EX-99 2 neeq22025exhibit99.htm EX-99 Document
Exhibit 99

nexteraenergy.jpg
NextEra Energy, Inc.
Media Line: 561-694-4442
July 23, 2025

FOR IMMEDIATE RELEASE

NextEra Energy reports second-quarter 2025 financial results
•NextEra Energy delivers strong second-quarter 2025 results
•FPL grows regulatory capital employed by nearly 8% year-over-year and continues to keep customer bills low while delivering reliable electricity
•NextEra Energy Resources achieves a strong quarter of new renewables and storage origination, adding 3.2 gigawatts to its backlog, including over 1 gigawatt serving hyperscalers

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2025 second-quarter net income attributable to NextEra Energy on a GAAP basis of $2.028 billion, or $0.98 per share, compared to $1.622 billion, or $0.79 per share, for the second quarter of 2024. On an adjusted basis, NextEra Energy's 2025 second-quarter earnings were $2.164 billion, or $1.05 per share, compared to $1.968 billion, or $0.96 per share, in the second quarter of 2024.

"NextEra Energy delivered strong second-quarter results with adjusted earnings per share increasing by 9.4% year-over-year," said John Ketchum, chairman, president and chief executive officer. "We believe the continued strong financial and operational performance at both FPL and NextEra Energy Resources positions us well to meet our overall objectives for the year. During the quarter, FPL continued to invest in its business to serve Florida's growing population while keeping reliability high and rates low. NextEra Energy Resources had a strong origination quarter, adding 3.2 gigawatts of new renewables and storage to its backlog. We believe we are well positioned to continue delivering for our customers and shareholders and will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2027, while maintaining our strong balance sheet and credit ratings."

FPL
FPL reported second-quarter 2025 net income of $1.275 billion, or $0.62 per share, compared to $1.232 billion, or $0.60 per share, for the prior-year comparable quarter. FPL's growth in the second quarter of 2025 primarily was driven by continued investment in the business. FPL's capital expenditures were approximately $2 billion for the quarter, and full-year capital investments are expected to be between $8 billion and $8.8 billion. Regulatory capital employed increased by nearly 8% over the same quarter last year.

FPL continues to focus on running the business efficiently and delivering on its strong customer value proposition, which is anchored in making smart capital investments for the benefit of customers, being an industry leader in costs, and delivering high reliability and outstanding customer service while keeping bills low. Serving its customers with a diversified energy mix, FPL continues to operate and invest in the nation's largest gas-fired fleet along with four nuclear units in Florida, which provides the company the flexibility to leverage cost-effective solar and storage to meet the significant demand from the state's growing population.

Last week, the Florida Supreme Court concluded that state regulators properly approved FPL's 2021 settlement agreement by affirming the Florida Public Service Commission's (PSC) Final and Supplemental Final Orders.

On Feb. 28, 2025, FPL initiated its 2025 base rate proceeding. The proposed four-year base rate plan would support continued, long-term investments in cost-effective generation, long-term infrastructure and advanced technology, which improves reliability and helps keep customer bills low. Today, FPL's typical residential bills remain well below the national average and among the lowest of the top 20 investor-owned utilities in the nation. A technical
1

hearing at the Florida PSC is scheduled next month, and FPL expects a final decision in the fourth quarter. If state regulators approve FPL's plan, a typical FPL residential bill would grow at an annual average rate of just 2.5% from 2025 through 2029 and remain approximately 20% below the projected national average.

NextEra Energy Resources
NextEra Energy Resources reported second-quarter 2025 net income attributable to NextEra Energy on a GAAP basis of $983 million, or $0.48 per share, compared to net income attributable to NextEra Energy of $552 million, or $0.27 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the second quarter of 2025 were $1,091 million, or $0.53 per share, compared to $865 million, or $0.42 per share, for the second quarter of 2024.

NextEra Energy Resources had a strong quarter for new renewables and storage origination, adding 3.2 gigawatts (GW) to its backlog, including over 1 GW serving hyperscalers. With these additions, NextEra Energy Resources' backlog now totals nearly 30 GW after taking into account more than 1.1 GW of new projects placed into service since the first-quarter 2025 financial results call in April. NextEra Energy Resources now has approximately 6 GW of projects in its backlog intended to serve technology and data center customers. Including its operating portfolio together with the expected buildout of its backlog, NextEra Energy Resources will have over 10.5 GW serving technology and data center customers across the United States.

