[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","kfm9pde3v97hj1du0axc46ygh","revision",2,"title","NextEra Energy 2026年前三季度财报：营收223亿美元净利101亿美元","originalTitle","NEXTERA ENERGY INC (0000753308) (Filer)","summary","NextEra Energy Inc (NEE) 和 Florida Power & Light Company (FPL) 联合提交截至2026年9月30日的季度报告。","reason","报告显示公司现金流充裕且资本支出规模庞大，但衍生品公允价值波动及潜在的监管审批风险需关注。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-21T21:18:19.000Z","discoveredAt","2026-10-21T21:22:55.619Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",77,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","faR8mSUSEGIc",{"_73":74,"_16":75},"reportCount",4,"additionalSourceCount",0,"developmentCount","publicId","aeca2c84-639d-40d9-9560-32cb124698ed","NextEra Energy 和 FPL 发布 2026 年第三季度财报",{"_73":74,"_16":75},"


$\"nexteraenergy.jpg\"$		$\"fpl.jpg\"$

美国证券交易委员会

华盛顿特区 20549

10-Q 表

☑ 按照《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日

或

☐ 按照《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

从 ________ 到 ________ 的过渡期


委员会文件编号	注册人根据其章程中指定的准确名称、主要执行办公室地址和注册人的电话号码	美国国税局雇主识别号码
1-8841	NEXTERA ENERGY, INC.	59-2449419
2-27612	FLORIDA POWER & LIGHT COMPANY	59-0247775

700 宇宙大道

朱诺海滩，佛罗里达州 33408

(561) 694-4000

成立或组织的州或其他司法管辖区：佛罗里达州

根据《法案》第 12(b) 条注册的证券：

注册人

每类证券的名称

交易符号

每种证券的注册交易所
名称

NextEra Energy, Inc.

普通股，面值 0.01 美元

NEE

纽约证券交易所

7.299% 企业单位

NEE.PRS

纽约证券交易所

7.234% 企业单位

NEE.PRT

纽约证券交易所

7.375% 企业单位

NEE.PRV

纽约证券交易所

Florida Power & Light Company

无

通过勾选方框表明注册人（1）是否在过去 12 个月内根据《1934 年证券交易法》第 13 或 15(d) 条提交了所有应提交的报告，以及（2）是否在过去 90 天内受到这些提交要求的约束。

NextEra Energy, Inc. 是 ☑ 否 ☐ Florida Power & Light Company 是 ☑ 否 ☐

通过勾选方框表明注册人是否在前 12 个月内根据规则 405 的规定提交了所有应提交的交互式数据文件。

NextEra Energy, Inc. 是 ☑ 否 ☐ Florida Power & Light Company 是 ☑ 否 ☐

用勾选标记表明注册人是大型加速报盘人、加速报盘人、非加速报盘人、较小报告公司或新兴成长公司。

NextEra Energy, Inc. 大型加速报盘人 ☑ 加速报盘人 ☐ 非加速报盘人 ☐ 较小报告公司 ☐ 新兴成长公司 ☐

Florida Power & Light Company 大型加速报盘人 ☐ 加速报盘人 ☐ 非加速报盘人 ☑ 较小报告公司 ☐ 新兴成长公司 ☐

如果是一家新兴成长公司，请用勾选标记表明注册人是否已选择不使用根据《1934年证券交易法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。 ☐

用勾选标记表明注册人是否为壳公司（根据《1934年证券交易法》第12b-2条的定义）。是 ☐ 否 ☑

NextEra Energy, Inc. 普通股股份数量，面值0.01美元，截至2026年9月30日： 2,097,306,049

Florida Power & Light Company 普通股股份数量，无面值，截至2026年9月30日，全部由NextEra Energy, Inc.实际持有和登记持有：1,000

本合并的10-Q表是NextEra Energy, Inc.和Florida Power & Light Company分别提交的文件。此处包含的有关个别注册人的信息由该注册人自行提交。Florida Power & Light Company不对有关NextEra Energy, Inc.其他业务的信息作出任何陈述。

Florida Power & Light Company 符合10-Q表通用说明H.(1)(a)和(b)中规定的条件，因此以减少披露格式提交本表。

定义

文本中使用的缩写词和定义术语包括以下内容：


术语	含义
2021年费率协议	2021年12月佛罗里达州公共事业委员会最终裁定，批准了FPL与FPL基础费率程序中几位介入人之间的和解协议
2025年10-K表	NextEra Energy, Inc.和Florida Power & Light Company截至2025年12月31日年度的10-K表年度报告
2025年费率协议	2026年1月佛罗里达州公共事业委员会最终裁定，批准了FPL与FPL基础费率程序中几位介入人之间的和解协议
AFUDC	建设期间使用的资金允许
AFUDC – 股权	AFUDC的股权部分
AOCI	其他综合收益（亏损）累计数
清洁能源税收抵免	生产税收抵免和投资税收抵免
CSCS协议	修订和重述的现金清算和信用支持协议
Dominion Energy, Inc.	Dominion Energy
Duane Arnold	杜安·阿诺德能源中心
FERC	美国联邦能源监管委员会
FPL	佛罗里达电力与照明公司
FPSC	佛罗里达公共服务委员会
燃料条款	燃料和购买电力成本回收条款，由FPSC制定
GAAP	美国通用会计准则

ITC	投资税收抵免
kWh	千瓦时
管理层讨论	第2项管理层讨论与分析财务状况和经营成果
MMBtu	一百万英热单位
MW	兆瓦
MWh	兆瓦时
NEE	NextEra Energy, Inc.
NEECH	NextEra Energy Capital Holdings, Inc.
NEER	由NextEra Energy Resources和NEET组成的运营部门
NEET	NextEra Energy Transmission, LLC

NextEra Energy Resources	NextEra Energy Resources, LLC
注 __	注 __ 至简要合并财务报表
NRC	美国核监管委员会
O&M费用	简要合并损益表中的其他运营和维护费用
OCI	其他综合收益
OTC	场外交易
OTTI	非暂时性减值或非暂时性受损
PTC	生产税收抵免
监管ROE	根据监管目的确定的普通股回报率

RSM	费率稳定机制
塞布罗克	塞布罗克电站
SEC	美国证券交易委员会
美国	美利坚合众国
VIE	可变利益实体
XPLR	XPLR基础设施，LP（前身为NextEra Energy Partners, LP）
XPLR OpCo	XPLR基础设施运营合伙人，LP（前身为NextEra Energy运营合伙人，LP），XPLR的子公司

NEE、FPL、NEECH、NextEra Energy Resources和NEET各自都有子公司和附属公司，其名称可能包括NextEra Energy、FPL、NextEra Energy Resources、NextEra Energy Transmission、NextEra、FPL Group、FPL Energy和类似名称。为方便和简洁起见，在本报告中，NEE、FPL、NEECH、NextEra Energy Resources、NEET和NEER有时作为特定子公司、附属公司或子公司和附属公司组的缩写参考。其确切含义取决于上下文。


		页码

定义		2
前瞻性声明	4

	第一部分 – 财务信息

第1项	财务报表	8
第2项	管理层讨论与分析财务状况和经营成果	46
第3项	关于市场风险的定量和定性披露	61
第4项	控制与程序	61

	第二部分 – 其他信息

第1项。	法律诉讼	62
第1A项。	风险因素	62
第2项。	未注册的股权证券销售、资金用途及发行人购买股权证券	62
第5项.	其他信息	62
第6项。	附录	63

签名		64

前瞻性声明

本报告包含根据1995年私人证券诉讼改革法案定义的前瞻性声明。任何表达或涉及期望、信念、计划、目标、假设、策略、未来事件或业绩的陈述（通常但不总是通过使用诸如：可能结果、预期、将继续、预期、相信、将、可能、应该、将、估计、可能、计划、潜力、未来、预测、目标、前景、预测和意图等词语或短语）都不是对历史事实的陈述，可能是前瞻性声明。前瞻性声明涉及估计、假设和不确定性。因此，任何此类声明均通过参考并伴随以下重要因素（除与此类前瞻性声明相关的具体假设和其他因素外）而全部受到限制，这些因素可能对NEE和/或FPL的运营和财务结果产生重大影响，并可能导致NEE和/或FPL的实际结果与本联合10-Q表中由或代表NEE和/或FPL作出的前瞻性声明所包含或隐含的内容有重大差异，这些声明可能在演示文稿、其各自网站上、在回答问题时或其他情况下作出。

监管、立法和法律风险

•NEE和FPL的业务、财务状况、运营结果和前景可能因对其业务的广泛监管而受到重大不利影响。

•如果NEE和FPL无法通过基础费率、成本回收条款、其他监管机制或其他方式及时收回任何重大金额的成本、某些资产的回报或合理的投资资本回报，其业务、财务状况、运营结果和前景可能会受到重大不利影响。

•对NEE和FPL重要的监管决定可能因政治、监管、运营和经济因素而受到重大不利影响。

•任何对政府支持清洁能源的激励措施或政策的削减、修改或取消，包括但不限于税收法律、政策和激励措施、可再生能源组合标准和上网电价，或对清洁能源或其发电、储存或输送所需设备增加新的税收、关税、费用或其他成本或评估，都可能导致，除其他事项外，新清洁能源项目开发和/或融资的市场不令人满意，NEE 和 FPL 放弃清洁能源项目的开发，清洁能源项目投资的损失和项目回报减少，以上任何一种情况都可能对 NEE 和 FPL 的业务、财务状况、运营结果和前景产生重大不利影响。

•NEE 和 FPL 的业务、财务状况、运营结果和前景可能因新或修订的法律、法规或行政命令，以及监管行动或不作为而受到重大不利影响。

•NEE 和 FPL 受到众多环境法律、法规和其他标准的约束，这些可能造成资本支出、运营成本增加和各种责任，并可能要求 NEE 和 FPL 限制或停止某些运营。

•NEE 和 FPL 的业务可能因联邦或州法律或法规要求对温室气体排放的生产施加新或额外限制而受到负面影响。

•NEE 和 FPL 的业务和运营受到联邦、州和地方政府的广泛监管，这使 NEE 和 FPL 面临显著和不断增加的合规成本，也可能因合规失败而面临巨额罚款和其他制裁。

•税法、指导或政策的变化，包括但不限于公司所得税税率的变化和清洁能源税收抵免资格的变化，以及用于确定税务相关资产和负债金额的判断和估计，可能对 NEE 和 FPL 的业务、财务状况、运营结果和前景产生重大不利影响。

•由于诉讼的不利结果，NEE 和 FPL 的业务、财务状况、运营结果和前景可能会受到重大影响。

•FPL 或 NEE 被指控违反法律的可能性可能导致罚款、处罚或其他制裁或影响，以及对 FPL 和 NEE 的声誉造成损害，并可能妨碍 FPL 和 NEE 与政府机构的互动效率。

开发和运营风险

•如果 NEE 和 FPL 未能推进正在开发的项目，或无法按计划或预算完成发电、储能、输电和配电设施、天然气和石油生产及运输设施及其他设施的建设或资本改进，NEE 和 FPL 的业务、财务状况、运营结果和前景可能会受到损害。

•NEE 和 FPL 在项目选址、建设、许可、政府批准以及项目开发协议的谈判方面面临风险，这些风险可能会阻碍它们的开发和运营活动。

•NEE 和 FPL 的电力发电、存储、输电和配电设施、天然气和石油生产及运输设施以及其他设施的运营和维护面临许多运营风险，其后果可能对 NEE 和 FPL 的业务、财务状况、运营结果和前景产生重大不利影响。

•NEE 和 FPL 的业务、财务状况、运营结果和前景可能因增长不足、增长放缓或客户数量或客户使用量下降而受到负面影响。

•NEE 和 FPL 通过使用人工智能（AI）技术计划实现的生产率提升和竞争优势可能无法实现，而使用和依赖 AI 也可能带来某些风险，这两者都可能对它们的业务、财务状况、运营结果和前景产生重大不利影响。

•NEE 和 FPL 的业务、财务状况、运营结果和前景可能因天气状况及相关影响而受到重大不利影响，包括但不限于极端天气的影响。

•由地缘政治因素、恐怖主义、网络攻击或个人和/或团体试图破坏 NEE 和 FPL 的业务或第三方业务的恐怖主义和灾难性事件威胁，可能对 NEE 和 FPL 的业务、财务状况、运营结果和前景产生重大不利影响。

•NEE 和 FPL 获得保险的能力以及任何可用保险覆盖的条款可能因国际、国家、州或地方事件以及公司特定事件，以及保险公司的财务状况而受到重大不利影响。NEE 和 FPL 的保险覆盖范围并不提供对所有重大损失的保护。

•NEE 投资于天然气和石油生产资产，这些资产会受到天然气、天然气液体、石油和其他能源商品市场价格波动的影响。天然气和石油价格长期低迷、生产中断或钻探努力失败可能会对 NEER 的天然气和石油生产运营产生影响，并可能导致 NEER 延迟或取消某些天然气和石油生产项目，还可能导致某些资产减值，这可能对 NEE 的业务、财务状况、运营结果和前景产生重大不利影响。

•如果提供 NEER 全部能源和容量需求服务所需的供应成本不利，运营成本可能会上升，并对 NEE 的业务、财务状况、运营结果和前景产生重大不利影响。

•由于燃料、电力、输电权以及环境和其他能源相关商品的市场价格可能出现重大波动，NEE 若无法妥善管理或有效对冲其投资组合中的商品风险，可能会对其业务、财务状况、经营成果和前景产生重大不利影响。

•能源市场流动性下降可能会限制NEE管理其运营风险的能力，这反过来可能对NEE的业务、财务状况、经营成果和前景产生负面影响。

•NEE和FPL的对冲和交易程序以及相关的风险管理工具可能无法防止重大损失。

•如果价格波动显著或持续偏离历史行为，NEE和FPL与其对冲和交易程序相关的风险管理工具可能无法防止重大损失。

•如果电力传输或天然气、核燃料或其他商品运输运营不可用或中断，NEE的子公司（包括FPL）销售和交付电力或天然气的能力可能会受到限制。

•NEE和FPL面临来自客户、对冲交易对手和供应商的信用和履约风险。

•如果交易对手未能按照衍生品合同条款履行或支付款项，或NEE或FPL根据衍生品合同被要求提供保证金现金担保，NEE和FPL可能会确认财务损失或运营现金流减少。

•NEE和FPL高度依赖敏感且复杂的信息技术系统，这些系统的任何故障或安全漏洞，或实施挑战，都可能对其业务、财务状况、经营成果和前景产生重大不利影响。

•NEE和FPL的零售业务面临敏感客户数据可能被泄露的风险，这可能导致其声誉受到重大不利影响，或对其业务、财务状况、经营成果和前景产生重大不利影响。

•由于衍生品的市场价值波动以及场外交易市场的流动性有限，NEE和FPL可能会确认财务损失。

•NEE和FPL可能因负面新闻而受到重大不利影响。

•如果FPL无法在佛罗里达州与市镇和县达成、谈判或重新谈判特许经营协议，NEE和FPL的业务、财务状况、经营成果和前景可能会受到不利影响。

•NEE和FPL的业务、财务状况、经营成果和前景可能因罢工或停工以及人员成本上升而受到重大不利影响。

•NEE成功识别、完成和整合收购的能力面临重大风险，包括但不限于能源行业整合导致的收购竞争加剧的影响。

核能发电风险

•NEE和FPL核电设施的运营和维护涉及环境、健康和财务风险，可能导致罚款或设施关闭，以及成本和资本支出增加。

•如果美国或某些欧洲核电设施发生事故，由于NEE和FPL参与了二次财务保障体系和核保险互助公司，它们可能会被评估重大追溯性评估和/或追溯性保险费用。

•与增加安全措施相关的NRC命令或新法规，以及NRC未来颁布的任何安全要求，可能要求NEE和FPL在其核电设施上产生大量运营和资本支出，或导致收入减少。

•如果无法在其各自运营许可证或计划的许可证延期结束前运行NEE或FPL的任何核电单元，可能会对NEE和FPL的业务、财务状况、运营结果和前景产生重大不利影响。

•NEE和FPL的核电单元会定期停运以进行计划性换料和维护停机，以及其他用途。如果计划性停机时间比预期更长，或出现非计划性停机，NEE和FPL的业务、财务状况、运营结果和前景可能会受到重大不利影响。

流动性、资本要求和普通股风险

•信用和资本市场中的中断、不确定性和波动性等因素可能对NEE和FPL满足其流动性及资本需求和实现增长目标的能力产生负面影响，也可能对其业务、财务状况、流动性、运营结果和前景产生重大不利影响。

•NEE合并和未合并子公司与特定项目、有限追索权融资协议相关的违约或不合规情况可能对NEE的业务、财务状况、流动性、运营结果和前景产生重大不利影响，同时可能影响NEE或其子公司未来融资的可用性或条款。

•NEE、NEECH和FPL无法维持其当前信用评级可能对其流动性及运营结果产生重大不利影响，限制NEE和FPL扩展业务的能力，并增加利息成本。

•如果其信用提供方无法向NEE、NEECH或FPL提供信用承诺，或无法维持其当前信用评级，NEE和FPL的流动性可能会减少。

•糟糕的市场表现和其他经济因素可能会影响NEE的固定福利养老金计划的资金状况，这可能对NEE和FPL的业务、财务状况、流动性、运营结果和前景产生重大不利影响。

•较差的市场表现和其他经济因素可能对NEE和FPL的核电站退役基金的资产价值产生不利影响，这可能会对NEE和FPL的业务、财务状况、流动性、运营结果和前景产生重大不利影响。

•NEE的一些资产和投资面临市场价值和其他风险的变化，这可能对NEE的流动性、财务状况和运营结果产生重大不利影响。

•如果其子公司无法向NEE支付上游股息、进行分配或偿还资金，NEE可能无法满足其持续和未来的财务义务，并支付普通股股息。

•如果NEE需要履行其子公司财务义务的担保，NEE可能无法满足其持续和未来的财务义务，并支付普通股股息。

•信用和资本市场中的中断、不确定或波动可能会对NEE普通股的市场价格产生下行压力。

•广泛的公共卫生危机、流行病或大流行病可能对NEE和FPL的业务、财务状况、流动性、运营结果和前景产生重大不利影响。

NEE还面临与Dominion Energy拟议合并相关的风险，包括但不限于：在合并进行期间对NEE业务的限制；任何可能需要的政府或监管批准、同意或授权未获批准、延迟批准或批准时附带未预期的条件，可能导致合并协议终止和交易取消；任何事件、变化或其他情况的发生可能导致任何一方终止合并协议；合并协议中的某些条款或交易进行期间可能影响任何一方追求某些商业机会或战略交易的能力；NEE可能无法实现拟议交易的预期收益或成功整合两家公司；拟议交易对合并后公司业务和未来财务及运营结果的预期影响；以及拟议交易的预期完成日期。

这些因素应与2025年10-K表第I部分第1A项“风险因素”中包含的风险因素一起阅读，以及2026年7月9日向SEC提交的S-4表格注册声明（文件编号333-297351）中的“风险因素”部分，该声明于2026年7月23日被SEC宣布生效，以及NEE于2026年7月28日向SEC提交的最终联合委托书/招股说明书（最终联合委托书/招股说明书），投资者应参考2025年10-K表、S-4表格注册声明和最终联合委托书/招股说明书中的相关部分。任何前瞻性声明仅反映作出该声明当日的情况，NEE和FPL没有义务根据事件或情况更新任何前瞻性声明，包括但不限于

不限于，在作出该声明后的不可预见事件，除非法律另有要求。有时会出现新的因素，管理层无法预测所有这些因素，也无法评估每个因素对业务的影响，或无法评估每个因素或因素组合可能导致实际结果与任何前瞻性声明中包含或暗示的结果产生重大差异的程度。

网站访问SEC文件。 NEE和FPL将其SEC文件，包括年度报告10-K表、季度报告10-Q表、当前报告8-K表以及这些报告的任何修正案，尽快在NEE的互联网网站www.nexteraenergy.com上免费提供，一旦这些文件被电子提交给或提供给SEC。NEE网站（或其任何子公司或附属公司的网站）上的信息和材料不构成对本合并10-Q表的引用。

第一部分 – 财务信息

第1项。财务报表

Nextera Energy, Inc.

