undamentalytics Newsletter
Sign in

NextEra Energy (NEE) stock

Add to watchlist

Add holding +

NYSE: NEE NYSE Multi-Utilities Next results ~January 26, 2027

B+ Fundamentals grade

NextEra Energy is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$31

Cash-flow model

Base case. Range ~$9.2–$58 across our lower- and higher-growth cases (0.7%–10.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 64% below it.

Price used: $85.03, November 2, 2026

NextEra Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter NextEra Energy files

10-Q filed October 21: NextEra Energy

Revenue for the twelve months to September 2026 reached $28.8bn, a gain of 9.6% on the year, though that cooled from 10.8% a quarter earlier. Margins told a brighter story, with free cash flow climbing to 29.2% of revenue from 20.9% a year earlier. Despite that, our model value holds steady at $26.25 a share, well below the $81.90 price, and the rating stays Sell. Buyers at $81.90 are effectively betting on roughly 17.1% annual cash-flow growth over five years. That pace runs well ahead of the 11.0% a year revenue growth the company has actually delivered, which is where our caution sits.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where NextEra Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $28.7bn, up 10.8% on a year earlier, faster than 10.3% a quarter earlier. Free-cash-flow margin held at 24.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 0 of our 6 financial-health checks. Our cash-flow model value is $30.28 a share, against a share price of $79.04. At that price, our model says the market is pricing in about 15.3% a year of cash-flow growth for five years, faster than the 11.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

NextEra Energy's trailing-twelve-month revenue grew 9.6% year on year, with a free-cash-flow margin of 29.2%. Where it stands out: operating margin of 30.0% ranks 1 of 16 multi-utilities companies we cover. Where it lags: days sales outstanding of 61 days ranks 14 of 14 multi-utilities companies we cover.

Our discounted-cash-flow model values the business at ~$31 per share in the base case (~$9.2–$58 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 53.5% while net income grew 79.0%: a 25pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 30.0% of revenue is left as operating profit, against a median of 20.5% for multi-utilities companies we cover.
  • Strong cash generation. 29.2% of revenue turned into free cash flow, against a median of -13.3% for multi-utilities companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $85.03 is 64% above our value per share of $31.
  • High debt. Long-term debt exceeds cash by $91.5bn, more than 1.5 times annual revenue.
  • Insiders selling. 8 insiders sold $31M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 72% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 61 days ranks 14 of 14 multi-utilities companies we cover (median 39 days).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$1.24 against an average estimate of $1.19: beat by 4.2%
Revenue
$8.09bn, up 1.6% on a year earlier
Share reaction
+3.9% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
adjusted earnings per share $3.92 to $4.02 (2026); adjusted earnings per share compound annual growth rate growth 8% (through 2032)
Next report
October 21, 2026; average EPS estimate $0.58

NextEra Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week+3.6%
  • 1 month+10.7%
  • This year+8.2%
  • 1 year+7.5%
  • 5 years+14.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$28.8B
Operating margin
30.0%
Net margin
40.4%
EPS (TTM, diluted)
$5.56

Growth

Revenue growth
+9.6%
Change in growth rate
−1.2 pts
Share count change
+1.4%

Cash

Free cash flow (TTM)
$8.4B
FCF margin
29.2%

Earnings

Last results
October 21, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Dividend
  4. Results
  5. Guidance
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Shareholder vote
  11. Announcement
  12. Announcement
  13. Results
  14. Governance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NextEra Energy valuation models and calculator

What the price is pricing in

The share price implies about 16.2% a year of cash-flow growth for five years.That is faster than the 11.0% a year revenue growth NextEra Energy has delivered.

  • Priced in16.2%
  • Last 12 months9.6%
  • 3 years a year1.7%
  • 5 years a year11.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($84.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$31
Price used
$84.04close November 3, 2026
Implied change
▼ 64%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of NextEra Energy's free cash flow after stock-based pay with after-tax interest added back ($8B, FY2026 Q3 TTM), growing 12.8% and 8% in the next two years (forecasts, guidance and its record), then back to 5.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$9.2–~$58 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of NextEra Energy's free cash flow after stock-based pay ( $8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value NextEra Energy as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.49 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$31 ~$9.2–$58 Primary model, counts double
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$110 ~$95–$140 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$68 ~$67–$84 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$85 ~$68–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$66 ~$47–$95 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$89 ~$71–$120 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$69 ~$31–$110 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NextEra Energy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −54%
  • Revenue growth 5 points higher ▲ +70%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −33%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% —$19$45$79$123$181
8.5% —$0$19$44$75$116
10% ——$4$22$47$78

