NextEra Energy is a major North American electric power and energy infrastructure company. Its principal businesses include Florida Power & Light (FPL), a large electric utility providing generation, storage, transmission, and distribution services in Florida, and NextEra Energy Resources (NEER), a leading developer and operator of long-term contracted clean energy projects and regulated transmission assets across the U.S. and Canada.
Business segments
10-K
FPLNEER
Recent News
Loading news...
Earnings call: Q2 2026 2026
Intel
Free
Jul 24, 2026Neutral
● Full transcript on file
John Ketchum (Chairman, President and Chief Executive Officer), Mike Dunne (Executive Vice President, Finance and Chief Financial Officer), Other senior leaders (Members of the company's senior management team)
Key metrics
No quarterly financial metrics were included in the announcement. The only disclosed operational details were timing of the release at 7:30 a.m. ET, webcast at 9:00 a.m. ET, and that slides and a replay would be available on the company site.[1]
Forward guidance
The company said it will release second-quarter 2026 results before the NYSE opens and host a listen-only webcast at 9:00 a.m. ET. The announcement does not provide earnings guidance itself, but indicates management will discuss quarterly results and accompanying slides on the company’s financial results webpage.[1]
Notable Q&A
No Q&A or analyst exchanges are available yet because this is a results-date announcement rather than a transcript. A replay is scheduled to be available for 90 days after the webcast.[1]
Surprise items
No surprise financial items were disclosed in the pre-release announcement. The only potentially notable item is the planned webcast replay and slide availability, which suggests a standard quarterly update rather than an event-driven disclosure.[1]
(2025-XX-XX) · Q1 2026 (Apr 23, 2026) · Confident
Fundamentals
Signal
52-week high / low
$98.75 / $69.24
Forward P/E
20.3×
Trailing 22.7×
Dividend
$2.49 / share
Yield 2.82%
Analysts covering
20
Avg target $99.15
Beta
0.67
vs. S&P 500
Short interest
0.0%
Float shorted
Buy
64%
Hold
32%
Sell
5%
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$27,412 million
10.74% YoY
Operating margin
30.2%
Net income
$6,835 million
Free cash flow
$(12,121) million
Dividend / share
$2.27
Total debt
$93,056 million
Cash: $2,812 million
CapEx guidance
Estimated capital expenditures for 2026 through 2030 total $94,185 million, with $27,565 million for 2026.
Earnings quality:HIGH
Cash conversion:2.3x
Non-recurring items: Losses associated with non-qualifying hedge activity of $272 million, XPLR investment impairment loss of $656 million after tax, Gains on equity securities held in nuclear decommissioning funds, net of OTTI of $80 million
NEE sits in a holding pattern ahead of Q2 earnings on July 24 — 8 trading days out — with the stock roughly 11% below its 52-week high and trading at a modest premium to GF Value ($87.96 vs. $81.59 intrinsic). The Dominion all-stock acquisition (~$67B) is the dominant narrative and introduces significant execution and dilution overhang that caps near-term upside, while solid Q1 EPS growth ($0.99 vs. $0.91 YoY) and an 8%+ long-term EPS CAGR target provide fundamental support. No clear edge exists for the next 5 trading days specifically.
Strongest bull case
NEE's 33 GW contracted Energy Resources backlog, AI/data-center driven power demand growth, and reiterated 2026 EPS guidance of $3.92–$4.02 with 8%+ CAGR through 2032 create a durable, contracted earnings engine that should support re-rating — especially as the stock trades below its 5-year average forward P/E of ~25x.
Strongest bear case
The pending ~$67B all-stock Dominion acquisition introduces near-term dilution overhang, multi-year regulatory approval risk across state and federal bodies, and potential for further stock pressure as arbitrageurs short NEE; compounding this, a Maryland FERC complaint targets NEE's PJM transmission ROE adder, and net debt is already projected to climb toward $193B by 2030, making the equity story highly rate-sensitive in a NEUTRAL macro regime.
What the market may be missing
The FERC Maryland complaint specifically targeting NEE's PJM transmission ROE adder is receiving minimal attention relative to the Dominion deal headline risk — an adverse ruling could quietly compress regulated earnings from the transmission segment and reduce the quality of the regulated earnings base that underpins the entire valuation thesis, independent of the merger outcome.
Chairman, President and Chief Executive Officer, NextEra Energy and Chairman, FPL · NextEra Energy Inc.