合并简要利润表

（单位为百万美元，每股金额除外）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
运营收入	$	8,090			$	7,966		$	22,325	$	20,912
运营费用
燃料、购买电力和交换	1,699			1,423			4,402		3,771
其他运营和维护	1,428			1,410			4,309		3,803


与并购相关的费用	19			—			51		—
折旧和摊销	1,651			2,096			4,780		4,964
其他税项及其他 – 净额	713			653			2,008		1,877
总运营费用 – 净额	5,510			5,582			15,550		14,415
出售业务/资产的收益 – 净额	44			143			294		197
运营收入	2,624			2,527			7,069		6,694
其他收入（扣除项）
利息支出	1,929			(1,153)			155		(3,987)

按权益法核算的投资方的收益（损失）	293			204			796		(266)
允许的用于建设的股权资金	65			48			176		130


出售投资和其他财产的收益 – 净额	44			68			147		169
NEER核退役基金中持有的权益证券未实现收益（损失）的变化 – 净额	(50)			63			80		65
其他净期收益	71			67			165		201
其他 – 净额	53			61			178		206
其他收入（扣除项） – 净额	2,405			(642)			1,697		(3,482)
税前收入	5,029			1,885			8,766		3,212
所得税费用（收益）	662			(250)			89		(1,027)
净利润	4,367			2,135			8,677		4,239
归属于非控制性权益的净损失	408			303			1,425		1,061
归属于NEE的净利润	$	4,775			$	2,438		$	10,102	$	5,300
归属于NEE的每股收益：
基本每股收益	$	2.29			$	1.18		$	4.84	$	2.57
假设稀释	$	2.28			$	1.18		$	4.82	$	2.57

本报告应与本文的注释以及2025年10-K表中的合并财务报表注释一并阅读。

Nextera Energy, Inc.

合并简要综合收益表

（单位为百万美元）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净利润	$	4,367			$	2,135		$	8,677	$	4,239
其他综合收益（损失），税后
将现金流量对冲的未实现损失从其他综合收益重新分类至净利润（分别对应0美元税项收益、0美元税项收益、0美元税项收益和0美元税项收益）	—			—			1		1
可供出售证券的未实现收益（损失）：
持有证券的未实现损益（净税收益19美元、税费用3美元、税收益26美元和税费用9美元，分别）	(65)			10			(87)		28
从其他综合收益（AOCI）重分类至净收入（净税收益0美元、税收益0美元、税收益1美元和税收益2美元，分别）	1			1			3		5



外币折算的未实现损益	(1)			(13)			(21)		20

税后其他综合收益（损失）总额	(65)			(2)			(104)		54
综合收益	4,302			2,133			8,573		4,293

归属于非控制性权益的综合损失	408			303			1,425		1,061
归属于NEE的综合收益	$	4,710			$	2,436		$	9,998	$	5,354

本报告应与本文中的注释以及2025年Form 10-K中的合并财务报表注释一并阅读。

美国能源公司

合并资产负债表（摘要）

（单位：百万美元，面值除外）

（未经审计）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	5,579			$	2,812
客户应收款，扣除99美元和82美元的坏账准备金	4,841			4,018
其他应收款	1,500			1,733
材料、物资和燃料库存	2,836			2,420
监管资产	239			433
衍生品	2,325			997

其他	1,266			1,171
流动资产总额	18,586			13,584
其他资产：
物业、厂房和设备 – 净额（分别与VIE相关31,295美元和28,988美元）	177,078			156,197
特殊用途基金	11,677			10,954
按权益法核算的投资	6,087			5,528
预付福利成本	2,957			2,868
监管资产	7,232			5,639
衍生品	3,879			1,998
商誉	5,152			4,849
其他	12,404			11,104
其他资产总额	226,466			199,137
资产总额	$	245,052			$	212,721
负债、可赎回非控制性权益和股东权益
流动负债：
商业票据	$	3,716			$	1,955
其他短期债务	4,258			608
长期债务的流动部分（分别与VIE相关7美元和9美元）	8,833			3,500
应付账款（分别与VIE相关384美元和502美元）	7,536			7,583
客户存款	1,177			709
应计利息和税款	2,150			1,185
衍生品	1,067			1,113
应计建设相关支出	2,672			2,966
监管负债	489			356
其他	3,240			2,842
流动负债总额	35,138			22,817
其他负债和递延负债：
长期债务（分别与VIE相关140美元和190美元）	97,125			89,556
资产弃置义务	3,939			3,669
递延所得税收入	14,302			12,359
监管负债	13,320			11,474
衍生品	1,731			2,148
其他	5,155			4,219
其他负债和递延负债总额	135,572			123,425
总负债	170,710			146,242
承诺和或有事项
可赎回非控制性权益（与VIE相关1,414美元）	1,477			—
股东权益
普通股（面值0.01美元，授权股数 – 5,000；流通股数 – 2,097和2,083，分别）	21			21
额外 paid-in 资本	20,293			19,494
留存收益	41,297			35,102
其他综合损失累计	(113)			(9)
普通股股东权益总额	61,498			54,608
非控制性权益（分别与VIE相关10,719美元和11,711美元）	11,367			11,871
股东权益总额	72,865			66,479
总负债、可赎回非控制性权益和股东权益	$	245,052			$	212,721

本报告应与本文中的注释以及2025年10-K表中的合并财务报表注释一起阅读。

NEXTERA ENERGY, INC.

合并现金流量表

（百万美元）

（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	8,677			$	4,239
调整项目以将净利润调节为经营活动产生的净现金：
折旧和摊销	4,780			4,964
核燃料和其他摊销	350			262

按市价计价的衍生品合约的未实现损失（收益）– 净额	(3,594)			799

外币交易损失（收益）	(320)			27
递延所得税	1,699			(460)
成本回收条款和特许经营权费用	270			(17)


按权益法核算的投资人的损失（收益）	(796)			266
按权益法核算的投资人的收益分配	366			353
出售业务、资产和投资的收益– 净额	(441)			(366)
可收回的风暴相关成本	(24)			(418)
其他– 净额	382			237
经营性资产和负债的变化：
流动资产	(755)			(675)
非流动资产	(323)			(346)
流动负债	1,665			806
非流动负债	386			315
经营活动产生的净现金	12,322			9,986
投资活动产生的现金流量
FPL的资本支出	(8,160)			(6,736)
NEER的独立电力和其他投资	(19,044)			(12,276)
核燃料采购	(341)			(311)
其他资本支出	(9)			(5)

NEER的独立电力和其他投资的出售	665			999
来自特殊用途基金和其他投资的证券出售或到期的收益	4,612			4,197
购买特殊用途基金和其他投资的证券	(4,784)			(4,570)

其他– 净额	75			49
投资活动使用的净现金	(26,986)			(18,653)
融资活动产生的现金流量
长期债务的发行，包括溢价和折价	18,232			15,246
长期债务的偿还	(4,912)			(7,546)
来自差额会员投资者的收益	1,334			1,065
支付给差额会员投资者的款项	(597)			(166)
商业票据的净变化	1,761			2,592
来自其他短期债务的收益	4,300			1,950
偿还其他短期债务	(650)			(1,067)
来自（偿还给）关联方的现金– 净额	25			(128)
普通股/股权单位的发行	969			2,028
出售项目少数股权的收益	1,559			—
普通股股息	(3,907)			(3,499)
其他– 净额	(592)			(499)
融资活动提供的净现金	17,522			9,976
汇率变动对现金、现金等价物和受限现金的影响	(2)			3
现金、现金等价物和受限现金的净增加额	2,856			1,312
期初现金、现金等价物和受限现金	3,006			1,402
期末现金、现金等价物和受限现金	$	5,862			$	2,714
现金流量信息的补充披露
支付的利息（扣除资本化金额）	$	3,130			$	2,623
收到的所得税款– 净额	$	(1,893)			$	(797)
非现金投资和融资活动的补充明细表
应计财产增加	$	7,338			$	4,778






以经营租赁负债交换的使用权资产	$	502			$	262

本报告应与本文中的注释以及2025年10-K表中的合并财务报表注释一起阅读。

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)


	Common Stock	Additional Paid-In Capital		Accumulated Other Comprehensive Loss	Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity	Redeemable Non-controlling Interests
Three Months Ended September 30, 2026	Shares	Aggregate Par Value
Balances, June 30, 2026	2,086		$	21		$	19,325			$	(48)		$	37,828		$	57,126	$	10,969	$	68,095	$	64
Net income (loss)	—		—		—			—			4,775		4,775		(413)			5
Issuances of common stock/equity units – net	11		—		931			—			—		931		—			—
Share-based payment activity	—		—		77			—			—		77		—			—
Dividends on common stock(a)	—		—		—			—			(1,307)		(1,307)		—			—
Other comprehensive loss	—		—		—			(65)			—		(65)		—			—

Other noncontrolling interests activity	—		—		(36)			—			—		(36)		811			1,408

Other – net	—		—		(4)			—			1		(3)		—			—
Balances, September 30, 2026	2,097		$	21		$	20,293			$	(113)		$	41,297		$	61,498	$	11,367	$	72,865	$	1,477

———————————————

(a)Dividends per share were $0.6232 for the three months ended September 30, 2026.


	Common Stock	Additional Paid-In Capital		Accumulated Other Comprehensive Loss	Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity	Redeemable Non-controlling Interests
Nine Months Ended September 30, 2026	Shares	Aggregate Par Value
Balances, December 31, 2025	2,083		$	21		$	19,494			$	(9)		$	35,102		$	54,608	$	11,871	$	66,479	$	—
Net income (loss)	—		—		—			—			10,102		10,102		(1,430)			5
Issuances of common stock/equity units – net	11		—		695			—			—		695		—			—
Share-based payment activity	3		—		174			—			—		174		—			—
Dividends on common stock(a)	—		—		—			—			(3,907)		(3,907)		—			—
Other comprehensive loss	—		—		—			(104)			—		(104)		—			—

Other noncontrolling interests activity	—		—		(56)			—			—		(56)		925			1,472

Other – net	—		—		(14)			—			—		(14)		1			—
Balances, September 30, 2026	2,097		$	21		$	20,293			$	(113)		$	41,297		$	61,498	$	11,367	$	72,865	$	1,477

———————————————

(a)Dividends per share were $0.6232 for each of the quarterly periods in 2026.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2025 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)


	Common Stock	Additional Paid-In Capital		Accumulated Other Comprehensive Loss	Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity	Redeemable Non-controlling Interests
Three Months Ended September 30, 2025	Shares	Aggregate Par Value
Balances, June 30, 2025	2,059		$	21		$	17,370			$	(70)		$	33,476		$	50,797	$	10,086	$	60,883	$	49
Net income (loss)	—		—		—			—			2,438		2,438		(303)			—
Issuances of common stock/equity units – net	23		—		2,000			—			—		2,000		—			—
Share-based payment activity	1		—		69			—			—		69		—			—
Dividends on common stock(a)	—		—		—			—			(1,167)		(1,167)		—			—
Other comprehensive loss	—		—		—			(2)			—		(2)		—			—

Other differential membership interests activity	—		—		(3)			—			—		(3)		802			(49)

Other – net	—		—		49			—			—		49		(170)			—
Balances, September 30, 2025	2,083		$	21		$	19,485			$	(72)		$	34,747		$	54,181	$	10,415	$	64,596	$	—

_______________________

(a)Dividends per share were $0.5665 for the three months ended September 30, 2025.


	Common Stock	Additional Paid-In Capital		Accumulated Other Comprehensive Loss	留存收益		普通股股东权益合计		非控制性权益		权益合计	可赎回非控制性权益
截至2025年9月30日的九个月	股份数量	总面值
2024年12月31日余额	2,057		$	21		$	17,260			$	(126)		$	32,946		$	50,101	$	10,359	$	60,460	$	401
净收入（亏损）	—		—		—			—			5,300		5,300		(1,065)			4
普通股/权益单位发行净额	23		—		2,000			—			—		2,000		—			—
基于股票的支付活动	3		—		190			—			—		190		—			—
普通股股息(a)	—		—		—			—			(3,499)		(3,499)		—			—
其他综合收益	—		—		—			54			—		54		—			—

其他差异会员权益活动	—		—		(14)			—			—		(14)		1,310			(405)

其他 - 净额	—		—		49			—			—		49		(189)			—
2025年9月30日余额	2,083		$	21		$	19,485			$	(72)		$	34,747		$	54,181	$	10,415	$	64,596	$	—

_______________________

(a)2025年每个季度的每股股息为0.5665美元。

本报告应与本文的注释以及2025年10-K表中的合并财务报表注释一起阅读。

佛罗里达电力与照明公司

简要合并损益表

（百万美元）

（未经审计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
运营收入	$	5,421			$	5,285		$	14,588	$	13,989
运营费用
燃料、购买电力和互换	1,277			1,124			3,349		3,006
其他运营和维护	437			432			1,240		1,254

折旧和摊销	875			1,385			2,568		2,873
其他税项和其他 - 净额	597			547			1,644		1,543
总运营费用 - 净额	3,186			3,488			8,801		8,676
运营收入	2,235			1,797			5,787		5,313
其他收入（扣除）
利息支出	(348)			(320)			(1,035)		(964)
用于建设的股权资金允许	63			46			171		123
其他 - 净额	(1)			(8)			2		13
总其他收入（扣除） - 净额	(286)			(282)			(862)		(828)
税前收入	1,949			1,515			4,925		4,485
所得税	329			52			432		431
净利润(a)	$	1,620			$	1,463		$	4,493	$	4,054

_______________________

(a)FPL的全面收益与报告的净利润相同。

本报告应与本文的注释以及2025年10-K表中的合并财务报表注释一起阅读。

佛罗里达电力与照明公司

简要合并资产负债表

（百万美元，股份数量除外）

（未经审计）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	819			$	42
应收账款，扣除分别为27和25的坏账准备	2,191			1,667
其他应收款	373			413
材料、供应和燃料库存	1,450			1,373
监管资产	217			401

其他	199			255
流动资产合计	5,249			4,151
其他资产：
电力设施和其他财产 - 净额	87,409			81,755
特殊用途基金	8,158			7,684
预付福利成本	2,134			2,072
监管资产	7,048			5,405
商誉	2,965			2,965
其他	925			1,126
其他资产合计	108,639			101,007
资产总计	$	113,888			$	105,158
负债和权益
流动负债：
商业票据	$	—			$	1,130

长期债务的流动部分	328			641
应付账款	1,254			1,084
客户存款	1,143			685
应计利息和税项	1,385			470

应计建设相关支出	780			1,153
监管负债	472			344
其他	565			687
流动负债合计	5,927			6,194
其他负债和递延贷项：
长期债务	30,192			28,041
资产弃置义务	2,235			2,158
递延所得税收入	10,624			10,156
监管责任	13,156			11,280

其他	374			343
其他负债和递延收益总额	56,581			51,978
总负债		62,508			58,172
承诺和或有事项
权益
普通股（无面值，授权、发行和流通股为1,000股）	1,373			1,373
额外实收资本	26,866			26,866
留存收益	23,141			18,747

总权益	51,380			46,986
总负债和权益	$	113,888			$	105,158

本报告应与本文中的注释以及2025年10-K表中的合并财务报表注释一并阅读。

佛罗里达电力与照明公司

合并现金流量表（摘要）

（百万美元）

（未经审计）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	4,493			$	4,054
调整项目以将净利润调节为经营活动产生的净现金：
折旧和摊销	2,568			2,873
核燃料和其他摊销	130			118
递延所得税	299			101
成本回收条款和特许经营费	270			(17)

可回收的风暴相关成本	(24)			(418)
其他 – 净额	5			18
经营性资产和负债的变化：
流动资产	(500)			(685)
非流动资产	(110)			(163)
流动负债	1,497			968
非流动负债	17			(14)
经营活动产生的净现金	8,645			6,835
投资活动产生的现金流量
资本支出	(8,160)			(6,736)
核燃料采购	(162)			(123)
特殊用途基金证券出售或到期所得	2,732			2,459
特殊用途基金证券购买	(2,897)			(2,586)
其他 – 净额	26			23
投资活动使用的净现金	(8,461)			(6,963)
融资活动产生的现金流量
长期债务发行，包括溢价和折价	2,502			1,996
长期债务偿还	(649)			(1,220)
商业票据净变化	(1,130)			(521)



向NEE支付的股息	(100)			(100)
其他 – 净额	(36)			(37)
融资活动产生的净现金	587			118
现金、现金等价物和受限现金的净增加（减少）	771			(10)
期初现金、现金等价物和受限现金	88			133
期末现金、现金等价物和受限现金	$	859			$	123
现金流量信息的补充披露
支付的利息现金（扣除资本化金额）		$	898			$	834
支付的所得税现金 – 净额		$	45			$	143
非现金投资和融资活动的补充表
应计财产增加	$	1,186			$	1,189

本报告应与本文中的注释以及2025年10-K表中的合并财务报表注释一并阅读。

佛罗里达电力与照明公司

合并普通股东权益表（摘要）

（百万美元）

（未经审计）


截至2026年9月30日的三个月	普通股		额外实收资本		留存收益		普通股东权益
6月30日余额，2026年	$	1,373			$	26,866		$	21,521	$	49,760
净利润	—			—			1,620




2026年9月30日余额	$	1,373			$	26,866		$	23,141	$	51,380


截至2026年9月30日的九个月	普通股		额外实收资本		留存收益		普通股东权益
2025年12月31日余额	$	1,373			$	26,866		$	18,747	$	46,986
净收入	—			—			4,493

分配给NEE的股息	—			—			(100)

其他	—			—			1
2026年9月30日的余额	$	1,373			$	26,866		$	23,141	$	51,380



截至2025年9月30日的三个月	普通股票		额外实收资本		留存收益		普通股东权益
2025年6月30日的余额	$	1,373			$	26,867		$	17,327	$	45,567
净收入	—			—			1,463



其他	—			(1)			(1)
2025年9月30日的余额	$	1,373			$	26,866		$	18,789	$	47,028


截至2025年9月30日的九个月	普通股票		额外实收资本		留存收益		普通股东权益
2024年12月31日的余额	$	1,373			$	26,868		$	14,835	$	43,076
净收入	—			—			4,054

分配给NEE的股息	—			—			(100)

其他	—			(2)			—
2025年9月30日的余额	$	1,373			$	26,866		$	18,789	$	47,028

本报告应与本文中的附注以及2025年10-K表中的合并财务报表附注一并阅读。

Nextera Energy, Inc. 和 Florida Power & Light Company

简要合并财务报表附注

(未经审计)

附带的简要合并财务报表应与2025年10-K表一并阅读。在NEE和FPL管理层看来，所有为公允呈现财务报表所必需的调整均已作出。所有调整均为正常和重复性调整，除非另有说明。某些金额在上一年的简要合并财务报表中已重新分类，以符合本年度的披露方式。期间的运营结果通常不会真实反映全年的结果。

1. 与客户合同的收入

FPL和NEER产生NEE几乎所有的运营收入，这些收入主要包含与客户的合同收入，以及NEER的衍生品（见注释2）和租赁交易。对于绝大多数与客户的合同，NEE认为，当客户同时接收和消耗NEE履行所带来的利益时，交付能源、容量或传输的义务是在一段时间内履行的。NEE与客户的合同收入分别为截至2026年9月30日的三个月为约81亿美元（FPL为54亿美元），以及截至2025年9月30日的三个月为74亿美元（FPL为53亿美元），以及截至2026年9月30日的九个月为208亿美元（FPL为146亿美元），以及截至2025年9月30日的九个月为197亿美元（FPL为140亿美元）。NEE和FPL的应收账款主要与来自与客户的合同收入，以及NEER的衍生品和租赁交易有关，包括已开票和未开票金额，这些金额在NEE和FPL的简要合并资产负债表的客户应收款和其他应收款中记录。应收款代表无条件的收款权利，并反映了收入确认和现金收款时间的差异。对于NEE和FPL的大部分应收款，无论应收款源自哪种类型的收入交易，客户和交易对手的信用风险以相同方式管理，付款的条款和条件相似。

FPL – FPL的收入主要来自于向佛罗里达州零售客户提供电力的基于费率的销售，这些销售没有明确的合同条款。向零售客户的电力销售约占FPL运营收入的90%，其中大部分是针对住宅客户的。FPL的零售客户根据每月的千瓦时使用量每月收到账单，付款需在每月到期。对于此类销售，FPL在电力交付并计费给客户时确认收入，以及对已交付但尚未计费的电力进行估算。已计费和未计费金额代表了交付给客户的电力价值。截至2026年9月30日和2025年12月31日，FPL的未计费收入分别约为8.05亿美元和7.05亿美元，并包含在NEE和FPL的合并资产负债表中的客户应收款中。与客户的一些合同包含到期日到2054年的固定价格。截至2026年9月30日，FPL预计将在相关合同的剩余期限内确认约12.2亿美元与这些合同固定价格部分相关的收入。这些合同中的一些还包含根据各自合同规定的费率在电力交付时确认收入的可变价格部分。

NEER – NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from 2026 to 2056, will vary based on the volume of energy or transmission delivered and/or available. NEER’s customers typically receive bills monthly with payment due within 30 days. Certain contracts with customers contain a fixed price which primarily relate to electric capacity sales through 2038, certain power purchase agreements with maturity dates through 2034, certain natural gas transportation and storage capacity management agreements with maturity dates through 2031 and certain management construction and operating services agreements (MCOAs) with contractual terms expected to extend through 2052. As of September 30, 2026, NEER expects to record approximately $6.4 billion of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity and services are provided. The power purchase agreements also contain a variable price component for energy usage which NEER recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts. The MCOAs also contain variable fee components for the achievement of specified project milestones and operating performance targets under the existing agreements which NEER recognizes as revenue as the related development and operating services are performed.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

2. Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and natural gas and oil production assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges.

