NRG Energy, Inc. (NRG) financials

NYSE · Utilities · Independent Power Producers · 16,702 employees · CEO Robert J. Gaudette

Price: $96.06 -1.52%
Market cap: $20.2B
Enterprise value: $43.5B
Last report: Q2 '26 filed 2026-08-04
Next report: 2026-11-09 EPS est. $3.35

Revenue (TTM)$33.2B+12.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)5.7%+1.3 pp vs a year agoOperating income $1.91B

Net income (TTM)$849M+62.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$348M-75.0% vs a year agoCapex $1.21B

Diluted EPS (TTM)$3.78+71.8% vs a year agoSum of the last 4 quarters

Net cash-$23.3B-113.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $20.2B
Revenue: $33.2B
Revenue growth: +10%
Profit margin: 2.6%
P/E: 25.3×
P/S: 0.6×
EV / EBITDA: 13.8×
Free cash flow: $348M
Net income: $849M
Revenue estimate: $33.8B
Earnings: 2026-11-09
Dividend: $1.87

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-04): revenue beat by 2.3%, EPS missed by 11.8%Revenue $7.48B vs $7.31B expected (+2.3%); EPS $1.49 vs $1.69 (-11.8%).
Revenue growth steady: 11.0% year on yearQ2 '26 revenue $7.48B, against an average of 10.1% over the four quarters before.
Operating margin 5.7% (TTM), +1.3 pp on a year agoOperating income grew 44.5% while revenue grew 12.9%.
92.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $992M vs operating income $1.91B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 3.6% of revenue (a year ago 3.0%)$1.21B invested in the last 4 quarters (+34.9% on a year earlier). Free cash flow $348M = 41.0% of net income.
Returned $1.06B to shareholders = 303.4% of free cash flowBuybacks $617M (a year earlier $1.53B), dividends $439M, stock-based pay $144M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count up 8.2% in a year212M diluted shares in Q2 '26, 196M a year earlier.
Net debt $23.3BCash + short-term investments $162M, debt incl. leases $23.5B; a year ago net debt $10.9B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$7.48B	$6.74B	+11.0%
Gross margin	26.9%	16.5%	+10.4 pp
Operating income	$976M	$43M	+2,169.8%
Operating margin	13.0%	0.6%	+12.4 pp
Net income	$506M	-$104M	+586.5%
Diluted EPS	$2.31	-$0.62	+472.6%
Operating cash flow	$1.12B	$451M	+147.7%
Capex	$338M	$378M	-10.6%
Free cash flow	$779M	$73M	+967.1%
R&D	$0	$0	–
Stock-based compensation	$31M	$33M	-6.1%

Reported vs consensus

2026-08-04

	Actual	Consensus	vs consensus
Revenue	$7.48B	$7.31B	+2.3%
EPS (as estimated)	$1.49	$1.69	-11.8%

From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
East Segment	–	–	–	–	–
Texas Segment	–	–	–	–	–
East	$3.51B	–	46.9%	–	–
Texas	$2.75B	–	36.7%	–	–
West, Services and Other Segment	–	–	–	–	–
Vivint Smart Home Segment	–	–	–	–	–
West/Other	$644M	–	8.6%	–	–
Vivint Smart Home	$587M	–	7.8%	–	–
Eliminations	-$9M	–	-0.1%	–	–
Corporate	$0	–	0.0%	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
East Segment	$3.51B	+28.3%	50.8%	$21.5B	–
Texas Segment	$2.75B	-3.3%	39.8%	$13.4B	–
West	$644M	–	9.3%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Texas Segment	–	–	$289M	-24.3%	–	–	$712M
East Segment	–	–	$506M	+246.2%	–	–	$1.1B
West Services And Other Segment	–	–	–	–	–	–	–
Vivint Smart Home Segment	–	–	$71M	+161.7%	–	–	–
Corporate (unallocated)	–	–	-$44M	+30.2%	–	–	-$191M
West And Other Segment	–	–	$154M	+8.5%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.56B
Capex: -$1.21B
Buybacks: -$617M
Dividends: -$439M
Acquisitions: -$6.53B
Net debt issued: $6.2B
Stock-based compensation: $144M
Free cash flow: $348M
Returned to shareholders / FCF: 303.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	25.3×	16.9× 4 of 5 years	4.8× – 38.9×
EV / EBITDA	13.8×	8.9×	4.4× – 13.1×
EV / Sales	1.3×	0.9×	0.5× – 1.4×
Price / FCF	58.0×	32.6× 3 of 5 years	10.1× – 47.1×
Price / Book	4.2×	7.0×	2.0× – 18.5×
FCF yield	1.7%	1.5%	-6.9% – 9.9%
Return on invested capital	5.2%	9.3%	2.1% – 16.6%
Return on equity	25.4%	36.5%	-7.0% – 60.8%