Corporate and Other
In the second quarter of 2025 on a GAAP basis, Corporate and Other results decreased $0.04 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other results for the second quarter of 2025 decreased $0.04 per share, compared to the prior-year quarter.

Outlook
NextEra Energy's long-term financial expectations remain unchanged. For 2025, NextEra Energy continues to expect adjusted earnings per share to be in the range of $3.45 to $3.70. For 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the ranges of $3.63 to $4.00 and $3.85 to $4.32, respectively. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.

Conference call information
As previously announced, NextEra Energy's second-quarter 2025 financial results conference call is scheduled for 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns one of the largest energy infrastructure development companies in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

###

Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; XPLR Infrastructure, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI).

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most
2

directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar, and storage development and construction; market demand and transmission expansion to support wind, solar and storage development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no adverse litigation decisions; and no changes to governmental policies or incentives, including continued applicability of existing Internal Revenue Service tax credit safe harbor guidance. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

This news release should be read in conjunction with the attached unaudited financial information.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy projects of NextEra Energy and FPL and its affiliated entities or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) natural gas and oil production operations and cause NextEra Energy Resources to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading
3

procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; XPLR Infrastructure, LP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in XPLR Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

4

NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Three Months Ended June 30, 2025FPLNEER
Corporate and
Other(a)
NextEra Energy
Operating Revenues$4,708 $1,914 $78 $6,700 
Operating Expenses
Fuel, purchased power and interchange946 238 — 1,184 
Other operations and maintenance442 656 122 1,220 
Depreciation and amortization1,080 677 16 1,773 
Taxes other than income taxes and other – net523 106 1 630 
Total operating expenses – net2,991 1,677 139 4,807 
Gains (Losses) on Disposal of Businesses/Assets – Net— 23 (5)18 
Operating Income (Loss)1,717 260 (66)1,911 
Other Income (Deductions)
Interest expense(326)(413)(321)(1,060)
Equity in earnings of equity method investees— 177 — 177 
Allowance for equity funds used during construction40 4 — 44 
Gains on disposal of investments and other property – net— 103 — 103 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning
funds – net
— 70 — 70 
Other net periodic benefit income— — 67 67 
Other – net8 41 22 71 
Total other income (deductions) – net(278)(18)(232)(528)
Income (Loss) before Income Taxes1,439 242 (298)1,383 
Income Tax Expense (Benefit)164 (352)(68)(256)
Net Income (Loss)1,275 594 (230)1,639 
Net Loss Attributable to Noncontrolling Interests— 389 — 389 
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,275 $983 $(230)$2,028 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,275 $983 $(230)$2,028 
Adjustments – Pretax:(b)
Net losses associated with non-qualifying hedges— 215 36 251 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— (75)— (75)
XPLR Infrastructure, LP investment gains – net— 2 — 2 
Less related income tax benefit(c)
— (34)(8)(42)
Adjusted Earnings (Loss)$1,275 $1,091 $(202)$2,164 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.62 $0.48 $(0.12)$0.98 
Adjustments – Pretax:(b)
Net losses associated with non-qualifying hedges— 0.10 0.02 0.12 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— (0.03)— (0.03)
XPLR Infrastructure, LP investment gains – net— — — — 
Less related income tax benefit(c)
— (0.02)— (0.02)
Adjusted Earnings (Loss) Per Share$0.62 $0.53 $(0.10)$1.05 
Weighted-average shares outstanding (assuming dilution)2,061 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(b)After tax impact is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses associated with non-qualifying hedges$161 $0.07 $28 $0.02 $189 $0.09 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$(54)$(0.02)$— $— $(54)$(0.02)
XPLR Infrastructure, LP investment gains – net$1 $— $— $— $1 $— 
(c)Includes the effects of rounding.

