NextEra Energy, Inc.

Name: NextEra Energy, Inc. financial statements and ratios
Creator: Annalist

NEE · NYSE · Utilities, electricity · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 21 October 2026. Snapshot FY2026Q3_d4ac1eeb.

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Overview

Revenue, quarter

+1.6% year on year

Operating income, quarter

+3.8% year on year

Net income, quarter

+95.9% year on year

Diluted EPS, quarter

+93.2% year on year

Operating margin, last 4 quarters

+1.0pp year on year

Return on equity, last 4 quarters

+7.6pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 September 2026 was US$8.1 billion, 1.6% higher than in the same quarter a year earlier.
Weakenedin Q3 FY2026 · stated since Q1 FY20251.6% from 12.4% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 11 records
1. Q3 FY2026 WeakenedRevenue for the quarter ended 30 September 2026 was US$8.1 billion, 1.6% higher than in the same quarter a year earlier.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$7.5 billion, 12.4% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 WeakenedRevenue for the quarter ended 31 March 2026 was US$6.7 billion, 7.3% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$6.5 billion, 20.7% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 WeakenedRevenue for the quarter ended 30 September 2025 was US$8.0 billion, 5.3% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$6.7 billion, 10.4% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 NewRevenue for the quarter ended 31 March 2025 was US$6.2 billion, 9.0% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
9. Q4 FY2024 NewRevenue for the quarter ended 31 December 2024 was US$5.4 billion, 21.7% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
11. Q3 FY2024 NewRevenue for the quarter ended 30 September 2024 was US$7.6 billion, 5.5% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$4.8 billion, 95.9% higher than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY202595.9% from 55.0% in Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 11 records
1. Q3 FY2026 StrengthenedNet income attributable to the company was US$4.8 billion, 95.9% higher than in the same quarter a year earlier.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q2 FY2026 WeakenedNet income attributable to the company was US$3.1 billion, 55.0% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 StrengthenedNet income attributable to the company was US$2.2 billion, 161.9% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2025 WeakenedNet income attributable to the company was US$1.5 billion, 27.6% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q3 FY2025 StrengthenedNet income attributable to the company was US$2.4 billion, 31.6% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2025 NewNet income attributable to the company was US$2.0 billion, 25.0% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedNet income attributable to the company was US$833 million, 63.3% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 NewNet income attributable to the company was US$1.2 billion, 0.6% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
11. Q3 FY2024 NewNet income attributable to the company was US$1.9 billion, 51.9% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 30.0%, 1.0 percentage points higher than a year earlier.
Newin Q3 FY2026 · first stated
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 12 records
1. Q3 FY2026 NewThe operating margin over the last 4 quarters was 30.0%, 1.0 percentage points higher than a year earlier.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q3 FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026Q3_d4ac1eeb · data update
3. Q2 FY2026 ConfirmedThe operating margin over the last 4 quarters was 29.8%, 0.9 percentage points lower than a year earlier.Reconstructed · data update
4. Q1 FY2026 NewThe operating margin over the last 4 quarters was 29.5%, 1.0 percentage points lower than a year earlier.Reconstructed · data update
5. Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
6. Q4 FY2025 NewThe operating margin over the last 4 quarters was 30.2%, unchanged from a year earlier.Reconstructed · data update
7. Q4 FY2025 RetiredThe finding changed to unchanged from a year earlier.Reconstructed · data update
8. Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was 29.0%, 6.0 percentage points lower than a year earlier.Reconstructed · data update
9. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 30.8%, 0.9 percentage points lower than a year earlier.Reconstructed · data update
10. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 30.6%, 3.7 percentage points lower than a year earlier.Reconstructed · data update
11. Q4 FY2024 StrengthenedThe operating margin over the last 4 quarters was 30.2%, 6.2 percentage points lower than a year earlier.Reconstructed · data update
12. Q3 FY2024 NewThe operating margin over the last 4 quarters was 35.1%, 0.1 percentage points lower than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 20.1%, against 12.5% a year earlier.
Strengthenedin Q3 FY2026 · stated since Q1 FY2026
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedReturn on equity over the last 4 quarters was 20.1%, against 12.5% a year earlier.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 17.2%, against 11.8% a year earlier.Reconstructed · data update
3. Q1 FY2026 NewReturn on equity over the last 4 quarters was 15.6%, against 11.2% a year earlier.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedReturn on equity over the last 4 quarters was 13.1%, against 14.2% a year earlier.Reconstructed · data update
6. Q3 FY2025 ConfirmedReturn on equity over the last 4 quarters was 12.5%, against 14.3% a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 11.8%, against 13.5% a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedReturn on equity over the last 4 quarters was 11.2%, against 16.4% a year earlier.Reconstructed · data update
9. Q4 FY2024 WeakenedReturn on equity over the last 4 quarters was 14.2%, against 16.9% a year earlier.Reconstructed · data update
10. Q3 FY2024 NewReturn on equity over the last 4 quarters was 14.3%, against 17.8% a year earlier.Reconstructed · initial
Net debt was US$104.1 billion at 30 September 2026, 6.9 times EBITDA over the last 4 quarters.
Confirmedin Q3 FY2026 · stated since Q3 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedNet debt was US$104.1 billion at 30 September 2026, 6.9 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q2 FY2026 ConfirmedNet debt was US$103.1 billion at 30 June 2026, 6.7 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q1 FY2026 StrengthenedNet debt was US$101.1 billion at 31 March 2026, 6.7 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q4 FY2025 ConfirmedNet debt was US$92.2 billion at 31 December 2025, 6.2 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q3 FY2025 ConfirmedNet debt was US$89.6 billion at 30 September 2025, 6.4 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q2 FY2025 ConfirmedNet debt was US$90.7 billion at 30 June 2025, 6.5 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q1 FY2025 StrengthenedNet debt was US$87.0 billion at 31 March 2025, 6.5 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q4 FY2024 StrengthenedNet debt was US$80.6 billion at 31 December 2024, 6.2 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q3 FY2024 NewNet debt was US$75.4 billion at 30 September 2024, 5.1 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents27 documents, latest Form 10-Q, period ended 30 September 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q3_d4ac1eeb

