NextEra Energy Inc.
NEEFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.7B
Q1 2026 · +7.3% YoY
TTM ROIC
4.6%
FY2025 · NOPAT (Operating Income × (1 − effective tax rate)) / (Total Equity + Total Debt − Cash) · WACC ~5.9% · Moat spread +-1.3pp
Financial Snapshot
ticker: NEE step: 04 generated: 2026-05-12 source: quick-research
NextEra Energy, Inc. (NEE) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.1B | $24.8B | $26.5B | +7% |
| Adjusted EPS | $3.17 | $3.43 | $3.71 | +8% |
| GAAP Net Income | $7.3B | $6.95B | $6.84B | -2% |
| GAAP EPS | $3.60 | $3.37 | $3.30 | -2% |
| Operating Cash Flow | $13B | $11B | $13B | +18% |
Segment Performance (FY2025)
| Segment | Revenue | Adj. EPS Contribution |
|---|---|---|
| Florida Power & Light (FPL) | ~$17B | ~70% |
| NextEra Energy Resources (NEER) | ~$8B | ~25% |
| Corporate + Other | ~$1B | balance |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Adjusted EPS | $1.02 | +10% (beat estimates) |
| Renewables + Storage Additions to Backlog | 4 GW (record) | |
| Total Backlog | 33 GW | |
| Adjacent gas projects (Japan) | 9.5 GW landmark | new |
| Google PPA | 25-year, 615 MW Duane Arnold | new |
Backlog Trajectory
| Period | NEER Backlog |
|---|---|
| YE 2024 | ~17 GW |
| YE 2025 | ~30 GW (+13.5 GW added 2025) |
| Q1 2026 | ~33 GW (+4 GW Q1) |
| Tech/Data Center subset | 6+ GW (10.5 GW total incl. operating) |
Capital Investment Plan
| Item | Amount |
|---|---|
| 2026-2029 capex plan | $90-100B |
| Recent equity unit raise | $2.3B (March 2026) |
| Tariff exposure thru 2028 | <$150M on $75B capex |
Capital Structure
| Metric | Value |
|---|---|
| Cash & Investments | ~$3B |
| Total Debt | ~$80B |
| AAA rating (FPL) / A- rating (NEE parent) | ✓ |
2026 + Out-Year Guidance
| Period | Guidance |
|---|---|
| 2026 Adj EPS | $3.92-4.02 (target high end) |
| 2027 Adj EPS | $3.85-4.32 |
| Adj EPS CAGR thru 2032 | 8%+ |
| Dividend Growth Target | 10%+ annual |
Key Ratios (approximate, May 2026)
- P/E (forward): ~22x | EV/EBITDA: ~14x | Dividend Yield: ~2.4%
- ROE: ~11%
- FFO/Debt: ~22% (utility-strong)
Growth Profile
Q1 2026 record 4 GW backlog adds; total backlog 33 GW. 2026 EPS guidance $3.92-4.02 (+6-8%). Capital investment $90-100B through 2029 supports 8%+ EPS CAGR through 2032. Data center demand + IRA tailwinds + Duane Arnold nuclear restart create multi-decade visibility.
Forward Estimates
- 2026E Adj EPS: $3.92-4.02 (mgmt; +6-8%)
- 2027E EPS: $4.10-4.20 (consensus + mgmt high end)
- 2028E EPS: ~$4.40
- 2032E EPS: $5.50+ (8%+ CAGR)
- 2030 NEER Backlog: 50+ GW potential
Capital Return
- Dividend $2.27 annual = ~$4.7B paid
- 31+ consecutive years of dividend growth (Dividend Aristocrat)
- Dividend growth target: 10%+ annually
- Buybacks minimal (capex priority)
- Total return: ~2.4% dividend + 8% EPS growth = ~10%+ annual
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $NEE.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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