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$19.68$23.30$31.32$35.80$51.08$66.44$81.98$74.98$56.01$68.04$78.57$85.03
Market value$35.7bn$43.4bn$59.2bn$68.3bn$99.2bn$130.8bn$161.7bn$148.4bn$113.8bn$140.1bn$162.7bn$178.0bn
+ Net debt (− = net cash)$29.1bn$29.5bn$33.3bn$37.1bn$42.0bn$46.5bn$53.5bn$62.0bn$70.3bn$80.6bn$92.2bn$104.6bn
Enterprise value$64.9bn$73.0bn$92.5bn$105.4bn$141.2bn$177.3bn$215.2bn$210.3bn$184.0bn$220.7bn$254.9bn$282.6bn
Multiples
Price / sales 2.0x2.7x3.4x4.1x5.2x7.3x9.5x7.1x4.0x5.7x5.9x6.2x
Price / earnings 13.0x14.9x11.0x10.3x26.3x44.8x45.3x35.8x15.6x20.2x23.8x15.3x
Price / free cash flow ————————————
EV / EBITDA 8.7x9.6x12.3x12.9x14.8x19.3x31.5x24.5x11.4x17.1x17.2x18.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard NextEra Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.5% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 29.2%; its worst year was 15.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 6.1% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.03 +9% $30.7bn +12%
Next $4.38 +9% $34.3bn +12%

Next year's EPS estimate has moved −0.9% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.6% on 90 days ago. In the last 30 days, 0 analysts raised NextEra Energy's forecast and 1 cut it.

Consensus EPS forecast NextEra Energy, last 90 days
$4.00 $4.10 $4.20 $4.30 $4.40 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.05 Current fiscal year, 60 days ago: $4.05 Current fiscal year, 30 days ago: $4.05 Current fiscal year, 7 days ago: $4.03 Current fiscal year, Now: $4.03 $4.03 Next fiscal year, 90 days ago: $4.42 Next fiscal year, 60 days ago: $4.39 Next fiscal year, 30 days ago: $4.39 Next fiscal year, 7 days ago: $4.38 Next fiscal year, Now: $4.38 $4.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.05$4.42
60 days ago $4.05$4.39
30 days ago $4.05$4.39
7 days ago $4.03$4.38
Now $4.03$4.38

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.19 $1.24 +4.2%
Jun 2026 $1.11 $1.15 +3.7%
Mar 2026 $1.03 $1.09 +5.7%
Dec 2025 $0.53 $0.54 +2.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • adjusted earnings per share 2026 $3.92 to $4.02 Non-GAAP Maintained
    “NextEra Energy continues to expect 2026 adjusted earnings per share to be in the range of $3.92 to $4.02 and is targeting the high end of that range.” source
  • adjusted earnings per share compound annual growth rate through 2032 about 8% growth Non-GAAP Maintained
    “NextEra Energy also continues to expect a compound annual growth rate in adjusted earnings per share of 8%+ annually through 2032 and is targeting the same from 2032 through 2035, all off the 2025 base of $3.71 adjusted earnings per share.” source
  • adjusted earnings per share compound annual growth rate from 2032 through 2035 about 8% growth Non-GAAP Maintained
    “NextEra Energy also continues to expect a compound annual growth rate in adjusted earnings per share of 8%+ annually through 2032 and is targeting the same from 2032 through 2035, all off the 2025 base of $3.71 adjusted earnings per share.” source
  • adjusted earnings per share growth · combined company (NextEra Energy-Dominion Energy) through 2032 about 9% growth Non-GAAP
    “As announced in May, the combined company is expected to support approximately 11% annual growth in regulatory capital employed through 2032 and 9%+ adjusted earnings per share growth through 2032, with a 9%+ target through 2035, all off a 2025 base.” source
  • adjusted earnings per share growth · combined company (NextEra Energy-Dominion Energy) through 2035 about 9% growth Non-GAAP
    “As announced in May, the combined company is expected to support approximately 11% annual growth in regulatory capital employed through 2032 and 9%+ adjusted earnings per share growth through 2032, with a 9%+ target through 2035, all off a 2025 base.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows NextEra Energy's revenue by +12.8% next year and +8.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+16.0%, weight 69%) and the company's own record (+5.7%, weight 31%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1464%
Hold732%
Sell15%

