NextEra Energy
ConvictionModerate
Two-engine: (1) FPL — rate-base regulated electric utility in Florida earning an allowed return on a growing regulated capital base; (2) NextEra Energy Resources (NEER) — contracted/merchant renewables, storage and now gas generation developer selling power under long-term PPAs. Earnings compound via rate-base growth + backlog conversion, funded by heavy capex and debt.
Revenue
$27.41BFY2025Rev growth
+11% FY2025$27.41B vs $24.75B FY2024); +7% YoY in Q1 2026 ($6.70B vs $6.25BGross margin
not separately disclosedregulated utility — no standalone gross-margin lineOp margin
~28%FY2025 est., approximate — not a company-reported metricCapex intensity
very high — FPL capex ~$8.8B FY2025 alonetotal group capex ~$20B+ (est.), roughly 70-80% of revenueMarket cap
~$181BJun 30, 2026, at ~$88; peaked ~$196B intraday late-Apr 2026 pre-Dominion-announcement pullbackPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-13. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$18.8B
FY’22
$23.0B+22%
FY’23
$24.8B+8%
FY’24
$23.5B-5%
FY’25
$25.8B+10%
Margins & balance sheet — FY’25
Operating margin32.1%
Net margin26.5%
Net debt$95.8B
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for NextEra Energy
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.