Company profile
SEC EDGAR ↗- Industry
- Electric Services
- Listed
- NYSE: NEE
- Incorporated
- FL
- Headquarters
- Juno Beach, FL
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $25.8B
- Net income
- $6.83B
- Total assets
- $212.7B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $25.8B | $6.83B | $212.7B |
| FY2024 | $23.5B | $6.95B | $190.1B |
| FY2023 | $24.8B | $7.31B | $177.5B |
| FY2022 | $23.0B | $4.15B | $158.9B |
| FY2021 | $18.8B | $3.57B | $140.9B |
| FY2020 | $17.0B | $2.92B | $127.7B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
NextEra Calls Itself the World's Biggest in Clean Energy. The Florida Utility Is What Pays for It.
NextEra is the world's largest generator of wind and solar power — but only by MWh produced, a metric it picks itself. The unglamorous Florida monopoly funds the whole thing, and a 2022 eagle-death guilty plea shows what scale without permitting discipline costs.
8 min
The Adjacency Expansion · Growth & Portfolio
NextEra Looks Like a Conglomerate. It's Actually the Most Single-Minded Company in Power.
NextEra runs a regulated Florida utility, the world's largest wind-and-solar fleet, and a publicly traded YieldCo. It looks like sprawl. It's the opposite: $134 billion since 2013 poured into one idea — own the cheapest clean electron.
8 min
The Cross-Subsidy · Business Model
In 2024, NextEra's Boring Utility Out-Earned the Renewables Arm It Supposedly Subsidizes
The story is that boring, regulated Florida Power & Light bankrolls NextEra's flashy wind-and-solar business. But in 2024 FPL earned $4.54 billion to the renewables arm's $2.30 billion — and the renewables arm spends more capital. The subsidy runs in reverse.
8 min
The Fork in the Road · Decision Forks
NextEra Was the World's Biggest Wind Owner Before It Even Had the Name
The legend says NextEra bet the company on renewables. The filings say something sharper: a Florida utility's subsidiary quietly harvested federal tax credits into 3,912 MW of wind by 2006 — four years before the parent company was even called NextEra.
8 min