Monthly trend

  1. Oct 2026212722
  2. Sep 2026311621
  3. Aug 2026210720
  4. Jul 2026211721

Counts of recommendations published by analysts covering NextEra Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.1%
of shares
Employees
17,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.5%

$79.13 on October 31, 2025 to $85.03

ThenNowEffect
Revenue (last 12 months) $25.9bn $28.7bn +10.8%
Net margin 22.8% 32.4% +41.8%
P/E multiple 27.6x 19.1x −30.8%
Share count 2061m 2087m −1.2%

Biggest factor: p/e multiple.

Last 3 years +56.5%

$54.32 on November 3, 2023 to $85.03

ThenNowEffect
Revenue (last 12 months) $26.9bn $28.7bn +6.5%
Net margin 30.1% 32.4% +7.8%
P/E multiple 13.4x 19.1x +42.2%
Share count 2000m 2087m −4.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NEE+23%−9%−25%+22%+16%+8%
Industry peers (median)+10%+3%−2%+14%+12%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NEE75%58%42%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NEE−18%−26%−41%−18%−16%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from December 31, 2021 to October 9, 2023. Getting back needed a 82% gain, reached on October 14, 2025, 736 days after the low.

Price behaviour

52-week range
$75.49 – $96.44
From 52-week high
−11.8%
vs 50-day average
+6.0%
vs 200-day average
−1.6%
Volatility (1 year)
21%
Beta vs S&P 500
0.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.2%
After a week
7 up, 5 down
typical move ±4.2%
After a month
7 up, 4 down
typical move ±6.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +3.9% −0.7% +2.7% —
July 24, 2026 −1.1% +0.1% −3.2% −6.3%
April 23, 2026 +5.9% +0.4% +8.8% −1.6%
January 27, 2026 +2.5% +0.4% +3.9% +7.6%
January 2, 2026 +1.3% +0.9% −0.5% +10.6%
October 28, 2025 −5.0% +0.3% −5.0% +0.1%
July 23, 2025 −7.2% +0.9% −8.4% −1.9%
April 23, 2025 −0.4% +3.7% +0.4% +0.5%
January 24, 2025 +6.6% −1.7% +3.4% +3.0%
October 23, 2024 −1.1% −0.7% −5.5% −7.6%
July 24, 2024 +1.8% −2.8% +5.9% +9.4%
April 23, 2024 +1.9% +1.1% +2.5% +16.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How NextEra Energy’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.37× the last 60 days’ realised volatility , richer than 82% of the 229 stocks we screen today.
  • Why: implied is 1.37x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NEE NextEra Energy Grade B+ $85.27

Own 100 shares, sell the $87.00 call expiring November 27, 2026 (25 days) for $1.23 a share — $123 per contract.

Previous session · Bid $1.23, ask $1.48, quoted Mon 2 Nov, 17:31 New York time with NEE at $85.27. Option prices move with the shares: check the live chain at your broker before trading.

  • If NEE ends below $87.00: you keep your shares and the $123 — 1.4% extra on the position, 21.1% a year at that pace.
  • If it ends above $87.00: your shares are sold at $87.00, a total return of 3.5% including the premium — at or above our value of ~$31.
$296 $0 −$1.7k Break-even $84.04 Price $85.27 ← Our value ~$31
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$123
Annualised
21.1%
Break-even
$84.04
Max gain
$296.5
Chance of selling
~41%

Collar

Own the shares, buy the $81.00 put and sell the $87.00 call, both expiring November 27, 2026 (25 days).