5

NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Three Months Ended June 30, 2024FPLNEER
Corporate and
Other(a)
NextEra Energy
Operating Revenues$4,389 $1,645 $35 $6,069 
Operating Expenses
Fuel, purchased power and interchange1,081 223 (24)1,280 
Other operations and maintenance393 657 121 1,171 
Depreciation and amortization694 703 12 1,409 
Taxes other than income taxes and other – net481 85 2 568 
Total operating expenses – net2,649 1,668 111 4,428 
Gains (Losses) on Disposal of Businesses/Assets – Net— 30 (1)29 
Operating Income (Loss)1,740 7 (77)1,670 
Other Income (Deductions)
Interest expense(290)(298)(232)(820)
Equity in earnings of equity method investees— 158 1 159 
Allowance for equity funds used during construction37 4 — 41 
Gains on disposal of investments and other property – net— 116 — 116 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning
funds – net
— (89)— (89)
Other net periodic benefit income— — 66 66 
Other – net2 65 22 89 
Total other income (deductions) – net(251)(44)(143)(438)
Income (Loss) before Income Taxes1,489 (37)(220)1,232 
Income Tax Expense (Benefit)257 (263)(58)(64)
Net Income (Loss)1,232 226 (162)1,296 
Net Loss Attributable to Noncontrolling Interests— 326 — 326 
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,232 $552 $(162)$1,622 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$1,232 $552 $(162)$1,622 
Adjustments – Pretax:(b)
Net losses associated with non-qualifying hedges— 294 43 337 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— 87 — 87 
XPLR Infrastructure, LP investment gains – net— 32 — 32 
Less related income tax benefit(c)
— (100)(10)(110)
Adjusted Earnings (Loss)$1,232 $865 $(129)$1,968 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$0.60 $0.27 $(0.08)$0.79 
Adjustments – Pretax:(b)
Net losses associated with non-qualifying hedges— 0.14 0.02 0.16 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— 0.04 — 0.04 
XPLR Infrastructure, LP investment gains – net— 0.02 — 0.02 
Less related income tax benefit(c)
— (0.05)— (0.05)
Adjusted Earnings (Loss) Per Share$0.60 $0.42 $(0.06)$0.96 
Weighted-average shares outstanding (assuming dilution)2,058 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(b)After tax impact is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses associated with non-qualifying hedges$221 $0.11 $33 $0.02 $254 $0.13 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net$68 $0.03 $— $— $68 $0.03 
XPLR Infrastructure, LP investment gains – net$24 $0.01 $— $— $24 $0.01 
(c)Includes the effects of rounding.

6

NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Six Months Ended June 30, 2025FPLNEER
Corporate and
Other(a)
NextEra Energy
Operating Revenues$8,705 $4,076 $166 $12,947 
Operating Expenses
Fuel, purchased power and interchange1,881 467 — 2,348 
Other operations and maintenance822 1,315 256 2,393 
Depreciation and amortization1,488 1,349 31 2,868 
Taxes other than income taxes and other – net999 223 3 1,225 
Total operating expenses – net5,190 3,354 290 8,834 
Gains (Losses) on Disposal of Businesses/Assets – Net1 63 (10)54 
Operating Income (Loss)3,516 785 (134)4,167 
Other Income (Deductions)
Interest expense(644)(961)(1,229)(2,834)
Equity in earnings (losses) of equity method investees— (469)— (469)
Allowance for equity funds used during construction77 5 — 82 
Gains on disposal of investments and other property – net— 101 — 101 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning
funds – net
— 2 — 2 
Other net periodic benefit income— — 134 134 
Other – net21 66 57 144 
Total other income (deductions) – net(546)(1,256)(1,038)(2,840)
Income (Loss) before Income Taxes2,970 (471)(1,172)1,327 
Income Tax Expense (Benefit)379 (868)(288)(777)
Net Income (Loss)2,591 397 (884)2,104 
Net Loss Attributable to Noncontrolling Interests— 758 — 758 
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,591 $1,155 $(884)$2,862 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,591 $1,155 $(884)$2,862 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— 277 663 940 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— (7)— (7)
XPLR Infrastructure, LP investment gains – net— 858 — 858 
Less related income tax expense (benefit)(c)
— (284)(168)(452)
Adjusted Earnings (Loss)$2,591 $1,999 $(389)$4,201 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$1.26 $0.56 $(0.43)$1.39 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— 0.13 0.33 0.46 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— — — — 
XPLR Infrastructure, LP investment gains – net— 0.42 — 0.42 
Less related income tax expense (benefit)(c)
— (0.14)(0.09)(0.23)
Adjusted Earnings (Loss) Per Share$1.26 $0.97 $(0.19)$2.04 
Weighted-average shares outstanding (assuming dilution)2,061 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(b)After tax impact is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$206 $0.10 $495 $0.24 $701 $0.34 
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$(5)$— $— $— $(5)$— 
XPLR Infrastructure, LP investment gains – net$643 $0.31 $— $— $643 $0.31 
(c)Includes the effects of rounding.

