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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
| Commission File Number | Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number | IRS Employer Identification Number | ||||||||||||
| 1-8841 | NEXTERA ENERGY, INC. | 59-2449419 | ||||||||||||
| 2-27612 | FLORIDA POWER & LIGHT COMPANY | 59-0247775 |
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
State or other jurisdiction of incorporation or organization: Florida
Securities registered pursuant to Section 12(b) of the Act:
| Registrants | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
| NextEra Energy, Inc. | Common Stock, $0.01 Par Value | NEE | New York Stock Exchange | |||||||||||||||||
| 7.299% Corporate Units | NEE.PRS | New York Stock Exchange | ||||||||||||||||||
| 7.234% Corporate Units | NEE.PRT | New York Stock Exchange | ||||||||||||||||||
| Florida Power & Light Company | None |
Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act of 1933.
NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐
Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
NextEra Energy, Inc. Yes ☐ No ☑ Florida Power & Light Company Yes ☐ No ☑
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) have been subject to such filing requirements for the past 90 days.
NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T during the preceding 12 months.
NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐
Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
NextEra Energy, Inc. Large Accelerated Filer ☑ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐
Florida Power & Light Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☑ Smaller Reporting Company ☐ Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐
Indicate by check mark whether each registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrants included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants' executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☑
Aggregate market value of the voting and non-voting common equity of NextEra Energy, Inc. held by non-affiliates at June 30, 2025 (based on the closing market price on the Composite Tape on June 30, 2025) was $142,860,484,569.
There was no voting or non-voting common equity of Florida Power & Light Company held by non-affiliates at June 30, 2025.
Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding at January 31, 2026: 2,083,521,964
Number of shares of Florida Power & Light Company common stock, without par value, outstanding at January 31, 2026, all of which were held, beneficially and of record, by NextEra Energy, Inc.: 1,000
DOCUMENTS INCORPORATED BY REFERENCE
Portions of NextEra Energy, Inc.'s Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference in Part III hereof.
This combined Form 10-K represents separate filings by NextEra Energy, Inc. and Florida Power & Light Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Florida Power & Light Company makes no representations as to the information relating to NextEra Energy, Inc.'s other operations.
Florida Power & Light Company meets the conditions set forth in General Instruction I.(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format.
DEFINITIONS
Acronyms and defined terms used in the text include the following:
| Term | Meaning | ||||
| AFUDC – equity | equity component of allowance for funds used during construction | ||||
| Bcf | billion cubic feet | ||||
| CAISO | California Independent System Operator | ||||
| capacity clause | capacity cost recovery clause, as established by the FPSC | ||||
| clean energy tax credits | production tax credits and investment tax credits collectively | ||||
| DOE | U.S. Department of Energy | ||||
| Duane Arnold | Duane Arnold Energy Center | ||||
| environmental clause | environmental cost recovery clause, as established by the FPSC | ||||
| EPA | U.S. Environmental Protection Agency | ||||
| ERCOT | Electric Reliability Council of Texas | ||||
| FERC | U.S. Federal Energy Regulatory Commission | ||||
| FPL | Florida Power & Light Company | ||||
| FPSC | Florida Public Service Commission | ||||
| fuel clause | fuel and purchased power cost recovery clause, as established by the FPSC | ||||
| GAAP | generally accepted accounting principles in the U.S. | ||||
| ISO | independent system operator | ||||
| ISO-NE | ISO New England Inc. | ||||
| ITC | investment tax credit | ||||
| kW | kilowatt | ||||
| kWh | kilowatt-hour(s) | ||||
| Management's Discussion | Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||
| MISO | Midcontinent Independent System Operator | ||||
| MMBtu | One million British thermal units | ||||
| mortgage | mortgage and deed of trust dated as of January 1, 1944, from FPL to Deutsche Bank Trust Company Americas, as supplemented and amended | ||||
| MW | megawatt(s) | ||||
| MWh | megawatt-hour(s) | ||||
| NEE | NextEra Energy, Inc. | ||||
| NEECH | NextEra Energy Capital Holdings, Inc. | ||||
| NEER | an operating segment comprised of NextEra Energy Resources and NEET | ||||
| NEET | NextEra Energy Transmission, LLC | ||||
| NERC | North American Electric Reliability Corporation | ||||
| net capacity | net ownership interest in pipeline(s) capacity | ||||
| net generating capacity | net ownership interest in plant(s) capacity | ||||
| net generation | net ownership interest in plant(s) generation | ||||
| Note __ | Note __ to consolidated financial statements | ||||
| NextEra Energy Resources | NextEra Energy Resources, LLC | ||||
| NRC | U.S. Nuclear Regulatory Commission | ||||
| NYISO | New York Independent System Operator | ||||
| O&M expenses | other operations and maintenance expenses in the consolidated statements of income | ||||
| OEB | Ontario Energy Board | ||||
| OTC | over-the-counter | ||||
| OTTI | other than temporary impairment or other than temporarily impaired | ||||
| PJM | PJM Interconnection, LLC | ||||
| Point Beach | Point Beach Nuclear Power Plant | ||||
| PPA | purchased power agreement(s) | ||||
| PTC | production tax credit | ||||
| PUCT | Public Utility Commission of Texas | ||||
| regulatory ROE | return on common equity as determined for regulatory purposes | ||||
| RPS | renewable portfolio standards | ||||
| RTO | regional transmission organization | ||||
| Seabrook | Seabrook Station | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| storm protection plan | storm protection plan cost recovery clause, as established by the FPSC | ||||
| XPLR | XPLR Infrastructure, LP (formerly known as NextEra Energy Partners, LP) | ||||
| XPLR OpCo | XPLR Infrastructure Operating Partners, LP (formerly known as NextEra Energy Operating Partners, LP), a subsidiary of XPLR | ||||
| U.S. | United States of America |
NEE, FPL, NEECH, NextEra Energy Resources and NEET each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, NextEra Energy Transmission, NextEra, FPL Group, FPL Energy and similar references. For convenience and simplicity, in this report the terms NEE, FPL, NEECH, NextEra Energy Resources, NEET and NEER are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates. The precise meaning depends on the context.
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS
This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 1A. Risk Factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEE's and/or FPL's operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-K, in presentations, on their respective websites, in response to questions or otherwise.
Any forward-looking statement speaks only as of the date on which such statement is made, and NEE and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.
PART I