EX-992neeq42025exhibit99.htmEX-99 Document

Exhibit 99

NextEra Energy, Inc.

Media Line: 561-694-4442

Jan. 27, 2026

FOR IMMEDIATE RELEASE

NextEra Energy reports fourth-quarter and full-year 2025 financial results

•NextEra Energy delivers strong full-year 2025 operational and financial results

•FPL grows regulatory capital employed by approximately 8.1% year-over-year and continues to keep customer bills low while delivering highly reliable electricity

•NextEra Energy Resources achieves another record year of new generation and storage origination, adding approximately 13.5 gigawatts to its backlog, including a record quarter of origination of approximately 3.6 gigawatts

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2025 fourth-quarter net income attributable to NextEra Energy on a GAAP basis of $1.535 billion, or $0.73 per share, compared to $1.203 billion, or $0.58 per share, for the fourth quarter of 2024. On an adjusted basis, NextEra Energy's 2025 fourth-quarter earnings were $1.133 billion, or $0.54 per share, compared to $1.095 billion, or $0.53 per share, in the fourth quarter of 2024.

For the full year 2025, NextEra Energy reported net income attributable to NextEra Energy on a GAAP basis of $6.835 billion, or $3.30 per share, compared to $6.946 billion, or $3.37 per share, in 2024. On an adjusted basis, NextEra Energy's full-year 2025 earnings were $7.683 billion, or $3.71 per share, compared to $7.063 billion, or $3.43 per share, in 2024, which represents year-over-year growth in adjusted earnings per share of approximately 8.2%.

"NextEra Energy delivered strong operational and financial performance in 2025, increasing full-year adjusted earnings per share by more than 8% over 2024 and exceeding the top end of the range we communicated in December," said John Ketchum, chairman, president and chief executive officer. "FPL's new four-year rate agreement enables us to make smart, long-term investments on behalf of our customers so we can continue to deliver some of the nation's most reliable and affordable electricity to power Florida's growth. NextEra Energy Resources had another record year of new generation and storage origination, adding approximately 13.5 gigawatts to its backlog, including our plan to recommission our Duane Arnold nuclear plant, which was enabled by a power purchase agreement with Google.

NextEra Energy Resources also brought 7.2 gigawatts of new generation online. Together, FPL and NextEra Energy Resources added around 8.7 gigawatts of new generation and storage projects to power America's growing economy. Looking ahead, our forecasted growth is visible and balanced between our regulated and long-term contracted businesses. We believe there is no company better positioned to build the new energy infrastructure required to reliably and affordably meet America's surging electricity demand. We expect to grow adjusted earnings per share at a compound annual growth rate of 8%+ through 2032 and are targeting the same growth from 2032 through 2035, all off the 2025 base."

FPL

FPL reported fourth-quarter 2025 net income of $958 million, or $0.46 per share, compared to $845 million, or $0.41 per share, for the prior-year comparable quarter. For the full year 2025, FPL reported net income of $5.012 billion, or $2.42 per share, compared to $4.543 billion, or $2.21 per share, in 2024.

FPL's full-year growth primarily was driven by continued smart capital investments. FPL's capital expenditures were approximately $2.1 billion for the fourth quarter of 2025, bringing its full-year capital investments to a total of approximately $8.9 billion. Regulatory capital employed increased by approximately 8.1% for 2025.

By making smart capital investments that benefit customers and being industry-leading on costs, FPL continues to deliver its strong customer value proposition of high reliability, outstanding customer service and low bills. In one of the fastest-growing states and the world's 15th largest economy, FPL is both creating value for its customers and diversifying its generation portfolio by adding cost-effective solar and storage to the nation's largest natural gas-fired

fleet and four nuclear units that make up the backbone of its generation fleet. Focused on keeping customer bills low, FPL continuously invests in and executes against its best-in-class operating model. FPL's non-fuel operations and maintenance is more than 71% lower than the industry average, reinforcing FPL's position as the lowest-cost electric utility operator in the country.