With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and natural gas and oil production assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and natural gas and oil production assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and natural gas and oil production assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause or base rates. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues and the equity method investees' related activity is recognized in equity in earnings (losses) of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are substantially all recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows.

For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings (losses) of equity method investees in NEE's condensed consolidated statements of income. As of September 30, 2026, NEE's AOCI included immaterial amounts related to discontinued interest rate cash flow hedges with expiration dates through October 2033 and foreign currency cash flow hedges with expiration dates through September 2030.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Fair Value Measurements of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or other pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or similar assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value.

NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchanges and in the non-exchange traded markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.

Exchange-traded derivative assets and liabilities are valued using observable settlement prices from the exchanges and are classified as Level 1 or Level 2, depending on whether positions are in active or inactive markets.

NEE, through its subsidiaries, including FPL, also enters into non-exchange traded commodity derivatives. The majority of the valuation inputs are observable using exchange-quoted prices.

NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models.

In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and broker quotes to support the market price of the various commodities. Where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions and models are undertaken by individuals in an independent control function.

NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The tables below present NEE's and FPL's gross derivative positions as of September 30, 2026 and December 31, 2025, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral, as well as the location of the net derivative position on the condensed consolidated balance sheets.


	September 30, 2026
	Level 1		Level 2	Level 3		Netting(a)	Total
	(millions)
Assets:
NEE:
Commodity contracts	$	4,788		$	2,992		$	1,818	$	(6,543)	$	3,055
Interest rate contracts	$	—		$	3,391		$	—	$	(104)	3,287
Foreign currency contracts	$	—		$	56		$	—	$	(194)	(138)
Total derivative assets							$	6,204

FPL – commodity contracts	$	—		$	4		$	8	$	(3)	$	9

Liabilities:
NEE:
Commodity contracts	$	4,943		$	3,125		$	1,140	$	(6,492)	$	2,716
Interest rate contracts	$	—		$	107		$	—	$	(104)	3
Foreign currency contracts	$	—		$	273		$	—	$	(194)	79
Total derivative liabilities							$	2,798

FPL – commodity contracts	$	—		$	40		$	11	$	(3)	$	48

Net fair value by NEE balance sheet line item:
Current derivative assets(b)							$	2,325
Noncurrent derivative assets(c)							3,879
Total derivative assets							$	6,204
Current derivative liabilities(d)							$	1,067

Noncurrent derivative liabilities							1,731
Total derivative liabilities							$	2,798

Net fair value by FPL balance sheet line item:
Current other assets							$	9


Current other liabilities							$	15
Noncurrent other liabilities							33
Total derivative liabilities							$	48

———————————————

(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.

(b)Reflects the netting of approximately $58 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $93 million in margin cash collateral received from counterparties.

(d)Reflects the netting of approximately $100 million in margin cash collateral paid to counterparties.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)


	December 31, 2025
	Level 1		Level 2	Level 3		Netting(a)	Total
	(millions)
Assets:
NEE:
Commodity contracts	$	1,914		$	2,958		$	1,850	$	(4,007)	$	2,715
Interest rate contracts	$	—		$	311		$	—	$	(77)	234
Foreign currency contracts	$	—		$	34		$	—	$	12	46
Total derivative assets							$	2,995

FPL – commodity contracts	$	—		$	5		$	48	$	(13)	$	40

Liabilities:
NEE:
Commodity contracts	$	2,082		$	3,319		$	1,168	$	(3,921)	$	2,648
Interest rate contracts	$	—		$	563		$	—	$	(77)	486
Foreign currency contracts	$	—		$	115		$	—	$	12	127
Total derivative liabilities							$	3,261

FPL – commodity contracts	$	—		$	13		$	16	$	(13)	$	16

Net fair value by NEE balance sheet line item:
Current derivative assets(b)							$	997
Noncurrent derivative assets(c)							1,998
Total derivative assets							$	2,995
Current derivative liabilities(d)							$	1,113

Noncurrent derivative liabilities							2,148
Total derivative liabilities							$	3,261

Net fair value by FPL balance sheet line item:
Current other assets							$	39
Noncurrent other assets							1
Total derivative assets							$	40
Current other liabilities							$	15
Noncurrent other liabilities							1
Total derivative liabilities							$	16

———————————————

(b)Reflects the netting of approximately $68 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $99 million in margin cash collateral received from counterparties.

(d)Reflects the netting of approximately $81 million in margin cash collateral paid to counterparties.

As of September 30, 2026 and December 31, 2025, NEE had approximately $68 million ($16 million at FPL) and $94 million ($5 million at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, as of September 30, 2026 and December 31, 2025, NEE had approximately $131 million (none at FPL) and $70 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Significant Unobservable Inputs Used in Recurring Fair Value Measurements – The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, block-to-hourly price shaping, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques.

The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy as of September 30, 2026 are as follows:


	Fair Value as of		Valuation		Significant						Weighted-
Transaction Type	September 30, 2026		Technique(s)		Unobservable Inputs		Range		average(a)
	Assets		Liabilities
	(millions)
Forward contracts – power	$	615			$	327			Discounted cash flow		Forward price (per MWh)		$1	—	$172	$55
Forward contracts – gas	568			75			Discounted cash flow		Forward price (per MMBtu)		$1	—	$10		$3
Forward contracts – congestion	76			53			Discounted cash flow		Forward price (per MWh)		$(66)	—	$30		$—
Options – power	39			2			Option models		Implied correlations		59%	—	74%		71%
							Implied volatilities		32%	—	244%		96%
Options – primarily gas	59			64			Option models		Implied correlations		59%	—	100%		97%
							Implied volatilities		17%	—	93%		48%
Full requirements and unit contingent contracts	167			326			Discounted cash flow		Forward price (per MWh)		$16	—	$378		$93
						Customer migration rate(b)		—%	—	10%		1%
Forward contracts – other	294			293
Total	$	1,818			$	1,140

———————————————

(a)Unobservable inputs were weighted by volume.

(b)Applies only to full requirements contracts.

The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:

Significant Unobservable Input

Position

Impact on
Fair Value Measurement

Forward price

Purchase power/gas

Increase (decrease)

Sell power/gas

Decrease (increase)

Implied correlations

Purchase option

Decrease (increase)

Sell option

Increase (decrease)

Implied volatilities

Purchase option

Increase (decrease)

Sell option

Decrease (increase)

Customer migration rate

Sell power(a)

Decrease (increase)

———————————————

(a)Assumes the contract is in a gain position.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The reconciliation of changes in the fair value of commodity contract derivatives that are based on significant unobservable inputs is as follows:


	Three Months Ended September 30,
	2026		2025
	NEE		FPL		NEE		FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs as of June 30 of prior period	$	755			$	(1)		$	557	$	(36)
Realized and unrealized gains (losses):
Included in operating revenues	(125)			—			379		—

Included in regulatory assets and liabilities	5			5			25		25
Purchases	45			—			66		—

Settlements	34			(7)			(103)		18
Issuances	(32)			—			(19)		—

Transfers in(a)	—			—			—		—
Transfers out(a)	(4)			—			—		—
Fair value of net derivatives based on significant unobservable inputs as of September 30	$	678			$	(3)		$	905	$	7
Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	(145)			$	—		$	364	$	—

———————————————

(a)Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data.


	Nine Months Ended September 30,
	2026		2025
	NEE		FPL		NEE		FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs as of December 31 of prior period	$	682			$	32		$	387	$	34
Realized and unrealized gains (losses):
Included in operating revenues	(212)			—			745		—

Included in regulatory assets and liabilities	21			21			(61)		(61)
Purchases	370			—			137		—

Settlements	(40)			(56)			(231)		34
Issuances	(123)			—			(55)		—

Transfers in(a)	(20)			—			(16)		—
Transfers out(a)	—			—			(1)		—
Fair value of net derivatives based on significant unobservable inputs as of September 30	$	678			$	(3)		$	905	$	7
Gains included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	25			$	—		$	581	$	—

———————————————

(a)Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Income Statement Impact of Derivative Instruments – Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(millions)

Commodity contracts(a) – operating revenues (including $79 unrealized losses, $352 unrealized gains, $205 unrealized gains and $288 unrealized gains, respectively)	$	(168)			$	347		$	111	$	438

Foreign currency contracts – interest expense (including $4 unrealized losses, $54 unrealized losses, $138 unrealized losses and $30 unrealized losses, respectively)	(5)			(56)			(186)		(40)

Interest rate contracts – interest expense (including $3,005 unrealized gains, $94 unrealized losses, $3,527 unrealized gains and $1,057 unrealized losses, respectively)	3,045			(88)			3,490		(889)
Gains (losses) reclassified from AOCI to interest expense:
Interest rate contracts	—			—			1		1
Foreign currency contracts	(1)			(1)			(2)		(2)
Total	$	2,871			$	202		$	3,414	$	(492)

———————————————

(a)For the three and nine months ended September 30, 2026, FPL recorded gains of approximately $9 million and $2 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2025, FPL recorded approximately $25 million of gains and $79 million of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets, respectively, on its condensed consolidated balance sheets.

Notional Volumes of Derivative Instruments – The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and the related hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes:

September 30, 2026

December 31, 2025

Commodity Type

NEE

FPL

NEE

FPL

(millions)

Power

(259)

MWh

—

(249)

MWh

—

Natural gas

(1,063)

MMBtu

283

MMBtu

(1,087)

MMBtu

378

MMBtu

Oil

(30)

barrels

—

barrels

—

As of September 30, 2026 and December 31, 2025, NEE had interest rate contracts with a net notional amount of approximately $56.7 billion and $47.3 billion, respectively, and foreign currency contracts with a notional amount of approximately $10.6 billion and $6.0 billion, respectively.

Credit-Risk-Related Contingent Features – Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. As of September 30, 2026 and December 31, 2025, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $4.2 billion ($17 million for FPL) and $4.0 billion ($38 million for FPL), respectively.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative contracts contain multiple types of credit-related triggers. To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements. If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a three-level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $675 million ($70 million at FPL) as of September 30, 2026 and $650 million ($30 million at FPL) as of December 31, 2025. If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $3.4 billion ($140 million at FPL) as of September 30, 2026 and $3.2 billion ($65 million at FPL) as of December 31, 2025. Some derivative contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers. In the event these provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $1.3 billion ($415 million at FPL) as of September 30, 2026 and $1.7 billion ($95 million at FPL) as of December 31, 2025.

Collateral related to derivatives, including amounts posted for margin, current exposures and future performance with exchanges and independent system operators, may be posted in the form of cash or credit support in the normal course of business. As of September 30, 2026 and December 31, 2025, applicable NEE subsidiaries have posted approximately $201 million (none at FPL) and $98 million (none at FPL), respectively, in cash, and $1,713 million (none at FPL) and $1,560 million (none at FPL), respectively, in the form of letters of credit and surety bonds, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities.

Additionally, some contracts contain certain adequate assurance provisions whereby a counterparty may demand additional collateral based on subjective events and/or conditions. Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above.

3. Non-Derivative Fair Value Measurements

Non-derivative fair value measurements consist of NEE’s and FPL’s cash equivalents and restricted cash equivalents, special use funds and other investments. The fair value of these financial assets is determined by using the valuation techniques and inputs as described in Note 2 – Fair Value Measurements of Derivative Instruments as well as below.

Cash Equivalents and Restricted Cash Equivalents – NEE and FPL hold investments primarily in money market funds. The fair value of these funds is estimated using a market approach based on current observable market prices.

Special Use Funds and Other Investments – NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market.

Fair Value Measurement Alternative – NEE holds investments in equity securities without readily determinable fair values, which are initially recorded at cost, of approximately $802 million and $647 million as of September 30, 2026 and December 31, 2025, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Recurring Non-Derivative Fair Value Measurements – NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:


	September 30, 2026
	Level 1		Level 2	Level 3		Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(a)
NEE – equity securities	$	2,132		$	—			$	—	$	2,132
FPL – equity securities	$	839		$	—			$	—	$	839
Special use funds:(b)
NEE:
Equity securities	$	3,304		$	4,291		(c)	$	223	$	7,818
U.S. Government and municipal bonds	$	722		$	27			$	—	$	749
Corporate debt securities	$	5		$	666			$	—	$	671
Asset-backed securities	$	—		$	900			$	—	$	900
Other debt securities	$	(5)		$	19			$	—	$	14
FPL:
Equity securities	$	1,332		$	3,905		(c)	$	199	$	5,436
U.S. Government and municipal bonds	$	561		$	21			$	—	$	582
Corporate debt securities	$	5		$	496			$	—	$	501
Asset-backed securities	$	—		$	709			$	—	$	709
Other debt securities	$	(5)		$	13			$	—	$	8
Other investments:(d)
NEE:
Equity securities	$	55		$	—			$	61	$	116
U.S. Government and municipal bonds	$	15		$	—			$	—	$	15
Corporate debt securities	$	—		$	1,330			$	5	$	1,335
Other debt securities	$	—		$	393			$	139	$	532
FPL:
Equity securities	$	6		$	—			$	—	$	6

———————————————

(a)Includes restricted cash equivalents of approximately $38 million ($37 million for FPL) in current other assets on the condensed consolidated balance sheets.

(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)


	December 31, 2025
	Level 1		Level 2	Level 3		Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(a)
NEE – equity securities	$	1,873		$	—			$	—	$	1,873
FPL – equity securities	$	40		$	—			$	—	$	40
Special use funds:(b)
NEE:
Equity securities	$	2,948		$	3,828		(c)	$	231	$	7,007
U.S. Government and municipal bonds	$	721		$	65			$	—	$	786
Corporate debt securities	$	10		$	722			$	—	$	732
Asset-backed securities	$	—		$	918			$	—	$	918
Other debt securities	$	—		$	17			$	—	$	17
FPL:
Equity securities	$	1,148		$	3,486		(c)	$	206	$	4,840
U.S. Government and municipal bonds	$	588		$	40			$	—	$	628
Corporate debt securities	$	11		$	539			$	—	$	550
Asset-backed securities	$	—		$	697			$	—	$	697
Other debt securities	$	—		$	10			$	—	$	10
Other investments:(d)
NEE:
Equity securities	$	49		$	—			$	82	$	131
U.S. Government and municipal bonds	$	33		$	1			$	—	$	34
Corporate debt securities	$	—		$	1,299			$	120	$	1,419
Other debt securities	$	—		$	264			$	28	$	292
FPL:
Equity securities	$	7		$	—			$	—	$	7

———————————————

(a)Includes restricted cash equivalents of approximately $39 million ($37 million for FPL) in current other assets on the condensed consolidated balance sheets.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets.

Fair Value of Financial Instruments Recorded at Other than Fair Value – The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:


	September 30, 2026		December 31, 2025
	Carrying Amount		Estimated Fair Value	Carrying Amount		Estimated Fair Value
	(millions)
NEE:
Special use funds(a)	$	1,525		$	1,526			$	1,494	$	1,495
Other receivables, net of allowances(b)	$	451		$	451			$	535	$	535
Long-term debt, including current portion	$	105,958		$	99,023		(c)	$	93,056	$	91,614	(c)
FPL:
Special use funds(a)	$	922		$	923			$	959	$	960
Long-term debt, including current portion	$	30,520		$	26,994		(c)	$	28,682	$	27,354	(c)

———————————————

(a)Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).

(b)Approximately $307 million and $340 million is included in current other assets and $144 million and $195 million is included in noncurrent other assets on NEE's condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively (primarily Level 3).

(c)As of September 30, 2026 and December 31, 2025, substantially all is Level 2 for NEE and FPL.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Special Use Funds and Other Investments Carried at Fair Value – The special use funds noted above and those carried at fair value (see Recurring Non-Derivative Fair Value Measurements above) consist primarily of NEE's nuclear decommissioning fund assets of approximately $11,676 million ($8,157 million for FPL) and $10,953 million ($7,683 million for FPL) as of September 30, 2026 and December 31, 2025, respectively. The investments held in the special use funds and other investments consist of equity and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $4,328 million ($1,926 million for FPL) and $4,181 million ($1,881 million for FPL) as of September 30, 2026 and December 31, 2025, respectively. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity as of September 30, 2026 of approximately nine years at NEE and nine years at FPL. Other investments primarily consist of debt securities with a weighted-average maturity as of September 30, 2026 of approximately ten years. The cost of securities sold is determined using the specific identification method.

For FPL's special use funds, changes in fair value of debt and equity securities, including any estimated credit losses of debt securities, result in a corresponding adjustment to the related regulatory asset or liability accounts, consistent with regulatory treatment. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for estimated credit losses and unrealized losses on debt securities intended or required to be sold prior to recovery of the amortized cost basis, which are recognized in other – net in NEE's condensed consolidated statements of income. Changes in fair value of equity securities are primarily recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE’s condensed consolidated statements of income.

Unrealized gains (losses) recognized on equity securities held as of September 30, 2026 and 2025 are as follows:


	NEE		FPL
	Three Months Ended September 30,		Nine Months Ended September 30,	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025	2026		2025	2026		2025
	(millions)
Unrealized gains (losses)	$	(667)		$	431		$	(39)		$	737		$	(672)	$	304	$	(261)	$	515

Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows:


	NEE		FPL
	Three Months Ended September 30,		Nine Months Ended September 30,	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025	2026		2025	2026		2025
	(millions)
Realized gains	$	9		$	25		$	39		$	56		$	5	$	22	$	30	$	49
Realized losses	$	19		$	17		$	51		$	58		$	14	$	14	$	37	$	45
Proceeds from sale or maturity of securities	$	762		$	877		$	2,598		$	2,854		$	544	$	494	$	1,724	$	1,735

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:


	NEE		FPL
	September 30, 2026		December 31, 2025	September 30, 2026		December 31, 2025
	(millions)
Unrealized gains	$	6		$	62		$	5	$	34
Unrealized losses(a)	$	245		$	68		$	132	$	37
Fair value	$	3,687		$	1,344		$	1,618	$	709

———————————————

(a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months as of September 30, 2026 and December 31, 2025 were not material to NEE or FPL.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law.