  • Net credit of $0.41 a share ($41.00 per contract of 100 shares).
  • Worst case at expiry: -4.5%, if the shares fall below $81.00 (-5.0% from today).
  • Best case at expiry: +2.5%, if the shares rise above $87.00 (+2.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $31.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

NextEra Energy in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NextEra Energy
$24B $26B $28B $30B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $28.1B Revenue (TTM), FY24 Q1: $27.1B Revenue (TTM), FY24 Q2: $25.9B Revenue (TTM), FY24 Q3: $26.2B Revenue (TTM), FY24 Q4: $24.8B Revenue (TTM), FY25 Q1: $25.3B Revenue (TTM), FY25 Q2: $25.9B Revenue (TTM), FY25 Q3: $26.3B Revenue (TTM), FY25 Q4: $27.4B Revenue (TTM), FY26 Q1: $27.9B Revenue (TTM), FY26 Q2: $28.7B Revenue (TTM), FY26 Q3: $28.8B $28.8B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $28.1B
FY24 Q1 $27.1B
FY24 Q2 $25.9B
FY24 Q3 $26.2B
FY24 Q4 $24.8B
FY25 Q1 $25.3B
FY25 Q2 $25.9B
FY25 Q3 $26.3B
FY25 Q4 $27.4B
FY26 Q1 $27.9B
FY26 Q2 $28.7B
FY26 Q3 $28.8B
Revenue growth, TTM YoY NextEra Energy
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 34.2% Revenue growth, TTM YoY, FY24 Q1: 9.5% Revenue growth, TTM YoY, FY24 Q2: -4.1% Revenue growth, TTM YoY, FY24 Q3: -4.2% Revenue growth, TTM YoY, FY24 Q4: -12.0% Revenue growth, TTM YoY, FY25 Q1: -6.9% Revenue growth, TTM YoY, FY25 Q2: 0.2% Revenue growth, TTM YoY, FY25 Q3: 0.2% Revenue growth, TTM YoY, FY25 Q4: 10.8% Revenue growth, TTM YoY, FY26 Q1: 10.3% Revenue growth, TTM YoY, FY26 Q2: 10.8% Revenue growth, TTM YoY, FY26 Q3: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 34.2%
FY24 Q1 9.5%
FY24 Q2 -4.1%
FY24 Q3 -4.2%
FY24 Q4 -12.0%
FY25 Q1 -6.9%
FY25 Q2 0.2%
FY25 Q3 0.2%
FY25 Q4 10.8%
FY26 Q1 10.3%
FY26 Q2 10.8%
FY26 Q3 9.6%
Operating margin (TTM) NextEra Energy
28% 30% 32% 34% 36% 38% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 36.4% Operating margin (TTM), FY24 Q1: 34.3% Operating margin (TTM), FY24 Q2: 31.6% Operating margin (TTM), FY24 Q3: 35.1% Operating margin (TTM), FY24 Q4: 30.2% Operating margin (TTM), FY25 Q1: 30.6% Operating margin (TTM), FY25 Q2: 30.8% Operating margin (TTM), FY25 Q3: 29.0% Operating margin (TTM), FY25 Q4: 30.2% Operating margin (TTM), FY26 Q1: 29.5% Operating margin (TTM), FY26 Q2: 29.8% Operating margin (TTM), FY26 Q3: 30.0% 30.0%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 36.4%
FY24 Q1 34.3%
FY24 Q2 31.6%
FY24 Q3 35.1%
FY24 Q4 30.2%
FY25 Q1 30.6%
FY25 Q2 30.8%
FY25 Q3 29.0%
FY25 Q4 30.2%
FY26 Q1 29.5%
FY26 Q2 29.8%
FY26 Q3 30.0%
FCF margin (TTM) NextEra Energy
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 19.3% FCF margin (TTM), FY24 Q1: 24.9% FCF margin (TTM), FY24 Q2: 29.7% FCF margin (TTM), FY24 Q3: 32.8% FCF margin (TTM), FY24 Q4: 31.5% FCF margin (TTM), FY25 Q1: 28.9% FCF margin (TTM), FY25 Q2: 23.9% FCF margin (TTM), FY25 Q3: 20.9% FCF margin (TTM), FY25 Q4: 21.5% FCF margin (TTM), FY26 Q1: 19.6% FCF margin (TTM), FY26 Q2: 24.3% FCF margin (TTM), FY26 Q3: 29.2% 29.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 19.3%
FY24 Q1 24.9%
FY24 Q2 29.7%
FY24 Q3 32.8%
FY24 Q4 31.5%
FY25 Q1 28.9%
FY25 Q2 23.9%
FY25 Q3 20.9%
FY25 Q4 21.5%
FY26 Q1 19.6%
FY26 Q2 24.3%
FY26 Q3 29.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar NextEra Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $27.4B
  2. Other operating costs $19.1B · 69.8%
  3. Operating income $8.3B · 30.2%
  4. Interest and other $1.4B · 5.3%
  5. Net income $6.8B · 24.9%

