AddedRisk Factors
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.
The 10-K against last year's
136 changes: 14 added, 6 removed, 114 reworded, 2 quiet changes
10-K 0000753308-26-000015 (2026-02-13) vs 10-K 0000753308-25-000011 (2025-02-14)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Accounting Policies 151 words changed in this paragraph; it is 68% similar to last year's version.
Production tax credits (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 and are recorded as a reduction of current income taxes payable, unless limited by tax law in which instance they are recorded as deferred tax assets. NEER recognizes and FPL recognize ITCs as a reduction to income tax expense when the related energy property is placed into service. Prior to 2025, FPL recognizes recognized ITCs as a reduction to income tax expense over the depreciable life of the related energy property. At As of December 31, 2024 2025 and 2023, 2024, FPL’s accumulated deferred ITCs were approximately $966 $1,079 million and $997 $966 million, respectively, and are included in noncurrent regulatory liabilities on NEE's and FPL's consolidated balance sheets. For taxable years beginning after 2022, renewable 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 renewable clean energy tax credits for the years ended December 31, 2025 and 2024 and 2023 of approximately $1,527 million ($180 million for FPL) and $1,304 million and $370 million, ($0 million for FPL), respectively, are reported in the cash paid (received) for income taxes – net within the supplemental disclosures of cash flow information on NEE’s 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.
Source: Item 8, Note 1 – Summary of Significant Accounting and Reporting Policies, 10-K 0000753308-26-000015 vs Item 8, Note 1 – Summary of Significant Accounting and Reporting Policies, 10-K 0000753308-25-000011
MD&A 118 words changed in this paragraph; it is 64% similar to last year's version.
Hedges on Owned Assets Trading Non- FPL Cost NEE Total Qualifying Recovery Clauses (millions) Fair value of contracts outstanding at December 31, 2022 $ 1,177 $ (3,921) $ 16 $ (2,728) Reclassification to realized at settlement as of contracts (369) 154 (9) (224) Value of contracts acquired 6 95 — 101 Net option premium purchases (issuances) 183 17 — 200 Changes in fair value excluding reclassification to realized 340 2,178 5 2,523 Fair value of contracts outstanding at December 31, 2023 $ 1,337 $ (1,477) $ 12 $ (128) Reclassification to realized at settlement of contracts (373) 190 (24) (207) Value of contracts acquired 2 24 — 26 Net option premium purchases (issuances) (2) 23 — 21 Changes in fair value excluding reclassification to realized 380 (284) 50 146 Fair value of contracts outstanding at as of December 31, 2024 1,344 (1,524) 38 (142) Reclassification to realized at settlement of contracts (766) 516 35 (215) Value of contracts acquired 46 (7) — 39 Net option premium purchases (issuances) 29 20 — 49 Changes in fair value excluding reclassification to realized 680 (209) (49) 422 Fair value of contracts outstanding as of December 31, 2025 1,333 (1,204) 24 153 Net margin cash collateral paid (received) (475) (86) Total mark-to-market energy contract net assets (liabilities) at as of December 31, 2024 2025 $ 1,344 1,333 $ (1,524) (1,204) $ 38 24 $ (617) 67
Source: Item 7, 10-K 0000753308-26-000015 vs Item 7, 10-K 0000753308-25-000011
Legal Proceedings 75 words changed in this paragraph; it is 67% similar to last year's version.
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. This lawsuit seeks The original complaint sought damages of $350 million, which are 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 January September 2025, NEE filed a 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 and a motion to transfer venue. the remaining Massachusetts state law claims. NEE does not believe that it should have any liability with respect to is vigorously defending against the remaining claims in this matter. proceeding.
Source: Item 3, via Note 15 – Commitments and Contingencies, 10-K 0000753308-26-000015 vs Item 3, via Note 15 – Commitments and Contingencies, 10-K 0000753308-25-000011
Risk Factors 71 words changed in this paragraph; it is 37% similar to last year's version.
Source: Item 1A, 10-K 0000753308-26-000015 vs Item 1A, 10-K 0000753308-25-000011
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of NEE's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-14. Each links to the text at sec.gov.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedMD&A
A number of legislative, executive and administrative activities occurred in 2025 that affect NEE and FPL including 1) the enactment of the 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.
AddedMD&A
In January 2026, the FPSC issued a final order approving a stipulation and settlement agreement between FPL and several intervenors in FPL's 2025 base rate proceeding. In February 2026, certain intervenors filed a joint motion for reconsideration and a joint request for oral argument challenging the FPSC's final order. See Note 1 – Rate Regulation – Base Rates Effective January 2026 through December 2029.
AddedMD&A
FPL’s income taxes decreased $251 million during 2025 primarily related to higher clean energy tax credits as compared to the prior year.
AddedMD&A
NEER’s interest expense for 2025 increased $569 million primarily reflecting approximately $351 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments as well as higher average debt balances driven by growth in the business.
Show the other 6
AddedMD&A
The change in net loss attributable to noncontrolling interests primarily reflects an increase in additional differential membership interests. See Note 1 – Noncontrolling Interests.
AddedMD&A
On January 9, 2026, a wholly owned subsidiary of NextEra Energy Resources acquired a commercial and industrial natural gas business. See Note 6 – Symmetry Acquisition.
AddedMD&A
(b) In February 2026, FPL and NEECH updated the capacity and extended the maturity date for a portion of their syndicated revolving credit facilities resulting in total capacity under their syndicated revolving credit facilities of $4,500 million and $10,500 million, respectively, with maturity dates ranging from 2028 – 2031 and 2027 – 2031, respectively. Letters of credit up to $1,450 million ($450 million for FPL and $1,000 million for NEECH) may be funded by the syndicated revolving credit facilities.
AddedMD&A
(d) In January 2026, NEECH borrowed a total of $850 million under bilateral revolving credit facilities.
AddedMD&A
On December 31, 2025, NEE established an at-the-market equity issuance program (ATM program) pursuant to which NEE may offer and sell, from time to time, NEE common stock having an aggregate gross sales price of up to $4 billion.
AddedMD&A
Trading(a) Non-Qualifying Hedges Total and Hedges in FPL Cost Recovery Clauses(b) FPL NEE FPL NEE FPL NEE December 31, 2024 $ $6 $3 $98 $3 $88 December 31, 2025 $ $14 $9 $92 $9 $83 Average for the year ended December 31, 2025 $ $12 $10 $90 $10 $89