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October 28, 2025 • 4 min read
As one of the largest players in the U.S. clean energy landscape, NextEra Energy's (NEE) financial health offers a key barometer for the broader utility and renewables sector. The company, which operates the massive Florida Power & Light (FPL) utility alongside its competitive clean energy arm, NextEra Energy Resources (NEER), recently released its third-quarter financial results. Let's dive into the numbers from its latest 10-Q filing to see how the company performed.
For the third quarter ending September 30, 2025, NextEra reported a strong performance, with net income attributable to the company rising to $2.44 billion, or $1.18 per share. This marks a significant increase from the $1.85 billion, or $0.90 per share, recorded in the same period last year. Total operating revenues also saw a climb, reaching $7.97 billion compared to $7.57 billion in Q3 2024.
The following flow diagram breaks down the company's quarterly results to visualize how it generated income and where the money went.
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The diagram shows revenues from NextEra's two primary segments, FPL and NEER. The "Corporate and Other" revenue of $115 million, which is shown as "Unallocated" represents corporate-level activities not directly assigned to the main business units.
NextEra's business is comprised of two distinct but complementary operations.
Florida Power & Light (FPL): The Regulated Utility Foundation FPL, the regulated utility arm, continued its role as a source of stable, predictable growth. The segment posted a net income of $1.463 billion for the quarter, up from $1.293 billion a year ago. According to the filing, this growth was primarily fueled by "continued investments in plant in service and other property." For utilities, investing in infrastructure like power plants and transmission lines expands their "rate base," upon which they earn a regulated rate of return. This reliable model provides a solid foundation for the entire company. Adding to this stability, the Florida Supreme Court recently affirmed FPL's 2021 rate agreement, providing regulatory clarity for the coming years.
NextEra Energy Resources (NEER): The Competitive Growth Engine NEER, the company's competitive arm and a global leader in renewable energy generation, also saw its net income grow to $1.275 billion from $1.223 billion in the prior-year quarter. New investments were a key driver, contributing $177 million to the bottom line and underscoring the segment's aggressive expansion.
However, a look at the nine-month results reveals a more complex picture. NEER's net income for the first nine months of 2025 was $2.43 billion, down from $2.74 billion in the same period in 2024. A major factor was a significant impairment charge related to its investment in XPLR Infrastructure, LP (formerly NextEra Energy Partners). This charge, which reduced the year-over-year result by nearly $580 million, highlights the inherent volatility and risks associated with the competitive energy market compared to the regulated utility business.
NextEra's commitment to future growth is most evident in its massive capital expenditure plans. The company projects spending over the next five years (remainder of 2025 through 2029) to be substantial:
These figures signal a powerful long-term strategy, positioning NEER to capitalize on the global transition to clean energy while FPL continues to strengthen its core utility infrastructure.
In conclusion, NextEra Energy's third-quarter results paint a picture of solid growth, with its regulated utility providing a stable base and its renewables arm expanding its footprint. While the impairment charge at NEER is a reminder of the challenges in the competitive market, the company's enormous investment pipeline demonstrates a clear and ambitious path forward.
Last updated: October 28, 2025