/nyse-nee/nextera-energy/news/how-investors-may-respond-to-nextera-energy-stock-as-merger

[23] Insider Monkey via Yahoo Finance 2026-09-19 · Can NextEra (NEE) Preserve Its Earnings and Dividend Growth While Adding Dominion? · 2026-09-19 · Insider Monkey · https://finance.yahoo.com/energy/articles/nextera-nee-preserve-earnings-dividend-080154663.html