Corporate Events

Stock split23 October 2020
The filing reported a stock split of 4 for 1.
Source 10-Q 2020-09

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 30 September 2026, filed 21 October 2026. Changes are against the previous report, and each figure shows its period.

5changes2thresholds crossed

Changes in This Report 5

WeakenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 30 September 2026 was US$8.1 billion, 1.6% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 30 June 2026 was US$7.5 billion, 12.4% higher than in the same quarter a year earlier.
StrengthenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$4.8 billion, 95.9% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$3.1 billion, 55.0% higher than in the same quarter a year earlier.
NewOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 30.0%, 1.0 percentage points higher than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 29.8%, 0.9 percentage points lower than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 20.1%, against 12.5% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was 17.2%, against 11.8% a year earlier.

1 more change

WeakenedCash Backing of Earnings10-Q 2026-09
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.4% of average total assets.
Earlier record, Q2 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.1% of average total assets.

Thresholds Crossed 2

ConfirmedDebt Against the S&P Benchmark Bands
Debt was 7.3 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
ConfirmedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was 0.99, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsHighly leveraged bandDebt to EBITDA, reported 7.29x · Q3 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Debt was 7.3 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
Confirmedin Q3 FY2026 · stated since Q3 FY20247.29x from 6.88x in Q2 FY2026
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q3 FY2026 ConfirmedDebt was 7.3 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q2 FY2026 ConfirmedDebt was 6.9 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
3. Q1 FY2026 ConfirmedDebt was 6.8 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
4. Q4 FY2025 ConfirmedDebt was 6.4 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
5. Q3 FY2025 ConfirmedDebt was 6.5 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
6. Q2 FY2025 ConfirmedDebt was 6.6 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
7. Q1 FY2025 ConfirmedDebt was 6.7 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
8. Q4 FY2024 ConfirmedDebt was 6.3 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
9. Q3 FY2024 NewDebt was 5.3 times EBITDA over the last 4 quarters on reported figures, within the highly leveraged band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						est.
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						est.

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Total debt	$54.1bn	$63.6bn	$73.0bn	$82.1bn	$95.0bn	$110bn
Operating lease liabilities	$555m	$400m	$412m	$387m	$458m	$458m
Lease-adjusted debt	$54.7bn	$64.0bn	$73.4bn	$82.5bn	$95.5bn	$110bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of NextEra Energy, Inc. do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Debt Maturities at 31 December 2025

Principal due by fiscal year, US dollars

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
$3.5bn	$10.3bn	$10.6bn	$9.9bn	$7.3bn	n/a	n/a

The report gives no amount for After FY2030, so the schedule has no total.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −1.4%, Operating cash flow to EBITDA 0.98x · Q3 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin Q3 FY2026 · stated since Q3 FY2024−1.4% from −2.1% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q3 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 1.4% of average total assets.Recorded from FY2026Q3_d4ac1eeb · data update
2. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.1% of average total assets.Reconstructed · data update
3. Q1 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.0% of average total assets.Reconstructed · data update
4. Q4 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
5. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.8% of average total assets.Reconstructed · data update
6. Q2 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.3% of average total assets.Reconstructed · data update
7. Q1 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Reconstructed · data update
8. Q4 FY2024 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.4% of average total assets.Reconstructed · data update
9. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.99, Beneish −2.45 · Piotroski 5 of 9 · Last 4 quarters 0.79 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 0.99, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY20230.99 from 0.86 in FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 0.99, below the distress threshold of 1.10.Reconstructed · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 0.86, below the distress threshold of 1.10.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 0.99, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.45, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023−2.45 from −2.68 in FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-09
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.45, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.68, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.66, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, no common equity issued and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09
History of this finding, 5 records
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, no common equity issued and margin higher than a year earlier.Reconstructed · data update
2. Q4 FY2025 RetiredThe finding changed to a middle score.Reconstructed · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 3 of 9. The 6 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier, no common equity issued, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
4. Q4 FY2024 RetiredThe finding changed to a low score.Reconstructed · data update
5. FY2023 NewThe Piotroski F-score for fiscal 2023 was 8 of 9. The signal not met was no common equity issued.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone	distress zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.99Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.99 is in the distress zone of the model, below 1.10. The largest part is retained earnings, at 0.54; working capital below zero lowers the score by 0.28.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.043	6.560	−0.285
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.165	3.260	0.538
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.039	6.720	0.262
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.455	1.050	0.477
Score			0.992

