Persistent capital intensity is evidenced by peak quarterly capital expenditures of $9.3 billion in 2024Q1, which consistently outpaces operating cash flow and necessitates ongoing reliance on external capital markets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 12.33B | 12.48B | 13.26B | 11.3B | 8.26B | 7.55B | 7.98B | 8.15B | 6.59B | 6.46B | 6.37B | 6.12B | 5.5B | 5.1B | 3.99B | 4.07B | 3.83B | 4.5B | 3.4B | 3.59B | 2.5B | 1.55B | 2.65B | 2.25B | 2.34B | 1.94B | 976M | 1.56B | 1.74B | 1.6B | 1.59B |
| Operating CF Growth % | -4.01% | -5.84% | 17.33% | 36.78% | 9.39% | -5.39% | -2.11% | 23.69% | 2.09% | 1.4% | 4.14% | 11.2% | 7.89% | 27.71% | -2.01% | 6.26% | -14.82% | 32.27% | -5.29% | 43.84% | 61.47% | -41.62% | 17.57% | -3.59% | 20.39% | 98.98% | -37.56% | -10.33% | 9.14% | 0.3% | 5.44% |
| Operating CF / Revenue % | 44.15% | 45.44% | 53.57% | 40.2% | 39.43% | 44.25% | 44.36% | 42.47% | 39.42% | 37.61% | 39.47% | 34.98% | 32.31% | 33.68% | 28% | 26.56% | 25.03% | 28.77% | 20.74% | 23.54% | 15.9% | 13.06% | 25.19% | 23.41% | 28.61% | 23.63% | 13.78% | 24.28% | 26.17% | 25.07% | 26.38% |
| Net Income | 8.18B | 5.33B | 5.7B | 6.28B | 3.25B | 3.57B | 2.92B | 3.77B | 6.64B | 5.38B | 2.91B | 2.76B | 2.47B | 1.68B | 1.91B | 1.92B | 1.96B | 1.61B | 1.64B | 1.31B | 1.28B | 901M | 887M | 890M | 473M | 781M | 704M | 697M | 664M | 618M | 579.5M |
| Depreciation & Amortization | 7.14B | 6.94B | 5.76B | 6.15B | 4.79B | 4.21B | 4.32B | 4.48B | 4.14B | 2.63B | 3.38B | 3.2B | 2.9B | 2.52B | 1.77B | 1.84B | 2.09B | 1.95B | 796M | 1.26B | 1.14B | 1.24B | 1.15B | 1.06B | 908M | 983M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.26B | 453M | 1.31B | 708M | 534M | 474M | -78M | 258M | 1.46B | -882M | 1.23B | 1.16B | 1.21B | 897M | 658M | 553M | 511M | 268M | 569M | 402M | 393M | 333M | 428M | 588M | 219M | -91M | 283M | -198M | -237M | -30M | -75.7M |
| Other Non-Cash Items | -2.24B | 132M | 333M | -447M | -862M | -182M | 1.32B | -727M | -5.04B | -1.01B | -921M | -919M | -532M | -1M | -48M | 202M | -678M | 648M | -275M | 326M | 323M | -1.13B | -405M | -122M | 627M | 1.32B | 474M | 1.19B | 1.29B | 1.31B | 1.11B |
| Working Capital Changes | -383M | -373M | 160M | -1.39B | 412M | -523M | -604M | 377M | -598M | 346M | -223M | -92M | -538M | -53M | -325M | -448M | 237M | -77M | -173M | 74M | -962M | 84M | 494M | -162M | 111M | -1.05B | -485M | -122M | 23M | -297M | -20.9M |
| Capital Expenditures | -16.14B | -23.86B | -22.26B | -23.47B | -18.36B | -13.59B | -13.7B | -11.08B | -10.95B | -8.92B | -8.05B | -8.01B | -6.36B | -6.12B | -8.93B | -4.03B | -5.28B | -5.97B | -5.81B | -4.58B | -3.81B | -1.62B | -1.53B | -3.09B | -3.27B | -3.27B | -1.3B | -2.17B | -617M | -551M | -487.6M |
| CapEx / Revenue % | 57.79% | 86.86% | 89.94% | 83.47% | 87.61% | 79.62% | 76.12% | 57.68% | 65.46% | 51.93% | 49.86% | 45.78% | 37.37% | 40.45% | 62.63% | 26.25% | 34.5% | 38.14% | 35.39% | 29.99% | 24.23% | 13.64% | 14.59% | 32.08% | 39.97% | 39.78% | 18.34% | 33.74% | 9.26% | 8.65% | 8.08% |
| CapEx / D&A | 2.26x | 3.44x | 3.86x | 3.82x | 3.83x | 3.23x | 3.17x | 2.47x | 2.64x | 3.39x | 2.38x | 2.50x | 2.20x | 2.43x | 5.04x | 2.18x | 2.53x | 3.06x | 7.30x | 3.63x | 3.33x | 1.30x | 1.33x | 2.91x | 3.60x | 3.33x | - | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 0.76x | 0.52x | 0.60x | 0.48x | 0.45x | 0.56x | 0.58x | 0.74x | 0.60x | 0.72x | 0.79x | 0.76x | 0.86x | 0.83x | 0.45x | 1.01x | 0.73x | 0.75x | 0.59x | 0.78x | 0.66x | 0.96x | 1.73x | 0.73x | 0.72x | 0.59x | 0.75x | 0.72x | 2.82x | 2.90x | 3.27x |
| Cash from Investing | -26.96B | -23.86B | -22.26B | -23.47B | -18.36B | -13.59B | -13.7B | -16.18B | -10.95B | -8.92B | -8.05B | -8.01B | -6.36B | -6.12B | -8.93B | -5.28B | -5.28B | -5.97B | -5.81B | -4.58B | -3.81B | -2.17B | -1.87B | -3.09B | -3.27B | -3.27B | -1.94B | -2.17B | -795M | -797M | -526M |