Last November, the Florida Public Service Commission approved a four-year rate agreement that allows FPL to continue making smart, necessary infrastructure investments on behalf of its customers, while keeping customer bills well below the national average. FPL expects to invest between $90 billion and $100 billion through 2032 to support Florida’s continued growth, while typical residential customer bills are expected to increase only about 2% annually between 2025 and 2029, which is lower than the current inflation rate of about 3%. Today, FPL's typical residential bill is more than 30% lower than the national average. The new rates took effect Jan. 1, 2026.

NextEra Energy Resources

NextEra Energy Resources reported fourth-quarter 2025 net income attributable to NextEra Energy on a GAAP basis of $545 million, or $0.26 per share, compared to a loss of $442 million, or $0.21 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources' earnings for the fourth quarter of 2025 were $422 million, or $0.20 per share, compared to $446 million, or $0.22 per share, for the fourth quarter of 2024.

For the full year 2025, NextEra Energy Resources reported net income attributable to NextEra Energy on a GAAP basis of $2.975 billion, or $1.44 per share, compared to $2.299 billion, or $1.12 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources' earnings for the full year 2025 were $3.523 billion, or $1.70 per share, compared to $3.118 billion, or $1.51 per share, for the full year 2024.

For the fourth year in a row, NextEra Energy Resources delivered its best year ever for origination, adding approximately 13.5 gigawatts (GW) of new generation and battery storage projects to its backlog, including a record origination quarter of approximately 3.6 GW since the third-quarter 2025 financial results call last October. NextEra Energy Resources' 2025 origination performance reflects growing demand, including from hyperscalers that are looking for speed-to-market power solutions. NextEra Energy Resources' backlog now stands at approximately 30 GW, after taking into account roughly 3.6 GW of new projects placed into service since the third-quarter call last October. Over the last three years, NextEra Energy Resources has originated approximately 35 GW.

Earlier this month, NextEra Energy Resources increased its equity interest in the Mountain Valley Pipeline by acquiring a portion of Consolidated Edison's interest in the pipeline. This decision highlights NextEra Energy’s commitment to expanding its gas transmission operations over the coming decade. Also this month, NextEra Energy Resources successfully closed its previously announced acquisition of Symmetry Energy Solutions. This strategic acquisition enhances NextEra Energy Resources' existing customer supply business. Providing natural gas supply, storage and asset management solutions to a broad range of end users nationwide, Symmetry Energy Solutions is one of the leading suppliers of competitive natural gas in the U.S.

Corporate and Other

In the fourth quarter of 2025 on a GAAP basis, Corporate and Other results decreased $0.37 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other results for the fourth quarter of 2025 decreased $0.02 per share, compared to the prior-year quarter. For the full year 2025, Corporate and Other results decreased $0.60 per share on a GAAP basis, compared to 2024. On an adjusted basis, Corporate and Other results for the full year 2025 decreased $0.12 per share, compared to 2024.

Outlook

NextEra Energy's long-term financial expectations remain unchanged from what the company shared at the investor conference last December. G1NextEra Energy continues to expect 2026 adjusted earnings per share to be in the range of $3.92 to $4.02. NextEra Energy also continues to expect a compound annual growth rate in adjusted earnings per share of 8%+ annually through 2032 and is targeting the same from 2032 through 2035, all off the 2025 base of $3.71 adjusted earnings per share. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through 2026, off a 2024 base, and 6% per year from year-end 2026 through 2028.

Conference call information

As previously announced, NextEra Energy's fourth-quarter and full-year 2025 financial results conference call is scheduled for 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the link listed above.

NextEra Energy, Inc.

NextEra Energy, Inc. (NYSE: NEE) is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns one of the largest energy infrastructure development companies in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

###

Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; XPLR Infrastructure, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI).

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar, and storage development and construction; market demand for generation development and capacity needs; market demand and policy support for transmission development and expansion; market demand for pipeline capacity; access to capital at reasonable cost and terms; rate case outcomes consistent with historical; no adverse litigation decisions; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

This news release should be read in conjunction with the attached unaudited financial information.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends and statements concerning growth strategies and capital investment opportunities. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions.