CEO since March 2022
Total compensation
$24,192,607 ▲ 12.0% YoY
Prior year: $21,603,598
Pay vs performance
Aligned
Board assessment
Say-on-pay approval
88%
Shareholder vote
Board independence
11/12 (92%)
Base salary$1,606,154
Bonus / incentive$0
Stock awards$12,873,646
Executive appearances
Intel
Free
Investor DayMay 07, 2026
NextEra Energy Annual Shareholder Meeting Source ↗
Mr. John W. Ketchum J.D. (CEO) · Juno Beach, Florida (virtual/hybrid)
Ketchum presented the annual review, highlighting record renewable additions and FPL's customer growth. He reaffirmed long-term EPS growth of 10% through the decade. Discussions included updates on major projects like the Lone Star Wind Farm and clim
“"2025 was a transformative year; 2026 will be even stronger." - John W. Ketchum”
Ketchum reviewed NextEra's Q4 2025 earnings beat and raised 2026 guidance. He spoke on the impact of federal incentives like the IRA on project pipelines. Strategic themes revolved around disciplined capital allocation and shareholder returns via div
In a keynote, Ketchum discussed global energy transition dynamics and NextEra's role as the world's largest generator of renewable energy. He emphasized supply chain resilience for solar and wind components. Forward-looking comments included projecti
“"Renewables are no longer optional; they are the backbone of reliable, affordable power." - John W. Ketchum”
Mr. John W. Ketchum J.D. (CEO) · Edison Electric Institute
Ketchum addressed regulatory challenges and opportunities in the U.S. power sector, focusing on FERC policies and transmission buildout. He outlined NextEra's strategy to capitalize on AI-driven power demand growth. Key themes included investment in
ConferenceMar 04, 2025
Citi Global Energy, Utilities, and Renewables Conference Source ↗
Mr. John W. Ketchum J.D. (CEO) · Citi
Ketchum highlighted NextEra's leadership in renewable energy growth, emphasizing the company's 2025-2027 EPS growth targets of 6-8% and plans to add 25 GW of renewables by 2027. He discussed the accelerating demand for clean energy driven by data cen
“"We are positioned to deliver superior returns through the energy transition." - John W. Ketchum”
CEO letter to shareholders
Signal
No shareholder letter on file for NEE
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Executive compensation
Signal
Name
Title
Total compensation
John W. Ketchum
Chairman, President and Chief Executive Officer, NextEra Energy and Chairman, FPL
$24,192,607
Michael H. Dunne
Executive Vice President, Finance and Chief Financial Officer, NextEra Energy and FPL
$5,352,343
Brian W. Bolster
President and Chief Executive Officer, NextEra Energy Resources
$9,168,701
Armando Pimentel, Jr.
Chief Executive Officer, FPL
$12,235,768
Charles E. Sieving
Executive Vice President, Chief Legal, Environmental and Federal Regulatory Affairs Officer, NextEra Energy and Executive Vice President, FPL
$7,781,167
Terrell Kirk Crews II
Former Executive Vice President Chief Risk Officer, NextEra Energy
Series Y Junior Subordinated Debentures due February 26, 2056
Matures 2056-02-26 · Filed 2026-04-23
Variable · Five-Year Swap Rate
unsecured
Bond€1,000,000,000
Series X Junior Subordinated Debentures due February 26, 2056
Matures 2056-02-26 · Filed 2026-04-23
Variable · Five-Year Swap Rate
unsecured
BondC$600,000,000
3.83% Debentures, Series due June 12, 2030
Matures 2030-06-12 · Filed 2025-07-23
Fixed
Unsecured
Bond$875,000,000
Series U Junior Subordinated Debentures due June 1, 2085
Matures 2085-06-01 · Filed 2025-07-23
Fixed
unsecured
Bond$2,000,000,000
One Hundred Thirty-Ninth Supplemental Indenture Relating to: $950,000,000 Principal Amount of First
Matures · Filed 2025-04-23
Fixed
Secured by a first mortgage lien on substantially all of Florida Power & Light Company's real and personal property, acquired after January 1, 1944, and hereafter acquired, with certain customary exceptions.
8 additional agreements on file
Financial covenants
Bonding Ratio (amendment right)
70% (from 60%) and 10/7ths (from 10/6ths)
Ratio of bonds to property value
One Hundred Thirty-Seventh Supplemental Indenture
Maximum Aggregate Underfunding of Guaranteed Pension Plans
6 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
Moderate leverage — no covenants on file
Earnings quality
High quality (cash conversion 2.3x)
Risk trend
Risk increasing — Extensive federal, state, and other regulation that can materially adversely aff
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
NEUTRAL
5.7/10
100%
NEE sits in a holding pattern ahead of Q2 earnings on July 24 — 8 trading days out — with the stock ...
$87.96
Sched.
Jul 11, 2026
NEUTRAL
5.7/10
100%
NEE screens as roughly fairly valued to slightly full for a defensive utility at about 22x trailing ...
$87.96
Sched.
Jun 07, 2026
NEUTRAL
5.8/10
100%
NEE is trading at ~$85.84, roughly 13% below its 52-week high and ~13% below the analyst consensus t...
$85.84
Sched.