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.45Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.45 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.088	0.920	1.001
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.976	0.404	0.394
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.107	0.892	0.988
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.936	0.115	0.108
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.027	4.679	−0.124
Leverage indexDebt against total assets, against a year earlier.	1.028	−0.327	−0.336
Score			−2.454

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.48 means a probability of a misstatement 0.48 times the average rate in the Dechow sample: 0.18% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.021	0.790	0.017
Change in receivables / average total assetsThe growth of receivables against average assets.	0.003	2.518	0.009
Change in inventories / average total assetsThe growth of stock against average assets.	0.001	1.191	0.001
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.252	1.979	0.500
Change in cash salesThe growth of sales collected in cash.	0.068	0.171	0.012
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.004	−0.932	0.004
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−6.322
Probability of a misstatement			0.18%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

5 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Not met	Not met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 September 2026	21 Oct 2026	10-Q:0000753308-26-000081
Form 10-Q, period ended 30 June 2026	24 Jul 2026	10-Q:0000753308-26-000060
Form 10-Q, period ended 31 March 2026	23 Apr 2026	10-Q:0000753308-26-000031
Form 10-K, period ended 31 December 2025	13 Feb 2026	10-K:0000753308-26-000015
Form 10-Q, period ended 30 September 2025	28 Oct 2025	10-Q:0000753308-25-000056
Form 10-Q, period ended 30 June 2025	23 Jul 2025	10-Q:0000753308-25-000040
Form 10-Q, period ended 31 March 2025	23 Apr 2025	10-Q:0000753308-25-000024
Form 10-K, period ended 31 December 2024	14 Feb 2025	10-K:0000753308-25-000011
Form 10-Q, period ended 30 September 2024	23 Oct 2024	10-Q:0000753308-24-000057
Form 10-Q, period ended 30 June 2024	24 Jul 2024	10-Q:0000753308-24-000050
Form 10-Q, period ended 31 March 2024	23 Apr 2024	10-Q:0000753308-24-000023
Form 10-K, period ended 31 December 2023	16 Feb 2024	10-K:0000753308-24-000008
Form 10-Q, period ended 30 September 2023	7 Nov 2023	10-Q:0000753308-23-000058
Form 10-Q, period ended 30 June 2023	26 Jul 2023	10-Q:0000753308-23-000045
Form 10-Q, period ended 31 March 2023	26 Apr 2023	10-Q:0000753308-23-000033
Form 10-K, period ended 31 December 2022	17 Feb 2023	10-K:0000753308-23-000019
Form 10-Q, period ended 30 September 2022	3 Nov 2022	10-Q:0000753308-22-000081
Form 10-Q, period ended 30 June 2022	27 Jul 2022	10-Q:0000753308-22-000055
Form 10-Q, period ended 31 March 2022	22 Apr 2022	10-Q:0000753308-22-000033
Form 10-K, period ended 31 December 2021	18 Feb 2022	10-K:0000753308-22-000014
Form 10-Q, period ended 30 September 2021	25 Oct 2021	10-Q:0000753308-21-000167
Form 10-Q, period ended 30 June 2021	26 Jul 2021	10-Q:0000753308-21-000148
Form 10-Q, period ended 31 March 2021	23 Apr 2021	10-Q:0000753308-21-000108
Form 10-K, period ended 31 December 2020	12 Feb 2021	10-K:0000753308-21-000014
Form 10-Q, period ended 30 September 2020	23 Oct 2020	10-Q:0000753308-20-000186
Form 10-Q, period ended 30 June 2020	24 Jul 2020	10-Q:0000753308-20-000150
Form 10-Q, period ended 31 March 2020	23 Apr 2020	10-Q:0000753308-20-000113

Checks

249242 of 249 checks passed, 7 warnings

Fiscal calendar70 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year87 of 88 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Proceeds from issuance of common stock, FY2022: $1,460m against $1,514m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity27 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure24 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Debt maturities0 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2020: $21,142m against $46,082m

31 Dec 2021: $21,709m against $52,745m

31 Dec 2022: $29,730m against $61,889m

31 Dec 2023: $32,228m against $68,306m

31 Dec 2024: $40,217m against $80,446m

31 Dec 2025: $41,616m against $93,056m

Quarters and 9 months21 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,253
Confirmed by other figures	45.4%, 569 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	16.8%, 210 values
Values withheld	0
Restated figures tracked	19
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, NextEra Energy, Inc., snapshot nextera-energy/FY2026Q3_d4ac1eeb (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_d4ac1eeb · dataset SHA-256 d4ac1eeb7763101aae8391f320d59bfb6445c9de9436a9777dfeec9f819c54e5 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json