NextEra Energy, Inc. (NEE) Cash Flow Statement
Where NEE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $12.48B −5.8% vs 2024
- Capital expenditures
- $9.27B 33.8% of revenue
- Free cash flow
- $3.21B 11.7% margin
- Returned to shareholders
- $4.68B 146% of free cash flow
- Change in cash
- $1.60B cash at year-end $3.01B
Cash from operations
$12.48B
Capital expenditures
−$9.27B
Investments (net)
−$14.71B
Acquisitions & other
+$118.0M
Dividends
−$4.68B
Share buybacks (net)
+$2.04B
Net borrowing (repayment)
+$13.72B
Shares issued
+$2.04B
Other financing
−$140.0M
Change in cash
$1.60B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NEE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NEE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.37B2016 | $12.48B2025 | +7.8%/yr | |
| Capital expenditures | $4.24B2016 | $9.27B2025 | +9.1%/yr | |
| Free cash flow | $2.10B2016 | $3.21B2025 | +4.9%/yr | |
| Free cash flow margin | 13.0%2016 | 11.7%2025 | −1.3 pts | |
| Operating cash flow / net income | 2.192016 | 2.342025 | +0.15 | |
| Stock-based compensation | $77.0M2016 | $139.0M2023 | +8.8%/yr | |
| Dividends paid | $1.61B2016 | $4.68B2025 | +12.6%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 26.3%2016 | 33.8%2025 | +7.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NEE cash flow by activity
OperatingInvestingFinancingChange in cash
NEE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NEE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.33B | $5.70B | $6.28B | $3.25B | $2.83B | $2.37B | $3.39B | $6.64B | $5.38B | $2.91B |
| Depreciation & amortization | $6.94B | $5.76B | $6.15B | $4.79B | $4.21B | $4.32B | $4.48B | $4.15B | $2.64B | $3.43B |
| Stock-based compensation | — | — | $139.0M | $142.0M | $1.62B | $1.98B | −$108.0M | $82.0M | $76.0M | $77.0M |
| Change in working capital | −$373.0M | $160.0M | −$1.39B | $412.0M | −$523.0M | −$604.0M | $377.0M | −$598.0M | $346.0M | −$223.0M |
| Other non-cash items | $585.0M | $1.64B | $122.0M | −$328.0M | −$588.0M | −$79.0M | $20.0M | −$3.68B | −$1.98B | $181.0M |
| Cash from operating activities | $12.48B | $13.26B | $11.30B | $8.26B | $7.55B | $7.98B | $8.15B | $6.59B | $6.46B | $6.37B |
| Investing activities | ||||||||||
| Capital expenditures | −$9.27B | −$8.51B | −$9.55B | −$9.74B | −$7.83B | −$7.76B | −$11.08B | −$6.01B | −$5.45B | −$4.24B |
| Investments (net) | −$14.71B | −$22.26B | −$23.29B | −$18.36B | −$13.59B | −$184.0M | −$152.0M | $314.0M | −$37.0M | −$53.0M |
| Acquisitions & other investing | $118.0M | $8.51B | $9.37B | $9.74B | $7.83B | −$5.76B | −$4.95B | −$5.25B | −$3.44B | −$3.75B |
| Cash from investing activities | −$23.86B | −$22.26B | −$23.47B | −$18.36B | −$13.59B | −$13.70B | −$16.18B | −$10.95B | −$8.92B | −$8.05B |
| Financing activities | ||||||||||
| Dividends paid | −$4.68B | −$4.24B | −$3.78B | −$3.35B | −$3.02B | −$2.74B | −$2.41B | −$2.10B | −$1.84B | −$1.61B |
| Share repurchases & issuance (net) | $2.04B | $48.0M | $18.78B | $1.46B | $16.68B | −$92.0M | $14.12B | $11.13B | $10.77B | $6.16B |
| Net borrowing (repayment) | $13.72B | $11.64B | $8.19B | $10.53B | $6.66B | $5.39B | $3.57B | $7.55B | $3.44B | $2.08B |
| Shares issued | $2.04B | $48.0M | $4.51B | $1.46B | $14.0M | $0 | $1.49B | $718.0M | $0 | $0 |
| Other financing | −$140.0M | −$499.0M | −$15.54B | $2.13B | −$14.53B | $3.62B | −$12.91B | −$9.66B | −$9.48B | −$4.20B |
| Cash from financing activities | $12.98B | $7.00B | $12.15B | $12.23B | $5.81B | $6.17B | $3.87B | $7.63B | $2.89B | $2.42B |
| Summary | ||||||||||
| Net change in cash | $1.60B | −$2.02B | −$21.0M | $2.12B | −$230.0M | $438.0M | −$4.14B | $3.27B | $454.0M | $757.0M |
| Cash at end of period | $3.01B | $1.40B | $3.42B | $3.44B | $1.32B | $1.55B | $1.11B | $5.25B | $1.98B | $1.29B |
| Free cash flow | $3.21B | $4.75B | $1.75B | −$1.48B | −$277.0M | $224.0M | −$2.92B | $583.0M | $968.0M | $2.10B |
| Free cash flow margin | 11.7% | 19.2% | 6.2% | −7.1% | −1.6% | 1.2% | −15.2% | 3.5% | 5.6% | 13.0% |
| Capex / revenue | 33.8% | 34.4% | 34.0% | 46.5% | 45.9% | 43.1% | 57.7% | 35.9% | 31.7% | 26.3% |
| Operating cash flow / net income | 2.34 | 2.33 | 1.80 | 2.55 | 2.67 | 3.37 | 2.41 | 0.99 | 1.20 | 2.19 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.62B | $1.69B | $1.09B | $2.13B | $1.64B | $464.0M | $873.0M | $1.59B | $1.62B | $2.27B | $1.21B | $1.02B |