You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy projects of NextEra Energy and FPL and its affiliated entities or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of their operations and businesses; effect on NextEra Energy and FPL of changes

in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) natural gas and oil production operations and cause NextEra Energy Resources to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; XPLR Infrastructure, LP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in XPLR Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses.

NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Three Months Ended December 31, 2025

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

4,272

2,117

111

6,500

Operating Expenses

Fuel, purchased power and interchange

873

300

—

1,173

Other operations and maintenance

516

871

209

1,596

Depreciation and amortization

905

695

1,616

Taxes other than income taxes and other – net

471

123

(2)

592

Total operating expenses – net

2,765

1,989

223

4,977

Gains (Losses) on Disposal of Businesses/Assets – Net

—

Operating Income (Loss)

1,507

191

(112)

1,586

Other Income (Deductions)

Interest expense

(321)

(317)

(586)

Equity in earnings (losses) of equity method investees

—

Allowance for equity funds used during construction

—

Gains on disposal of investments and other property – net

—

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

Other net periodic benefit income

—

Other – net

Total other income (deductions) – net

(261)

(155)

148

(268)

Income (Loss) before Income Taxes

1,246

1,318

Income Tax Expense (Benefit)

288

(67)

225

Net Income (Loss)

958

103

1,093

Net Loss Attributable to Noncontrolling Interests

—

442

—

442

Net Income (Loss) Attributable to NextEra Energy, Inc.

958

545

1,535

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

958

545

1,535

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(132)

(370)

(502)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

(43)

—

(43)

XPLR Infrastructure, LP investment gains – net

—

Less related income tax expense (benefit)(c)

—

134

Adjusted Earnings (Loss)

958

422

(247)

1,133

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

0.46

0.26

0.01

0.73

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(0.06)

(0.18)

(0.24)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

(0.02)

—

(0.02)

XPLR Infrastructure, LP investment gains – net

—

Less related income tax expense (benefit)(c)

—

0.02

0.05

0.07

Adjusted Earnings (Loss) Per Share

0.46

0.20

(0.12)

0.54

Weighted-average shares outstanding (assuming dilution)

2,089

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

(99)

(0.05)

(279)

(0.13)

(378)

(0.18)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

(30)

(0.01)

—

(30)

(0.01)

XPLR Infrastructure, LP investment gains – net

—

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Three Months Ended December 31, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

3,855

1,448

5,385

Operating Expenses

Fuel, purchased power and interchange

865

227

—

1,092

Other operations and maintenance

438

721

157

1,316

Depreciation and amortization

856

642

1,513

Taxes other than income taxes and other – net

449

108

—

557

Total operating expenses – net

2,608

1,698

172

4,478

Gains (Losses) on Disposal of Businesses/Assets – Net

(2)

Operating Income (Loss)

1,248

(215)

(92)

941

Other Income (Deductions)

Interest expense

(304)

(47)

1,076

725

Equity in earnings (losses) of equity method investees

—

(845)

—

(845)

Allowance for equity funds used during construction

—

Gains on disposal of investments and other property – net

—

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

(41)

—

(41)

Other net periodic benefit income

—

Other – net

117

Total other income (deductions) – net

(246)

(815)

1,164

103

Income (Loss) before Income Taxes

1,002

(1,030)

1,072

1,044

Income Tax Expense (Benefit)

157

(258)

272

171

Net Income (Loss)

845

(772)

800

873

Net Loss Attributable to Noncontrolling Interests

—

330

—

330

Net Income (Loss) Attributable to NextEra Energy, Inc.