7

NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
Six Months Ended June 30, 2024FPLNEER
Corporate and
Other(a)
NextEra Energy
Operating Revenues$8,224 $3,509 $68 $11,801 
Operating Expenses
Fuel, purchased power and interchange2,115 419 (48)2,486 
Other operations and maintenance754 1,349 190 2,293 
Depreciation and amortization997 1,282 28 2,307 
Taxes other than income taxes and other – net943 175 2 1,120 
Total operating expenses – net4,809 3,225 172 8,206 
Gains (Losses) on Disposal of Businesses/Assets – Net— 94 (7)87 
Operating Income (Loss)3,415 378 (111)3,682 
Other Income (Deductions)
Interest expense(569)(470)(104)(1,143)
Equity in earnings (losses) of equity method investees— 341 21 362 
Allowance for equity funds used during construction90 7 — 97 
Gains on disposal of investments and other property – net— 131 — 131 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning
funds – net
— 40 — 40 
Other net periodic benefit income— — 104 104 
Other – net4 73 46 123 
Total other income (deductions) – net(475)122 67 (286)
Income (Loss) before Income Taxes2,940 500 (44)3,396 
Income Tax Expense (Benefit)536 (361)(12)163 
Net Income (Loss)2,404 861 (32)3,233 
Net Loss Attributable to Noncontrolling Interests— 657 — 657 
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,404 $1,518 $(32)$3,890 
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
Net Income (Loss) Attributable to NextEra Energy, Inc.$2,404 $1,518 $(32)$3,890 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— 193 (300)(107)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— (44)— (44)
Differential membership interests – related— 6 — 6 
XPLR Infrastructure, LP investment gains – net— 64 — 64 
Less related income tax expense (benefit)(c)
— (44)76 32 
Adjusted Earnings (Loss)$2,404 $1,693 $(256)$3,841 
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)$1.17 $0.74 $(0.02)$1.89 
Adjustments – pretax:(b)
Net losses (gains) associated with non-qualifying hedges— 0.09 (0.14)(0.05)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning
funds and OTTI – net
— (0.02)— (0.02)
Differential membership interests – related— — — — 
XPLR Infrastructure, LP investment gains – net— 0.03 — 0.03 
Less related income tax expense (benefit)(c)
— (0.02)0.04 0.02 
Adjusted Earnings (Loss) Per Share$1.17 $0.82 $(0.12)$1.87 
Weighted-average shares outstanding (assuming dilution)2,057 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
(b)After tax impact is as follows:NEERCorporate and OtherNextEra Energy
Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS		Adjusted EarningsAdjusted
EPS
Net losses (gains) associated with non-qualifying hedges$147 $0.07 $(224)$(0.10)$(77)$(0.03)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net$(24)$(0.01)$— $— $(24)$(0.01)
Differential membership interests – related$5 $— $— $— $5 $— 
XPLR Infrastructure, LP investment gains – net$47 $0.02 $— $— $47 $0.02 
(c)Includes the effects of rounding.

