Research memoNextEra Energy, Inc. (NEE) · NYSEMemo of October 13, 2026

NextEra Energy dividend: cash coverage and history

NextEra Energy’s base dividends per share are $2.65 initially and $2.97 finally. In 2025, free cash flow was negative $12,121 million, so the business did not cover the dividend from free cash flow.

2.26
Dividend paid per share, 2025
3.2%
Dividend yield
-7.6%
Real free cash flow yield
-7.4%
Free cash flow yield
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Every number traced to NextEra Energy's filings8 chapters · 17,662 words272 sources cited

How much does NextEra Energy pay in dividends?

Base dividends per share are $2.65 initially and $2.97 finally. The bear case ends at $2.60; the bull reaches $3.15. The base follows the stated 10% increase and 6% annual growth path. The bear assumes funding pressure causes a pause before 2% growth resumes, while the bull assumes 8% growth because earnings and cash generation outperform. Negative free cash flow and rising net debt make the bear possible, but the dividend rose every year in the supplied history.

Dividend per share against free cash flow per share (US$ per share; shares in millions)1.53-4.3820211.69-5.6420221.86-6.8720232.06-5.6420242.26-5.942025Dividends paid, per shareReal free cash flow per share
What one share getsUS$ per share; shares in millions
20252024202320222021
Free cash flow per share-5.85-5.57-6.80-5.57-4.32
− Dividends paid, per share2.262.061.861.691.53
= Paid out more than FCF, per share8.387.998.717.36

What this means. The company paid shareholders and minority owners even though it generated negative free cash flow, so it paid out more than it made in cash.

Does NextEra Energy’s cash cover its dividend?

The company also paid growing dividends, minority owners and other investors with claims on subsidiary cash flows. Debt, new shares and project partners supplied the bridge. Debt creates interest and repayment obligations; new shares spread future profits across more owners; project partners provide capital but receive part of the assets’ future economics. The table shows how those competing demands consumed and replaced free cash flow.

Capital spending was $24,606 million, leaving free cash flow of negative $12,121 million. The five-year deficits totalled about $56,947 million before dividends. Borrowing, equity, project investors and asset sales therefore help finance construction.

Follow the money: where the free cash flow wentUS$ millions
20252024202320222021
Free cash flow-12,121-11,469-13,812-11,021-8,524
− Dividends paid4,6804,2353,7823,3523,024
− Share buybacks27.5215.2314.5719.1922.41
= Paid out more than the free cash flow17,344.5216,459.2317,683.5714,571.19
− Acquisitions1,100502

What this means. The share buyback numbers are small because they only estimate shares withheld for taxes, not a company-wide share repurchase program.

What could change NextEra Energy’s dividend?

The weighted forecast points to a modest gain by October 2027 and a larger gain by October 2029, hinging on FPL recovery, NEER conversion, funding discipline and merger execution. Management guides to 2026 adjusted EPS of $3.92–$4.02. It promises at least 8% annual adjusted-EPS growth through 2032. Dividend growth is about 10% in 2026. That becomes 6% annually through 2028. If the merger closes, the combined company promises at least 9% adjusted-EPS growth through 2032.

What is NextEra Energy’s dividend yield today?

What an investor pays todayUS$ millions
Today (Oct 13, 2026)
Share price78.08
Market value (calculated)162,873.18
Dividend yield (calculated)3.2%
From the full memo · 1. The business

NextEra Energy makes money by supplying electricity and building energy systems. A dollar enters through regulated bills, long contracts and energy sales, then leaves through fuel, operations, construction and financing before the return remains.

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Where these numbers come from

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