845

(442)

800

1,203

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

845

(442)

800

1,203

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

109

(1,336)

(1,227)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

XPLR Infrastructure, LP investment gains – net

—

1,033

—

1,033

Less related income tax expense (benefit)(c)

—

(293)

340

Adjusted Earnings (Loss)

845

446

(196)

1,095

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

0.41

(0.21)

0.38

0.58

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

0.05

(0.65)

(0.60)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

0.02

—

0.02

XPLR Infrastructure, LP investment gains – net

—

0.50

—

0.50

Less related income tax expense (benefit)(c)

—

(0.14)

0.17

0.03

Adjusted Earnings (Loss) Per Share

0.41

0.22

(0.10)

0.53

Weighted-average shares outstanding (assuming dilution)

2,062

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

0.04

(996)

(0.48)

(915)

(0.44)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

0.01

—

0.01

XPLR Infrastructure, LP investment gains – net

781

0.38

—

781

0.38

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Twelve Months Ended December 31, 2025

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

18,262

8,760

390

27,412

Operating Expenses

Fuel, purchased power and interchange

3,878

1,066

—

4,944

Other operations and maintenance

1,771

2,997

631

5,399

Depreciation and amortization

3,778

2,738

6,580

Taxes other than income taxes and other – net

2,016

450

2,469

Total operating expenses – net

11,443

7,251

698

19,392

Gains (Losses) on Disposal of Businesses/Assets – Net

268

(9)

260

Operating Income (Loss)

6,820

1,777

(317)

8,280

Other Income (Deductions)

Interest expense

(1,284)

(1,683)

(1,605)

(4,572)

Equity in earnings (losses) of equity method investees

—

(193)

(184)

Allowance for equity funds used during construction

172

—

181

Gains (losses) on disposal of investments and other property – net

—

181

(2)

179

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

107

—

107

Other net periodic benefit income

—

267

Other – net

134

115

272

Total other income (deductions) – net

(1,089)

(1,445)

(1,216)

(3,750)

Income (Loss) before Income Taxes

5,731

332

(1,533)

4,530

Income Tax Expense (Benefit)

719

(1,140)

(381)

(802)

Net Income (Loss)

5,012

1,472

(1,152)

5,332

Net Loss Attributable to Noncontrolling Interests

—

1,503

—

1,503

Net Income (Loss) Attributable to NextEra Energy, Inc.

5,012

2,975

(1,152)

6,835

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

5,012

2,975

(1,152)

6,835

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(38)

401

363

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

(114)

—

(114)

XPLR Infrastructure, LP investment gains – net

—

876

—

876

Less related income tax expense (benefit)(c)

—

(176)

(101)

(277)

Adjusted Earnings (Loss)

5,012

3,523

(852)

7,683

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

2.42

1.44

(0.56)

3.30

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(0.02)

0.20

0.18

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

(0.05)

—

(0.05)

XPLR Infrastructure, LP investment gains – net

—

0.42

—

0.42

Less related income tax expense (benefit)(c)

—

(0.09)

(0.05)

(0.14)

Adjusted Earnings (Loss) Per Share

2.42

1.70

(0.41)

3.71

Weighted-average shares outstanding (assuming dilution)

2,071

————————————

(a)

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

(28)

(0.02)

300

0.15

272

0.13

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

(80)

(0.04)

—

(80)

(0.04)

XPLR Infrastructure, LP investment gains – net

656

0.32

—

656

0.32

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

Twelve Months Ended December 31, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

17,019

7,542

192

24,753

Operating Expenses

Fuel, purchased power and interchange

4,188

914

(73)

5,029

Other operations and maintenance

1,609

2,776

472

4,857

Depreciation and amortization

2,827

2,577

5,462

Taxes other than income taxes and other – net

1,904

371

2,278

Total operating expenses – net

10,528

6,638

460

17,626

Gains (Losses) on Disposal of Businesses/Assets – Net

361

(10)

352

Operating Income (Loss)

6,492

1,265

(278)

7,479

Other Income (Deductions)

Interest expense

(1,178)

(1,114)

(2,235)

Equity in earnings (losses) of equity method investees

—

(267)

(246)

Allowance for equity funds used during construction

189

—

198

Gains (losses) on disposal of investments and other property – net

—

162

163

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

107

—

107

Other net periodic benefit income

—

235

Other – net

234

336

Total other income (deductions) – net

(979)

(869)

406

(1,442)

Income (Loss) before Income Taxes

5,513

396

128

6,037

Income Tax Expense (Benefit)

970

(655)

339

Net Income (Loss)

4,543

1,051

104

5,698

Net Loss Attributable to Noncontrolling Interests

—

1,248

—

1,248

Net Income (Loss) Attributable to NextEra Energy, Inc.

