Funding and Capital Structure

Adjusted Capitalization(1,2)

On an adjusted basis, NextEra Energy’s capital structure is comprised of 51% equity.

Schedule of Total Debt & Equity

* Data as of September 30, 2025

Peer Comparison of Adjusted Debt as a Percentage of Total Capitalization(1)

NextEra Energy remains focused on balance sheet strength, as demonstrated through its conservative use of debt, which is the lowest amongst its key peers on an adjusted basis.

    Color
NEE 49% #30a310
Peer A 49% #007db6
Peer B 55% #007db6
Peer C 57% #007db6
Peer D 59% #007db6
Peer E 62% #007db6
Peer F 62% #007db6
Peer G 63% #007db6
Peer H 64% #007db6
Peer I 64% #007db6
Peer J 66% #007db6

 1) Peer data as of December 31, 2024 from S&P Capital IQ, NextEra data as of September 30, 2025 

Historical Funding

NextEra Energy utilizes a broad and diverse set of financing structures to meet its capital requirements.

Florida Power & Light

Outstanding Debt

Debt Outstanding as of September 30, 2025

(dollars in millions)

  Total Debt Current Portion & Short-Term Debt Long-Term Portion
Florida Power & Light - Outstanding Debt

First Mortgage Bonds $22,890 $600 $22,290

Tax-Exempt Bonds $1,566 - $1,566
Other Debt $2,123 $141 $1,983
  Senior Notes $715 - $715 
  Term Loans $500
$500

Unamortized Debt Expense $(229) - $(229)

Unamortized Discount $(53) - $(53)

Subtotal $27,511 $1,241 $26,271

Commercial Paper $909 $909 -
Total Florida Power & Light Debt $28,420 $2,150 $26,271

NextEra Energy Capital Holdings

Outstanding Debt

Debt Outstanding as of September 30, 2025
(dollars in millions)
  Total Debt Current Portion & Short-Term Debt Long-Term Portion
NextEra Energy Capital Holdings(1) - Outstanding Debt
Debentures $28,865 $1,600 $27,265
Debentures Related to Equity Units $3,500 - $3,500
Subordinated Debt $9,810 $9,810
  Convertible Senior Notes  $1,000 - $1,000
Term Loans $499 $132 $367
  Revolving Credit Draws  $2,250 $1,100 1,150
  Bonds Payable: Hedge Offset - - -
Unamortized Debt Expense $(233) $(2) $(231)
Unamortized Discount / Premium $(48) - $(48)
Subtotal $45,642 $2,829 $42,813
Commercial Paper $3,353 $3,353 -
Total NextEra Energy Capital Holdings Debt(1) $48,995 $6,183 $42,813

NextEra Energy Resources

Outstanding Debt

Debt Outstanding as of September 30, 2025
(dollars in millions)
  Total Debt Current Portion & Short-Term Debt Long-Term Portion
NextEra Energy Resources - Outstanding Debt
Project Debt


Renewables $13,824 $486 $13,338
Lone Star Transmission $440 - $440
  Trans Bay Cable $359 $16 $343
   NEE Trans MidAtlantic Indiana $41 - $41
   GridLiance Transmission $77
- $77
   NEE Trans New York $110 $110 -
   NextEra Energy Transmission $1,057 $10 $1,047
Total Project Debt $15,907 $621 $15,285
Unamortized debt expense  $(200) - $(200)
   Unamortized discount - - -
Total NextEra Energy Resources Debt $15,707 $621 $15,085