Shares of revenue. Source: NextEra Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 15.6 15.3 15.3 14.3 15.1 17.0 17.5 16.1 17.2 16.7 19.2 18.0 17.1 21.0 28.1 24.8 27.4 28.8
EBITDA 4.4 5.0 4.8 4.8 5.4 6.9 7.5 7.6 7.5 8.2 9.6 9.2 6.8 8.6 16.1 12.9 14.9 15.1
Operating income 2.6 3.2 3.3 3.3 3.2 4.4 4.6 4.5 5.2 4.3 5.4 5.1 2.9 4.1 10.2 7.5 8.3 8.7
Net income 1.6 2.0 1.9 1.9 1.9 2.5 2.8 2.9 5.4 6.6 3.8 2.9 3.6 4.1 7.3 6.9 6.8 11.6
Diluted EPS $0.99 $1.19 $1.15 $1.14 $1.12 $1.40 $1.51 $1.56 $2.85 $3.47 $1.94 $1.48 $1.81 $2.10 $3.60 $3.37 $3.30 $5.56
Growth (year on year)
Revenue −4.7% −2.1% +0.2% −7.1% +6.2% +12.5% +2.7% −7.7% +6.4% −2.6% +14.8% −6.3% −5.2% +22.8% +34.2% −12.0% +10.7% +9.6%
EBITDA +2.2% +15.0% −3.7% −0.7% +12.7% +28.3% +7.6% +1.6% −0.6% +8.8% +16.8% −4.2% −25.4% +25.6% +87.7% −19.7% +14.8% +6.7%
Operating income −8.2% +24.4% +1.1% +0.5% −1.1% +35.3% +5.7% −3.7% +16.0% −17.3% +25.1% −4.4% −43.1% +40.1% +150.8% −26.9% +10.7% +13.4%
Net income −1.5% +21.2% −1.7% −0.6% −0.2% +29.2% +11.6% +5.6% +85.1% +23.4% −43.2% −22.6% +22.4% +16.1% +76.3% −5.0% −1.6% +79.0%
Diluted EPS −2.5% +19.4% −3.2% −0.7% −2.0% +25.3% +8.2% +3.0% +82.5% +21.9% −44.1% −23.7% +22.3% +16.0% +71.4% −6.4% −2.1% +76.4%
Margins
EBITDA margin 27.9% 32.7% 31.5% 33.6% 35.7% 40.7% 42.7% 47.0% 43.8% 49.0% 49.8% 50.9% 40.1% 41.0% 57.3% 52.3% 54.2% 52.2%
Operating margin 16.6% 21.1% 21.3% 23.0% 21.4% 25.8% 26.5% 27.6% 30.1% 25.6% 27.9% 28.4% 17.1% 19.5% 36.4% 30.2% 30.2% 30.0%
Net margin 10.3% 12.8% 12.5% 13.4% 12.6% 14.5% 15.7% 18.0% 31.3% 39.7% 19.6% 16.2% 20.9% 19.8% 26.0% 28.1% 24.9% 40.4%
Cash flow
Cash from operations 4.5 3.8 4.1 4.0 5.1 5.5 6.1 6.4 6.5 6.6 8.2 8.0 7.6 8.3 11.3 13.3 12.5 14.8
Stock-based pay 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 —
Balance sheet
Cash 0.2 0.4 0.3 0.4 0.4 0.6 0.6 1.3 1.7 0.6 0.6 1.1 0.6 1.6 2.7 1.5 2.8 5.6
Total debt 18.9 20.8 23.0 27.4 28.4 28.7 29.7 30.8 35.0 37.7 42.6 47.6 54.1 63.6 73.0 82.1 95.0 110.2
Net debt (negative = net cash) 18.7 20.4 22.6 26.9 28.0 28.1 29.1 29.5 33.3 37.1 42.0 46.5 53.5 62.0 70.3 80.6 92.2 104.6
Diluted shares 1,629m 1,652m 1,676m 1,677m 1,708m 1,760m 1,816m 1,863m 1,890m 1,908m 1,942m 1,969m 1,972m 1,979m 2,031m 2,059m 2,071m 2,093m
Returned to shareholders
Dividends 0.8 0.8 0.9 1.0 1.1 1.3 1.4 1.6 1.8 2.1 2.4 2.7 3.0 3.4 3.8 4.2 4.7 5.1
Buybacks 0.0 0.0 0.4 0.0 0.0 0.0 — — — — — — — — — — — —
Total returned 0.8 0.8 1.3 1.0 1.1 1.3 1.4 1.6 1.8 2.1 2.4 2.7 3.0 3.4 3.8 4.2 4.7 5.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · September 30, 2026
What it owns · $245.1bn
Short-term assets $18.6bnLonger-term assets $226.5bn
What it owes, and who funded it · $232.2bn
Short-term liabilities $35.1bnLonger-term liabilities $135.6bnShareholders' equity $61.5bn
  • Short-term assets cover short-term liabilities $18.6bn of assets due within a year against $35.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $18.6bn short-term assets against $135.6bn of longer-dated liabilities.
  • More cash than debt $5.6bn of cash against $106.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 172% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 142% to 172% over five years.
  • A year's operating cash flow covers at least 20% of debt $14.8bn of operating cash flow against $106.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From NextEra Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$5.1B
Diluted share count
+1.4%
year over year
Total shareholder yield
2.9%
dividends 2.9% + buybacks 0.0% of market value
Dividend payout ratio
44%
of net income paid out
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated NEE PCG D ED DTE XEL Median
Revenue, last 12 months $28.8bn $25.8bn $18.1bn $17.7bn $16.5bn $14.9bn $9.0bn
Revenue growth, last 12 months 9.6% 4.1% 19.0% 9.5% 15.9% 4.5% 7.8%
Revenue growth, 3-year average 1.7% 4.2% 6.9% 4.4% 0.6% 0.1% 2.3%
Revenue growth, latest quarter 1.6% −1.0% 17.6% 13.2% −1.5% 6.6% 6.6%
Operating margin 30.0% 20.2% 21.1% 18.0% 13.3% 21.7% 20.4%
Operating margin, 3-year average 31.4% 19.0% 23.4% 17.5% 15.4% 19.1% 20.4%
Net margin 40.4% 11.6% 14.0% 12.5% 8.0% 17.9% 11.8%
Cash from operations / revenue 51.4% 30.3% 29.7% 22.4% 20.4% 34.1% 28.8%
Free-cash-flow margin 29.2% −19.3% 16.1% 9.2% 8.7% −51.2% −13.3%
Free-cash-flow margin, 3-year average 27.6% −15.0% 18.9% 9.6% 11.4% −33.5% −7.6%
Stock pay / revenue — 0.5% — — 0.7% 0.3% 0.5%
Change in share count 1.4% 1.4% 2.7% 3.4% 0.2% 6.3% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 9.6% 7.8% 6 of 17
Change in growth rate Growth -1.2pp -0.2pp 12 of 17
Operating margin Profitability 30.0% 20.5% 1 of 16
Net margin Profitability 40.4% 11.8% 1 of 17
Free-cash-flow margin Cash generation 29.2% -13.3% 1 of 17
Long-term debt as % of assets Balance sheet 39.6% 39.5% 10 of 16
Change in share count Balance sheet 1.4% 2.2% 7 of 17
Days sales outstanding Balance sheet 61 days 39 days 14 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$155B
Institutions reporting
3,001
Shares held vs prior quarter
▲ 2.3%
Positions opened / closed
142 / 145