8

NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
Preliminary
June 30, 2025FPLNEER
Corporate and
Other(a)
NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents$131 $1,330 $267 $1,728 
Customer receivables, net of allowances1,921 1,948 2 3,871 
Other receivables398 1,075 243 1,716 
Materials, supplies and fuel inventory1,324 875 8 2,207 
Regulatory assets831 27 — 858 
Derivatives11 821 24 856 
Other188 905 164 1,257 
Total current assets4,804 6,981 708 12,493 
Other assets:
Property, plant and equipment – net78,885 66,694 163 145,742 
Special use funds7,193 3,039 — 10,232 
Investment in equity method investees— 5,401 — 5,401 
Prepaid benefit costs2,013 5 582 2,600 
Regulatory assets5,074 248 103 5,425 
Derivatives7 1,601 26 1,634 
Goodwill2,965 1,891 11 4,867 
Other864 8,412 1,160 10,436 
Total other assets97,001 87,291 2,045 186,337 
TOTAL ASSETS$101,805 $94,272 $2,753 $198,830 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Commercial paper$1,327 $— $2,700 $4,027 
Other short-term debt— 217 550 767 
Current portion of long-term debt1,240 729 3,736 5,705 
Accounts payable1,068 3,052 77 4,197 
Customer deposits677 24 — 701 
Accrued interest and taxes1,017 240 397 1,654 
Derivatives61 832 369 1,262 
Accrued construction-related expenditures692 1,303 1 1,996 
Regulatory liabilities367 7 1 375 
Other604 1,151 608 2,363 
Total current liabilities7,053 7,555 8,439 23,047 
Other liabilities and deferred credits:
Long-term debt26,362 14,641 41,687 82,690 
Asset retirement obligations2,314 1,456 — 3,770 
Deferred income taxes9,728 3,883 (2,197)11,414 
Regulatory liabilities10,427 192 — 10,619 
Derivatives1 1,898 394 2,293 
Other353 2,872 840 4,065 
Total other liabilities and deferred credits49,185 24,942 40,724 114,851 
TOTAL LIABILITIES56,238 32,497 49,163 137,898 
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS— 49 — 49 
EQUITY
Common stock1,373 — (1,352)21 
Additional paid-in capital26,867 24,143 (33,640)17,370 
Retained earnings17,327 27,569 (11,420)33,476 
Accumulated other comprehensive income (loss)— (72)2 (70)
Total common shareholders' equity45,567 51,640 (46,410)50,797 
Noncontrolling interests— 10,086 — 10,086 
TOTAL EQUITY45,567 61,726 (46,410)60,883 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$101,805 $94,272 $2,753 $198,830 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

9

NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions)
(unaudited)
Preliminary
December 31, 2024FPLNEER
Corporate and Other(a)
NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents$32 $1,200 $255 $1,487 
Customer receivables, net of allowances1,400 1,934 2 3,336 
Other receivables380 538 262 1,180 
Materials, supplies and fuel inventory1,309 896 9 2,214 
Regulatory assets1,405 11 1 1,417 
Derivatives31 754 94 879 
Other226 1,070 142 1,438 
Total current assets4,783 6,403 765 11,951 
Other assets:
Property, plant and equipment – net76,166 62,526 160 138,852 
Special use funds6,875 2,925 — 9,800 
Investment in equity method investees— 6,118 — 6,118 
Prepaid benefit costs1,954 6 536 2,496 
Regulatory assets4,464 261 103 4,828 
Derivatives9 1,602 163 1,774 
Goodwill2,965 1,890 11 4,866 
Other925 7,667 867 9,459 
Total other assets93,358 82,995 1,840 178,193 
TOTAL ASSETS$98,141 $89,398 $2,605 $190,144 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Commercial paper$1,430 $— $240 $1,670 
Other short-term debt— 217 — 217 
Current portion of long-term debt1,719 700 5,642 8,061 
Accounts payable996 5,988 (2)6,982 
Customer deposits669 25 — 694 
Accrued interest and taxes443 252 321 1,016 
Derivatives3 966 104 1,073 
Accrued construction-related expenditures860 1,485 1 2,346 
Regulatory liabilities273 4 2 279 
Other1,102 1,393 522 3,017 
Total current liabilities7,495 11,030 6,830 25,355 
Other liabilities and deferred credits:
Long-term debt25,026 14,389 32,970 72,385 
Asset retirement obligations2,276 1,395 — 3,671 
Deferred income taxes9,438 4,206 (1,895)11,749 
Regulatory liabilities10,465 170 — 10,635 
Derivatives4 1,813 191 2,008 
Other361 2,506 613 3,480 
Total other liabilities and deferred credits47,570 24,479 31,879 103,928 
TOTAL LIABILITIES55,065 35,509 38,709 129,283 
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS— 401 — 401 
EQUITY
Common stock1,373 — (1,352)21 
Additional paid-in capital26,868 16,829 (26,437)17,260 
Retained earnings14,835 26,414 (8,303)32,946 
Accumulated other comprehensive income (loss)— (114)(12)(126)
Total common shareholders' equity43,076 43,129 (36,104)50,101 
Noncontrolling interests— 10,359 — 10,359 
TOTAL EQUITY43,076 53,488 (36,104)60,460 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$98,141 $89,398 $2,605 $190,144 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
10

NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
Six Months Ended June 30, 2025FPLNEER
Corporate and
Other(a)
NextEra Energy
Cash Flows From Operating Activities
Net income (loss)$2,591 $397 $(884)$2,104 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization1,488 1,349 31 2,868 
Nuclear fuel and other amortization74 73 18 165 
Unrealized losses (gains) on marked to market derivative contracts – net— 326 677 1,003 
Foreign currency transaction losses (gains)— 1 55 56 
Deferred income taxes141 (358)(295)(512)
Cost recovery clauses and franchise fees(159)— — (159)
Equity in losses (earnings) of equity method investees— 469 — 469 
Distributions of earnings from equity method investees— 181 — 181 
Losses (gains) on disposal of businesses, assets and investments - net(1)(164)10 (155)
Recoverable storm-related costs(346)— — (346)
Other – net17 118 95 230 
Changes in operating assets and liabilities:
Current assets(461)(46)6 (501)
Noncurrent assets(83)(50)(50)(183)
Current liabilities587 (306)240 521 
Noncurrent liabilities(7)21 203 217 
Net cash provided by operating activities
3,841 2,011 106 5,958 
Cash Flows From Investing Activities
Capital expenditures of FPL(4,285)— — (4,285)
Independent power and other investments of NEER— (9,056)— (9,056)
Nuclear fuel purchases(98)(181)— (279)
Other capital expenditures— — (6)(6)
Sale of independent power and other investments of NEER— 309 — 309 
Proceeds from sale or maturity of securities in special use funds and other investments1,720 874 216 2,810 
Purchases of securities in special use funds and other investments(1,810)(779)(471)(3,060)
Other – net35 26 (39)22 
Net cash used in investing activities(4,438)(8,807)(300)(13,545)
Cash Flows From Financing Activities
Issuances of long-term debt, including premiums and discounts1,996 662 10,338 12,996 
Retirements of long-term debt(1,122)(530)(3,508)(5,160)
Net change in commercial paper(103)— 2,460 2,357 
Proceeds from other short-term debt— — 1,400 1,400 
Repayments of other short-term debt— — (850)(850)
Cash swept from (repayments to) related parties – net— (129)— (129)
Issuances of common stock/equity units— — 22 22 
Dividends on common stock— — (2,332)(2,332)
Dividends & capital distributions from (to) parent – net(100)7,325 (7,225)— 
Other – net(36)(9)(99)(144)
Net cash provided by (used in) financing activities
635 7,319 206 8,160 
Effects of currency translation on cash, cash equivalents and restricted cash— 7 — 7 
Net increase (decrease) in cash, cash equivalents and restricted cash38 530 12 580 
Cash, cash equivalents and restricted cash at beginning of period133 1,008 261 1,402 
Cash, cash equivalents and restricted cash at end of period$171 $1,538 $273 $1,982 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

