NEE · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

NextEra Energy

37 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Florida municipal and county franchise agreements

earns from · 226 franchise agreementsnamed as a risk

FPL may negotiate franchise agreements with municipalities and counties in Florida to provide electric services within such municipalities and counties, and electricity sales generated pursuant to these agreements represent a very substantial portion of FPL's revenues.Risk factors (Item 1A)

Long-term power purchase agreements

earns from · approximately 95% of NEER's net generating capacity

As of December 31, 2025, approximately 95% of NEER's net generating capacity was committed under long-term contracts.Business (Item 1)

Data centers

earns fromnamed as a risk

Any such rule changes could impact the manner in which data centers and other large loads interconnect to the grid and interact with the wholesale power markets, which could in turn create new risks and opportunities for NEER’s businesses.Business (Item 1)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

Distribution utilities (full requirements services)

earns fromnamed as a risk

If any of these factors materialize, costs to supply services may exceed revenues generated or be below expected return levels, which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.Risk factors (Item 1A)

Other companies

Duane Arnold nuclear facility

operates in · approximately 70% interestnamed as a risk

Failure to obtain the necessary approvals could result in the impairment of amounts capitalized.Risk factors (Item 1A)

International Brotherhood of Electrical Workers (IBEW)

approximately 30% of these employees

FPL had approximately 9,400 employees as of December 31, 2025, with approximately 30% of these employees represented by the International Brotherhood of Electrical Workers (IBEW).Business (Item 1)

Also named by AEE, EIX, ES, EVRG, FE, MYRG, PNW, SO and 2 more

Mountain Valley Pipeline

operates in · 33.36%

In January 2026, NextEra Energy Resources increased its ownership interest to 36.02%.Business (Item 1)

Also named by EQT

Seabrook nuclear facility

operates in · 1,102

As of December 31, 2025, NextEra Energy Resources was the sole owner of the two Point Beach nuclear units shown in the table below and was the largest joint owner of the Seabrook nuclear facility shown in the table below.Business (Item 1)

Sabal Trail pipeline

operates in · 36.125%

See Note 15 – Contracts for a discussion of transportation contracts with FPL.Business (Item 1)

St. Lucie nuclear plant

operates innamed as a risk

In 2021, FPL filed an application with the NRC to renew both St. Lucie operating licenses for an additional 20 years.Business (Item 1)

Symmetry Energy Solutions

In January 2026, a wholly owned subsidiary of NextEra Energy Resources acquired Symmetry Energy Solutions, a commercial and industrial natural gas business.Business (Item 1)

Places

Florida

concentrated in · more than 6 million customer accountsnamed as a risk

FPL serves approximately 12 million people through more than 6 million customer accounts.Business (Item 1)

Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more

Northeast United States

concentrated in · approximately 1,878 MWnamed as a risk

Merchant generation assets as of December 31, 2025 represented approximately 1,878 MW of total net generating capacity, including 841 MW from nuclear generation and 1,032 MW from other peak generation facilities, and are primarily located in the Northeast region of the U.S.Business (Item 1)

Also named by COF, ELS, MUSA, TRV

Texas

concentrated in · approximately 22,404 MW

essentially all MW are contracted wind assets located primarily throughout Texas and the West and Midwest regions of the U.S. and Canada;Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Hazards

Hurricanes

operates innamed as a risk

For example, FPL operates in the east and lower west coasts of Florida and in northwest Florida, areas that historically have been prone to severe weather events, such as hurricanes.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Wind and solar resource variability

named as a risk

Because the levels of wind and solar resources are variable and difficult to predict, NEER's results of operations for individual wind and solar facilities specifically, and NEE's results of operations generally, may vary significantly from period to period, depending on the level of available resources.Risk factors (Item 1A)

Transmission and distribution property insurance gap

named as a risk

For example, NEE, including FPL, does not have property insurance coverage for a substantial portion of its transmission and distribution property and natural gas pipeline assets.Risk factors (Item 1A)

Commodities and inputs

Natural gas

depends on · 2,836,000 MMBtu/daynamed as a risk

firm transportation contracts with ten different transportation suppliers for natural gas pipeline capacity for an aggregate maximum delivery quantity of 2,836,000 MMBtu/day with expiration dates through 2042 (see Note 15 – Contracts);Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Natural gas and oil prices

exposed to its pricenamed as a risk

For example, in a low natural gas and oil price environment, NEER would generate less revenue from its investments in natural gas and oil production properties, and as a result certain investments might become less profitable or incur losses.Risk factors (Item 1A)

Uranium and nuclear fuel

depends on

several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through 2039; andBusiness (Item 1)

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

FPL and NEER are also regulated by FERC as transmission providers and sellers of wholesale power.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Nuclear Regulatory Commission (NRC)

subject tonamed as a risk

In the event of non-compliance, the NRC has the authority to impose fines and/or shut down a nuclear generation facility, depending upon the NRC's assessment of the severity of the situation, until compliance is achieved.Risk factors (Item 1A)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more

