What it does
The company states that it has two principal businesses: FPL, a rate-regulated electric utility in Florida, and NEER, its competitive energy and regulated transmission businesses. FPL generates, stores, transmits, distributes and sells electricity through an integrated system. NEER develops, constructs, owns and operates generation and battery-storage facilities; regulated electric and gas transmission assets; and a customer supply business. As of December 31, 2025, the company reported approximately 80 gigawatts of net generation and storage capacity, primarily using natural gas, wind, solar, nuclear generation and battery storage.
Source: NextEra Energy, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing reports FPL and NEER as NEE’s reportable segments; the segment table below provides the related financial detail. FPL’s primary operating revenue source is its retail customer base, with rates approved by regulators and intended to recover the cost of service, including a reasonable return on invested capital. NEER primarily sells energy, capacity, renewable energy credits and ancillary services, largely under long-term power sales and battery-storage tolling agreements. Its customer supply business also enters commodity contracts to provide energy and capacity requirements, customized power and fuel products, and risk-management services.
Source: NextEra Energy, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
FPL serves approximately 12 million people through more than 6 million customer accounts in Florida. Its service areas cover most of Florida’s east and lower west coasts, plus ten counties in northwest Florida; retail revenues are its principal source, and it also has a limited number of wholesale customers within the state. NEER operates in wholesale energy markets across the U.S. and Canada. It sells principally to utilities, retail electricity providers, power cooperatives, municipal electric providers, and commercial and industrial customers. The filing states that NEER had net generating capacity across 44 U.S. states and four Canadian provinces at December 31, 2025.
Source: NextEra Energy, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing does not name individual competing companies. It states that FPL competes for customers that can self-generate and also faces other electrical-energy suppliers and alternative energy sources for wholesale and industrial customers. FPL’s new large steam and solar capacity can also be subject to an RFP process in which independent power producers and others bid. For NEER, the filing describes wholesale generation as a capital-intensive, commodity-driven business with numerous industry participants. It says NEER generally competes on price, while market conditions and competitive intensity differ by region and are shaped by regulation.
Source: NextEra Energy, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
- Extensive regulation of NEE’s and FPL’s business may materially adversely affect their business, financial condition, results of operations and prospects.
- New federal or state greenhouse-gas emission limits could affect fuel availability or cost, impose costs, or require capital investment.
- Projects under development may not proceed, or construction and capital improvements may not be completed on schedule or within budget.
- Operating and maintenance risks include adverse weather and natural disasters, fuel or supply disruptions, equipment failures and below-expected output.
- Nuclear facility operations and maintenance involve environmental, health and financial risks, including potential fines, closures, increased costs and capital expenditures.
- Credit and capital-market disruptions, uncertainty or volatility may negatively affect funding of liquidity and capital needs.
Source: NextEra Energy, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The company had 17,400 employees as of December 31, 2025. FPL had approximately 9,400 employees, with approximately 30% represented by the International Brotherhood of Electrical Workers. The company states that FPL’s electricity demand and operating revenues are typically higher in summer because of air-conditioning use, although unusually cold winter temperatures can produce short periods of higher usage. FPL had 35,963 MW of net generating capacity, approximately 93,000 circuit miles of transmission and distribution lines, and 932 substations at year-end. NEER had approximately 37,505 MW of total net generating capacity, including assets in the U.S. and Canada.
Source: NextEra Energy, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov