Talen Energy Corporation (TLN) financials
NASDAQ · Utilities · Independent Power Producers · 1,880 employees · CEO Mark Allen McFarland
- Price
- $343.12 -1.64%
- Market cap
- $16.2B
- Enterprise value
- $25.6B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-03 EPS est. $8.33
Revenue (TTM)$3.53B+65.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)7.3%-3.1 pp vs a year agoOperating income $258M
Net income (TTM)-$185M-198.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$510M+418.8% vs a year agoCapex $286M
Diluted EPS (TTM)-$4.11-217.4% vs a year agoSum of the last 4 quarters
Net cash-$9.34B-218.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $16.2B EV $25.6B
- Revenue
- $3.53B Trailing 12 months
- Revenue growth
- +69% FY2026 consensus
- Profit margin
- -5.2% Net income / revenue, TTM
- P/E
- -84.9× Forward 18.3× (FY2026)
- P/S
- 4.6× Price / sales, TTM
- EV / EBITDA
- 35.5× TTM
- Free cash flow
- $510M Trailing 12 months
- Net income
- -$185M Trailing 12 months
- Revenue estimate
- $4.44B FY2026 consensus
- Earnings
- 2026-11-03 Revenue est. $1.3B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue missed by 10.3%, EPS missed by 162.3%Revenue $747M vs $833M expected (-10.3%); EPS -$2.00 vs $3.21 (-162.3%).
- Revenue growth accelerating: 64.5% year on yearQ2 '26 revenue $747M, against an average of 50.8% over the four quarters before.
- Operating margin 7.3% (TTM), -3.1 pp on a year agoOperating income grew 16.7% while revenue grew 65.8%.
- Capex 8.1% of revenue (a year ago 9.4%)$286M invested in the last 4 quarters (+42.3% on a year earlier). Free cash flow $510M.
- Returned $298M to shareholders = 58.4% of free cash flowBuybacks $298M (a year earlier $1.41B), dividends $0, stock-based pay $553M (TTM).
- Diluted share count down 4.2% in a year45.9M diluted shares in Q2 '26, 47.9M a year earlier.
- Net debt $9.34BCash + short-term investments $231M, debt incl. leases $9.57B; a year ago net debt $2.94B.
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 | $747M | $454M | +64.5% |
| Gross margin | 49.3% | 20.7% | +28.6 pp |
| Operating income | -$72M | -$26M | -176.9% |
| Operating margin | -9.6% | -5.7% | -3.9 pp |
| Net income | -$92M | $72M | -227.8% |
| Diluted EPS | -$2.00 | $1.50 | -233.3% |
| Operating cash flow | -$434M | -$184M | -135.9% |
| Capex | $112M | $37M | +202.7% |
| Free cash flow | -$546M | -$221M | -147.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $70M | $0 | – |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $747M | $833M | -10.3% |
| EPS (as estimated) | -$2.00 | $3.21 | -162.3% |
From the report of 2026-08-05 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 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Electricity Sales And Ancillary Services | $626M | +103.9% | 70.5% | $3.01B | – | |
| Commodity Contracts, Unrealized Gain (Loss) | -$6M | -185.7% | -0.7% | $303M | – | |
| Operating Revenue, Capacity | $237M | +169.3% | 26.7% | $792M | – | |
| Physical Electricity Sales, Bilateral Contracts, Other | $31M | +121.4% | 3.5% | $112M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $796M
- Capex
- -$286M
- Buybacks
- -$298M
- Dividends
- $0
- Acquisitions
- -$6.36B
- Net debt issued
- $2.71B
- Stock-based compensation
- $553M
- Free cash flow
- $510M
- Returned to shareholders / FCF
- 58.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & 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) | -84.9× | 8.6× 2 of 5 years | 6.2× – 11.0× |
| EV / EBITDA | 35.5× | 19.8× 3 of 5 years | 6.3× – 45.3× |
| EV / Sales | 7.2× | 4.8× | 2.3× – 8.8× |
| Price / FCF | 31.8× | 83.9× 3 of 5 years | 7.3× – 202.4× |
| Price / Book | 9.7× | 7.0× 4 of 5 years | 1.5× – 15.7× |
| FCF yield | 3.1% | -2.8% | -24.8% – 13.7% |
| Return on invested capital | 1.9% | 0.1% | -4.5% – 2.7% |
| Return on equity | -14.1% | 33.4% | -134.9% – 225.0% |
Analysts
Consensus target $465.94 (+35.8%)
range $387.00 – $560.00 · rating Buy
Strong buy0
Buy12
Hold2
Sell0
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 | $4.44B | +69.0% | $18.76 | +491.7% | 18.3× | 7 |
| FY2027 | $5.19B | +17.0% | $30.30 | +61.5% | 11.3× | 7 |
| FY2028 | $5.55B | +6.8% | $37.24 | +22.9% | 9.2× | 7 |
| FY2029 | $5.74B | +3.6% | $45.86 | +23.1% | 7.5× | 2 |
| FY2030 | $5.91B | +3.0% | $52.27 | +14.0% | 6.6× | 4 |
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.
Every reported line
All 277 figures Talen Energy Corporation 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 and Other Receivables, Net, Current | $294M | $226M | +30.1% | $196M | $123M | +59.3% |
| Accounts Payable and Other Accrued Liabilities, Current | $347M | $226M | +53.5% | $281M | $266M | +5.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $240M | $154M | +55.8% | $160M | $66M | +142.4% |
| Accretion Expense, Including Asset Retirement Obligations | $15M | $15M | 0.0% | $58M | $57M | +1.8% |
| Accrual for Environmental Loss Contingencies | $19M | $21M | -9.5% | $20M | $21M | -4.8% |
| Accrual for Environmental Loss Contingencies, Discount Rate | 8.4%2025-12-31 | 8.4% | -0.1% | 8.4% | 8.4% | -0.1% |
| Accrual for Environmental Loss Contingencies, Gross | $30M2025-12-31 | $32M | -6.3% | $30M | $32M | -6.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $850M | $563M | +51.0% | $710M | $465M | +52.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$12M | -$9M | -33.3% | -$4M | -$12M | +66.7% |
| Additional Paid in Capital | $2.53B | $1.71B | +48.0% | $1.71B | $1.73B | -0.9% |
| Amortization | $0 | $3M | -100.0% | $10M | $16M | -37.5% |
| Amortization of Nuclear Fuel Lease | $22M | $18M | +22.2% | $97M | $123M | -21.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | -$95M | -$7M | -1,257.1% | $2M | $33M | -93.9% |
| Asset Retirement Obligation | $531M | $511M | +3.9% | $514M | $498M | +3.2% |
| Asset Retirement Obligation, Accretion Expense | $15M | $14M | +7.1% | $56M | $55M | +1.8% |
| Asset Retirement Obligation, Cash Paid to Settle | $10M | $8M | +25.0% | $27M | $13M | +107.7% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $0 | $9M | -100.0% |
| Asset Retirement Obligation, Revision of Estimate | $10M2025-12-31 | – | – | $13M | $17M | -23.5% |
| Assets | $15.1B | $5.83B | +158.6% | $10.9B | $6.11B | +78.6% |
| Assets, Current | $1.03B | $830M | +23.9% | $1.35B | $1.04B | +29.7% |
| Assets, Fair Value Disclosure | $2.14B | $1.87B | +14.3% | $1.96B | $1.8B | +9.2% |
| Capital Expenditures Incurred but Not yet Paid | $106M | -$3M | +3,633.3% | $23M | $14M | +64.3% |
| Cash and Cash Equivalents, at Carrying Value | $231M | $122M | +89.3% | $689M | $328M | +110.1% |
| Cash and Cash Equivalents, Fair Value Disclosure | $9M | $14M | -35.7% | $16M | $3M | +433.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $238M | $135M | +76.3% | $752M | $365M | +106.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$789M | -$185M | -326.5% | $387M | -$536M | +172.2% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 350M | 350M | 0.0% | 350M | 350M | 0.0% |
| Common Stock, Shares, Issued | 47.9M | 45.7M | +4.9% | 45.7M | 46M | -0.6% |
| Common Stock, Shares, Outstanding | 47.9M | 45.7M | +4.9% | 45.7M | 46M | -0.6% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $02025-12-31 | -$14M | +100.0% | $0 | $15M | -100.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$93M | $73M | -227.4% | -$211M | $1.01B | -120.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $56M2026-03-31 | -$133M | +142.1% | -$211M | $1.02B | -120.6% |
| Contract with Customer, Liability, Noncurrent | $662M2025-12-31 | $0 | – | $662M | $0 | – |
| Credit Derivative, Maximum Exposure, Undiscounted | $1.3B | $696M | +86.8% | $652M | $350M | +86.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$54M | $113M | -147.8% |
| Current Income Tax Expense (Benefit) | – | – | – | -$67M | $144M | -146.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$13M | $31M | -141.9% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $124M | $41M | +202.4% | $100M | $34M | +194.1% |
| Debt Securities, Available-for-sale | $786M | $617M | +27.4% | $777M | $611M | +27.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $4M | $7M | -42.9% | $7M | $3M | +133.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $9M | $5M | +80.0% | $3M | $7M | -57.1% |
| Debt Securities, Available-for-sale, Amortized Cost | $791M | $615M | +28.6% | $773M | $615M | +25.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $221M | $196M | +12.8% | $233M | $220M | +5.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $21M | $66M | -68.2% | $23M | $82M | -72.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $115M | $94M | +22.3% | $101M | $15M | +573.3% |
| Debt Securities, Available-for-sale, Realized Gain | $1M | $4M | -75.0% | $10M | $12M | -16.7% |
| Debt Securities, Available-for-sale, Realized Loss | -$1M | -$3M | +66.7% | -$6M | -$13M | +53.8% |
| Debt Securities, Available-for-sale, Unrealized Loss | $0 | $1M | -100.0% | $3M | $7M | -57.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $563M | $151M | +272.8% | $239M | $357M | -33.1% |
| Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs | – | – | – | $70M2022-12-31 | – | – |
| Debtor Reorganization Items, Other Expense (Income) | – | – | – | $9M2022-12-31 | – | – |
| Debtor Reorganization Items, Revaluation of Assets and Liabilities | – | – | – | $02022-12-31 | – | – |
| Debtor Reorganization Items, Write-off of Debt Issuance Costs and Debt Discounts | – | – | – | $30M2022-12-31 | – | – |
| Decommissioning Fund Investments, Fair Value | $2B | $1.79B | +11.6% | $1.9B | $1.72B | +10.2% |
| Deferred Compensation Share-based Arrangements, Liability, Current | $6M | – | – | $501M | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $135M | -$47M | +387.2% |
| Deferred Income Tax Expense (Benefit) | -$39M | $4M | -1,075.0% | $120M | -$46M | +360.9% |
| Deferred Income Tax Liabilities, Net | $904M | $297M | +204.4% | $486M | $362M | +34.3% |
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