Detailed financial statements for NextEra Energy, Inc. (NEE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
NextEra Energy, Inc., operating through its diverse subsidiaries, is a prominent electric power provider in North America. The company's operations encompass the generation, transmission, distribution, and sale of electricity to both individual consumers and large-scale wholesale clients. Its energy portfolio is broad, featuring power generation from wind, solar, nuclear, coal, and natural gas facilities.
Analysis Summary
NextEra Energy, Inc. reported revenue of $27.48B in the most recent fiscal year, growing at a 5-year CAGR of 8.8%. Net income reached $6.83B, with a 18.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 71.8%, operating margin 29.5%, net margin 32.0%. Free cash flow grew at 70.3% CAGR over 5 years.
At the current price of $76.28, NEE trades at a P/E of 17.23 and an ROE of 16.82%. Market capitalisation stands at $159.1B, placing it among large-cap names.
Balance sheet quality for NEE: current ratio of 0.6, net debt of $92.81B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $3.21B represents 47% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.14B | $17.17B | $16.73B | $19.20B | $18.00B | $17.07B | $20.96B | $28.11B | $24.75B | $27.48B |
| Cost of Revenue | $7.52B | $7.53B | $7.06B | $8.00B | $7.29B | $8.51B | $10.82B | $10.14B | $9.89B | $10.22B |
| Gross Profit | $8.62B | $9.64B | $9.66B | $11.20B | $10.71B | $8.56B | $10.14B | $17.98B | $14.87B | $17.25B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $4.16B | $4.47B | $5.38B | $5.85B | $5.59B | $5.65B | $6.06B | $7.74B | $7.39B | $8.97B |
| Operating Income | $4.46B | $5.17B | $4.28B | $5.35B | $5.12B | $2.91B | $4.08B | $10.24B | $7.48B | $8.28B |
| EBITDA | $8.90B | $8.86B | $13.00B | $10.56B | $8.68B | $8.66B | $9.21B | $16.76B | $14.03B | $16.16B |
| Interest Expense | $1.10B | $1.56B | $1.50B | $2.25B | $1.95B | $1.27B | $585.0M | $3.32B | $2.23B | $4.57B |
| Pre-tax Income | $4.38B | $4.66B | $7.35B | $3.84B | $2.41B | $3.17B | $3.83B | $7.29B | $6.04B | $4.53B |
| Income Tax | $1.38B | -$660.0M | $1.58B | $448.0M | $44.0M | $348.0M | $586.0M | $1.01B | $339.0M | -$802.0M |
| Net Income | $2.91B | $5.38B | $6.64B | $3.77B | $2.92B | $3.57B | $4.15B | $7.31B | $6.95B | $6.83B |
| EPS | $1.56 | $2.85 | $3.51 | $1.95 | $1.49 | $1.82 | $2.10 | $3.61 | $3.38 | $3.31 |
| EPS (Diluted) | $1.56 | $2.84 | $3.47 | $1.94 | $1.48 | $1.81 | $2.10 | $3.60 | $3.37 | $3.29 |
| Shares Outstanding (Diluted) | $1.86B | $1.89B | $1.91B | $1.94B | $1.97B | $1.97B | $1.98B | $2.03B | $2.06B | $2.09B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $7.97B | $6.56B | $6.96B | $7.53B |
| Gross Profit | $5.28B | $3.77B | $5.63B | $6.16B |
| Operating Income | $2.53B | $1.59B | $2.21B | $2.24B |
| EBITDA | $5.13B | $3.84B | $3.95B | $4.78B |
| Net Income | $2.44B | $1.53B | $2.18B | $3.14B |
| EPS | $1.18 | $0.73 | $1.05 | $1.51 |
| EPS (Diluted) | $1.18 | $0.73 | $1.04 | $1.51 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.29B | $1.71B | $638.0M | $600.0M | $1.10B | $639.0M | $1.60B | $2.69B | $1.49B | $2.81B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.44B | $2.74B | $2.97B | $2.81B | $2.97B | $4.11B | $5.41B | $6.04B | $4.77B | $5.75B |