The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives.

Nonrecurring Fair Value Measurements – NEE tests its equity method investments for impairment whenever events or changes in circumstances indicate that the fair value of the investment is less than the carrying value. Indicators of impairment may include, among other things, an observable market price below NEE’s carrying value. Investments that are OTTI are written down to their estimated fair value on the reporting date and an impairment loss is recognized.

NextEra Energy Resources owns a noncontrolling interest in XPLR, primarily through its limited partner interest in XPLR OpCo, and accounts for this ownership interest as an equity method investment. During the preparation of NEE's March 31, 2025 financial statements, it was determined that NextEra Energy Resources' investment in XPLR was OTTI as a result of a significant decline in trading price of XPLR's common units following XPLR's announcement of a strategic repositioning, including suspension of the distribution to common unitholders for an indefinite period. The impairment reflected NEE's fair value analysis using the market approach and the observable trading price of XPLR's common units at March 31, 2025 of $9.50. When making the OTTI determination, NEE considered, among other things, the extent to which the publicly traded unit price was less than cost. Based on the fair value analysis, the equity method investment with a carrying amount of approximately $1.7 billion was written down to its estimated fair value of $1.0 billion, resulting in an impairment charge of $0.7 billion ($0.5 billion after tax), which is reflected in equity in earnings (losses) of equity method investees in NEE’s condensed consolidated statements of income for the nine months ended September 30, 2025. Should NEE determine, based on future analysis which includes the current and future trading prices of XPLR's common units, that an additional impairment is other-than-temporary, an impairment loss would be recorded, which would impact NEE's condensed consolidated statements of income.

4. Income Taxes

NEE's effective income tax rate is based on the composition of pretax income or loss. A reconciliation of the income tax expense (benefit) and effective income tax rates based on the statutory U.S. federal income tax rate is as follows:


	NEE
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(millions, except for percentages)
Income taxes at U.S. statutory rate of 21%	$	1,056			21.0	%		$	396		21.0	%	$	1,841	21.0	%	$	674	21.0	%
Increases (reductions) resulting from:
State income taxes – net of federal income tax benefit	227			4.5			71			3.7		318		3.6	134		4.2
Nontaxable or nondeductible items:
Taxes attributable to noncontrolling interests	86			1.7			64			3.4		299		3.4	223		6.9
Amortization of deferred regulatory credit	(16)			(0.3)			(43)			(2.3)		(52)		(0.6)	(126)		(3.9)
Other – net	—			—			7			0.4		(27)		(0.3)	(11)		(0.3)
Clean energy tax credits(a)	(668)			(13.3)			(734)			(38.9)		(2,287)		(26.1)	(1,922)		(59.9)
Valuation adjustments	47			0.9			31			1.7		109		1.2	82		2.5


Other adjustments – net	(70)			(1.3)			(42)			(2.3)		(112)		(1.2)	(81)		(2.5)
Income tax expense (benefit) and effective tax rate	$	662			13.2	%		$	(250)		(13.3)	%	$	89	1.0	%	$	(1,027)	(32.0)	%

______________________

(a)For the three and nine months ended September 30, 2026, includes the impact from ITC amortization utilized as part of FPL's RSM. See Note 11 – Rate Regulation.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)


	FPL
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(millions, except for percentages)
Income taxes at U.S. statutory rate of 21%	$	409			21.0	%		$	318		21.0	%	$	1,034	21.0	%	$	942	21.0	%
Increases (reductions) resulting from:
State income taxes – net of federal income tax benefit	83			4.3			63			4.2		211		4.3	192		4.3



Clean energy tax credits(a)	(148)			(7.6)			(248)			(16.4)		(769)		(15.6)	(528)		(11.8)

Amortization of deferred regulatory credit	(16)			(0.8)			(43)			(2.8)		(42)		(0.9)	(126)		(2.8)



Other adjustments – net	1			—			(38)			(2.6)		(2)		—	(49)		(1.1)
Income tax expense and effective tax rate	$	329			16.9	%		$	52		3.4	%	$	432	8.8	%	$	431	9.6	%

______________________

(a)For the three and nine months ended September 30, 2026, includes the impact from ITC amortization utilized as part of the RSM. See Note 11 – Rate Regulation.

NEE recognizes PTCs as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the expected value of most wind and some solar projects and a fundamental component of such wind and solar projects' results of operations. PTCs, as well as ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income or loss. The amount of PTCs recognized can be significantly affected by wind and solar generation and by the roll off of PTCs after ten years of production absent a repowering of the wind and solar projects.

5. Business Combinations

Symmetry Acquisition – On January 9, 2026, a wholly owned subsidiary of NextEra Energy Resources acquired 100% of the equity interests of Symmetry Energy Solutions, LLC, a commercial and industrial natural gas business, from Energy Capital Partners, LLC (Symmetry acquisition). The acquired business provides natural gas supply, storage and asset management solutions to a broad range of end users nationwide. Symmetry Energy Solutions supplies natural gas in the U.S. to approximately 5,500 commercial and industrial customers in 34 states. The purchase price included approximately $0.8 billion in cash consideration as well as working capital and other adjustments of $0.3 billion (subject to certain post-closing adjustments).

Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair value. NEE recorded identifiable assets of approximately $1.3 billion, primarily relating to accounts receivable, existing gas, storage and transportation contracts, hedging positions, and intangible assets associated with customer relationships and software, and liabilities of $0.6 billion. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $0.4 billion of goodwill which has been recognized on NEE's condensed consolidated balance sheets, of which $0.1 billion is expected to be deductible for tax purposes. Goodwill associated with the Symmetry acquisition is reflected within NEER and, for impairment testing, is included in the customer supply reporting unit. The goodwill arising from the transaction represents expected benefits of synergies and expansion opportunities for NEE's commercial and industrial gas businesses. The provisional fair value of the acquired net assets, including goodwill, is subject to change as additional information about the assets and liabilities existing as of the acquisition date is obtained during the measurement period.

Caliber Acquisition – On June 30, 2026, a 95% owned subsidiary of NextEra Energy Resources acquired 100% of the equity interests of CRP XII Intermediate, LLC which owns Caliber Resource Partners, LLC (Caliber acquisition), an energy investment firm. The acquired business owns non-operating interests in more than 7,500 producing wells as well as additional drilling locations across multiple U.S. shale basins, supporting NEE's natural gas-related activities. The base purchase price of $1.3 billion included approximately $1.0 billion in cash consideration from NEE and noncontrolling interest owners and the assumption of existing debt of $0.3 billion (subject to certain post-closing adjustments).

Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair value. NEE recorded identifiable assets of approximately $1.4 billion, primarily relating to property, plant and equipment – net, and liabilities of approximately $0.4 billion primarily relating to long-term debt. The provisional fair value of the acquired net assets is subject to change as additional information about the assets and liabilities existing as of the acquisition date is obtained during the measurement period.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Pending Business Combination – On May 15, 2026, NEE and Dominion Energy entered into an Agreement and Plan of Merger (the merger agreement) with certain NEE subsidiaries. Pursuant to the terms and conditions of the merger agreement, the transaction would occur through two successive mergers (the mergers) and Dominion Energy would become a wholly-owned subsidiary of NEE. At closing, each outstanding share of Dominion Energy common stock, other than shares to be cancelled as described in the merger agreement, will be converted into the right to receive (i) a pro rata share of an aggregate amount equal to $360 million in cash, without interest, and (ii) 0.8138 shares of NEE common stock. In addition, NEE and Dominion Energy have proposed more than $2.25 billion in bill credits for Dominion Energy's utility customers in Virginia, North Carolina and South Carolina spread over two to four years post-close. NEE and Dominion Energy are working to complete the transaction in the second half of 2027. However, completion of the mergers and the actual closing date depend upon the satisfaction of a number of conditions, such as the receipt of required regulatory approvals, including approvals by the FERC, the NRC, and the utility commissions in Virginia, North Carolina and South Carolina as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. In September 2026, certain approvals by Dominion Energy shareholders and NEE shareholders required in connection with the pending business combination were obtained. The merger agreement contains certain termination rights and provides that, upon termination of the merger agreement under specified circumstances, NEE would be required to pay to Dominion Energy a termination fee of $4.8 billion or $6.5 billion, depending on the circumstances of the termination, while under other circumstances, Dominion Energy would be required to pay NEE a termination fee of approximately $2.2 billion.

6. Related Party Transactions

Through XPLR OpCo, XPLR owns, or has a partial ownership interest in, a portfolio of contracted clean energy assets consisting of wind, solar and battery storage projects. NEE has an approximately 52.4% noncontrolling interest in XPLR, primarily through its limited partner interest in XPLR OpCo, and accounts for its ownership interest in XPLR as an equity method investment. NextEra Energy Resources operates essentially all of the energy projects owned by XPLR and provides services to XPLR under various related party operations and maintenance, development and construction, administrative and management services agreements (service agreements). Under these service agreements, NextEra Energy Resources incurred costs of approximately $20 million and $334 million during the three months ended September 30, 2026 and 2025, respectively, and $120 million and $911 million during the nine months ended September 30, 2026 and 2025, respectively, primarily in connection with wind repowering, which have been or will be reimbursed by XPLR. NextEra Energy Resources is also party to a CSCS agreement with a subsidiary of XPLR. Amounts due from XPLR of approximately $178 million and $498 million are included in other receivables and $170 million and $183 million are included in noncurrent other assets as of September 30, 2026 and December 31, 2025, respectively. NEECH or NextEra Energy Resources guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $1.7 billion as of September 30, 2026 primarily related to obligations on behalf of XPLR's subsidiaries with maturity dates ranging from 2026 to 2063, including certain project performance obligations and obligations under financing and interconnection agreements. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. As of September 30, 2026, approximately $57 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet.

During 2026 and 2025, certain services, primarily engineering, construction, transportation, storage and maintenance services, were provided to subsidiaries of NEE by related parties that NEE accounts for under the equity method of accounting. Charges for these services amounted to approximately $303 million and $222 million for the three months ended September 30, 2026 and 2025, respectively, and $879 million and $676 million for the nine months ended September 30, 2026 and 2025, respectively.

7. Variable Interest Entities

NEER – As of September 30, 2026, NEE consolidates a number of VIEs within the NEER segment. Subsidiaries within the NEER segment are considered the primary beneficiary of these VIEs since they control the most significant activities of these VIEs, including operations and maintenance, and they have the obligation to absorb expected losses of these VIEs.

Five indirect subsidiaries of NextEra Energy Resources have an ownership interest ranging from approximately 50% to 67% in entities which own and operate solar generation facilities with generating capacity of approximately 280 MW. Each of the subsidiaries is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NextEra Energy Resources. These entities sell their electric output to third parties under power sales contracts with expiration dates ranging from 2037 through 2042. These entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs were approximately $503 million and $98 million, respectively, as of September 30, 2026, and $506 million and $148 million, respectively, as of December 31, 2025. As of September 30, 2026 and December 31, 2025, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt, respectively.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

NextEra Energy Resources consolidates a VIE which has a 10% direct ownership interest in wind and solar generation facilities which have the capability of producing approximately 400 MW and 599 MW, respectively. These entities sell their electric output under power sales contracts to third parties with expiration dates ranging from 2034 through 2040. These entities are also considered a VIE because the holders of differential membership interests in these entities do not have substantive rights over the significant activities of these entities. The assets and liabilities of the VIE were approximately $1,270 million and $76 million, respectively, as of September 30, 2026, and $1,301 million and $71 million, respectively, as of December 31, 2025. As of September 30, 2026 and December 31, 2025, the assets of this VIE consisted primarily of property, plant and equipment.

NextEra Energy Resources consolidates 31 VIEs that primarily relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind generation, solar generation and battery storage facilities with generating/storage capacity of approximately 11,303 MW, 3,751 MW and 1,526 MW, respectively. These entities sell, or will sell, their electric output either under power sales contracts to third parties with expiration dates ranging from 2027 through 2054 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. NextEra Energy Resources has financing obligations with respect to these entities, including third-party debt which is secured by liens against the generation facilities and the other assets of these entities or by pledges of NextEra Energy Resources' ownership interest in these entities. The debt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs totaled approximately $26,876 million and $901 million, respectively, as of September 30, 2026. There were 34 of these consolidated VIEs as of December 31, 2025 and the assets and liabilities of those VIEs at such date totaled approximately $28,768 million and $1,485 million, respectively. As of September 30, 2026 and December 31, 2025, the assets of these VIEs consisted primarily of property, plant and equipment.

NextEra Energy Resources consolidates five VIEs that primarily relate to certain subsidiaries which sold project minority interests in 2026 (see Note 11 - Project Minority Interests) in entities which own and operate wind generation, solar generation and battery storage facilities with generating/storage capacity of approximately 386 MW, 274 MW and 200 MW, respectively, and own solar generation and battery storage facilities that, upon completion of construction, which is anticipated through 2027, are expected to have generating/battery storage capacity of approximately 885 MW and 1,198 MW, respectively. The subsidiaries of the VIEs also have sold differential membership interests. These entities sell, or will sell, their electric output either under power sales contracts to third parties with expiration dates ranging from 2037 through 2061 or in the spot market. These entities are considered VIEs because the holders of the project minority interests and differential membership interests do not have substantive rights over the significant activities of these entities. As of September 30, 2026, the assets and liabilities associated with these VIEs totaled approximately $4,253 million and $571 million, respectively. As of September 30, 2026, the assets of these VIEs consisted primarily of property, plant and equipment.

NextEra Energy Resources consolidates a VIE related to a subsidiary which is the managing member of an entity formed in 2026 that owns and operates solar generation assets and monetizes tax credits generated by such assets. This entity sells its electric output under power sales contracts to third parties with expiration dates in 2050 and 2051. The entity is considered a VIE because the non-managing member does not have substantive rights over the significant activities of the entity. The assets and liabilities of the VIE were approximately $964 million and $48 million, respectively, as of September 30, 2026, with the assets consisting primarily of property, plant and equipment.

Other – As of September 30, 2026 and December 31, 2025, several NEE subsidiaries had investments totaling approximately $7,220 million ($5,468 million at FPL) and $6,592 million ($5,075 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and asset-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities.

Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in XPLR OpCo (see Note 6). These entities are limited partnerships or similar entity structures in which the limited partners or non-managing members do not have substantive rights over the significant activities of these entities, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $2,605 million and $2,525 million as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026, subsidiaries of NEE had guarantees related to certain obligations of one of these entities, as well as commitments to invest an additional approximately $260 million in several of these entities. See further discussion of such guarantees and commitments in Note 12 – Commitments and – Contracts, respectively.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

8. Employee Retirement Benefits

NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements.

The components of net periodic cost (income) for the plans are as follows:


	Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025	2026		2025	2026		2025
	(millions)
Service cost	$	19			$	18		$	—		$	—			$	57		$	52	$	1	$	1
Interest cost	32			34			1		2		96			102			5		6
Expected return on plan assets	(106)			(103)			—		—		(317)			(310)			—		—


Amortization of prior service benefit	—			(1)			—		—		—			(1)			—		—
Special termination benefit(a)	—			—			—		—		75			—			—		—

Net periodic cost (income) at NEE	$	(55)			$	(52)		$	1		$	2			$	(89)		$	(157)	$	6	$	7
Net periodic cost (income) allocated to FPL	$	(30)			$	(30)		$	1		$	2			$	(63)		$	(90)	$	4	$	6

———————————————

(a)Reflects enhanced early retirement benefit.

9. Debt

Significant long-term debt issuances and borrowings during the nine months ended September 30, 2026 were as follows:


	Principal Amount		Interest Rate(a)	Maturity Date
	(millions)
FPL:
First mortgage bonds	$	2,250		5.125%	–	5.900%		2036	–	2066


NEECH:
Debentures – fixed	$	1,300		4.40%	–	5.85%		2031	–	2056
Euro denominated debentures – fixed(b)	$	1,549		2.989%	–	3.624%		2030	–	2034
Debentures, related to NEE's equity units	$	2,300		4.00%		2031	–	2034
Euro denominated junior subordinated debentures – fixed(b)(c)	$	2,067		4.20%	–	4.75%		2056
Junior subordinated debentures – fixed	$	600		6.50%		2086
Junior subordinated debentures – fixed(d)	$	3,750		6.000%	–	6.625%		2056	–	2066
Australian dollar denominated subordinated debt(b)	$	931		Variable(e)		2056





NEER:
Senior secured limited-recourse debt – fixed	$	372		6.59%		2033

Senior secured limited-recourse debt – variable	$	1,606		Variable(f)		2029

———————————————

(a)Interest rates based on the currency in which the related debt is denominated.

(b)Foreign currency swaps have been entered into with respect to these debt issuances. See Note 2.

(c)Two series of Euro denominated junior subordinated debentures were issued in February 2026. One series will initially bear interest at 4.20% until February 26, 2032, and thereafter will bear interest based on an underlying Euro index plus a specified margin, reset every five years; such margin will increase on February 26, 2037 and February 26, 2052. The second series will initially bear interest at 4.75% until February 26, 2036, and thereafter will bear interest at a rate based on an underlying Euro index plus a specified margin, to be reset every five years.

(d)Three series of junior subordinated debentures were issued in June 2026 and will initially bear interest at 6.000% until October 1, 2031, 6.200% until October 1, 2036 and 6.625% until October 1, 2046, respectively, and thereafter each series will bear interest at a rate based on an underlying index plus a specified margin, to be reset every five years, provided that the interest rates will not reset below the respective initial interest rates.

(e)Two series of Australian dollar (AUD) denominated subordinated debt were issued in September 2026. One series will initially bear interest at 7.484% until September 1, 2036, and thereafter will bear interest based on an underlying AUD index plus a specified margin. The second series will initially bear interest based on an underlying AUD index plus a specified margin with additional interest rate step-ups on September 1, 2036 and December 1, 2051.

(f)Variable rate based on an underlying index plus a specified margin.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

In March 2026, NEE sold $2.3 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 2.5% undivided beneficial ownership interest in a Series P Debenture due February 15, 2031, and, initially, a 2.5% undivided beneficial ownership interest in a Series Q Debenture due February 15, 2034, each issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than February 15, 2029 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments), based on a price per share range described in the following sentence. If purchased on the final settlement date, as of September 30, 2026, the number of shares issued per equity unit would (subject to antidilution adjustments) range from 0.5435 shares if the applicable market value of a share of NEE common stock is less than or equal to $91.99 (the reference price) to 0.4348 shares if the applicable market value of a share is equal to or greater than $115.00 (the threshold appreciation price), with the applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending on February 12, 2029. Total annual distributions on the equity units are at the rate of 7.375%, consisting of interest on the debentures (4.000% per year) and payments under the stock purchase contracts (3.375% per year). The interest rate on the debentures is expected to be reset on or after August 15, 2028. A holder of an equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interests in the NEECH debentures that are components of each Corporate Unit are pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE.

10. Equity

Earnings Per Share – The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(millions, except per share amounts)

Numerator – net income attributable to NEE	$	4,775			$	2,438		$	10,102	$	5,300



Denominator:
Weighted-average number of common shares outstanding – basic	2,089.2			2,064.6			2,085.1		2,059.0
Equity units, stock options, performance share awards, restricted stock and exchangeable notes(a)	8.4			6.0			9.3		5.3
Weighted-average number of common shares outstanding – assuming dilution	2,097.6			2,070.6			2,094.4		2,064.3
Earnings per share attributable to NEE:
Basic	$	2.29			$	1.18		$	4.84	$	2.57
Assuming dilution	$	2.28			$	1.18		$	4.82	$	2.57

———————————————

(a)Calculated primarily using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.

Common shares issuable pursuant to equity units, stock options, performance share awards and/or exchangeable notes, as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 64.0 million and 49.7 million for the three months ended September 30, 2026 and 2025, respectively, and 37.1 million and 65.0 million for the nine months ended September 30, 2026 and 2025, respectively.