4,543

2,299

104

6,946

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

4,543

2,299

104

6,946

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(942)

(935)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

(113)

—

(113)

Differential membership interests – related

—

XPLR Infrastructure, LP investment gains – net

—

1,129

—

1,129

Less related income tax expense (benefit)(c)

—

(210)

240

Adjusted Earnings (Loss)

4,543

3,118

(598)

7,063

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

2.21

1.12

0.04

3.37

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

(0.45)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

(0.05)

—

(0.05)

Differential membership interests – related

—

XPLR Infrastructure, LP investment gains – net

—

0.55

—

0.55

Less related income tax expense (benefit)(c)

—

(0.11)

0.12

0.01

Adjusted Earnings (Loss) Per Share

2.21

1.51

(0.29)

3.43

Weighted-average shares outstanding (assuming dilution)

2,059

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

0.01

(702)

(0.33)

(666)

(0.32)

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

(74)

(0.03)

—

(74)

(0.03)

Differential membership interests – related

—

XPLR Infrastructure, LP investment gains – net

852

0.41

—

852

0.41

(c)

Includes the effects of rounding.

NextEra Energy, Inc.

Condensed Consolidated Balance Sheets

(millions)

(unaudited)

Preliminary

December 31, 2025

FPL

NEER

Corporate

and

Other(a)

NextEra Energy

ASSETS

Current assets:

Cash and cash equivalents

1,760

1,010

2,812

Customer receivables, net of allowances

1,667

2,337

4,018

Other receivables

413

979

341

1,733

Materials, supplies and fuel inventory

1,373

1,025

2,420

Regulatory assets

401

—

433

Derivatives

931

997

Other

216

782

173

1,171

Total current assets

4,151

7,846

1,587

13,584

Other assets:

Property, plant and equipment – net

81,755

74,287

155

156,197

Special use funds

7,684

3,270

—

10,954

Investment in equity method investees

—

5,509

5,528

Prepaid benefit costs

2,072

791

2,868

Regulatory assets

5,405

222

5,639

Derivatives

1,838

159

1,998

Goodwill

2,965

1,873

4,849

Other

1,125

8,678

1,301

11,104

Total other assets

101,007

95,682

2,448

199,137

TOTAL ASSETS

105,158

103,528

4,035

212,721

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper

1,130

—

825

1,955

Other short-term debt

—

608

—

608

Current portion of long-term debt

641

925

1,934

3,500

Accounts payable

1,084

6,498

7,583

Customer deposits

685

—

709

Accrued interest and taxes

470

341

374

1,185

Derivatives

802

296

1,113

Accrued construction-related expenditures

1,153

1,809

2,966

Regulatory liabilities

344

—

356

Other

672

1,552

618

2,842

Total current liabilities

6,194

12,571

4,052

22,817

Other liabilities and deferred credits:

Long-term debt

28,041

17,523

43,992

89,556

Asset retirement obligations

2,158

1,511

—

3,669

Deferred income taxes

10,156

4,155

(1,952)

12,359

Regulatory liabilities

11,280

193

11,474

Derivatives

1,949

198

2,148

Other

342

2,903

974

4,219

Total other liabilities and deferred credits

51,978

28,234

43,213

123,425

TOTAL LIABILITIES

58,172

40,805

47,265

146,242

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS

—

EQUITY

Common stock

1,373

—

(1,352)

Additional paid-in capital

26,866

21,536

(28,908)

19,494

Retained earnings

18,747

29,389

(13,034)

35,102

Accumulated other comprehensive income (loss)

—

(73)

(9)

Total common shareholders' equity

46,986

50,852

(43,230)

54,608

Noncontrolling interests

—

11,871

—

11,871

TOTAL EQUITY

46,986

62,723

(43,230)

66,479

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

105,158

103,528

4,035

212,721

————————————

(a)

NextEra Energy, Inc.

