AI Takeaway
NEE delivered strong operating income growth of 10.7% to $8.28B in FY2025, though net income dipped 1.6% to $6.84B amid a significant 23.7% surge in long-term debt to $89.6B driven by aggressive capital investment.
EPS (Basic)
$3.31
-2.07% YoY
Operating Income
$8.28B
++10.71% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Operating income rose 10.7% year-over-year to $8.28B in FY2025, reflecting continued strength in NEE's regulated utility and clean energy businesses despite net income declining slightly to $6.84B due to below-the-line items.
Source: Source: 10-K Income Statement
Investing cash outflows reached -$23.87B in FY2025, up 7.2% from -$22.26B the prior year, signaling continued heavy investment in renewable energy infrastructure and grid expansion projects.
Source: Source: 10-K Cash Flow Statement
Total assets grew 11.9% to $212.72B, funded in part by a 23.7% increase in long-term debt to $89.56B, reflecting NEE's capital-intensive growth strategy in clean energy and regulated utilities.
Source: Source: 10-K Balance Sheet
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Upgrade to unlockLong-term debt surged 23.7% to $89.56B in FY2025, pushing the debt-to-equity ratio to 2.68x. In a rising or sustained high interest rate environment, refinancing costs could materially pressure earnings and free cash flow.
Source: Source: 10-K Balance Sheet
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $0.54 versus the $0.53 analyst consensus — a +1.7% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Income | $8.28B | $7.48B | +10.71% |
Net Income | $6.83B | $6.95B | -1.60% |
EPS (Basic) | $3.31 | $3.38 | -2.07% |
EPS (Diluted) | $3.30 | $3.37 | -2.08% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $212.72B | $190.14B | +11.87% |
Current Assets | $13.58B | $11.95B | +13.66% |
Total Liabilities | $146.24B | $129.28B | +13.12% |
Current Liabilities | $22.82B | $25.36B | -10.01% |
Stockholders' Equity | $54.61B | $50.1B | +9.00% |
Cash & Equivalents | $2.81B | $1.49B | +89.11% |
Long-Term Debt | $89.56B | $72.39B | +23.72% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $12.48B | $13.26B | -5.84% |
Investing Cash Flow | $-23.86B | $-22.26B | -7.19% |
Financing Cash Flow | $12.98B | $7B | +85.41% |
Dividends Paid | $4.68B | $4.24B | +10.51% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
ROE | 12.5% | — | — |
ROA | 3.2% | — | — |
Current Ratio | $0.595 | — | — |
Debt to Equity | $2.678 | — | — |
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NEE reported operating income of $8.28B (+10.7% YoY) and net income of $6.84B (-1.6% YoY) in FY2025. Basic EPS came in at $3.31, down slightly from $3.38 the prior year, as higher interest costs from rising debt levels offset strong operational performance.
NEE's operating income grew 10.7% to $8.28B, but net income declined 1.6% to $6.84B, suggesting significant headwinds from non-operating items such as higher interest expense on its $89.56B long-term debt load. This divergence between operating and net income is a key concern investors should monitor.
NEE's long-term debt surged 23.7% to $89.56B in FY2025, pushing its debt-to-equity ratio to 2.68x. The company raised $12.98B in financing activities to fund its $23.87B capital investment program, resulting in deeply negative free cash flow of approximately -$11.38B.
Yes, NEE paid $4.68B in dividends in FY2025, a 10.5% increase from $4.24B the prior year, demonstrating management's continued commitment to dividend growth despite heavy capital spending and negative free cash flow.
The two most significant risks are NEE's high leverage (long-term debt of $89.56B, debt-to-equity of 2.68x) and its deeply negative free cash flow of approximately -$11.38B, both of which make the company highly dependent on continued access to capital markets. Additionally, a current ratio of only 0.60 highlights limited short-term liquidity, and any adverse changes to clean energy policy or interest rates could materially impact earnings.