ATM Program – NEE has an at-the-market equity issuance program (ATM program), which was established on December 31, 2025, pursuant to which NEE may issue, from time to time, up to $4 billion of its common shares. During the three and nine months ended September 30, 2026, NEE issued approximately 11.0 million common shares under the ATM program for gross proceeds of $938 million. Fees related to the ATM program totaled approximately $7 million during the three and nine months ended September 30, 2026.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Available for Sale Securities		Defined Benefit Pension and Other Benefits Plans		Net Unrealized Gains (Losses) on Foreign Currency Translation	Other Comprehensive Income (Loss) Related to Equity Method Investees		Total
	(millions)
Three Months Ended September 30, 2026
Balances, June 30, 2026	$	20			$	(20)		$	33		$	(92)		$	11	$	(48)
Other comprehensive loss before reclassifications	—			(65)			—		(1)		—		(66)
Amounts reclassified from AOCI	—			1		(a)	—		—		—		1
Net other comprehensive loss	—			(64)			—		(1)		—		(65)

Balances, September 30, 2026	$	20			$	(84)		$	33		$	(93)		$	11	$	(113)

———————————————

(a)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.


	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Available for Sale Securities		Defined Benefit Pension and Other Benefits Plans		Net Unrealized Gains (Losses) on Foreign Currency Translation	Other Comprehensive Income (Loss) Related to Equity Method Investees		Total
	(millions)
Nine Months Ended September 30, 2026
Balances, December 31, 2025	$	19			$	—		$	33		$	(72)		$	11	$	(9)
Other comprehensive loss before reclassifications	—			(87)			—		(21)		—		(108)
Amounts reclassified from AOCI	1		(a)	3		(b)	—		—		—		4
Net other comprehensive income (loss)	1			(84)			—		(21)		—		(104)

Balances, September 30, 2026	$	20			$	(84)		$	33		$	(93)		$	11	$	(113)

———————————————

(a)Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments.

(b)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.


	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Available for Sale Securities		Defined Benefit Pension and Other Benefits Plans		Net Unrealized Gains (Losses) on Foreign Currency Translation	Other Comprehensive Income (Loss) Related to Equity Method Investees		Total
	(millions)
Three Months Ended September 30, 2025
Balances, June 30, 2025	$	24			$	(15)		$	(19)		$	(68)		$	8	$	(70)
Other comprehensive income (loss) before reclassifications	—			10			—		(13)		—		(3)
Amounts reclassified from AOCI	—			1		(a)	—		—		—		1
Net other comprehensive income (loss)	—			11			—		(13)		—		(2)

Balances, September 30, 2025	$	24			$	(4)		$	(19)		$	(81)		$	8	$	(72)

———————————————

(a)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)


	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges		Net Unrealized Gains (Losses) on Available for Sale Securities		Defined Benefit Pension and Other Benefits Plans		Net Unrealized Gains (Losses) on Foreign Currency Translation	Other Comprehensive Income (Loss) Related to Equity Method Investees		Total
	(millions)
Nine Months Ended September 30, 2025
Balances, December 31, 2024	$	23			$	(37)		$	(19)		$	(101)		$	8	$	(126)
Other comprehensive income before reclassifications	—			28			—		20		—		48
Amounts reclassified from AOCI	1		(a)	5		(b)	—		—		—		6
Net other comprehensive income	1			33			—		20		—		54

Balances, September 30, 2025	$	24			$	(4)		$	(19)		$	(81)		$	8	$	(72)

———————————————

(a)Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments.

(b)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

11. Summary of Significant Accounting and Reporting Policies

Rate Regulation – In February 2026, the Office of Public Counsel, Floridians Against Increased Rates, Inc. and, as a group, Florida Rising, Inc., Environmental Confederation of Southwest Florida, Inc. and League of United Latin American Citizens of Florida (collectively, the non-signatories) filed with the FPSC a joint motion for reconsideration and a joint request for oral argument, and filed notices of appeal with the Florida Supreme Court, in each case challenging the FPSC's final order approving the 2025 rate agreement. In April 2026, the FPSC denied substantially all of the non-signatories' joint motion for reconsideration, granting only a limited correction to expand on the discussion of FPL's performance under the Florida Energy Efficiency and Conservation Act in the final order. In May 2026, notices of appeal were filed with the Florida Supreme Court challenging the FPSC's order denying reconsideration of the FPSC's final order approving the 2025 rate agreement. In June 2026, the Florida Supreme Court consolidated the appeals into a single proceeding. The rate case docket will remain open pending resolution of the consolidated appeal before the Florida Supreme Court.

The use of RSM for the three and nine months ended September 30, 2026 is permitted by the 2025 rate agreement, and, for the prior year periods the use of reserve amortization was permitted by the 2021 rate agreement. The RSM reserve, which is authorized up to approximately $1.5 billion, after tax, over the term of the 2025 rate agreement, includes ITC amortization for battery storage projects placed in service in 2025, the remaining balance from FPL's previous reserve amortization mechanism as of January 1, 2026 and certain amounts related to deferred tax liabilities. In accordance with the terms of the 2025 rate agreement, RSM amortization is recorded as either an increase or decrease to noncurrent regulatory assets or liabilities, as applicable, on NEE’s and FPL’s condensed consolidated balance sheets. In accordance with the terms of the 2021 rate agreement, reserve amortization was recorded as either an increase or decrease to noncurrent regulatory assets on NEE's and FPL's condensed consolidated balance sheets. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time, assuming normal weather. This forecast establishes a targeted regulatory ROE.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

In order to earn a targeted regulatory ROE in each reporting period, subject to conditions of the effective rate agreement, RSM amortization and reserve amortization, as applicable, are calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by the RSM amortization or reserve amortization, as applicable, to earn the targeted regulatory ROE. In certain periods, the RSM amortization or reserve amortization, as applicable, are reversed so as not to exceed the targeted regulatory ROE. During the three months ended September 30, 2026, FPL recorded the reversal of RSM amortization of approximately $172 million, after tax, which is reflected as an increase of $126 million in income taxes and an increase of $62 million in depreciation and amortization expense ($46 million after tax) in NEE and FPL’s condensed consolidated statements of income. During the nine months ended September 30, 2026, FPL recorded RSM amortization of approximately $24 million, after tax, which is reflected as a decrease of $24 million in income taxes in NEE and FPL’s condensed consolidated statements of income. During the three and nine months ended September 30, 2025, FPL recorded the reversal of reserve amortization of approximately $218 million and reserve amortization of $423 million, respectively, which are reflected as pre-tax depreciation and amortization expense on NEE and FPL’s condensed consolidated statements of income.

Storm Cost Recovery – In October 2026, Hurricane Isaias made landfall near the Florida panhandle causing damage to FPL's service territory. Although FPL has not finalized its storm restoration costs with respect to Hurricane Isaias, FPL's preliminary estimate of total recoverable storm restoration costs is in the range of approximately $450 million - $500 million. Storm restoration costs that exceed the amount in FPL’s storm reserve, which totaled approximately $119 million as of September 30, 2026, will be deferred and recorded as a regulatory asset on NEE’s and FPL’s balance sheets.

Under the 2025 rate agreement, 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. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs, inclusive of the costs to replenish the storm reserve, exceed the cap, FPL could request an increase to the $5 surcharge. Final storm restoration costs are subject to a prudence review by the FPSC. FPL intends to seek recovery of eligible storm restoration costs and replenishment of the storm reserve in accordance with the 2025 rate agreement.

Restricted Cash – As of September 30, 2026 and December 31, 2025, NEE had approximately $283 million ($40 million for FPL) and $194 million ($46 million for FPL), respectively, of restricted cash. Restricted cash accounts are included in current other assets on NEE's and FPL's condensed consolidated balance sheets and primarily relate to debt service payments and margin cash collateral requirements at NEER and restricted bond proceeds at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $29 million is netted against derivative assets and $100 million is netted against derivative liabilities as of September 30, 2026 and $50 million is netted against derivative assets and $81 million is netted against derivative liabilities as of December 31, 2025. See Note 2.

Structured Payables – As of September 30, 2026 and December 31, 2025, NEE's outstanding obligations under its structured payables program were approximately $2.7 billion and $4.2 billion, respectively.

Income Taxes – Clean energy tax credits generated during the taxable year can be transferred to an unrelated purchaser for cash and are accounted for under Accounting Standards Codification 740 – Income Taxes. Proceeds resulting from the sales of clean energy tax credits for the nine months ended September 30, 2026 and 2025 of approximately $1,684 million ($169 million at FPL) and $766 million ($0 million at FPL), respectively, are reported in the cash received for income taxes – net within the supplemental disclosures of cash flow information on NEE's and FPL's condensed consolidated statements of cash flows. In connection with entering into the agreements to sell clean energy tax credits, NEECH provides certain indemnifications to the purchasers regarding the existence and qualifications of such credits. NEE has not recorded any material liability related to these indemnifications after considering the nature of the indemnifications and NEE’s experience in generating and utilizing clean energy tax credits. NEE's exposure to refund credits sold generally terminates based on the individual purchaser’s tax return statute of limitations which cannot be estimated.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Differential Membership Interests – As of September 30, 2026 and December 31, 2025, approximately $9,685 million and $10,654 million, respectively, of noncontrolling interests on NEE's condensed consolidated balance sheets relate to differential membership interests. For the three months ended September 30, 2026 and 2025, NEE recorded earnings of approximately $412 million and $309 million, respectively, and for the nine months ended September 30, 2026 and 2025 approximately $1,459 million and $1,120 million, respectively, associated with differential membership interests, which are reflected as net loss attributable to noncontrolling interests in NEE's condensed consolidated statements of income.

Project Minority Interests – In September 2026, certain subsidiaries of NextEra Energy Resources sold noncontrolling membership interests in entities that have ownership interests in wind generation, solar generation and battery storage facilities (see Note 7 - NEER) to third party investors for proceeds totaling $1,559 million. The project minority investors provide capital to the projects and receive a disproportionate share of the projects' earnings and cash flows during certain periods until they achieve a targeted return. NEE has the right to call certain third-party interests at specified amounts upon achievement of the targeted return or during specified periods. The earnings allocated to the project minority investors are reflected as a reduction of earnings attributable to NEE.

As of September 30, 2026, approximately $414 million and $1,145 million of noncontrolling interests and redeemable noncontrolling interests, respectively, (see Redeemable Noncontrolling Interests discussion below) on NEE's condensed consolidated balance sheets relate to project minority interests.

Redeemable Noncontrolling Interests – Certain of the agreements related to project minority and differential membership interests arrangements provide investors with redemption rights upon the occurrence of specified events, including, among others, events that would delay completion or result in the cancellation of an underlying project. As these potential redemptions are outside of NEER’s control, these balances were classified as redeemable noncontrolling interests on NEE's condensed consolidated balance sheet as of September 30, 2026. Substantially all of the contingencies associated with the September 30, 2026 balance are expected to be resolved in 2026 and 2027.

Leases – For the three months ended September 30, 2026 and 2025, operating lease income of approximately $113 million and $82 million, respectively, and for the nine months ended September 30, 2026 and 2025, $329 million and $200 million, respectively, was recognized as operating revenue in NEE's condensed consolidated statements of income.

Disposal of a Business – In March 2026, a subsidiary of NEET sold an ownership interest, representing an approximately 50% economic interest, as part of a joint venture (transmission joint venture), consisting of a rate-regulated electric transmission asset located in California, for cash proceeds of approximately $287 million, subject to post-closing adjustments. A NEET subsidiary continues to operate the rate-regulated electric transmission asset included in the sale. In connection with the sale and extinguishment of the related debt, a net gain of approximately $133 million ($107 million after tax) was recorded in NEE's condensed consolidated statements of income for the nine months ended September 30, 2026. Approximately $253 million is included in gains on disposal of businesses/assets – net, offset by $120 million recorded as interest expense. Total assets of approximately $831 million, primarily property, plant and equipment and total liabilities of approximately $512 million, primarily long-term debt, were removed from NEE's balance sheet and an equity method investment of approximately $287 million was recorded as a result of the transaction. NEE's remaining interest, an approximately 50% economic interest, in the transmission joint venture is a noncontrolling interest based on the governance structure of the joint venture. The fair value of NEE's retained interest was calculated based on significant estimates and assumptions, including Level 3 (unobservable) inputs. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future market prices.

Environmental Credits – In May 2026, the Financial Accounting Standards Board issued an accounting standards update related to environmental credits (such as renewable energy credits) and environmental credit obligations. The update provides recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. The standards update will be effective for NEE and FPL beginning January 1, 2028. The requirements will be applied retrospectively with early adoption permitted. NEE and FPL are currently evaluating the effect of adopting this update on their consolidated financial statements.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Property, Plant and Equipment – Property, plant and equipment consists of the following:


	NEE		FPL
	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
	(millions)
Electric plant in service and other property	$	183,745			$	170,129		$	100,116	$	94,837
Nuclear fuel	2,095			2,026			1,290		1,201
Construction work in progress	34,741			24,556			9,294		7,673
Property, plant and equipment, gross	220,581			196,711			110,700		103,711
Accumulated depreciation and amortization	(43,503)			(40,514)			(23,291)		(21,956)
Property, plant and equipment – net	$	177,078			$	156,197		$	87,409	$	81,755

During the three months ended September 30, 2026 and 2025, FPL recorded AFUDC of approximately $83 million and $60 million, respectively, including AFUDC – equity of $63 million and $46 million, respectively. During the nine months ended September 30, 2026 and 2025, FPL recorded AFUDC of approximately $223 million and $159 million, respectively, including AFUDC – equity of $171 million and $123 million, respectively. During the three months ended September 30, 2026 and 2025, NEER capitalized interest on construction projects of approximately $281 million and $179 million, respectively. During the nine months ended September 30, 2026 and 2025, NEER capitalized interest on construction projects of approximately $683 million and $477 million, respectively.

12. Commitments and Contingencies

Commitments – NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for development, construction and maintenance of its competitive energy businesses.

As of September 30, 2026, estimated capital expenditures, on an accrual basis, for the remainder of 2026 through 2030 were as follows:


	Remainder of 2026		2027		2028		2029	2030		Total
	(millions)
FPL:
Generation:(a)
New(b)	$	1,460			$	4,330		$	4,010		$	4,820		$	4,225	$	18,845
Existing	345		1,360		1,300		1,300	1,350		5,655
Transmission and distribution(c)	1,215		4,910		4,775		5,900	6,720		23,520
Nuclear fuel	130		350		460		400	380		1,720
General and other	490		755		740		665	620		3,270
Total	$	3,640			$	11,705		$	11,285		$	13,085		$	13,295	$	53,010
NEER:(d)
Wind(e)	$	200			$	1,560		$	2,805		$	110		$	90	$	4,765
Solar(f)	2,980			7,600			4,085		195		280		15,140
Other clean energy(g)	1,575			5,665			2,420		85		660		10,405
Nuclear, including nuclear fuel	285			1,110			875		500		460		3,230

Regulated electric and gas transmission(h)	380			1,265			1,015		1,200		2,110		5,970
Other	290			520			375		405		415		2,005
Total	$	5,710			$	17,720		$	11,575		$	2,495		$	4,015	$	41,515

———————————————

(a)Includes AFUDC of approximately $50 million, $265 million, $245 million, $275 million and $235 million for the remainder of 2026 through 2030, respectively.

(b)Includes land, generation structures, transmission interconnection and integration and licensing.

(c)Includes AFUDC of approximately $20 million, $95 million, $105 million, $165 million and $160 million for the remainder of 2026 through 2030, respectively.

(d)Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received.

(e)Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 3,486 MW, and related transmission.

(f)Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 15,877 MW and related transmission.

(g)Includes capital expenditures primarily for battery storage projects totaling approximately 8,237 MW and related transmission, as well as renewable fuels projects.

(h)Includes equity contributions associated with an equity investment in a joint venture that is constructing a natural gas pipeline. The natural gas pipeline is pending environmental permitting approvals to proceed with construction.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates.

In addition to guarantees noted in Note 6 with regards to XPLR, NEECH has guaranteed or provided indemnifications or letters of credit related to third parties, including certain obligations of investments in joint ventures accounted for under the equity method, totaling approximately $849 million as of September 30, 2026. These obligations primarily relate to guaranteeing the obligations under equity capital contribution and purchased power agreements and the residual value of a financing lease. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries is the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material.

Contracts – In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas with expiration dates through 2051.

As of September 30, 2026, NEER has entered into contracts primarily for the purchase of wind turbines, wind towers, solar modules, batteries and transmission equipment and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through 2033. Approximately $10.0 billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates through 2055.

The required capacity and/or minimum payments under contracts, including those discussed above, as of September 30, 2026 were estimated as follows:


	Remainder of 2026		2027	2028		2029	2030		Thereafter
	(millions)
FPL(a)	$	310		$	1,200		$	1,215		$	1,225	$	1,265	$	8,905

NEER(b)(c)(d)	$	3,910		$	5,240		$	1,000		$	430	$	200	$	530

———————————————

(a)Includes approximately $110 million, $430 million, $430 million, $425 million, $425 million and $4,540 million for the remainder of 2026 through 2030 and thereafter, respectively, of firm commitments related to natural gas transportation agreements with affiliates. The charges associated with these agreements are recoverable through the fuel clause. For the three and nine months ended September 30, 2026, the charges associated with these agreements totaled approximately $109 million and $317 million, respectively. For the three and nine months ended September 30, 2025, the charges associated with these agreements totaled approximately $104 million and $308 million, respectively.

(b)Includes approximately $50 million, $95 million, $180 million, $185 million and $15 million for the remainder of 2026 through 2030, respectively, of commitments related to equity contributions associated with a joint venture, in which NEER has a 49% equity investment, that is constructing a natural gas pipeline.

(c)Includes approximately $140 million of commitments to invest in technology and other investments through 2032. See Note 7 – Other.

(d)Includes approximately $1,710 million, $1,015 million and $145 million for the remainder of 2026, 2027 and 2028, respectively, of joint obligations of NEECH and NEER.

Insurance – Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $500 million of private liability insurance per site, which is the maximum obtainable, except at Duane Arnold which obtained an exemption from the NRC and maintains a $100 million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $15.8 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $1,161 million ($664 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $173 million ($99 million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit 2, which approximates $20 million and $25 million, plus any applicable taxes, per incident, respectively.

NEE participates in a nuclear insurance mutual company, Nuclear Electric Insurance Limited (NEIL), which provides property damage, nuclear accident decontamination and premature decommissioning insurance for each plant for losses resulting from damage to its nuclear facilities, either due to accidents or acts of terrorism. Additionally, NEIL provides accidental outage coverage for losses in the event of a major accidental outage at an insured nuclear plant. Pursuant to regulations of the NRC, each company’s property damage insurance policies provide that all proceeds from such insurance be applied first to place the plant in a safe and stable condition after a qualifying accident, and second, to decontaminate the plant before any proceeds can be used for decommissioning, plant repair or restoration.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

NEE and FPL nuclear facilities each have accident property damage, nuclear accident decontamination and premature decommissioning liability insurance from NEIL with limits of $1.5 billion, except for Duane Arnold which has a limit of $50 million due to being placed in a deferred decommissioning status in 2020. All the nuclear facilities, except for Duane Arnold, also share an additional $1.25 billion nuclear accident insurance limit above their dedicated underlying limit. This shared additional excess limit is not subject to reinstatement in the event of a loss. All coverages are subject to sublimits and deductibles.

NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident. In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $183 million ($115 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit 2, which approximates $3 million, $3 million and $4 million, plus any applicable taxes, respectively.

Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If FPL's storm restoration costs exceed the storm reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law.

