A major North American energy company combining a large regulated electric utility with one of the world's leading renewable energy platforms.
★★★★☆
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Moderate
What NextEra does
NextEra Energy provides regulated electricity through Florida Power & Light and develops renewable energy, storage, nuclear, natural gas, transmission, and other energy infrastructure through NextEra Energy Resources.
Founded
1925
Juno Beach, Florida
CEO
John W. Ketchum
Since 2022
Market cap
$160.75B
131
Revenue (FY25)
$27.41B
+10.7% YoY
30-Second Summary
A plain-English explanation of NextEra Energy's business model
If you only remember one thing
NextEra Energy operates two major businesses. Florida Power & Light provides regulated electricity to customers in Florida, while NextEra Energy Resources develops and operates renewable energy, battery storage, nuclear, natural gas, transmission, and other energy infrastructure. The company earns revenue primarily by selling electricity and providing energy and infrastructure services under regulated rates and long-term contracts.
Business Segments
Where NextEra's $27.41B Fiscal year 2025 (ended December 31, 2025) comes from
$27.41B
Fiscal year 2025
68% of revenue ·+7.3% YoY
32% of revenue ·+16.2% YoY
NextEra Energy has two reportable business segments: Florida Power & Light (FPL), a rate-regulated electric utility, and NextEra Energy Resources (NEER), which includes competitive energy and regulated transmission businesses.
Fiscal year 2025 ended December 31, 2025. FPL generated $18.262B of operating revenue and NEER generated $8.760B. Percentages below are calculated against total reportable-segment operating revenue of $27.022B; consolidated operating revenue was $27.412B after Corporate and Other.
Business Model
How NextEra makes money — the ecosystem flywheel
Generate & Deliver Electricity
Build Energy Infrastructure
Strengths & Risks
What makes NextEra strong — and what could go wrong
Large Utility Platform
Florida Power & Light is one of the largest electric utilities in the United States and serves more than six million customer accounts.
Renewable Energy Scale
NextEra Energy Resources is one of the world's largest generators of renewable energy from wind and solar and is also a major battery-storage developer.
Diversified Energy Model
The company combines regulated utility operations with competitive and long-term contracted energy infrastructure, providing different sources of revenue and cash flow.
Long-Term Infrastructure Growth
NextEra invests heavily in generation, transmission, distribution, storage, and other infrastructure that can support long-term electricity demand.
Regulated Utility Stability
FPL operates under a regulated rate framework designed to recover the cost of providing electricity and provide a return on invested capital, subject to regulatory approval.
Financial Overview
Fiscal year 2025 (ended December 31, 2025)
$27.41B
+10.7% YoY
FY25
$6.83B
-1.6% YoY
FY25
$-12.12B
-5.7% YoY
FY25
NextEra Energy generated $27.412B of operating revenue and $6.835B of net income attributable to NextEra Energy in fiscal 2025. Operating cash flow was $12.485B, while capital expenditures, independent power investments and nuclear fuel purchases totaled $24.606B, resulting in approximately $12.121B of negative calculated free cash flow.
Financial History
5-year reported trend, fiscal years 2021–2025; free cash flow is calculated as operating cash flow less capital expenditures, independent power investments and nuclear fuel purchases
$27.41B
+61% since FY21
Business Ecosystem
Who NextEra depends on — and who depends on NextEra
Electricity Customers
Residential, commercial, and industrial customers purchase electricity from FPL and other NextEra-related energy businesses.
Renewable & Infrastructure Partners
Developers, equipment suppliers, utilities, project partners, and long-term energy customers support NextEra's renewable generation, storage, transmission, and other infrastructure projects.
Regulators & Grid Organizations
State and federal regulators, grid operators, and other public organizations influence rates, project approvals, transmission development, and energy-market operations.
NextEra Energy
Energy infrastructure company
Competitors
Companies used as broad comparison references for NextEra Energy's regulated electric utility and energy-infrastructure businesses. Because NextEra combines a large Florida utility with a major renewable and infrastructure platform, no single company is a perfect one-to-one competitor. Market caps use October 7, 2026 snapshots where available.
The Southern Company
$98.82B
Large U.S. utility company operating regulated electric and gas businesses, providing a broad comparison for NextEra Energy's utility operations.
Duke Energy
$90.38B
Major U.S. electric utility with regulated generation, transmission, and distribution businesses across multiple states.
American Electric Power
$66.46B
Chevron Corporation
A global integrated energy company involved in oil and gas production, refining, fuels, chemicals, and lower-carbon energy solutions.
Exxon Mobil Corporation
A global integrated energy and petrochemical company involved in oil and gas production, fuels, chemicals, specialty products, and lower-emission technologies.