Condensed Consolidated Balance Sheets

(millions)

(unaudited)

Preliminary

December 31, 2024

FPL

NEER

Corporate

and

Other(a)

NextEra Energy

ASSETS

Current assets:

Cash and cash equivalents

1,200

255

1,487

Customer receivables, net of allowances

1,400

1,934

3,336

Other receivables

380

538

262

1,180

Materials, supplies and fuel inventory

1,309

896

2,214

Regulatory assets

1,405

1,417

Derivatives

754

879

Other

226

1,070

142

1,438

Total current assets

4,783

6,403

765

11,951

Other assets:

Property, plant and equipment – net

76,166

62,526

160

138,852

Special use funds

6,875

2,925

—

9,800

Investment in equity method investees

—

6,118

—

6,118

Prepaid benefit costs

1,954

536

2,496

Regulatory assets

4,464

261

103

4,828

Derivatives

1,602

163

1,774

Goodwill

2,965

1,890

4,866

Other

925

7,667

867

9,459

Total other assets

93,358

82,995

1,840

178,193

TOTAL ASSETS

98,141

89,398

2,605

190,144

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper

1,430

—

240

1,670

Other short-term debt

—

217

—

217

Current portion of long-term debt

1,719

700

5,642

8,061

Accounts payable

996

5,988

(2)

6,982

Customer deposits

669

—

694

Accrued interest and taxes

443

252

321

1,016

Derivatives

966

104

1,073

Accrued construction-related expenditures

860

1,485

2,346

Regulatory liabilities

273

279

Other

1,102

1,393

522

3,017

Total current liabilities

7,495

11,030

6,830

25,355

Other liabilities and deferred credits:

Long-term debt

25,026

14,389

32,970

72,385

Asset retirement obligations

2,276

1,395

—

3,671

Deferred income taxes

9,438

4,206

(1,895)

11,749

Regulatory liabilities

10,465

170

—

10,635

Derivatives

1,813

191

2,008

Other

361

2,506

613

3,480

Total other liabilities and deferred credits

47,570

24,479

31,879

103,928

TOTAL LIABILITIES

55,065

35,509

38,709

129,283

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS

—

401

—

401

EQUITY

Common stock

1,373

—

(1,352)

Additional paid-in capital

26,868

16,829

(26,437)

17,260

Retained earnings

14,835

26,414

(8,303)

32,946

Accumulated other comprehensive income (loss)

—

(114)

(12)

(126)

Total common shareholders' equity

43,076

43,129

(36,104)

50,101

Noncontrolling interests

—

10,359

—

10,359

TOTAL EQUITY

43,076

53,488

(36,104)

60,460

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

98,141

89,398

2,605

190,144

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

NextEra Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(millions)

(unaudited)

Preliminary

Twelve Months Ended December 31, 2025

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Cash Flows From Operating Activities

Net income (loss)

5,012

1,472

(1,152)

5,332

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

3,778

2,738

6,580

Nuclear fuel and other amortization

164

161

361

Unrealized losses (gains) on marked to market derivative contracts – net

—

(76)

275

199

Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net

—

(107)

—

(107)

Foreign currency transaction losses (gains)

—

109

110

Deferred income taxes

617

(97)

(67)

453

Cost recovery clauses and franchise fees

(89)

—

(89)

Equity in losses (earnings) of equity method investees

—

193

(9)

184

Distributions of earnings from equity method investees

—

446

—

446

Losses (gains) on disposal of businesses, assets and investments - net

(1)

(449)

(439)

Recoverable storm-related costs

(460)