May 31, 2026
NEUTRAL
5.8/10
100%
NEE trades at ~22x TTM P/E and ~19.8x forward P/E — reasonable for a utility with above-average grow...
$87.01
Sched.
May 24, 2026
NEUTRAL
6.1/10
67%
NEE screens as roughly fairly valued to slightly full for a regulated utility at about 22.5x trailin...
$88.55
Sched.
May 17, 2026
NEUTRAL
6.0/10
100%
NEE is the dominant overhang story of the next 5 trading days: the proposed Dominion acquisition — a...
$93.36
Sched.
May 10, 2026
BULLISH
7.0/10
67%
NEE has a supportive macro backdrop and still trades modestly below consensus target, but at ~23.6x ...
$93.10
Sched.
May 03, 2026
NEUTRAL
5.9/10
67%
NEE is a high-quality defensive utility with a supportive macro backdrop, but the stock is already t...
$96.95
Sched.
Apr 24, 2026
NEUTRAL
6.5/10
100%
NEE delivered a genuine earnings beat — adjusted EPS of $1.09 vs. $0.97 consensus (+12.4% surprise) ...
$96.25
Event
Apr 12, 2026
BULLISH
7.0/10
75%
NEE is trading near 52-week highs with Q1 2026 earnings due April 23 — a hard catalyst that could re...
$94.08
Sched.
Showing last 10 signals
NEENextEra Energy Inc.
Signal
FY2026 annual report (10-K filed 2026-02-13)
INCOME STATEMENT
?Revenue
$27,412 million10.74% YoY
Total revenue from electricity generation, transmission, and natural gas distribution. Up 10.74% from last year. Management has guided capital spending of Estimated capital expenditures for 2026 through 2030 total $94,185 million, with $27,565 million for 2026..
?Operating income
$8,280 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 30.2%, meaning 30 cents of every dollar of revenue becomes operating profit.
?Net income
$6,835 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 35.8%. Note: results include non-recurring items (losses associated with non-qualifying hedge activity of $272 million, xplr investment impairment loss of $656 million after tax) that may not repeat.
?Free cash flow
$(12,121) million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$1.04
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$2.27
Cash paid to shareholders each year for every share they own. Utilities are classic dividend stocks — regulated returns provide predictable, above-average yields.
BALANCE SHEET
?Total assets
$221.4B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes power plants, transmission lines, natural gas pipelines, and renewable energy facilities.
?Cash & equivalents
$2,812 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$93,056 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $2,812 million in cash against this debt.
?Shares outstanding
2,070.6 million
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
?Debt-to-equity ratio
1.8%
How much debt the company uses for every dollar of shareholder equity. Under 100% means more equity than debt (conservative). Over 200% means heavy leverage. Banks and utilities naturally run higher ratios.
CASH FLOW
?Operating cash flow
$2.6B
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Depreciation & amortization
$1.4B
A non-cash expense that spreads the cost of power generation facilities, transmission infrastructure, and renewable installations over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
HIGH
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Cash conversion
2.3x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 2.3x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
3 identified
One-time items that affect the bottom line but won't repeat: losses associated with non-qualifying hedge activity of $272 million, xplr investment impairment loss of $656 million after tax, gains on equity securities held in nuclear decommissioning funds, net of otti of $80 million. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Extensive federal, state, and other regulation that can materially adversely affect operations, rates, and cost structures. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
4.31%
WACC
5.48%
🔴 VALUE DESTROYER — EVA Spread: -1.17%
?WACC
5.48%
Weighted Average Cost of Capital — the minimum return NextEra Energy Inc. must earn on its investments to satisfy both debt holders and shareholders. Computed from a 65.63% equity / 34.37% debt capital structure. If the company earns less than 5.48% on its invested capital, it is destroying shareholder value.
?Cost of equity
7.92%
The return shareholders demand for holding NEE stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.67) × Equity Risk Premium (5.50%). A beta of 0.67 means NEE is less volatile than the overall market.
?Cost of debt (after-tax)
0.82%
What NextEra Energy Inc. effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 21.00%.
?Capital structure
E: 65.63% / D: 34.37%
How NextEra Energy Inc. finances its operations — the split between equity (stock market value: $186.7B) and debt (total borrowings: $97.8B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
4.31%
Return on Invested Capital — how efficiently NextEra Energy Inc. turns its total invested capital into after-tax operating profit. NOPAT ($6.5B) ÷ Invested Capital ($151.0B). This is below WACC, meaning the company is not earning enough to cover its cost of capital.
?EVA
-$1.8B
Economic Value Added — the dollar amount of value NextEra Energy Inc. created (or destroyed) above its cost of capital. NOPAT ($6.5B) minus the capital charge (Invested Capital × WACC = $8.3B). Negative EVA means the company would create more value by returning capital to shareholders.
?NOPAT
$6.5B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($8.2B) × (1 - Tax Rate 21.00%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.