11

NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
Six Months Ended June 30, 2024FPLNEER
Corporate and
Other(a)
NextEra Energy
Cash Flows From Operating Activities
Net income (loss)$2,404 $861 $(32)$3,233 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization997 1,282 28 2,307 
Nuclear fuel and other amortization90 45 17 152 
Unrealized losses (gains) on marked to market derivative contracts – net— 196 (24)172 
Foreign currency transaction losses (gains)— — (32)(32)
Deferred income taxes206 350 66 622 
Cost recovery clauses and franchise fees606 — — 606 
Equity in losses (earnings) of equity method investees— (341)(21)(362)
Distributions of earnings from equity method investees— 299 23 322 
Losses (gains) on disposal of businesses, assets and investments - net— (225)7 (218)
Recoverable storm-related costs(55)— — (55)
Other – net(18)21 9 12 
Changes in operating assets and liabilities:
Current assets(148)(44)(188)(380)
Noncurrent assets(45)31 (42)(56)
Current liabilities454 (162)292 584 
Noncurrent liabilities(3)(2)108 103 
Net cash provided by operating activities
4,488 2,311 211 7,010 
Cash Flows From Investing Activities
Capital expenditures of FPL(4,260)— — (4,260)
Independent power and other investments of NEER— (10,023)— (10,023)
Nuclear fuel purchases(148)(97)— (245)
Other capital expenditures— — (106)(106)
Sale of independent power and other investments of NEER— 951 — 951 
Proceeds from sale or maturity of securities in special use funds and other investments1,506 546 134 2,186 
Purchases of securities in special use funds and other investments(1,592)(585)(372)(2,549)
Other – net(30)(100)50 (80)
Net cash used in investing activities(4,524)(9,308)(294)(14,126)
Cash Flows From Financing Activities
Issuances of long-term debt, including premiums and discounts2,688 178 11,245 14,111 
Retirements of long-term debt(1,720)(2,087)(2,692)(6,499)
Net change in commercial paper(445)— (27)(472)
Proceeds from other short-term debt— — 3,258 3,258 
Repayments of other short-term debt(55)— (800)(855)
Cash swept from (repayments to) related parties – net— (830)— (830)
Issuances of common stock/equity units— — 20 20 
Dividends on common stock— — (2,115)(2,115)
Dividends & capital distributions from (to) parent – net(300)10,261 (9,961)— 
Other – net(35)(612)(171)(818)
Net cash provided by (used in) financing activities
133 6,910 (1,243)5,800 
Effects of currency translation on cash, cash equivalents and restricted cash— (2)— (2)
Net increase (decrease) in cash, cash equivalents and restricted cash97 (89)(1,326)(1,318)
Cash, cash equivalents and restricted cash at beginning of period72 1,625 1,723 3,420 
Cash, cash equivalents and restricted cash at end of period$169 $1,536 $397 $2,102 
————————————
(a)Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

12

NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
Preliminary
First
Quarter		Second
Quarter		Year-To-Date
2024 Earnings Per Share Attributable to NextEra Energy, Inc.$1.10 $0.79 $1.89 
FPL – 2024 Earnings Per Share$0.57 $0.60 $1.17 
New investment growth0.04 0.04 0.08 
Other and share dilution0.03 (0.02)0.01 
FPL – 2025 Earnings Per Share$0.64 $0.62 $1.26 
NEER – 2024 Earnings Per Share Attributable to NextEra Energy, Inc.$0.47 $0.27 $0.74 
New investments0.12 0.14 0.26 
Existing clean energy(0.03)(0.02)(0.05)
NextEra Energy Transmission0.01 — 0.01 
Customer supply(0.01)0.06 0.06 
Non-qualifying hedges impact(0.07)0.04 (0.03)
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net(0.06)0.05 (0.01)
XPLR Infrastructure, LP investment gains – net(0.30)0.01 (0.29)
Other, including interest expense, corporate general and administrative expenses, other investment income and share dilution(0.05)(0.07)(0.13)
NEER – 2025 Earnings Per Share Attributable to NextEra Energy, Inc.$0.08 $0.48 $0.56 
Corporate and Other – 2024 Earnings (Loss) Per Share$0.06 $(0.08)$(0.02)
Non-qualifying hedges impact(0.35)— (0.34)
Other, including interest expense and share dilution(0.03)(0.04)(0.07)
Corporate and Other – 2025 Loss Per Share$(0.32)$(0.12)$(0.43)
2025 Earnings Per Share Attributable to NextEra Energy, Inc.$0.40 $0.98 $1.39 
Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.
The sum of the quarterly amounts may not equal the total for the year due to rounding.

13