Top buyers and sellers, Q2 2026: 1,526 institutions bought and 1,203 sold ; the biggest buyer was Blackrock, Inc (+8.0M shares) and the biggest seller Capital Research Global Investors (−15.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $16.4B 186.8M 10.6% ▲ 4.5%
Vanguard Capital Management LLC $12B 136.2M 7.7% ▲ 0.6%
State Street Corp $10.4B 119.0M 6.7% ▼ 0.6%
Jpmorgan Chase & Co $10.3B 116.0M 6.6% ▲ 3.6%
Morgan Stanley $5.6B 63.5M 3.6% ▼ 1.9%
Vanguard Portfolio Management LLC $5.5B 62.2M 3.5% ▲ 3.0%
Geode Capital Management, LLC $4.4B 50.0M 2.8% ▲ 3.4%
Franklin Resources Inc $3.9B 44.5M 2.5% ▼ 4.5%
Norges Bank $2.8B 32.1M 1.8% —
Bank Of America Corp $2.6B 29.7M 1.7% ▼ 5.4%
FMR LLC $2.6B 29.6M 1.7% ▼ 12.8%
Wells Fargo & Company $2.6B 29.2M 1.7% ▲ 2.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NextEra Energy's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $31.1M 17 trades by 8 insiders · 100% under pre-set plans
Net ▼ $31.1M net selling
Insider Date Trade Shares Price Value
Daggs Nicole J EVP, Human Res & Corp Svcs March 13, 2026 Sell pre-set plan 745 $93.00 $69,285
Daggs Nicole J EVP, Human Res & Corp Svcs March 13, 2026 Sell pre-set plan 4,189 $93.00 $389,577
Lemasney Mark EVP Power Generation Division March 9, 2026 Sell pre-set plan 3,845 $90.27 $347,088
Crews Terrell Kirk Ii EVP, Chief Risk Officer March 9, 2026 Sell pre-set plan 9,340 $90.27 $843,122
Crews Terrell Kirk Ii EVP, Chief Risk Officer March 9, 2026 Sell pre-set plan 4,720 $90.27 $426,074
Crews Terrell Kirk Ii EVP, Chief Risk Officer March 9, 2026 Sell pre-set plan 5,612 $90.27 $506,595
May James Michael Treasurer and Asst. Secretary March 9, 2026 Sell pre-set plan 2,489 $90.27 $224,682
May James Michael Treasurer and Asst. Secretary March 9, 2026 Sell pre-set plan 4,672 $90.27 $421,741
Reagan Ronald R EVP, Eng., Const. & ISC February 17, 2026 Sell pre-set plan 5,079 $95.00 $482,505
Ketchum John W Chairman, President & CEO February 9, 2026 Sell pre-set plan 24,535 $89.34 $2.2M
Ketchum John W Chairman, President & CEO February 9, 2026 Sell pre-set plan 75,068 $89.34 $6.7M
Sieving Charles E EVP, Chief Legal February 4, 2026 Sell pre-set plan 30,000 $90.00 $2.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 189 trades and filings