| Depreciation & amortization | $1.88B | $1.46B | $1.72B | $2.19B | $1.86B | $1.18B | $1.58B | $1.72B | $1.47B | $988.0M | $1.68B | $2.03B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $139.0M | $877.0M |
| Change in working capital | $965.0M | −$590.0M | −$473.0M | $46.0M | $44.0M | $10.0M | −$689.0M | $598.0M | $229.0M | $22.0M | −$138.0M | −$447.0M |
| Other non-cash items | −$800.0M | $54.0M | $164.0M | −$346.0M | −$352.0M | $1.12B | $215.0M | $359.0M | $611.0M | −$201.0M | −$14.0M | $190.0M |
| Cash from operating activities | $4.66B | $2.61B | $2.50B | $4.03B | $3.19B | $2.77B | $1.98B | $4.27B | $3.93B | $3.08B | $2.88B | $3.66B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.86B | −$3.19B | −$2.22B | −$2.48B | −$2.07B | −$2.50B | −$1.84B | −$2.06B | −$2.14B | −$2.47B | −$2.09B | −$2.66B |
| Investments (net) | −$5.45B | −$7.67B | −$3.06B | −$5.11B | −$5.82B | −$7.72B | −$3.88B | −$4.26B | −$4.80B | −$9.32B | −$4.69B | −$5.96B |
| Acquisitions & other investing | $13.0M | $45.0M | $69.0M | $2.48B | $2.07B | $2.50B | $1.84B | $2.06B | $2.14B | $2.47B | $2.09B | −$10.16B |
| Cash from investing activities | −$8.29B | −$10.82B | −$5.21B | −$5.11B | −$5.82B | −$7.72B | −$3.88B | −$4.26B | −$4.80B | −$9.32B | −$4.69B | −$18.78B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.30B | −$1.30B | −$1.18B | −$1.17B | −$1.17B | −$1.17B | −$1.06B | −$1.06B | −$1.06B | −$1.06B | −$959.0M | −$947.0M |
| Share repurchases & issuance (net) | — | — | $2.04B | $2.03B | $22.0M | $11.0M | $48.0M | $6.0M | −$6.0M | — | −$5.69B | $1.70B |
| Net borrowing (repayment) | $5.70B | $9.26B | $2.55B | $432.0M | $3.42B | $7.32B | $199.0M | $1.90B | — | — | — | $1.17B |
| Shares issued | $8.0M | $23.0M | $10.0M | $2.01B | $11.0M | $11.0M | $0 | $0 | $14.0M | $6.0M | $9.0M | $2.00B |
| Other financing | −$34.0M | −$306.0M | −$412.0M | −$1.48B | −$230.0M | −$76.0M | $1.55B | −$382.0M | $1.81B | $6.09B | $9.09B | −$1.59B |
| Cash from financing activities | $4.38B | $7.68B | $3.00B | $1.82B | $2.06B | $6.10B | $741.0M | $459.0M | $762.0M | $5.04B | $2.45B | $2.33B |
| Summary | ||||||||||||
| Net change in cash | $747.0M | −$531.0M | $292.0M | $732.0M | −$568.0M | $1.15B | −$1.17B | $472.0M | −$111.0M | −$1.21B | $642.0M | $24.0M |
| Cash at end of period | $3.22B | $2.48B | $3.01B | $2.71B | $1.98B | $2.55B | $1.40B | $2.57B | $2.10B | $2.21B | $3.42B | $2.78B |
| Free cash flow | $1.80B | −$580.0M | $277.0M | $1.55B | $1.12B | $268.0M | $139.0M | $2.21B | $1.79B | $609.0M | $784.0M | $1.01B |
| Free cash flow margin | 24.0% | −8.3% | 4.2% | 19.4% | 16.7% | 4.3% | 2.6% | 29.2% | 29.5% | 10.6% | 11.4% | 14.1% |
| Capex / revenue | 37.9% | 45.9% | 33.9% | 31.2% | 30.9% | 40.0% | 34.2% | 27.2% | 35.3% | 43.1% | 30.4% | 37.0% |
| Operating cash flow / net income | 1.78 | 1.55 | 2.29 | 1.89 | 1.94 | 5.97 | 2.27 | 2.68 | 2.42 | 1.36 | 2.38 | 3.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NEE cash generation
In fiscal 2025 (ended December 31, 2025), NextEra Energy generated $12.5 billion of cash from operations (down 5.8%) and spent $9.3 billion on capital expenditures, leaving free cash flow of $3.2 billion, 11.7% of revenue. It returned $4.7 billion to shareholders through dividends ($4.7 billion) and net share buybacks ($0). Cash and equivalents rose by $1.6 billion over the year.
Related: NEE income statement, NEE balance sheet, NEE dividend history. See the NEE stock overview for the latest quote and news.
NEE cash flow FAQ
What is NextEra Energy's free cash flow?
NextEra Energy's free cash flow was $3.2 billion in fiscal 2025: $12.5 billion of operating cash flow minus $9.3 billion of capital expenditures It was $4.7 billion a year earlier..
How much cash does NextEra Energy generate from operations?
NextEra Energy generated $12.5 billion of cash from operating activities in fiscal 2025, 2.34 times its net income of $5.3 billion.
How much does NextEra Energy spend on capital expenditures?
NextEra Energy spent $9.3 billion on capital expenditures in fiscal 2025, 33.8% of revenue, compared with $8.5 billion the year before.
How much does NextEra Energy pay in dividends?
NextEra Energy paid $4.7 billion in dividends in fiscal 2025, 145.7% of free cash flow.
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