Analysts

Consensus target $172.43 (+79.5%)
range $131.00 – $221.00 · rating Buy

Strong buy1

Buy19

Hold7

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$33.8B	+10.0%	$8.73	+117.7%	11.0×	6
FY2027	$34.2B	+1.1%	$10.24	+17.3%	9.4×	8
FY2028	$35.5B	+3.9%	$12.27	+19.8%	7.8×	6
FY2029	$36.5B	+2.8%	$14.19	+15.7%	6.8×	3
FY2030	$37.6B	+3.0%	$16.86	+18.8%	5.7×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 309 figures NRG Energy, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$2.58B	$2.54B	+1.4%	$2.83B	$2.51B	+12.8%
Accounts Receivable, after Allowance for Credit Loss	$3.53B	$3.42B	+3.3%	$4.07B	$3.49B	+16.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$3.53B	$3.42B	+3.3%	$4.07B	$3.49B	+16.5%
Accounts Receivable, Allowance for Credit Loss	$138M	$127M	+8.7%	$146M	$152M	-3.9%
Accounts Receivable, Allowance for Credit Loss, Recovery	$9M	$11M	-18.2%	$46M	$38M	+21.1%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$73M	$91M	-19.8%	$343M	$363M	-5.5%
Accounts Receivable, Credit Loss Expense (Reversal)	$45M	$57M	-21.1%	$272M	$314M	-13.4%
Accretion Expense, Including Asset Retirement Obligations	–	–	–	$29M	$34M	-14.7%
Accrued Liabilities, Current	$1.86B2025-12-31	$2.03B	-8.2%	$1.86B	$2.03B	-8.2%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.93B	$1.63B	+18.3%	$1.81B2018-12-31	$2.26B	-19.7%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	-$51M2025-12-31	-$72M	+29.2%	-$51M	-$72M	+29.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$87M	-$101M	+13.9%	-$81M	-$117M	+30.8%
Additional Collateral, Aggregate Fair Value	$61M	$13M	+369.2%	$55M	$10M	+450.0%
Additional Paid in Capital, Common Stock	$3.88B	$305M	+1,172.1%	$215M	$705M	-69.5%
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature	$02025-09-30	–	–	$0	–	–
Advertising Expense	–	–	–	$239M	$215M	+11.2%
Amortization of Debt Issuance Costs and Discounts	$5M	$7M	-28.6%	$51M	$39M	+30.8%
Amortization of Deferred Sales Commissions	$93M	$68M	+36.8%	$295M	$204M	+44.6%
Amortization of Intangible Assets	$133M	$155M	-14.2%	$673M	$876M	-23.2%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$12M	-$3M	+500.0%	$48M	$57M	-15.8%
Asset Impairment Charges	$02025-12-31	$21M	-100.0%	$0	$36M	-100.0%
Asset Retirement Obligation	$389M2025-12-31	$409M	-4.9%	$389M	$409M	-4.9%
Asset Retirement Obligation, Accretion Expense	$3M2025-12-31	-$4M	+175.0%	$25M	$25M	0.0%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$47M	$35M	+34.3%
Asset Retirement Obligation, Revision of Estimate	–	–	–	-$20M	$6M	-433.3%
Assets	$39.9B	$24.1B	+65.8%	$29.1B	$24B	+21.3%
Assets, Current	$9.65B	$8.2B	+17.8%	$13.1B	$8.96B	+46.7%
Assets, Fair Value Disclosure	$4.29B	$3.25B	+32.1%	$3.18B	$3.43B	-7.5%
Capitalized Contract Cost, Amortization	$169M	$118M	+43.2%	$510M	$332M	+53.6%
Capitalized Contract Cost, Net	$1.95B	$1.48B	+31.8%	$1.68B	$1.22B	+37.7%
Cash and Cash Equivalents, at Carrying Value	$162M	$180M	-10.0%	$4.71B	$966M	+387.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$379M	$643M	-41.1%	$5B	$1.17B	+326.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$32M	-$795M	+96.0%	$3.83B	$524M	+630.0%
Common Stock, Dividends, Per Share, Cash Paid	$0.48	$0.44	+8.0%	$1.76	$1.63	+8.0%
Common Stock, Dividends, Per Share, Declared	$1.762026-03-31	–	–	$1.76	$1.63	+8.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	500M	500M	0.0%	500M	500M	0.0%
Common Stock, Shares, Issued	225M	201M	+12.0%	200M	205M	-2.6%
Common Stock, Shares, Outstanding	210M	195M	+8.1%	190M	199M	-4.1%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$503M	-$90M	+658.9%	$900M	$1.1B	-18.1%
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure	-$200M	-$900M	+77.8%	–	–	–
Contract with Customer, Liability	$1.64B2025-12-31	$1.57B	+4.5%	$1.64B	$1.57B	+4.5%
Contract with Customer, Liability, Current	$837M	$715M	+17.1%	$748M	$711M	+5.2%
Contract with Customer, Liability, Noncurrent	$984M	$905M	+8.7%	$895M	$862M	+3.8%
Contract with Customer, Liability, Revenue Recognized	$327M	$285M	+14.7%	$698M	$606M	+15.2%
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$5.47B	$5.63B	-2.8%	$24.8B	$22.1B	+12.0%
Costs and Expenses	$6.54B	$6.74B	-2.9%	$28.8B	$25.9B	+11.3%
Costs Incurred, Asset Retirement Obligation Incurred	–	–	–	$18M	$6M	+200.0%
Current Federal Tax Expense (Benefit)	–	–	–	-$17M	$55M	-130.9%
Current Foreign Tax Expense (Benefit)	–	–	–	$16M	$5M	+220.0%
Current Income Tax Expense (Benefit)	–	–	–	$48M	$142M	-66.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$49M	$82M	-40.2%
Debt and Lease Obligation	$23.4B	$11B	+112.4%	$16.6B	$10.9B	+52.2%
Debt Instrument, Unamortized Discount (Premium), Net	$4M	$12M	-66.7%	$11M	$12M	-8.3%
Debt Issuance Costs, Net	$177M	$79M	+124.1%	$146M	$86M	+69.8%
Debt Securities, Available-for-sale	$34M	$28M	+21.4%	$33M	$28M	+17.9%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$221M	$333M	-33.6%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$10M	-$18M	+44.4%
Deferred Income Tax Assets, Net	$1.73B	$1.94B	-10.9%	$1.84B	$2.07B	-10.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02