—

(460)

Other – net

(7)

196

288

Changes in operating assets and liabilities:

Current assets

(319)

(430)

(171)

(920)

Noncurrent assets

(199)

(112)

(129)

(440)

Current liabilities

277

151

487

Noncurrent liabilities

(22)

454

500

Net cash provided by (used in) operating activities

8,533

4,184

(232)

12,485

Cash Flows From Investing Activities

Capital expenditures of FPL

(8,719)

—

(8,719)

Independent power and other investments of NEER

—

(15,332)

—

(15,332)

Nuclear fuel purchases

(216)

(337)

—

(553)

Other capital expenditures

—

(2)

Sale of independent power and other investments of NEER

—

1,115

—

1,115

Proceeds from sale or maturity of securities in special use funds and other investments

3,142

1,769

490

5,401

Purchases of securities in special use funds and other investments

(3,295)

(1,701)

(897)

(5,893)

Other – net

118

Net cash used in investing activities

(9,081)

(14,437)

(347)

(23,865)

Cash Flows From Financing Activities

Issuances of long-term debt, including premiums and discounts

3,785

5,224

14,385

23,394

Retirements of long-term debt

(1,821)

(1,429)

(7,097)

(10,347)

Proceeds from differential membership investors

—

3,276

—

3,276

Payments to differential membership investors

—

(516)

—

(516)

Net change in commercial paper

(300)

—

585

285

Proceeds from other short-term debt

—

608

1,950

2,558

Repayments of other short-term debt

—

(217)

(1,950)

(2,167)

Cash repayments to related parties – net

—

(131)

—

(131)

Issuances of common stock/equity units

—

2,038

Dividends on common stock

—

(4,680)

Dividends & capital distributions from (to) parent – net

(1,100)

4,741

(3,641)

—

Other – net

(61)

(415)

(255)

(731)

Net cash provided by (used in) financing activities

503

11,141

1,335

12,979

Effects of currency translation on cash, cash equivalents and restricted cash

—

Net increase (decrease) in cash, cash equivalents and restricted cash

(45)

893

756

1,604

Cash, cash equivalents and restricted cash at beginning of year

133

1,008

261

1,402

Cash, cash equivalents and restricted cash at end of year

1,901

1,017

3,006

————————————

(a)

NextEra Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(millions)

(unaudited)

Preliminary

Twelve Months Ended December 31, 2024

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Cash Flows From Operating Activities

Net income (loss)

4,543

1,051

104

5,698

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

2,827

2,577

5,462

Nuclear fuel and other amortization

172

299

Unrealized losses (gains) on marked to market derivative contracts – net

—

(66)

(426)

(492)

Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net

—

(107)

—

(107)

Foreign currency transaction losses (gains)

—

(85)

Deferred income taxes

602

377

329

1,308

Cost recovery clauses and franchise fees

1,016

—

1,016

Equity in losses (earnings) of equity method investees

—

267

(21)

246

Distributions of earnings from equity method investees

—

788

811

Losses (gains) on disposal of businesses, assets and investments - net

(1)

(523)

(515)

Recoverable storm-related costs

(676)

—

(676)

Other – net

(14)

135

Changes in operating assets and liabilities:

Current assets

262

(283)

(361)

(382)

Noncurrent assets

(167)

(63)

(243)

(473)

Current liabilities

(23)

320

470

767

Noncurrent liabilities

(35)

251

248

Net cash provided by (used in) operating activities

8,506

4,527

227

13,260

Cash Flows From Investing Activities

Capital expenditures of FPL

(7,992)

—

(7,992)

Independent power and other investments of NEER

—

(16,215)

—

(16,215)

Nuclear fuel purchases

(222)

(177)

—

(399)

Other capital expenditures

—

(123)

Sale of independent power and other investments of NEER

—

2,659

—

2,659

Proceeds from sale or maturity of securities in special use funds and other investments

3,628

1,526

291

5,445

Purchases of securities in special use funds and other investments

(3,801)