| Acquisitions | 0 | 0 | 0 | 924M | 0 | -7.55B | -1.01B | -5.17B | 5.74B | 1.45B | 645M | 345M | 438M | -2.86B | -4.57B | -3.49B | -2.67B | -2.58B | 0 | 0 | -34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -6.25B | -5.89B | -5.62B | -21.49B | -14.13B | -13.56B | -10.91B | -10.54B | -10.73B | -8.54B | -9.22B | -9.49B | -8.28B | -7.92B | -10.01B | -7.54B | -10.45B | -9.1B | -84M | -156M | -3.22B | -2.93B | -476M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 6.87B | 6.52B | 8.1B | 6.76B | 5.42B | 7.76B | 4.89B | 5.17B | 1.62B | 178M | 658M | 52M | 307M | 165M | 5.3B | 6.07B | 7.45B | 5.97B | 28M | 138M | 3.25B | 2.93B | 93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -2.97B | 118M | -24.75B | -9.66B | 89M | 7.59B | 1.09B | 5.44B | -1.57B | 3.43B | 4.12B | 4.96B | 4.68B | 7.72B | 5.22B | 3.71B | 3.34B | 2.68B | -3.48B | -2.7B | -1.98B | -549M | 46M | -1.7B | -1.99B | -2.12B | -644M | -1.31B | -178M | -246M | -38.4M |
| Cash from Financing | 14.55B | 12.98B | 7B | 12.15B | 12.23B | 5.81B | 6.17B | 3.87B | 7.63B | 2.89B | 2.42B | 1.9B | 1B | 1.13B | 4.89B | 1.28B | 1.51B | 1.17B | 2.65B | 655M | 1.4B | 923M | -682M | 698M | 1.11B | 1.28B | 735M | 783M | -815M | -942M | -916.5M |
| Dividends Paid | -4.81B | -4.68B | -4.24B | -3.78B | -3.35B | -3.02B | -2.74B | -2.41B | -2.1B | -1.84B | -1.61B | -1.39B | -1.26B | -1.12B | -1B | -920M | -823M | -766M | -714M | -654M | -593M | -544M | -467M | -425M | -400M | -377M | -366M | -355M | -345M | -332M | -320.3M |
| Dividend Payout Ratio % | - | 68.48% | 60.97% | 51.74% | 80.83% | 84.63% | 93.97% | 63.89% | 31.65% | 34.29% | 55.36% | 50.33% | 51.16% | 65.23% | 52.54% | 47.84% | 42.05% | 47.43% | 43.56% | 49.85% | 46.29% | 60.38% | 52.65% | 47.75% | 84.57% | 48.27% | 51.99% | 50.93% | 51.96% | 53.72% | 55.22% |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K |
| Stock Issued | 2.05B | 2.04B | 48M | 4.51B | 1.46B | 14M | 0 | 1.49B | 718M | 55M | 537M | 1.3B | 633M | 842M | 405M | 48M | 308M | 198M | 41M | 46M | 333M | 639M | 110M | 73M | 378M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19M | -375M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -228M | 0 | 0 | -150M | -116M | -62M | -48M | -82M |
| Other Financing | 10.94B | 1.9B | -451M | 3.23B | 3.83B | 2.15B | 3.62B | 1.17B | 1.48B | 689M | 1.42B | 540M | 873M | 155M | 427M | 248M | 204M | 4M | 6M | 10M | -22M | -10M | -39M | -48M | -52M | 0 | 0 | 0 | 0 | 0 | 3M |
| Net Change in Cash | -73M | 1.42B | -2.02B | -21M | 2.13B | -230M | 438M | -4.14B | 3.27B | 454M | 757M | -6M | 139M | 109M | -48M | 75M | 64M | -297M | 245M | -330M | 90M | 305M | 96M | -137M | 184M | -47M | -232M | 174M | 133M | -142M | 149.7M |
| Exchange Rate Effect | 4M | -184M | -14M | -4M | -7M | 1M | -20M | 4M | -7M | 26M | 10M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Cash at Beginning | 3.01B | 1.54B | 3.42B | 3.44B | 1.32B | 1.55B | 1.11B | 5.25B | 1.98B | 1.53B | 571M | 577M | 438M | 329M | 377M | 302M | 238M | 535M | 290M | 620M | 530M | 225M | 129M | 266M | 82M | 129M | 361M | 187M | 54M | 196M | 46.2M |
| Cash at End | 2.48B | 2.96B | 1.4B | 3.42B | 3.44B | 1.32B | 1.55B | 1.11B | 5.25B | 1.98B | 1.29B | 571M | 577M | 438M | 329M | 377M | 302M | 238M | 535M | 290M | 620M | 530M | 225M | 129M | 266M | 82M | 129M | 361M | 187M | 54M | 195.9M |
| Free Cash Flow | -3.81B | -11.38B | -9B | -12.17B | -10.1B | -6.04B | -5.72B | -2.92B | -4.36B | -2.46B | -1.68B | -1.89B | -861M | -1.02B | -4.94B | 47M | -1.45B | -1.47B | -2.4B | -985M | -1.31B | -69M | 1.11B | -835M | -929M | -1.33B | -323M | -609M | 1.13B | 1.05B | 1.1B |
| FCF Growth % | 50.6% | -26.39% | 25.99% | -20.49% | -67.22% | -5.63% | -95.62% | 32.94% | -77.11% | -46.69% | 11.22% | -119.4% | 16% | 79.23% | -10602.13% | 103.24% | 1.02% | 39.09% | -144.16% | 24.75% | -1797.1% | -106.19% | 233.53% | 10.12% | 29.99% | -310.84% | 46.96% | -154.09% | 7.65% | -5.31% | 31.62% |
