Historical source-based research. Compilation date and financial period are different dates.

Research summary

A two-period review of NEE revenue, profitability and cash conversion; reported revenue growth was 9.79%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 23.500 billion to USD 25.800 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 6.946 billion to USD 6.835 billion. Operating income moved from USD 7.479 billion to USD 8.280 billion. Net margin moved from 29.56% to 26.49%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 13.260 billion in the earlier period and USD 12.485 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

What to monitor

Capital expenditure, allowed returns, financing needs and operating cash flow.

Risks and uncertainties

Rate decisions, financing costs, weather, asset reliability and large construction projects.

Sources & dates

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