In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

Legal Proceedings – NEE, FPL, and certain current and former executives, are the named defendants in a purported shareholder securities class action lawsuit filed in the U.S. District Court for the Southern District of Florida in June 2023 and amended in December 2023 (2023 securities class action lawsuit) that seeks from the defendants unspecified damages allegedly resulting from alleged false or misleading statements regarding NEE's alleged campaign finance and other political activities. The alleged class of plaintiffs are all persons or entities who purchased or otherwise acquired NEE securities between December 2, 2021 and January 30, 2023. In September 2024, the class action lawsuit was dismissed with prejudice by the U.S. District Court for the Southern District of Florida. Following appeal, in November 2025, a panel of the U.S. Court of Appeals for the 11th Circuit reversed the dismissal and remanded the lawsuit for further proceedings. In June 2026, the named defendants and lead plaintiffs entered into a settlement agreement that, upon final court approval, would resolve the 2023 securities class action lawsuit. Under the terms of the settlement agreement, NEE would pay an aggregate of $150 million to settle all claims asserted in the 2023 securities class action lawsuit, inclusive of plaintiffs’ counsel’s fees and costs of administering the settlement. NEE’s payment would be covered by insurance. Both the settlement amount and the offsetting expected insurance recovery amount are reflected on the condensed consolidated balance sheet as of September 30, 2026.

In June 2026, the plaintiffs filed a motion requesting the court to preliminarily approve the settlement agreement. In August 2026, the court denied the motion without prejudice, requesting additional information. In October 2026, the parties filed a renewed motion. There can be no assurance as to the ultimate outcome of the 2023 securities class action lawsuit, including no assurance that the settlement agreement will be given final approval by the court. If the settlement agreement is not given final approval by the court, the defendants plan to continue to defend the securities class action lawsuit vigorously.

NEE, along with certain current and former executives and directors are the named defendants in purported shareholder derivative actions filed in the 15th Judicial Circuit in Palm Beach County, Florida in July 2023, March 2024 and May 2025, and in the U.S. District Court for the Southern District of Florida in October 2023, November 2023 (which the plaintiff voluntarily dismissed), July 2024 and April 2026 (which the court dismissed without prejudice), seeking unspecified damages allegedly resulting from, among other things, breaches of fiduciary duties and, in the cases filed in the U.S. District Court for the Southern District of Florida, violations of the federal securities laws, all purporting to relate to alleged campaign finance law violations and associated matters. NEE also has received demand letters and books and records requests from counsel representing other purported shareholders and containing similar allegations. These demands seek, among other things, a Board of Directors investigation of, and/or documentation regarding, these allegations. In June 2026, the parties entered into a settlement agreement that, upon final court approval, would resolve the purported shareholder derivative actions and the related shareholder litigation demands and inspection demands. Under the terms of the settlement agreement, insurance carriers, on behalf of the named defendants, would pay to NEE an aggregate of approximately $16 million, less plaintiffs' and shareholders' counsel's fees, to settle all claims asserted in the purported shareholder derivative actions, litigation demands and inspection demands. NEE’s payment would be covered by insurance. In addition, NEE would agree to implement or maintain certain corporate governance modifications or activities. Both the aggregate settlement amount and the offsetting expected insurance recovery amount are reflected on the condensed consolidated balance sheet as of September 30, 2026.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

In June 2026, the plaintiffs filed a motion in one of the shareholder derivative actions requesting the 15th Judicial Circuit court in Palm Beach County, Florida to preliminarily approve the settlement agreement. In September 2026, the court authorized notice of the settlement to shareholders and scheduled a settlement hearing for December 2026. There can be no assurance as to the ultimate outcome of the purported shareholder derivative actions or the related litigation and inspection demands, including no assurance that the settlement agreement will be given final approval by the court. If the settlement agreement is not given final approval by the court, the defendants plan to continue to defend against the claims in these proceedings vigorously.

In November 2024, NEE was named as defendant in an antitrust lawsuit (Avangrid, Inc. et al. v. NextEra Energy, Inc.) filed in the U.S. District Court for the District of Massachusetts. The original complaint sought damages of $350 million, which would be tripled in the event of a finding of monopolization under the Sherman Act, from the defendants for alleged violations of federal and state antitrust laws, as well as Massachusetts state laws. In September 2025, the U.S. District Court for the District of Massachusetts dismissed the alleged violations of federal and state antitrust laws. In December 2025, the court heard oral argument on NEE's motion to dismiss the remaining Massachusetts state law claims. NEE is vigorously defending against the remaining claims in this proceeding.

XPLR, NEE and certain NEE executives who also serve or served as directors or officers of XPLR are the named defendants in a purported federal securities class action lawsuit filed in the U.S. District Court for the Southern District of California (Southern District of California) in July 2025 that seeks unspecified damages alleging that the defendants made false and misleading statements regarding XPLR's business model, XPLR distributions and arrangements relating to noncontrolling Class B members' interests under certain limited liability company agreements to which XPLR and certain of its subsidiaries are or were a party. The alleged class includes all persons or entities other than the defendants and certain affiliated parties of the defendants as named in the lawsuit who purchased or otherwise acquired XPLR securities between September 27, 2023 and January 27, 2025. In January 2026, the plaintiff filed an amended complaint expanding the putative class period to include all persons or entities other than the defendants and certain affiliated parties of the defendants as named in the lawsuit who purchased or otherwise acquired XPLR securities beginning on May 8, 2023. In March 2026, the defendants filed a motion to dismiss the complaint, which remains pending. The defendants are vigorously defending against the claims in this proceeding.

XPLR, NEE and certain current and former XPLR directors or officers, some of whom are also current and former NEE executives, are the named defendants in a purported unitholder derivative action filed in the Southern District of California in August 2025. The complaint alleges, among other allegations, that defendants breached their fiduciary duties by making, or causing XPLR to make, false and misleading statements regarding XPLR's business model, distributions, financial arrangements and equity needs. The plaintiff seeks declaratory and monetary relief, changes to corporate governance and internal procedures, and attorneys’ fees and costs. In November 2025, the Southern District of California issued an order to stay proceedings pending resolution of the motion to dismiss phase in the purported federal securities class action lawsuit described above.

13. Segment Information

The tables below present information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses. Corporate and Other represents other business activities, includes eliminating entries, and may include the net effect of rounding. FPL has a single reportable segment. See Note 1 for information regarding NEE's and FPL's operating revenues.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Net income attributable to NEE and significant expenses for NEE's reportable segments and the FPL reportable segment are shown below.


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025
	FPL		NEER	Total		FPL		NEER		Total
	(millions)
Operating revenues	$	5,421		$	2,516			$	7,937		$	5,285	$	2,566	$	7,851
Corporate and Other				153						115
Total consolidated revenues				$	8,090						$	7,966

Less:
Fuel, purchased power and interchange	1,277		422			1,124		299
Other operations and maintenance	437		810			432		810
Depreciation and amortization	875		761			1,385		695
Taxes other than income taxes and other – net	598	(a)	114			547		103
Interest expense	348		(49)	(b)			320		405	(b)
Income tax expense (benefit)(c)	329		(248)			52		(205)


Other segment items(d)	63		785			38		816
Net income attributable to NEE for reportable segments	1,620		1,491	3,111		1,463		1,275		2,738

Reconciliation of segment profit/(loss)
Corporate and Other				1,664						(300)
Net income attributable to NEE	$	1,620		$	1,491			$	4,775		$	1,463	$	1,275	$	2,438

_________________________

(a)FPL's income statement line for taxes other than income taxes and other – net includes gains on disposal of businesses/assets – net.

(b)Interest expense allocated from NEECH to NextEra Energy Resources is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.

(c)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 4.

(d)Other segment items for each reportable segment include:

FPL – Allowance for equity funds used during construction and other – net

NEER – Gains on disposal of businesses/assets – net, equity in earnings (losses) of equity method investees, allowance for equity funds used during construction, gains on disposal of investments and other property – net, change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net, other – net and net loss attributable to noncontrolling interests


	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
	FPL		NEER		Total		FPL		NEER		Total
	(millions)
Operating revenues	$	14,588			$	7,360			$	21,948		$	13,989	$	6,643	$	20,632
Corporate and Other					377						280
Total consolidated revenues					$	22,325						$	20,912

Less:
Fuel, purchased power and interchange	3,349		1,054				3,006		766
Other operations and maintenance	1,240		2,557				1,254		2,126
Depreciation and amortization	2,568		2,164				2,873		2,043
Taxes other than income taxes and other – net	1,646	(a)	358				1,544	(a)	328
Interest expense	1,035		785	(b)			964		1,367	(b)
Income tax expense (benefit)(c)	432		(848)				431		(1,073)


Other segment items(d)	175		2,853				137		1,344
Net income attributable to NEE for reportable segments	4,493		4,143		$	8,636			4,054		2,430	$	6,484

Reconciliation of segment profit/(loss)
Corporate and Other					1,466						(1,184)
Net income attributable to NEE	$	4,493			$	4,143			$	10,102		$	4,054	$	2,430	$	5,300

_________________________

(a)FPL's income statement line for taxes other than income taxes and other – net includes gains on disposal of businesses/assets – net.

(c)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 4.

(d)Other segment items for each reportable segment include:

FPL – Allowance for equity funds used during construction and other – net

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

(unaudited)

NEE's and FPL's additional segment information is as follows:



	FPL		NEER	Total Reportable Segments		Corporate and Other	Total Consolidated
	(millions)
Three Months Ended September 30, 2026

Equity in earnings of equity method investees	$	—		$	293		$	293	$	—	$	293
Net loss attributable to noncontrolling interests	$	—		$	408		$	408	$	—	$	408

Nine Months Ended September 30, 2026
Equity in earnings of equity method investees	$	—		$	795		$	795	$	1	$	796
Net loss attributable to noncontrolling interests	$	—		$	1,425		$	1,425	$	—	$	1,425
Capital expenditures, independent power and other investments and nuclear fuel purchases	$	8,322		$	19,223		$	27,545	$	9	$	27,554

September 30, 2026
Property, plant and equipment – net	$	87,409		$	89,527		$	176,936	$	142	$	177,078
Total assets	$	113,888		$	123,040		$	236,928	$	8,124	$	245,052
Investment in equity method investees	$	—		$	6,067		$	6,067	$	20	$	6,087



	FPL		NEER	Total Reportable Segments		Corporate and Other	Total Consolidated
	(millions)
Three Months Ended September 30, 2025

Equity in earnings of equity method investees	$	—		$	195		$	195	$	9	$	204
Net loss attributable to noncontrolling interests	$	—		$	303		$	303	$	—	$	303

Nine Months Ended September 30, 2025
Equity in earnings (losses) of equity method investees	$	—		$	(275)		$	(275)	$	9	$	(266)
Net loss attributable to noncontrolling interests	$	—		$	1,061		$	1,061	$	—	$	1,061
Capital expenditures, independent power and other investments and nuclear fuel purchases	$	6,859		$	12,464		$	19,323	$	5	$	19,328

December 31, 2025
Property, plant and equipment – net	$	81,755		$	74,287		$	156,042	$	155	$	156,197
Total assets	$	105,158		$	103,528		$	208,686	$	4,035	$	212,721
Investment in equity method investees	$	—		$	5,509		$	5,509	$	19	$	5,528

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than six million customer accounts in Florida and is the largest electric utility in the U.S., and NEER, which together with affiliated entities is one of the largest energy infrastructure developers in the U.S. The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable to NEE, assuming dilution, by reportable segment, FPL and NEER. Corporate and Other is primarily comprised of the operating results of other business activities, as well as other income and expense items, including interest expense, and eliminating entries, and may include the net effect of rounding. See Note 13 for additional segment information. The following discussions should be read in conjunction with the Notes to Condensed Consolidated Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2025 Form 10‑K. The results of operations for an interim period generally will not give a true indication of results for the year. In the following discussions, all comparisons are with the corresponding items in the prior year periods.


	Net Income (Loss) Attributable to NEE		Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution		Net Income (Loss) Attributable to NEE		Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution
	Three Months Ended September 30,		Three Months Ended September 30,		Nine Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025	2026		2025	2026		2025
	(millions)						(millions)
FPL	$	1,620			$	1,463		$	0.77		$	0.71			$	4,493		$	4,054	$	2.15	$	1.96
NEER(a)	1,491			1,275			0.71		0.62		4,143			2,430			1.98		1.18
Corporate and Other	1,664			(300)			0.80		(0.15)		1,466			(1,184)			0.69		(0.57)
NEE	$	4,775			$	2,438		$	2.28		$	1.18			$	10,102		$	5,300	$	4.82	$	2.57

———————————————

(a) NEER’s results reflect an allocation of interest expense from NEECH to NextEra Energy Resources based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.

Adjusted Earnings

NEE prepares its financial statements under GAAP. However, management also uses earnings adjusted for certain items (adjusted earnings), 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 NEE’s employee incentive compensation plans. NEE also uses adjusted earnings when communicating its financial results and earnings outlook to analysts and investors. NEE’s management believes that adjusted earnings provide a more meaningful representation of NEE's fundamental earnings power. Although these amounts are properly reflected in the determination of net income under GAAP, management believes that the amount and/or nature of such items make period to period comparisons of operations difficult and potentially confusing. Adjusted earnings do not represent a substitute for net income, as prepared under GAAP.

The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	2026		2025
	(millions)
Net gains (losses) associated with non-qualifying hedge activity(a)	$	2,246		$	52		$	2,843	$	(649)

XPLR investment gains, net – NEER(b)	$	(6)		$	(7)		$	(19)	$	(650)

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI, net – NEER	$	(38)		$	45		$	54	$	50
Merger-related expenses – Corporate and Other(c)	$	(19)		$	—		$	(50)	$	—

———————————————

(a) For the three months ended September 30, 2026 and 2025, approximately $288 million and $135 million of gains, respectively, and for the nine months ended September 30, 2026 and 2025, approximately $532 million of gains and $71 million of losses, respectively, are included in NEER's net income; the remaining balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

(b) The nine months ended September 30, 2025 includes an impairment charge related to the investment in XPLR. See Note 3 – Nonrecurring Fair Value Measurements.

NEE segregates into two categories unrealized mark-to-market gains and losses and timing impacts related to derivative transactions. The first category, referred to as non-qualifying hedges, represents certain energy derivative, interest rate derivative and foreign currency transactions entered into as economic hedges, which do not meet the requirements for hedge accounting, or for which hedge accounting treatment is not elected or has been discontinued. Changes in the fair value of those transactions are marked to market and reported in the condensed consolidated statements of income, resulting in earnings volatility because the economic offset to certain of the positions are generally not marked to market. As a consequence, NEE's net income reflects only the movement in one part of economically-linked transactions. For example, a gain (loss) in the non-qualifying hedge category for certain energy derivatives is offset by decreases (increases) in the fair value of related physical asset positions in the portfolio or contracts, which are not marked to market under GAAP. For this reason, NEE's management views results expressed excluding the impact of the non-qualifying hedges as a meaningful measure of current period performance. The second category, referred to as trading activities, which is included in adjusted earnings, represents the net unrealized effect of actively traded positions entered into to take advantage of expected market price movements and all other commodity hedging activities. At FPL, changes in the fair value of energy derivative transactions are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause or base rates. See Note 2.

RESULTS OF OPERATIONS

Summary

Net income attributable to NEE increased $2,337 million and $4,802 million for the three and nine months ended September 30, 2026, respectively, reflecting higher results at FPL, NEER and Corporate and Other.

FPL's increase in net income for the three and nine months ended September 30, 2026 was primarily driven by continued investments in plant in service and other property.

NEER's results increased for the three months ended September 30, 2026 primarily reflecting higher earnings from new investments and existing energy assets as well as favorable non-qualifying hedge activity compared to 2025. NEER's results increased for the nine months ended September 30, 2026 primarily reflecting the absence of an impairment charge related to the investment in XPLR recorded in 2025, favorable non-qualifying hedge activity compared to 2025 and higher earnings from new investments.

Corporate and Other's results increased for the three and nine months ended September 30, 2026 primarily due to favorable non-qualifying hedge activity compared to 2025, partly offset by higher interest expense driven by higher average debt balances.

NEE's effective income tax rates for the three months ended September 30, 2026 and 2025 were approximately 13% and (13)%, respectively, and for the nine months ended September 30, 2026 and 2025 were 1% and (32)%, respectively. See Note 4 for a discussion of NEE's and FPL's effective income tax rates.

A number of legislative, executive and administrative activities occurred in 2025 and 2026 that affect NEE and FPL including 1) the enactment of the One Big Beautiful Bill Act (OBBBA) which, among other things, modified tax legislation affecting clean energy tax credits, 2) the issuance of a number of federal executive orders and presidential actions, 3) the imposition of tariffs on a variety of imports and 4) the issuance of guidance by various federal agencies. A number of similar activities remain pending or are in various phases of implementation, such as certain Treasury Department rulemaking authorized by the OBBBA, trade investigations that may lead to additional tariffs or place limitations on imports of certain materials, ordered reviews of, or process or policy changes with respect to, federal permitting and approvals for wind and solar projects and proposals by regional transmission operators regarding the process for interconnecting new generation projects to certain regional transmission grids that have been approved by FERC. There has been no material impact on NEE's or FPL's operations or financial performance as a result of these developments and NEE believes that its current pipeline of wind and solar facilities to be placed in service through 2030 will qualify for clean energy tax credits. NEE will assess any further developments for potential impacts in future periods.

In May 2026, NEE and Dominion Energy entered into a merger agreement. See Note 5 – Pending Business Combination.

FPL: Results of Operations

FPL's net income increased $157 million and $439 million for the three and nine months ended September 30, 2026, respectively. Investments in plant in service and other property grew FPL's average rate base by approximately $6.8 billion and $6.6 billion for the three and nine months ended September 30, 2026, respectively, when compared to the same periods in the prior year, reflecting, among other things, solar generation additions and ongoing transmission and distribution additions.

The use of RSM for the three and nine months ended September 30, 2026 is permitted by the 2025 rate agreement, and, for the prior year periods, the use of reserve amortization was permitted by the 2021 rate agreement. The RSM reserve, which is authorized up to approximately $1.5 billion, after tax, over the term of the 2025 rate agreement, includes ITC amortization for battery storage projects placed in service in 2025, the remaining balance from FPL's previous reserve amortization mechanism as of January 1, 2026 and certain amounts related to deferred tax liabilities.

During the three months ended September 30, 2026, FPL recorded the reversal of RSM amortization of approximately $172 million, after tax, reflecting the reversals of ITC and reserve amortization in accordance with the 2025 rate agreement. During the nine months ended September 30, 2026, FPL recorded RSM amortization of approximately $24 million, after tax, reflecting ITC amortization in accordance with the 2025 rate agreement. During the three and nine months ended September 30, 2025, FPL recorded the reversal of pre-tax reserve amortization of approximately $218 million and pre-tax reserve amortization of $423 million, respectively. See Depreciation and Amortization Expense and Income Taxes below. FPL earned a regulatory ROE of approximately 11.80% and 11.70% on its retail rate base, based on a trailing thirteen-month average retail rate base as of September 30, 2026 and September 30, 2025, respectively.

FPL completed a twelve-month storm restoration charge that began in January 2025 for eligible storm restoration costs of approximately $1.2 billion, primarily related to surcharges for Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024.

In February 2026, the non‑signatories challenged the FPSC’s final order approving the 2025 rate agreement through a motion for reconsideration with the FPSC and appeals with the Florida Supreme Court. In April 2026, the FPSC denied substantially all of the motion for reconsideration, and the matter remains pending before the Florida Supreme Court. In May 2026, notices of appeal were filed with the Florida Supreme Court challenging the FPSC's order denying reconsideration of the FPSC's final order approving the 2025 rate agreement. In June 2026, the Florida Supreme Court consolidated the appeals into a single proceeding. See Note 11 – Rate Regulation.

In October 2026, Hurricane Isaias made landfall near the Florida panhandle causing damage to FPL's service territory. See Note 11 – Storm Cost Recovery.

Operating Revenues

During the three and nine months ended September 30, 2026, operating revenues increased $136 million and $599 million, respectively.

Retail base revenues during the three and nine months ended September 30, 2026 increased by approximately $368 million and $928 million, respectively, reflecting additional revenues of $281 million and $732 million, respectively, related to new retail base rates under the 2025 rate agreement. Retail base revenues for the three and nine months ended September 30, 2026 were also impacted by increases of approximately 1.4% and 1.5%, respectively, in the average number of customer accounts, and by increases of 1.4% and 0.6%, respectively, in the average usage per retail customer driven by favorable weather when compared to the prior year periods.

