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NEE delivered a strong Q1 FY2026 with net income surging 161.9% YoY to $2.18B, driven by favorable prior-period comparisons, even as operating income dipped slightly and capital investment spending accelerated sharply.
每股收益（基本）
$1.05
同比 ++156.10%
营业利润
$2.21B
同比 -2.13%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
净利润 $2.18B，同比增长 161.9%，稀释每股收益 $1.04。
Net income jumped 161.9% YoY to $2.18B in Q1 FY2026 versus $833M in Q1 FY2025, with basic EPS rising from $0.41 to $1.05. The dramatic improvement likely reflects non-recurring charges or mark-to-market losses that weighed on the prior-year period.
来源: Source: 10-Q Income Statement Data
Operating income edged down 2.1% YoY to $2.21B from $2.26B, suggesting that while the business remains highly profitable at the operating level, cost pressures or revenue mix shifts are creating modest headwinds to core earnings power.
来源: Source: 10-Q Income Statement Data
Investing cash outflows surged 40.1% YoY to -$10.82B, reflecting NEE's continued heavy investment in renewable energy infrastructure and grid modernization. This capital intensity is being funded primarily through financing activities, which generated $7.68B in Q1 FY2026.
来源: Source: 10-Q Cash Flow Statement Data
Long-term debt grew 17.7% YoY to $93.95B, and total liabilities rose 15.6% to $154.79B, underscoring NEE's reliance on debt capital markets to finance its large-scale clean energy buildout. The debt-to-equity ratio stands at approximately 2.80x.
来源: Source: 10-Q Balance Sheet Data
Total assets grew 14.0% YoY to $221.42B, reflecting the ongoing accumulation of long-lived energy infrastructure assets. Stockholders' equity also increased 10.9% to $55.22B, indicating retained earnings growth alongside the capital expansion.
来源: Source: 10-Q Balance Sheet Data
NEE carries $93.95B in long-term debt with a debt-to-equity ratio of 2.80x, making it highly sensitive to interest rate movements. As the company continues to issue new debt to fund capital expenditures, rising or sustained high interest rates could materially increase financing costs and compress earnings. This risk is amplified by the $10.82B in investing outflows in a single quarter.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
NEE's current ratio stands at only 0.54x, meaning current liabilities of $25.57B significantly exceed current assets of $13.86B. This structural working capital deficit is common for large utilities but creates reliance on continuous access to capital markets and credit facilities. Any disruption to financing availability could strain near-term liquidity.
来源: Source: 10-Q Balance Sheet Data
Investing cash outflows of $10.82B in Q1 FY2026 alone represent a 40.1% increase over the prior year, reflecting an accelerating build-out of renewable energy assets. Large-scale infrastructure projects carry risks of cost overruns, permitting delays, and supply chain disruptions that could impair returns on invested capital.
来源: Source: 10-Q Cash Flow Statement Data
The 161.9% YoY surge in net income relative to only a -2.1% decline in operating income suggests significant non-operating or mark-to-market items are driving reported earnings. This creates volatility in GAAP net income that may not reflect underlying business performance, potentially misleading investors relying on headline earnings figures.
来源: Source: 10-Q Income Statement Data
NEE paid $1.30B in dividends in Q1 FY2026, representing approximately 49.7% of operating cash flow of $2.61B. With free cash flow deeply negative due to massive capital expenditures, dividends are effectively being funded by debt issuance, which is unsustainable if capital market access tightens.
来源: Source: 10-Q Cash Flow Statement Data
Q1 FY2026 实际 EPS $1.09，分析师一致预期 $0.97，超预期 +12.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润 | $2.21B | $2.26B | -2.13% |
净利润 | $2.18B | $833M | +161.94% |
每股收益（基本） | $1.05 | $0.41 | +156.10% |
每股收益（稀释） | $1.04 | $0.40 | +160.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $221.42B | $194.26B | +13.98% |
流动资产 | $13.86B | $12.65B | +9.57% |
总负债 | $154.79B | $133.9B | +15.60% |
流动负债 | $25.57B | $22.86B | +11.86% |
股东权益 | $55.22B | $49.81B | +10.86% |
现金及等价物 | $2B | $2.42B | -17.40% |
长期债务 | $93.95B | $79.81B | +17.71% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.61B | $2.77B | -5.60% |
投资活动现金流 | $-10.82B | $-7.72B | -40.10% |
筹资活动现金流 | $7.68B | $6.1B | +25.82% |
股息支出 | $1.3B | $1.17B | +11.49% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净资产收益率 | 4.0% | — | — |
总资产收益率 | 1.0% | — | — |
流动比率 | $0.542 | — | — |
资产负债率 | $2.803 | — | — |
NEE reported net income of $2.18B and basic EPS of $1.05 in Q1 FY2026, representing a 161.9% YoY increase in net income. Whether this beat Wall Street consensus estimates would require comparison to analyst forecasts not included in the filing data, but the headline numbers represent a dramatic improvement over the prior year's $833M net income.
The standout takeaway is the 161.9% surge in net income to $2.18B, contrasting with a modest 2.1% dip in operating income to $2.21B, suggesting non-operating items drove the headline improvement. NEE also accelerated its capital investment program with $10.82B in investing outflows, funded by $7.68B in financing activities and growing long-term debt to $93.95B.
Based on the financial data, key risks include NEE's high leverage with $93.95B in long-term debt and a 2.80x debt-to-equity ratio, a current ratio of only 0.54x indicating structural working capital deficit, and deeply negative free cash flow as $10.82B in quarterly capital expenditures far exceed $2.61B in operating cash flow. These risks make NEE sensitive to interest rate movements and capital market conditions.
NEE invested $10.82B in capital expenditures in Q1 FY2026, a 40.1% increase over the prior year, funded primarily through $7.68B in financing cash flows including new debt issuance. Long-term debt grew 17.7% YoY to $93.95B, and operating cash flow of $2.61B covered only a fraction of the investment outflows, resulting in deeply negative free cash flow.
NEE's balance sheet shows total assets of $221.42B growing 14.0% YoY and stockholders' equity of $55.22B up 10.9%, reflecting ongoing asset accumulation. However, the current ratio of 0.54x and debt-to-equity of 2.80x highlight significant leverage and near-term liquidity reliance on capital markets, which is typical for large regulated utilities but warrants attention in a rising interest rate environment.