| FCF Margin % | -13.64% | -41.42% | -36.38% | -43.27% | -48.18% | -35.37% | -31.76% | -15.22% | -26.05% | -14.32% | -10.39% | -10.8% | -5.06% | -6.77% | -34.62% | 0.31% | -9.47% | -9.37% | -14.66% | -6.45% | -8.33% | -0.58% | 10.6% | -8.67% | -11.37% | -16.15% | -4.56% | -9.46% | 16.9% | 16.42% | 18.3% |
| FCF / Net Income % | -46.57% | -166.52% | -129.63% | -166.43% | -243.48% | -168.99% | -195.82% | -77.53% | -65.64% | -45.72% | -57.59% | -68.64% | -34.93% | -59.59% | -258.29% | 2.44% | -74.09% | -90.71% | -146.74% | -75.08% | -102.19% | -7.66% | 125.7% | -93.82% | -196.41% | -169.91% | -45.88% | -87.37% | 169.58% | 169.26% | 190.63% |
Capital intensity and regulatory lag
As reported in recent financial statements, NextEra Energy’s capital expenditure reached a peak of $9.3 billion in 2024Q1, consistently outpacing operating cash flow and underscoring the company’s reliance on external funding to sustain its massive renewable development pipeline and regulated infrastructure expansion across the Florida market.
The persistent gap between CAPEX and operating cash flow is a structural feature of the company's growth strategy rather than a sign of operational distress. Investors should monitor whether the current pace of investment, which frequently exceeds 100% of OCF, can be sustained without further diluting equity or straining credit metrics if project returns face compression.
Based on the provided cash flow data, the company frequently records negative free cash flow, including a $5.0 billion deficit in 2025Q1, necessitating consistent access to debt and equity markets to bridge the funding gap created by its ambitious infrastructure deployment and renewable project execution.
The reliance on external financing suggests that the company’s valuation is highly sensitive to shifts in the cost of capital and market liquidity. While the company has successfully managed these deficits historically, any tightening in credit availability could force a recalibration of the development schedule or impact the timing of project completions.
According to quarterly filings, NextEra Energy maintains a dividend coverage ratio that has fluctuated between 1.9x and 4.0x, suggesting that despite significant negative free cash flow, the core regulated utility operations provide sufficient cash generation to support current shareholder distributions while prioritizing long-term infrastructure growth.
The dividend appears well-supported by the predictable cash flows of the Florida regulated segment, even as the renewable arm consumes substantial capital. However, the sustainability of this payout relies on the continued regulatory support for rate base growth, which allows the company to recover its capital investments over time.
Analysis of the reported figures indicates that headline net income often diverges from operating cash flow, as seen in 2025Q1 where net income of $833 million was significantly lower than the $2.8 billion in OCF, highlighting the impact of non-cash items like AFUDC on reported earnings.
Investors should be cautious when evaluating earnings quality, as the reliance on non-cash accounting credits can obscure the actual cash-generating capacity of the business. The discrepancy between GAAP results and cash flow suggests that the company’s true economic performance is better reflected in its ability to convert regulated rate base growth into tangible cash inflows.
Quick answers to the most common questions about buying NEE stock.
NextEra Energy, Inc. (NEE) generated $12.48B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NextEra Energy, Inc. (NEE) reported negative free cash flow of $11.38B in 2025, indicating capital requirements exceeded cash from operations.
NextEra Energy, Inc. (NEE) spent $23.86B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NextEra Energy, Inc. (NEE) returned $4.68B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.