4 paragraphs in Risk Factors of the 10-K filed Feb 13, 2026
with nothing like them in the 10-K filed Feb 14, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 30 Utilities companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
minor, and could in the future cause material, disruptions in the ability of NEE and FPL to acquire certain generation equipment and batteries on time and at acceptable costs.
Additionally, NEER is actively pursuing the restart of the Duane Arnold nuclear generation facility. The restart is subject to certain regulatory approvals, including NRC safety and environmental reviews, as well as permits from relevant state and local agencies. NEER has applied to the NRC to reinstate the operating license and to MISO for an interconnection agreement. Failure to obtain the necessary approvals could result in the impairment of amounts capitalized. Further, NEE could encounter difficulty in procuring or restoring specialized components which could impact the restart timeline. NEE could incur costs greater than expected or encounter unforeseen issues.
Similar paragraph at 1 of 30 other Utilities companies:
CEG
The productivity increases and competitive advantages NEE and FPL plan to achieve through the use of artificial intelligence (AI) technologies may not be realized and the use of and reliance on AI may present certain risks, both of which could materially adversely affect their business, financial condition, results of operations and prospects.
NEE and FPL use AI technologies in various aspects of their operations, including, without limitation, financial analysis, strategic planning, field work intelligence, work scheduling, grid optimization, energy forecasting, customer service and operations management. The use of and reliance on AI may present certain risks such as, but not limited to, AI tools may malfunction, produce inaccurate or biased outputs, or behave unpredictably, and introduce NEE and FPL to additional cybersecurity threats and data privacy risks. In addition, as NEE and FPL rely on third-party vendors for certain AI tools, platforms and collaborations, NEE and FPL could experience third-party vendor issues such as disruptions in vendor relationships, performance issues, cybersecurity threats or disputes over intellectual property rights. Further, the regulatory environment governing AI is also evolving, and future legislation or agency rulemaking may impose new compliance obligations or restrict certain AI applications, increasing costs to comply with such requirements and failure to do so could result in regulatory enforcement, penalties or reputational harm. While AI technologies offer the potential to enhance operational efficiency, accelerate growth and lower costs, these benefits may not be realized and the use of and reliance on AI may present certain risks, both of which could materially adversely affect NEE’s and FPL’s business, financial condition, results of operations and prospects.
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New in the latest 10-Q
12 paragraphs in the 10-Q filed Oct 21, 2026 with nothing like
them in the 10-Q filed Jul 24, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
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
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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
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(a) Interest rates based on the currency in which the related debt is denominated.
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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.
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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.
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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.
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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.
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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.
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(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.
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In October 2026, Hurricane Isaias made landfall near the Florida panhandle causing damage to FPL's service territory. See Note 11 - Storm Cost Recovery.
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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.
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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.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 21, 2026 against Item 1A of the 10-K filed Feb 13, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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.
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Added10-Q 2026-10-21 vs 10-K 2026-02-13
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.
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Added10-Q 2026-10-21 vs 10-K 2026-02-13
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
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Added10-Q 2026-10-21 vs 10-K 2026-02-13
(a) Information regarding purchases made by NEE of its common stock during the three months ended September 30, 2026 is as follows:
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Added10-Q 2026-10-21 vs 10-K 2026-02-13
Period Total Number Average Price Paid Total Number of Shares Maximum Number of of Shares Purchased(a) Shares that May Yet be Purchased Under the Per Share Purchased as Part of a Program(b)
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Added10-Q 2026-10-21 vs 10-K 2026-02-13
(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.
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Added10-Q 2026-10-21 vs 10-K 2026-02-13
(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.
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