In the last 12 months, 4 members of Congress disclosed 2 purchases and 7 sales of NextEra Energy shares.

  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 14, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded September 2, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 24, 2026
  • April 23, 2026
  • January 27, 2026
  • January 2, 2026
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on NextEra Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NextEra Energy in brief

What does NextEra Energy do?
NextEra Energy is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is NextEra Energy's stock ticker?
NextEra Energy trades under the ticker NEE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NextEra Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, NextEra Energy reported revenue of $28.8B, 9.6% higher than a year earlier, according to its SEC filings.
What is NextEra Energy's free cash flow?
NextEra Energy's free-cash-flow margin is 29.2% of revenue over the trailing twelve months, ranking 1 of the 17 multi-utilities companies we cover.
What is NextEra Energy's fair value (intrinsic value) per share?
Our discounted-cash-flow model of NextEra Energy's free cash flow after stock-based pay gives ~$31 per share in the base case, and ~$9.2–$58 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are NextEra Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is NextEra Energy's market cap?
On November 2, 2026, NextEra Energy's market capitalisation was about $178B, with a price-to-earnings ratio of 15.3 and net debt of $105B. Market figures come from third-party market data and may be delayed.
Does NextEra Energy pay a dividend?
Yes: NextEra Energy paid $5.1B in dividends over the trailing twelve months, a dividend yield of 2.85% and a payout ratio of 43.7%.
How much debt does NextEra Energy have?
NextEra Energy's debt-to-equity ratio is 172.3%, from its latest balance sheet (142.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are NextEra Energy's competitors?
In our Multi-Utilities peer group, the companies closest to NextEra Energy are PG&E Corporation, Dominion Energy, Consolidated Edison, DTE Energy and Xcel Energy. The side-by-side comparison below sets their revenue, margins and growth against NextEra Energy's.
Are insiders buying or selling NextEra Energy stock?
Over the last 12 months, NextEra Energy's directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is NextEra Energy's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NextEra Energy announces its own schedule.