(1,228)

(594)

(5,623)

Other – net

(97)

(16)

Net cash used in investing activities

(8,384)

(13,532)

(348)

(22,264)

Cash Flows From Financing Activities

Issuances of long-term debt, including premiums and discounts

3,205

7,971

13,593

24,769

Retirements of long-term debt

(1,721)

(2,381)

(6,011)

(10,113)

Proceeds from differential membership investors

—

2,257

—

2,257

Payments to differential membership investors

—

(740)

—

(740)

Net change in commercial paper

(944)

—

(2,036)

(2,980)

Proceeds from other short-term debt

—

217

6,358

6,575

Repayments of other short-term debt

(255)

—

(6,358)

(6,613)

Cash repayments to related parties – net

—

(1,371)

—

(1,371)

Issuances of common stock/equity units

—

Dividends on common stock

—

(4,235)

Dividends & capital distributions from (to) parent – net

(300)

2,712

(2,412)

—

Other – net

(46)

(263)

(288)

(597)

Net cash provided by (used in) financing activities

(61)

8,402

(1,341)

7,000

Effects of currency translation on cash, cash equivalents and restricted cash

—

(14)

—

(14)

Net increase (decrease) in cash, cash equivalents and restricted cash

(617)

(1,462)

(2,018)

Cash, cash equivalents and restricted cash at beginning of year

1,625

1,723

3,420

Cash, cash equivalents and restricted cash at end of year

133

1,008

261

1,402

————————————

(a)

NextEra Energy, Inc.

Earnings Per Share Contributions

(assuming dilution)

(unaudited)

Preliminary

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Year-To-Date

2024 Earnings Per Share Attributable to NextEra Energy, Inc.

1.10

0.79

0.90

0.58

3.37

FPL – 2024 Earnings Per Share

0.57

0.60

0.63

0.41

2.21

New investment growth

0.04

0.15

Other and share dilution

0.03

(0.02)

0.04

0.01

0.06

FPL – 2025 Earnings Per Share

0.64

0.62

0.71

0.46

2.42

NEER – 2024 Earnings (Loss) Per Share Attributable to NextEra Energy, Inc.

0.47

0.27

0.59

(0.21)

1.12

New investments

0.12

0.14

0.09

0.12

0.47

Existing clean energy

(0.03)

(0.02)

—

0.01

(0.04)

NextEra Energy Transmission

0.01

—

0.02

Customer supply

(0.01)

0.06

(0.08)

0.04

Non-qualifying hedges impact

(0.07)

0.04

(0.02)

0.09

0.03

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

(0.06)

0.05

(0.02)

0.02

0.01

XPLR Infrastructure, LP investment gains – net

(0.30)

0.01

0.38

0.09

Other, including financing costs, corporate general and administrative expenses, asset recycling, state taxes, other investment income and share dilution

(0.05)

(0.07)

(0.09)

(0.07)

(0.30)

NEER – 2025 Earnings Per Share Attributable to NextEra Energy, Inc.

0.08

0.48

0.62

0.26

1.44

Corporate and Other – 2024 Earnings (Loss) Per Share

0.06

(0.08)

(0.32)

0.38

0.04

Non-qualifying hedges impact

(0.35)

—

0.21

(0.35)

(0.48)

Other, including interest expense and share dilution

(0.03)

(0.04)

(0.02)

(0.12)

Corporate and Other – 2025 Earnings (Loss) Per Share

(0.32)

(0.12)

(0.15)

0.01

(0.56)

2025 Earnings Per Share Attributable to NextEra Energy, Inc.

0.40

0.98

1.18

0.73

3.30

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

The sum of the quarterly amounts may not equal the total for the year due to rounding.

Mentions · how they’re counted

Category	Underlined	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	—	—
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	0	—	—
Recession recession, downturn, contraction, slowdown	0	—	—
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	1	—	—
Buybacks share repurchase, buyback program	0	—	—

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Source: SEC EDGAR · public domain · Highlights by Palanor