The increase in operating revenues for the three and nine months ended September 30, 2026 also reflects increases in fuel revenues of approximately $155 million and $361 million, respectively, and for the nine months ended September 30, 2026, an increase in storm protection plan cost recovery clause revenues of $153 million. The increase in operating revenues for the three and nine months ended September 30, 2026 was partly offset by decreases in storm cost recovery revenues of approximately $452 million and $1,009 million, respectively, primarily associated with the completion of surcharges for Hurricanes Debby, Helene and Milton, as discussed above.

Fuel, Purchased Power and Interchange

Fuel, purchased power and interchange expense increased $153 million during the three months ended September 30, 2026 primarily reflecting higher usage and higher net recognition of previously deferred fuel costs as compared to the prior year period. Fuel, purchased power and interchange expense increased $343 million during the nine months ended September 30, 2026 primarily reflecting higher usage and higher net recognition of previously deferred fuel costs as compared to the prior year period.

Depreciation and Amortization Expense

Depreciation and amortization expense decreased $510 million during the three months ended September 30, 2026 primarily driven by lower amortization of deferred storm costs of approximately $452 million primarily associated with the completion of the surcharges related to Hurricanes Debby, Helene and Milton, as discussed above, as well as by the impact of the reversal of RSM amortization (reserve amortization in 2025). During the three months ended September 30, 2026, FPL recorded the reversal of pre-tax RSM amortization of approximately $62 million compared to reversal of reserve amortization of $218 million during the three months ended September 30, 2025. The decrease in depreciation and amortization expense during the three months ended September 30, 2026 was partly offset by higher plant in service balances.

Depreciation and amortization expense decreased $305 million during the nine months ended September 30, 2026 primarily driven by lower amortization of deferred storm costs of approximately $1,009 million primarily associated with the completion of the surcharges related to Hurricanes Debby, Helene and Milton, as discussed above. The decrease was partly offset by the impact of RSM amortization (reserve amortization in 2025) as well as higher plant in service balances. During the nine months ended September 30, 2026 and 2025, FPL recorded no pre-tax RSM amortization and reserve amortization of approximately $423 million, respectively.

For the three and nine months ended September 30, 2026, in order to achieve the targeted regulatory ROE, the use or reversal of RSM amortization is permitted by the 2025 rate agreement, and in the prior-year periods, the use or reversal of reserve amortization was permitted by the 2021 rate agreement. See Note 11 – Rate Regulation.

Income Taxes

During the three months ended September 30, 2026, FPL’s income taxes increased $277 million primarily related to the reversal of approximately $126 million of ITC amortization, reversed as part of the RSM, as well as higher pretax income. As of September 30, 2026, approximately $1.5 billion, after tax, of total RSM reserve remains available under the 2025 rate agreement. See Note 11 – Rate Regulation and Note 4.

NEER: Results of Operations

NEER’s results increased $216 million and $1,713 million for the three and nine months ended September 30, 2026, respectively. The primary drivers, on an after-tax basis, of the changes are in the following table.


	Increase (Decrease) From Prior Year Period
	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
	(millions)
New investments(a)	$	186			$	457
Existing energy assets(a)	108			135

Customer supply(b)	(75)			(221)

Regulated operations(c)	(7)			106

Other, including financing costs, corporate general and administrative expenses, asset recycling, state taxes and other investment income	(67)			(2)
Change in non-qualifying hedge activity(d)	153			603
Change in unrealized gains/losses on equity securities held in nuclear decommissioning funds and OTTI, net(d)	(83)			4
XPLR investment gains, net(d)	1			631



Change in NEER's results	$	216			$	1,713

———————————————

(a) Reflects after-tax project contributions, including the net effect of deferred income taxes and other benefits associated with clean energy tax credits, as applicable, and fees earned from MCOAs but excludes allocation of financing costs and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities. Results from projects are included in new investments during the first twelve months of operation or ownership and fees from MCOAs are included in new investments during the first twelve months such fees are earned. Project results, including repowered wind projects, and fees from MCOAs are included in existing energy assets beginning with the thirteenth month of operation or ownership and of fees earned, respectively.

(b) Excludes allocation of financing costs and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities and includes natural gas, natural gas liquids and oil production results.

(c) Includes results from NEET and regulated natural gas transmission assets. Excludes allocation of financing costs and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities.

(d) See Overview – Adjusted Earnings for additional information.

New Investments

Results from new investments for the three and nine months ended September 30, 2026 increased primarily due to higher earnings related to new wind and solar generation, as well as fees earned from MCOAs.

Existing Energy Assets

Results from existing energy assets for the three months ended September 30, 2026 increased primarily due to higher wind resource as compared to the prior year period.

Other Factors

Supplemental to the primary drivers of the changes in NEER's results discussed above, the discussion below describes changes in certain line items set forth in NEE's condensed consolidated statements of income as they relate to NEER.

Operating Revenues

Operating revenues for the three months ended September 30, 2026 decreased $50 million primarily due to:

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $121 million of losses for the three months ended September 30, 2026 compared to $259 million of gains for the comparable period in 2025);

partly offset by,

•revenues from new investments of $296 million.

Operating revenues for the nine months ended September 30, 2026 increased $717 million primarily due to:

•revenues from new investments of approximately $695 million; and

•higher revenues from existing energy assets of $190 million primarily related to higher generation at certain peak generation facilities driven by favorable weather;

partly offset by,

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $77 million of gains for the nine months ended September 30, 2026 compared to $272 million of gains for the comparable period in 2025).

Operating Expenses – net

Operating expenses – net for the three months ended September 30, 2026 increased $200 million primarily due to an increase of $123 million in fuel, purchased power and interchange expense. Operating expenses – net for the nine months ended September 30, 2026 increased $870 million primarily due to increases of $431 million in O&M expense and $288 million in fuel, purchased power and interchange expense. The increases for both periods were primarily associated with growth across the NEER businesses.

Gains on Disposal of Businesses/Assets – net

Gains on disposal of businesses/assets – net for the nine months ended September 30, 2026 primarily reflect the sale of ownership interests in a transmission asset. See Note 11 – Disposal of a Business.

Interest Expense

NEER’s interest expense for the three months ended September 30, 2026 decreased $454 million primarily reflecting approximately $497 million of favorable impacts related to changes in the fair value of interest rate derivative instruments, partly offset by higher interest expense driven by higher average debt balances. NEER’s interest expense for the nine months ended September 30, 2026 decreased $582 million primarily reflecting approximately $818 million of favorable impacts related to changes in the fair value of interest rate derivative instruments, partly offset by higher interest expense driven by higher average debt balances as well as a loss on extinguishment of debt as a result of the sale of ownership interests in a transmission asset (see Note 11 – Disposal of a Business).

Equity in Earnings (Losses) of Equity Method Investees

NEER recognized $293 million and $195 million of equity in earnings of equity method investees for the three months ended September 30, 2026 and 2025, respectively. The three months ended September 30, 2026 reflects a gain of approximately $139 million related to the sale of a partial interest in an equity method investment.

NEER recognized $795 million of equity in earnings of equity method investees for the nine months ended September 30, 2026 compared to $275 million of equity in losses of equity method investees for the nine months ended September 30, 2025. The change for the nine months ended September 30, 2026 primarily reflects the absence of an impairment charge related to the investment in XPLR recorded in 2025 of approximately $0.7 billion ($0.5 billion after tax) (see Note 3 – Nonrecurring Fair Value Measurements). The change for the nine months ended September 30, 2026 also reflects higher earnings from equity method investees, as well as gains totaling approximately $258 million related to the sales of partial interests in equity method investments.

Change in Unrealized Gains (Losses) on Equity Securities Held in NEER's Nuclear Decommissioning Funds - net

For the three months ended September 30, 2026, changes in the fair value of equity securities in NEER's nuclear decommissioning funds primarily reflect unfavorable market conditions in 2026 compared to the prior year period.

Income Taxes

PTCs from wind and solar projects and ITCs from solar, battery storage and certain wind projects are included in NEER’s earnings. PTCs are recognized as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. NEER's effective income tax rate is primarily based on the composition of pretax income in the period presented. See Note 4.

Net Loss Attributable to Noncontrolling Interests

The change in net loss attributable to noncontrolling interests for the three and nine months ended September 30, 2026 primarily reflects higher earnings associated with existing differential membership interest investors, as well as an increase in additional differential membership interests. See Note 11 – Differential Membership Interests.

Symmetry Acquisition

On January 9, 2026, a wholly owned subsidiary of NextEra Energy Resources acquired a commercial and industrial natural gas business. See Note 5 – Symmetry Acquisition.

Caliber Acquisition

On June 30, 2026, a 95% owned subsidiary of NextEra Energy Resources completed the Caliber acquisition. See Note 5 – Caliber Acquisition.

Duane Arnold

In July 2026, NextEra Energy Resources obtained 100% ownership of Duane Arnold through the acquisition of the remaining ownership interest. Additionally, in September 2026, a NEER subsidiary entered into a federal loan arrangement providing for up to $1.9 billion of financing, guaranteed by the U.S. Department of Energy, to support the restart of Duane Arnold.

Corporate and Other: Results of Operations

Corporate and Other is primarily comprised of the operating results of other business activities, as well as corporate interest income and expenses. Corporate and Other allocates a portion of NEECH's 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.

Corporate and Other's results increased $1,964 million during the three months ended September 30, 2026 primarily due to favorable after-tax impacts of approximately $2,041 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments (see Note 2), partly offset by higher interest expense driven by higher average debt balances.

Corporate and Other's results increased $2,650 million during the nine months ended September 30, 2026 primarily due to favorable after-tax impacts of approximately $2,889 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments (see Note 2), partly offset by higher interest expense driven by higher average debt balances.

LIQUIDITY AND CAPITAL RESOURCES

NEE and its subsidiaries require funds to support and grow their businesses. These funds are used for, among other things, working capital, capital expenditures (see Note 12 – Commitments), investments in or acquisitions of assets and businesses (see Note 5), payment of maturing debt and related derivative obligations (see Note 9 and Note 2) and, from time to time, redemption or repurchase of outstanding debt or equity securities. It is anticipated that these requirements will be satisfied through a combination of cash flows from operations, short- and long-term borrowings, the issuance of short- and long-term debt (see Note 9) and, from time to time, equity securities (see Note 10 – ATM Program), proceeds from differential membership and project minority interest investors (see Note 11 – Differential Membership Interests and – Project Minority Interests), sales of clean energy tax credits (see Note 11 – Income Taxes) and sales of ownership interests in assets/businesses (see Note 11 – Disposal of a Business), consistent with NEE’s and FPL’s objective of maintaining, on a long-term basis, a capital structure that will support a strong investment grade credit rating. NEE, FPL and NEECH rely on access to credit and capital markets as significant sources of liquidity for capital requirements and other operations that are not satisfied by operating cash flows. The inability of NEE, FPL and NEECH to maintain their current credit ratings could affect their ability to raise short- and long-term capital, their cost of capital and the execution of their respective financing strategies, and could require the posting of additional collateral under certain agreements.

Cash Flows

NEE's sources and uses of cash for the nine months ended September 30, 2026 and 2025 were as follows:


	Nine Months Ended September 30,
	2026		2025
	(millions)
Sources of cash:
Cash flows from operating activities	$	12,322			$	9,986
Issuances of long-term debt, including premiums and discounts	18,232			15,246
Proceeds from differential membership investors	1,334			1,065

Sale of independent power and other investments of NEER	665			999


Cash swept from related parties – net	25			—
Issuances of common stock/equity units	969			2,028
Net increase in commercial paper and other short-term debt	5,411			3,475
Proceeds from sale of project minority interests	1,559			—
Other sources – net	75			49
Total sources of cash	40,592			32,848
Uses of cash:
Capital expenditures, independent power and other investments and nuclear fuel purchases	(27,554)			(19,328)
Retirements of long-term debt	(4,912)			(7,546)

Repayments of cash swept to related parties – net	—			(128)

Dividends on common stock	(3,907)			(3,499)
Payments to differential membership investors	(597)			(166)
Other uses – net	(764)			(872)
Total uses of cash	(37,734)			(31,539)
Effects of currency translation on cash, cash equivalents and restricted cash	(2)			3
Net increase in cash, cash equivalents and restricted cash	$	2,856			$	1,312

NEE's primary capital requirements are for expanding and enhancing FPL's electric system and generation facilities to continue to provide reliable service to meet customer electricity demands and for funding NEER's investments in independent power and other projects. See Note 12 – Commitments for estimated capital expenditures for the remainder of 2026 through 2030.

The following table provides a summary of capital investments for the nine months ended September 30, 2026 and 2025.


	Nine Months Ended September 30,
	2026		2025
	(millions)
FPL:
Generation:
New	$	3,010			$	2,411
Existing	1,036			669
Transmission and distribution	3,556			3,333
Nuclear fuel	162			123
General and other	504			492
Other, primarily change in accrued property additions and the exclusion of AFUDC – equity	54			(169)
Total	8,322			6,859

NEER:
Wind	2,885			2,955
Solar (includes solar plus battery storage projects)	10,373			5,222
Other clean energy	2,128			2,936
Nuclear (includes nuclear fuel)	527			334

Customer supply – natural gas and oil production	1,175			280
Regulated electric and gas transmission	628			393
Other	1,507			344
Total	19,223			12,464
Corporate and Other	9			5
Total capital expenditures, independent power and other investments and nuclear fuel purchases	$	27,554			$	19,328

Liquidity

As of September 30, 2026, NEE's total net available liquidity was approximately $19.3 billion. The table below provides the components of FPL's and NEECH's net available liquidity as of September 30, 2026.


							Maturity Date
	FPL		NEECH		Total		FPL			NEECH
	(millions)
Syndicated revolving credit facilities(a)	$	4,500			$	10,500		$	15,000		2028 – 2031		2027 – 2031
Issued letters of credit	—			(421)			(421)
	4,500			10,079			14,579

Bilateral revolving credit facilities(b)	2,580			3,850			6,430		2026 – 2029			2026 – 2029
Borrowings	—			(750)			(750)
	2,580			3,100			5,680

Letter of credit facilities(c)	—			4,935			4,935					2027 – 2029
Issued letters of credit	—			(4,048)			(4,048)
	—			887			887






Subtotal	7,080			14,066			21,146

Cash and cash equivalents	819			4,758			5,577
Commercial paper and other short-term borrowings outstanding(d)	—			(7,324)			(7,324)
Cash swept from unconsolidated entities	—			(145)			(145)
Net available liquidity	$	7,899			$	11,355		$	19,254

———————————————

(a) Provide for the funding of loans up to the amount of the credit facility and the issuance of letters of credit up to $1,450 million ($450 million for FPL and $1,000 million for NEECH). The entire amount of the credit facilities is available for general corporate purposes and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss). FPL’s syndicated revolving credit facilities are also available to support the purchase of $1,566 million of pollution control, solid waste disposal and industrial development revenue bonds in the event they are tendered by individual bondholders and not remarketed prior to maturity, as well as the repayment of approximately $2,222 million of floating rate notes in the event an individual noteholder requires repayment at specified dates prior to maturity. As of September 30, 2026, approximately $3,250 million of NEECH's syndicated revolving credit facilities expire over the next 12 months.

(b) Only available for the funding of loans. As of September 30, 2026, approximately $2,350 million of FPL's and $3,300 million of NEECH's bilateral revolving credit facilities expire over the next 12 months.

(c) Only available for the issuance of letters of credit. As of September 30, 2026, approximately $935 million of the letter of credit facilities expire over the next 12 months.

(d) Excludes short-term borrowings under NEECH's bilateral revolving credit facilities of $650 million, which are included in borrowings above.

During the nine months ended September 30, 2026, NEE issued approximately 11.0 million common shares under the ATM program, which was established in December 2025. As of September 30, 2026 NEE may issue up to approximately $3.1 billion in additional common shares under the ATM program. See Note 10 – ATM Program.

Capital Support

Guarantees, Letters of Credit, Surety Bonds and Indemnifications (Guarantee Arrangements)

Certain subsidiaries of NEE issue guarantees and obtain letters of credit and surety bonds, as well as provide indemnities, to facilitate commercial transactions with third parties and financings. Substantially all of the guarantee arrangements are on behalf of NEE’s consolidated subsidiaries, as discussed in more detail below. See Note 6 and Note 12 – Commitments regarding guarantees of obligations on behalf of unconsolidated entities. NEE is not required to recognize liabilities associated with guarantee arrangements issued on behalf of its consolidated subsidiaries unless it becomes probable that they will be required to perform. As of September 30, 2026, NEE believes that there is no material exposure related to these guarantee arrangements.

NEE subsidiaries issue guarantees related to equity contribution agreements and engineering, procurement and construction agreements, associated with the development, construction and financing of certain power generation facilities (see Note 11 – Structured Payables) and a natural gas pipeline project, as well as a natural gas transportation agreement. Commitments associated with these activities are included in the contracts table in Note 12.

In addition, as of September 30, 2026, NEE subsidiaries had approximately $8.9 billion in guarantees related to obligations under purchased power agreements and acquisition agreements, interconnection agreements, nuclear-related activities, support for NEER's retail electricity provider activities, as well as other types of contractual obligations (see Note 12 – Commitments).

In some instances, subsidiaries of NEE elect to issue guarantees instead of posting other forms of collateral required under certain financing arrangements, as well as for other project-level cash management activities. As of September 30, 2026, these guarantees totaled approximately $3.7 billion and support, among other things, cash management activities, including those related to debt service and operations and maintenance service agreements, as well as other specific project financing requirements.

Subsidiaries of NEE also issue guarantees to support customer supply and proprietary power and gas trading activities, including the buying and selling of wholesale energy commodities. As of September 30, 2026, the estimated mark-to-market exposure (the total amount that these subsidiaries of NEE could be required to fund based on energy commodity market prices as of September 30, 2026) plus contract settlement net payables, net of collateral posted for obligations under these guarantees, totaled approximately $1.6 billion.

As of September 30, 2026, subsidiaries of NEE also had approximately $7.9 billion of standby letters of credit and approximately $1.8 billion of surety bonds to support certain of the commercial activities discussed above. FPL's and NEECH's credit facilities are available to support substantially all of the standby letters of credit.

In addition, as part of contract negotiations in the normal course of business, certain subsidiaries of NEE have agreed and in the future may agree to make payments to compensate or indemnify other parties, including those associated with asset divestitures, for possible unfavorable financial consequences resulting from specified events. The specified events may include, but are not limited to, an adverse judgment in a lawsuit, or the imposition of additional taxes due to a change in tax law or interpretations of the tax law. NEE is unable to estimate the maximum potential amount of future payments by its subsidiaries under some of these contracts because events that would obligate them to make payments have not occurred or, if any such event has occurred, they have not been notified of its occurrence.

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL. NEE has fully and unconditionally guaranteed certain payment obligations of NEECH, including most of its debt and all of its debentures registered pursuant to the Securities Act of 1933 and commercial paper issuances, as well as most of its payment guarantees and indemnifications, and NEECH has guaranteed certain debt and other obligations of subsidiaries within the NEER segment. Certain guarantee arrangements described above contain requirements for NEECH and FPL to maintain a specified credit rating.

NEE fully and unconditionally guarantees NEECH debentures pursuant to a guarantee agreement, dated as of June 1, 1999 (1999 guarantee) and NEECH junior subordinated debentures pursuant to an indenture, dated as of September 1, 2006 (2006 guarantee). The 1999 guarantee is an unsecured obligation of NEE and ranks equally and ratably with all other unsecured and unsubordinated indebtedness of NEE. The 2006 guarantee is unsecured and subordinate and junior in right of payment to NEE senior indebtedness (as defined therein). No payment on those junior subordinated debentures may be made under the 2006 guarantee until all NEE senior indebtedness has been paid in full in certain circumstances. NEE’s and NEECH’s ability to meet their financial obligations are primarily dependent on their subsidiaries’ net income, cash flows and their ability to pay upstream dividends or to repay funds to NEE and NEECH. The dividend-paying ability of some of the subsidiaries is limited by contractual restrictions which are contained in outstanding financing agreements.

