# NextEra Energy Inc. (NEE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NEE/thesis · /stocks/NEE/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NEE/fundamental

## Navigation

- Overview: /stocks/NEE
- Financials (this page): /stocks/NEE/financials
- Thesis: /stocks/NEE/thesis
- Investment Memo: /stocks/NEE/memo
- Coverage universe: /stocks