| Inventory | $1.29B | $1.27B | $1.22B | $1.33B | $1.55B | $1.56B | $1.93B | $2.11B | $2.21B | $2.42B |
| Total Current Assets | $7.41B | $7.16B | $6.39B | $7.41B | $7.38B | $9.29B | $13.49B | $15.36B | $11.95B | $13.58B |
| Property, Plant & Equipment | $66.91B | $72.42B | $70.33B | $82.01B | $91.80B | $99.35B | $111.06B | $125.78B | $138.85B | $156.20B |
| Goodwill | $779.0M | $764.0M | $891.0M | $4.20B | $4.25B | $4.84B | $4.85B | $5.09B | $4.87B | $4.85B |
| Intangible Assets | $1.25B | $1.29B | $708.0M | $552.0M | $693.0M | $742.0M | $759.0M | $1.69B | $1.72B | $3.67B |
| Total Assets | $89.99B | $97.83B | $103.70B | $117.69B | $127.68B | $140.91B | $158.94B | $177.49B | $190.14B | $212.72B |
| Accounts Payable | $3.45B | $3.23B | $2.39B | $3.63B | $4.62B | $6.93B | $8.31B | $8.50B | $6.98B | $7.58B |
| Short-term Debt | $3.02B | $3.62B | $10.93B | $5.04B | $6.15B | $3.87B | $9.71B | $11.81B | $9.95B | $6.06B |
| Total Current Liabilities | $10.92B | $11.23B | $17.56B | $13.85B | $15.56B | $17.44B | $26.70B | $27.96B | $25.36B | $22.82B |
| Long-term Debt | $27.82B | $31.41B | $26.78B | $37.54B | $41.94B | $50.96B | $55.26B | $61.41B | $72.39B | $89.56B |
| Total Liabilities | $64.66B | $68.33B | $66.29B | $76.33B | $82.75B | $95.24B | $109.50B | $118.47B | $129.28B | $146.24B |
| Retained Earnings | $15.46B | $18.99B | $23.84B | $25.20B | $25.36B | $25.91B | $26.71B | $30.23B | $32.95B | $35.10B |
| Total Equity | $24.34B | $28.21B | $34.14B | $37.01B | $36.51B | $37.20B | $39.23B | $47.47B | $50.10B | $54.61B |
| Total Debt | $30.84B | $35.08B | $37.71B | $42.58B | $48.09B | $54.83B | $64.97B | $73.21B | $82.33B | $95.62B |
| Net Debt | $29.55B | $33.37B | $37.07B | $41.98B | $46.99B | $54.19B | $63.37B | $70.52B | $80.85B | $92.81B |
| Working Capital | -$3.51B | -$4.08B | -$11.17B | -$6.45B | -$8.18B | -$8.15B | -$13.21B | -$12.60B | -$13.40B | -$9.23B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.39B | $2.81B | $2.00B | $2.87B |
| Total Assets | $204.35B | $212.72B | $221.42B | $232.81B |
| Total Liabilities | $139.76B | $146.24B | $154.79B | $164.65B |
| Total Equity | $54.18B | $54.61B | $55.22B | $57.13B |
| Total Debt | $93.12B | $95.62B | $104.40B | $110.20B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.91B | $5.38B | $6.64B | $3.77B | $2.92B | $3.57B | $3.25B | $6.28B | $5.70B | $5.33B |
| Depreciation & Amortization | $3.38B | $2.63B | $4.14B | $4.48B | $4.32B | $4.21B | $4.79B | $6.15B | $5.76B | $6.94B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $107.0M | 0 | $142.0M | 0 | 0 | 0 |
| Change in Working Capital | -$223.0M | $346.0M | -$598.0M | $377.0M | -$604.0M | -$523.0M | $412.0M | -$1.39B | $160.0M | -$373.0M |
| Operating Cash Flow | $6.34B | $6.41B | $6.59B | $8.15B | $7.98B | $7.55B | $8.26B | $11.30B | $13.26B | $12.48B |
| Capital Expenditure | -$4.24B | -$5.45B | -$6.01B | -$11.08B | -$7.76B | -$7.83B | -$9.74B | -$9.55B | -$8.51B | -$9.27B |