Summarized financial information of NEE and NEECH is as follows:


	Nine Months Ended September 30, 2026		Year Ended December 31, 2025
	Issuer/Guarantor Combined(a)		NEECH Consolidated(b)	NEE Consolidated(b)		Issuer/Guarantor Combined(a)	NEECH Consolidated(b)		NEE Consolidated(b)
	(millions)
Operating revenues	$	(1)		$	7,768		$	22,325		$	(8)	$	9,191	$	27,412
Operating income (loss)	$	(342)		$	1,526		$	7,069		$	(378)	$	1,765	$	8,280
Net income (loss)	$	1,338		$	4,215		$	8,677		$	(1,279)	$	335	$	5,332
Net income (loss) attributable to NEE/NEECH	$	1,338		$	5,640		$	10,102		$	(1,279)	$	1,838	$	6,835


	September 30, 2026		December 31, 2025
	Issuer/Guarantor Combined(a)		NEECH Consolidated(b)	NEE Consolidated(b)		Issuer/Guarantor Combined(a)	NEECH Consolidated(b)		NEE Consolidated(b)
	(millions)
Total current assets	$	3,705		$	13,510		$	18,586		$	1,530	$	9,422	$	13,584
Total noncurrent assets	$	4,375		$	118,594		$	226,466		$	2,546	$	98,902	$	199,137
Total current liabilities	$	15,593		$	29,727		$	35,138		$	3,887	$	17,135	$	22,817
Total noncurrent liabilities	$	51,119		$	80,687		$	135,572		$	44,680	$	73,236	$	123,425

Noncontrolling interests	$	—		$	11,367		$	11,367		$	—	$	11,871	$	11,871


————————————
(a)	Excludes intercompany transactions, and investments in, and equity in earnings of, subsidiaries.
(b)	Information has been prepared on the same basis of accounting as NEE's condensed consolidated financial statements.

New Accounting Rules and Interpretations

Environmental Credits – In May 2026, the Financial Accounting Standards Board issued an accounting standards update related to environmental credits and environmental credit obligations. See Note 11 – Environmental Credits.

CRITICAL ACCOUNTING ESTIMATES

Critical accounting estimates are those that NEE believes are both most important to the portrayal of its financial condition and results of operations, and require complex, subjective judgments, often as a result of the need to make assumptions about the effect of matters that are inherently uncertain. Judgments and uncertainties affecting the critical accounting estimates may result in materially different amounts being reported under different conditions or using different assumptions. NEE’s significant accounting policies, including those requiring critical accounting estimates, were reported in NEE’s 2025 Form 10-K. There have been no material changes regarding these significant accounting policies, including critical accounting estimates.

See Note 3 – Nonrecurring Fair Value Measurements for a discussion of an impairment related to NextEra Energy Resources’ equity method investment in XPLR.

ENERGY MARKETING AND TRADING AND MARKET RISK SENSITIVITY

NEE and FPL are exposed to risks associated with adverse changes in commodity prices, interest rates and equity prices. Financial instruments and positions affecting the financial statements of NEE and FPL described below are held primarily for purposes other than trading. Market risk is measured as the potential loss in fair value resulting from hypothetical reasonably possible changes in commodity prices, interest rates or equity prices over the next year. Management has established risk management policies to monitor and manage such market risks, as well as credit risks.

Commodity Price Risk

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity. In addition, NEE, through NEER, uses derivatives to optimize the value of its power generation and natural gas and oil production assets and engages in power and fuel marketing and trading activities to take advantage of expected future favorable price movements. See Note 2.

The changes in the fair value of NEE's consolidated subsidiaries' energy contract derivative instruments for the three and nine months ended September 30, 2026 were as follows:


			Hedges on Owned Assets
	Trading		Non- Qualifying		FPL			NEE Total
	(millions)
Three Months Ended September 30, 2026
Fair value of contracts outstanding as of June 30, 2026	$	1,452			$	(907)		$	(41)		$	504
Reclassification to realized at settlement of contracts	(55)			78			(6)			17
Value of contracts acquired	7			3			—			10
Net option premium purchases (issuances)	13			5			—			18
Changes in fair value excluding reclassification to realized	48			(215)			8			(159)
Fair value of contracts outstanding as of September 30, 2026	1,465			(1,036)			(39)			390
Net margin cash collateral paid (received)								(51)
Total mark-to-market energy contract net assets (liabilities) as of September 30, 2026	$	1,465			$	(1,036)		$	(39)		$	339


			Hedges on Owned Assets
	Trading		Non- Qualifying		FPL			NEE Total
	(millions)
Nine Months Ended September 30, 2026
Fair value of contracts outstanding as of December 31, 2025	$	1,333			$	(1,204)		$	24		$	153
Reclassification to realized at settlement of contracts	(424)			389			(65)			(100)
Value of contracts acquired	12			166			—			178
Net option premium purchases (issuances)	36			14			—			50
Changes in fair value excluding reclassification to realized	508			(401)			2			109
Fair value of contracts outstanding as of September 30, 2026	1,465			(1,036)			(39)			390
Net margin cash collateral paid (received)								(51)
Total mark-to-market energy contract net assets (liabilities) as of September 30, 2026	$	1,465			$	(1,036)		$	(39)		$	339

NEE's total mark-to-market energy contract net assets (liabilities) as of September 30, 2026 shown above are included on the condensed consolidated balance sheets as follows:


	September 30, 2026
	(millions)
Current derivative assets	$	1,347
Noncurrent derivative assets	1,708
Current derivative liabilities	(1,038)

Noncurrent derivative liabilities	(1,678)
NEE's total mark-to-market energy contract net assets	$	339

The sources of fair value estimates and maturity of energy contract derivative instruments as of September 30, 2026 were as follows:


	Maturity
	2026		2027		2028		2029	2030		Thereafter	Total
	(millions)
Trading:
Quoted prices in active markets for identical assets	$	(25)			$	(66)		$	17		$	(23)		$	27		$	33	$	(37)
Significant other observable inputs	128			443			213		80		36		96			996
Significant unobservable inputs	89			3			(53)		29		65		373			506
Total	192			380			177		86		128		502			1,465
Owned Assets – Non-Qualifying:
Quoted prices in active markets for identical assets	(33)			(80)			(44)		16		17		6			(118)
Significant other observable inputs	(104)			(248)			(170)		(150)		(49)		(372)			(1,093)
Significant unobservable inputs	64			58			6		15		—		32			175
Total	(73)			(270)			(208)		(119)		(32)		(334)			(1,036)
Owned Assets – FPL
Quoted prices in active markets for identical assets	—			—			—		—		—		—			—
Significant other observable inputs	—			(5)			(7)		(6)		(5)		(13)			(36)
Significant unobservable inputs	(2)			(1)			—		—		—		—			(3)
Total	(2)			(6)			(7)		(6)		(5)		(13)			(39)





Total sources of fair value	$	117			$	104		$	(38)		$	(39)		$	91		$	155	$	390

The changes in the fair value of NEE's consolidated subsidiaries' energy contract derivative instruments for the three and nine months ended September 30, 2025 were as follows:


			Hedges on Owned Assets
	Trading		Non- Qualifying		FPL			NEE Total
	(millions)
Three Months Ended September 30, 2025
Fair value of contracts outstanding as of June 30, 2025	$	1,182			$	(1,443)			$	(44)		$	(305)
Reclassification to realized at settlement of contracts	(128)			92			24				(12)
Value of contracts acquired	39			(8)			—				31
Net option premium purchases (issuances)	8			5			—				13
Changes in fair value excluding reclassification to realized	224			124			25				373
Fair value of contracts outstanding as of September 30, 2025	1,325			(1,230)			5				100
Net margin cash collateral paid (received)								9
Total mark-to-market energy contract net assets (liabilities) as of September 30, 2025	$	1,325			$	(1,230)			$	5		$	109


			Hedges on Owned Assets
	Trading		Non- Qualifying		FPL		NEE Total
	(millions)
Nine Months Ended September 30, 2025
Fair value of contracts outstanding as of December 31, 2024	$	1,344			$	(1,524)		$	38	$	(142)
Reclassification to realized at settlement of contracts	(604)			381			46		(177)
Value of contracts acquired	40			(4)			—		36
Net option premium purchases (issuances)	7			17			—		24
Changes in fair value excluding reclassification to realized	538			(100)			(79)		359
Fair value of contracts outstanding as of September 30, 2025	1,325			(1,230)			5		100
Net margin cash collateral paid (received)							9
Total mark-to-market energy contract net assets (liabilities) as of September 30, 2025	$	1,325			$	(1,230)		$	5	$	109

With respect to commodities, NEE's Exposure Management Committee (EMC), which is comprised of certain members of senior management, and NEE's chief executive officer are responsible for the overall approval of market risk management policies and the delegation of approval and authorization levels. The EMC and NEE's chief executive officer receive periodic updates on market positions and related exposures, credit exposures and overall risk management activities.

NEE uses a value-at-risk (VaR) model to measure commodity price market risk in its trading and mark-to-market portfolios. The VaR is the estimated loss of market value based on a one-day holding period at a 95% confidence level using historical simulation methodology. The VaR figures are as follows:


	Trading(a)		Non-Qualifying Hedges and FPL Hedges(b)	Total
	FPL			NEE	FPL		NEE		FPL	NEE
	(millions)
December 31, 2025	$	—			$	14	$	9		$	92	$	9	$	83
September 30, 2026	$	—			$	5	$	3		$	23	$	3	$	21
Average for the nine months ended September 30, 2026	$	—			$	10	$	5		$	71	$	5	$	67

———————————————

(a) The VaR figures for the trading portfolio include positions that are marked to market. Taking into consideration offsetting unmarked non-derivative positions, such as physical inventory, the trading VaR figures were approximately $5 million and $5 million as of September 30, 2026 and December 31, 2025, respectively.

(b) Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and FPL hedges do not represent the economic exposure to commodity price movements.

Interest Rate Risk

NEE's and FPL's financial results are exposed to risk resulting from changes in interest rates as a result of their respective outstanding and expected future issuances of debt, investments in special use funds and other investments. NEE and FPL manage their respective interest rate exposure by monitoring current interest rates, entering into interest rate contracts and using a combination of fixed-rate and variable-rate debt. Interest rate contracts are used to mitigate and adjust interest rate exposure when deemed appropriate based upon market conditions or when required by financing agreements.

The following are estimates of the fair value of NEE's and FPL's financial instruments that are exposed to interest rate risk:


	September 30, 2026		December 31, 2025
	Carrying Amount		Estimated Fair Value(a)	Carrying Amount		Estimated Fair Value(a)
	(millions)
NEE:

Special use funds	$	2,334		$	2,334		$	2,453	$	2,453
Other investments, primarily debt securities	$	2,333		$	2,333		$	2,280	$	2,280
Long-term debt, including current portion	$	105,958		$	99,023		$	93,056	$	91,614
Interest rate contracts – net unrealized gains (losses)	$	3,284		$	3,284		$	(252)	$	(252)
FPL:

Special use funds	$	1,800		$	1,800		$	1,885	$	1,885

Long-term debt, including current portion	$	30,520		$	26,994		$	28,682	$	27,354

———————————————

(a)See Notes 2 and 3.

The special use funds of NEE and FPL consist of restricted funds set aside to cover the cost of storm damage for FPL and for the decommissioning of NEE's and FPL's nuclear power plants. A portion of these funds is invested in fixed income debt securities primarily carried at estimated fair value. At FPL, changes in fair value, including any credit losses, result in a corresponding adjustment to the related regulatory asset or liability accounts based on current regulatory treatment. The changes in fair value for NEE's non-rate regulated operations result in a corresponding adjustment to OCI, except for credit losses and unrealized losses on available for sale securities intended or required to be sold prior to recovery of the amortized cost basis, which are reported in current period earnings. Because the funds set aside by FPL for storm damage could be needed at any time, the related investments are generally more liquid and, therefore, are less sensitive to changes in interest rates. The nuclear decommissioning funds, in contrast, are generally invested in longer-term securities.

As of September 30, 2026, NEE had interest rate contracts with a net notional amount of approximately $56.7 billion to manage exposure to the variability of cash flows primarily associated with expected future and outstanding debt issuances at NEECH and NEER. See Note 2.

Based upon a hypothetical 10% decrease in interest rates, the fair value of NEE's net liabilities would increase by approximately $5,920 million ($1,535 million for FPL) as of September 30, 2026.

Equity Price Risk

NEE and FPL are exposed to risk resulting from changes in prices for equity securities. For example, NEE’s nuclear decommissioning reserve funds include marketable equity securities carried at their market value of approximately $7,818 million and $7,007 million ($5,436 million and $4,840 million for FPL) as of September 30, 2026 and December 31, 2025, respectively. NEE's and FPL’s investment strategy for equity securities in their nuclear decommissioning reserve funds emphasizes marketable securities which are broadly diversified. As of September 30, 2026, a hypothetical 10% decrease in the prices quoted on stock exchanges would result in an approximately $734 million ($501 million for FPL) reduction in fair value. For FPL, a corresponding adjustment would be made to the related regulatory asset or liability accounts based on current regulatory treatment, and for NEE’s non-rate regulated operations, a corresponding amount would be recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE's condensed consolidated statements of income. See Note 3.

Credit Risk

NEE and its subsidiaries, including FPL, are also exposed to credit risk through their energy marketing and trading operations. Credit risk is the risk that a financial loss will be incurred if a counterparty to a transaction does not fulfill its financial obligation. NEE manages counterparty credit risk for its subsidiaries with energy marketing and trading operations through established policies, including counterparty credit limits, and in some cases credit enhancements, such as cash prepayments, letters of credit, cash and other collateral and guarantees.

Credit risk is also managed through the use of master netting agreements. NEE’s credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis. For all derivative and contractual transactions, NEE’s energy marketing and trading operations, which include FPL’s energy marketing and trading division, are exposed to losses in the event of nonperformance by counterparties to these transactions. Some relevant considerations when assessing NEE’s energy marketing and trading operations’ credit risk exposure include the following:

•Operations are primarily concentrated in the energy industry.

•Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.

•Overall credit risk is managed through established credit policies and is overseen by the EMC.

•Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.

•Master netting agreements are used to offset cash and noncash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.

Based on NEE’s policies and risk exposures related to credit, NEE and FPL do not anticipate a material adverse effect on their financial statements as a result of counterparty nonperformance. As of September 30, 2026, NEE's credit risk exposure associated with its energy marketing and trading operations, taking into account collateral and contractual netting rights, totaled approximately $3.4 billion ($155 million for FPL), of which approximately 78% (99% for FPL) was with companies that have investment grade credit ratings. See Note 2.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

See Management's Discussion – Energy Marketing and Trading and Market Risk Sensitivity.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of September 30, 2026, each of NEE and FPL had performed an evaluation, under the supervision and with the participation of its management, including NEE's and FPL's chief executive officer and chief financial officer, of the effectiveness of the design and operation of each company's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the chief executive officer and the chief financial officer of each of NEE and FPL concluded that the company's disclosure controls and procedures were effective as of September 30, 2026.

(b) Changes in Internal Control Over Financial Reporting

NEE and FPL are continuously seeking to improve the efficiency and effectiveness of their operations and of their internal controls. This results in refinements to processes throughout NEE and FPL. However, there has been no change in NEE's or FPL's internal control over financial reporting (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) that occurred during NEE's and FPL's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, NEE's or FPL's internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12 – Legal Proceedings.

With regard to environmental proceedings to which a governmental authority is a party, NEE's and FPL's policy is to disclose any such proceeding if it is reasonably expected to result in monetary sanctions of greater than or equal to $1 million.

Item 1A. Risk Factors

In addition to the factors discussed in Part I, Item 1A. Risk Factors in the 2025 Form 10-K and the other information set forth in this report, the risk factors disclosed in the \"Risk Factors\" section of the definitive joint proxy statement/prospectus filed by NEE with the SEC on July 28, 2026 (the \"definitive joint proxy statement/prospectus\"), which risk factors are incorporated by reference herein, could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects and should be carefully considered. The definitive joint proxy statement/prospectus forms a part of the Registration Statement on Form S-4 (File No. 333-297351) that was initially filed by NEE with the SEC on July 9, 2026 and subsequently declared effective by the SEC on July 23, 2026.

Except as described above, there have been no material changes to the risk factors previously disclosed in the 2025 Form 10-K. The risks described in the 2025 Form 10-K and in the definitive joint proxy statement/prospectus are not the only risks facing NEE and FPL. Additional risks and uncertainties not currently known to NEE or FPL, or that are currently deemed to be immaterial, also may materially adversely affect NEE's or FPL's business, financial condition, results of operations and prospects.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

(a)Information regarding purchases made by NEE of its common stock during the three months ended September 30, 2026 is as follows:


Period	Total Number of Shares Purchased(a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program	Maximum Number of Shares that May Yet be Purchased Under the Program(b)
7/1/26 – 7/31/26	—		$	—		—		180,000,000
8/1/26 – 8/31/26	10,765	$	86.19		—		180,000,000
9/1/26 – 9/30/26	—	$	—		—		180,000,000
Total	10,765	$	86.19		—

————————————

(a)Includes shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. Amended and Restated 2021 Long Term Incentive Plan or the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan.

(b)In May 2017, NEE's Board of Directors authorized repurchases of up to 45 million shares of common stock (180 million shares after giving effect to the four-for-one stock split of NEE common stock effective October 26, 2020) over an unspecified period.

Item 5. Other Information

•On July 27, 2026, Michael H. Dunne, Executive Vice President, Finance and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of 6,888 shares of NEE's common stock until July 28, 2027.

•On July 28, 2026, Charles E. Sieving, Executive Vice President, Chief Legal, Environmental and Federal Regulatory Affairs Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of 122,662 shares of NEE's common stock until January 28, 2028.

•On August 4, 2026, John W. Ketchum, Chairman, President and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of 96,297 shares of NEE's common stock until August 3, 2027.

Item 6. Exhibits

Exhibit Number

Description

NEE

FPL

*3(i)a

Second Restated Articles of Incorporation of NextEra Energy, Inc. (filed as Exhibit 3(i) to Form 8-K dated October 26, 2020, File No. 1-8841)

3(i)b

Articles of Amendment to Second Restated Articles of Incorporation of NextEra Energy, Inc.

*3(ii)

Amended and Restated Bylaws of NextEra Energy, Inc., effective July 8, 2026 (filed as Exhibit 3(ii) to Form 8-K dated July 8, 2026, File No. 1-8841)

Executive Retention Employ ment Agreement between NextEra Energy, Inc., and Alex Rubio date d as of August 3,2026

Guaranteed Securities

31(a)

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy, Inc.

31(b)

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy, Inc.

31(c)

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Florida Power & Light Company

31(d)

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Florida Power & Light Company

32(a)

Section 1350 Certification of NextEra Energy, Inc.

32(b)

Section 1350 Certification of Florida Power & Light Company

101.INS

XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Schema Document

101.PRE

Inline XBRL Presentation Linkbase Document

101.CAL

Inline XBRL Calculation Linkbase Document

101.LAB

Inline XBRL Label Linkbase Document

101.DEF

Inline XBRL Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

___________________________

* Incorporated herein by reference.

NEE and FPL agree to furnish to the SEC upon request any instrument with respect to long-term debt that NEE and FPL have not filed as an exhibit pursuant to the exemption provided by Item 601(b)(4)(iii)(A) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

Date: October 21, 2026


NEXTERA ENERGY, INC. (Registrant)


WILLIAM J. GOUGH
William J. Gough Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)




FLORIDA POWER & LIGHT COMPANY (Registrant)


AMIN A. MOHOMED
Amin A. Mohomed Vice President, FPL Accounting and Controller (Principal Accounting Officer)

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