North American Electric Reliability Corporation (NERC)

subject tonamed as a risk

FPL is subject to these reliability standards and incurs costs to ensure compliance with continually heightened requirements, and can incur significant penalties for failing to comply with them.Business (Item 1)

Also named by BKH, DUK, EIX, EVRG, EXC, FE, HASI, MDU and 5 more

Midcontinent Independent System Operator (MISO)

subject tonamed as a risk

NEER has applied to the NRC to reinstate the operating license and to MISO for an interconnection agreement.Risk factors (Item 1A)

Also named by AEE, DTE, DUK, ETR, LNT, NI, XEL

Florida Public Service Commission (FPSC)

subject tonamed as a risk

The FPSC has the authority to disallow recovery by FPL of costs that it considers excessive or imprudently incurred and to determine the level of return that FPL is permitted to earn on invested capital.Risk factors (Item 1A)

Also named by DUK

Ontario Energy Board (OEB)

subject tonamed as a risk

Certain other subsidiaries of NEE, such as subsidiaries of NEET, are utilities subject to the ratemaking jurisdiction of FERC, the PUCT or the OEB and are subject to similar risks.Risk factors (Item 1A)

Also named by ENB

Public Utility Commission of Texas (PUCT)

subject to

The PUCT has jurisdiction, including the regulation of rates and services, oversight of competitive markets, and enforcement of statutes and rules, over NEER facilities located in ERCOT.Business (Item 1)

Also named by AEP, CNP, CORZ, ETR, NRG, SRE, VST

Internal Revenue Service begin construction guidance

subject to

On August 15, 2025, the Internal Revenue Service issued new guidance for the purpose of determining whether wind and solar facilities "begin construction" before July 5, 2026 such that they are not subject to the December 31, 2027 placed in service requirement.Business (Item 1)

Laws and programs

Clean energy production and investment tax credits (PTC/ITC)

subject to · 100% PTC or 30% ITCnamed as a risk

Wind and solar generation facilities are eligible for 100% PTC or 30% ITC if such facilities begin construction before July 5, 2026 or are placed in service by December 31, 2027.Business (Item 1)

Storm restoration cost recovery

subject to · no more than $5 for every 1,000 kWhnamed as a risk

Future storm restoration costs are recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that produces a surcharge of no more than $5 for every 1,000 kWh of usage on residential bills during the first 12 months of cost recovery.Business (Item 1)

FPL 2025 rate agreement

subject to · $945 million beginning January 1, 2026

Key elements of the 2025 rate agreement, which became effective in January 2026 and continues through at least December 2029, include, among other things, the following:Business (Item 1)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

However, as a result of budgetary constraints, geopolitical factors, political factors or otherwise, governments from time to time may review their laws and policies that support, or do not overly burden, the development and operation of clean energy facilities and, instead, consider or take actions, such as the OBBBA and related governmental actions, that make or would make the laws and policies less conducive to the development and operation of such projects.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Price-Anderson Act

subject tonamed as a risk

Under the secondary financial protection system, NEE is subject to retrospective assessments and/or retrospective insurance premiums, plus any applicable taxes, for an incident at any nuclear reactor in the U.S. or at certain nuclear generation facilities in Europe, regardless of fault or proximity to the incident.Risk factors (Item 1A)

Also named by BWXT, CDRE, CEG, CW, DUK, ETR, FLR, J and 5 more

Endangered Species Act (ESA)

subject tonamed as a risk

There are significant capital, operating and other costs associated with compliance with these environmental statutes, rules and regulations, and those costs could be even more significant in the future as a result of new requirements, stricter or more expansive application of existing environmental laws and regulations, and the addition of species, such as additional bat species, to the endangered species list.Risk factors (Item 1A)

Also named by CHRD, CNX, CRGY, CTVA, DC, FANG, KGS, LB and 4 more

Bald and Golden Eagle Protection Act (BGEPA)

subject tonamed as a risk

If NextEra Energy Resources' subsidiary violates the terms of the probation, or fails to obtain eagle “take” permits under the BGEPA or incidental take permits under the ESA for certain of its wind facilities and additional eagles or listed species, like cave bats, perish in collisions with facility turbines, NextEra Energy Resources or its subsidiaries could face criminal prosecution under these laws.Risk factors (Item 1A)

Federal executive order pausing wind leasing and permitting

subject tonamed as a risk

These or similar initiatives could limit NEER’s and FPL's ability to obtain or renew necessary approvals, rights-of-way, permits, leases or loans for wind or other energy projects.Business (Item 1)

Technology

Florida rooftop solar and third-party sales competition

competes withnamed as a risk

Any changes in Florida law or regulation, whether through new, modified, repealed or overturned legislation, regulation or executive action or through citizen-approved state constitutional ballot initiatives, which increase competition in the Florida retail electricity market, such as government incentives that would further facilitate the installation of solar generation facilities on residential or other rooftops or would permit third-party sales of electricity, could have a material adverse effect on FPL's business, financial condition, results of operations and prospects.Risk factors (Item 1A)