| Acquisitions | $645.0M | $1.45B | $5.74B | -$5.17B | -$1.01B | -$7.55B | 0 | $924.0M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$92.0M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$1.61B | -$1.84B | -$2.10B | -$2.41B | -$2.74B | -$3.02B | -$3.35B | -$3.78B | -$4.24B | -$4.68B |
| Free Cash Flow | $2.10B | $968.0M | $583.0M | -$2.92B | $224.0M | -$277.0M | -$1.48B | $1.75B | $4.75B | $3.21B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $4.03B | $2.50B | $2.61B | $4.66B |
| Capital Expenditure | -$2.48B | -$2.22B | -$3.19B | -$16.08B |
| Free Cash Flow | $1.55B | $277.0M | -$580.0M | -$11.42B |
| Dividends Paid | -$1.17B | -$1.18B | -$1.30B | -$1.30B |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.4% | -2.6% | +14.8% | -6.3% | -5.2% | +22.8% | +34.2% | -12.0% | +11.0% | |
| Net Income Growth (YoY) | +84.8% | +23.4% | -43.2% | -22.6% | +22.4% | +16.1% | +76.3% | -5.0% | -1.6% | |
| EPS Growth (YoY) | +82.7% | +23.2% | -44.4% | -23.6% | +22.2% | +15.5% | +71.7% | -6.4% | -2.1% | |
| Shares Change (YoY) | +1.5% | +1.1% | +1.6% | +1.4% | +0.2% | +0.3% | +2.6% | +1.4% | +1.5% | |
| FCF Growth (YoY) | -53.8% | -39.8% | -601.2% | +107.7% | -223.7% | -434.3% | +218.4% | +170.7% | -32.3% | |
| Gross Margin | 53.4% | 56.2% | 57.8% | 58.3% | 59.5% | 50.2% | 48.4% | 63.9% | 60.1% | 62.8% |
| Operating Margin | 27.6% | 30.1% | 25.6% | 27.9% | 28.4% | 17.1% | 19.5% | 36.4% | 30.2% | 30.1% |
| EBITDA Margin | 55.2% | 51.6% | 77.7% | 55.0% | 48.2% | 50.7% | 43.9% | 59.6% | 56.7% | 58.8% |
| Net Margin | 18.0% | 31.3% | 39.7% | 19.6% | 16.2% | 20.9% | 19.8% | 26.0% | 28.1% | 24.9% |
| FCF Margin | 13.0% | 5.6% | 3.5% | -15.2% | 1.2% | -1.6% | -7.1% | 6.2% | 19.2% | 11.7% |
| Effective Tax Rate | 31.5% | -14.2% | 21.4% | 11.7% | 1.8% | 11.0% | 15.3% | 13.8% | 5.6% | -17.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.12 | $0.51 | $0.30 | $-1.50 | $0.11 | $-0.14 | $-0.75 | $0.86 | $2.31 | $1.54 |
| Dividends Per Share | $0.86 | $0.98 | $1.10 | $1.24 | $1.39 | $1.53 | $1.69 | $1.86 | $2.06 | $2.24 |
| Shares Outstanding (Basic) | $1.86B | $1.88B | $1.89B | $1.93B | $1.96B | $1.96B | $1.97B | $2.03B | $2.06B | $2.09B |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 16.82% |
| Return on Invested Capital | 3.98% |
| Return on Assets | 3.99% |
| Gross Margin | 71.81% |
| Operating Margin | 29.49% |
| Net Margin | 32.04% |
Financial Health
| Debt / Equity | 1.93 |
| Current Ratio | 0.53 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.12 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.15 | 13.70 | 12.38 | 31.05 | 51.78 | 51.28 | 39.77 | 16.83 | 21.21 | 24.25 |
| P/B | 2.29 | 2.61 | 2.41 | 3.15 | 4.14 | 4.92 | 4.20 | 2.59 | 2.94 | 3.07 |
| P/S | 3.45 | 4.28 | 4.92 | 6.08 | 8.40 | 10.73 | 7.87 | 4.38 | 5.96 | 6.10 |
| Gross Margin | 53.4% | 56.2% | 57.8% | 58.3% | 59.5% | 50.2% | 48.4% | 63.9% | 60.1% | 62.8% |
| Operating Margin | 27.6% | 30.1% | 25.6% | 27.9% | 28.4% | 17.1% | 19.5% | 36.4% | 30.2% | 30.1% |
| Net Margin | 18.0% | 31.3% | 39.7% | 19.6% | 16.2% | 20.9% | 19.8% | 26.0% | 28.1% | 24.9% |
Related companies: AEP · D · DUK · ETR · GEV · NGG · SO
Explore sector: Utilities · Regulated Electric
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