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NRG EnergyNRG

Legal name
NRG Energy, Inc
Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $NRG

Latest filings

You are here#29 of 29 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K163

NRG filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 163 current reports (8-K) between 2016 and 2026.

  1. Bankruptcy8-K · Dec ’17Dec ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $30.35B
YoY changeLargest recent move+194.5%in FY21Latest +9.4%

1 older move runs past ±150% (largest +194.5%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All NRG Financial Metrics61 metrics

Income Statement15

Balance Sheet27

Cash Flow14

Per Share5

02—Overview

NRG Energy Financial Overview 2021–2025

Updated Nov 4, 2026

NRG Energy's revenue nearly tripled in a single year, from $9.09 billion in FY2020 to $26.99 billiona in FY2021, after the Direct Energy deal roughly doubled its retail book. That jump set up the story since: NRG has become a much bigger, more leveraged business that keeps buying growth while shrinking its share count. Earnings have swung with hedge marks, but the cash and capital-return engine has held.

The long-term arc is clear. Revenue grew from $26.99 billion in FY2021 to $30.71 billionb in FY2025, yet net income fell from $2.19 billion to $864 million over the same stretch. The path was bumpy. FY2023 brought a $202 million net loss, then FY2024 rebounded to $1.13 billion net income as operating income climbed to $2.42 billion. Economic gross margin rose from $7.11 billion to $7.90 billion in FY2024, and reached $8.32 billion in FY2025. Interest expense rose to $741 million in FY2025 from $651 million.

Shareholders were paid throughout. NRG repurchased $1.3 billionc of stock in FY2025 and lifted its dividend to $1.90 per share for 2026. The price of that growth is debt: total debt and finance leases hit $16.6 billion at year-end FY2025, up from $10.9 billion, before the 13 GW LS Power acquisition closed in January 2026. The market priced NRG at $159.24 and 39.7x earnings at the close of FY2025, a $30.3 billion market cap.

Recent Developments (Q1 and Q2 2026)

The LS Power deal reshaped NRG in the first half. Q1 revenue rose to $10.26 billiond from $8.59 billion, but net income fell to $125 million from $750 million on hedge marks and $285 million of interest expense. Q2 recovered: net income hit $506 million against a $104 million loss, and Adjusted EBITDA rose to $1.22 billion from $909 million. Adjusted EPS slipped to $1.49 from $1.73. Cash fell to $162 million, and liquidity dropped to $5.3 billion. 2026 guidance held. PJM's auction cleared at $325/MW-day, with about $811 million of expected capacity revenue. NRG also agreed principal terms for a 1.2 GW Texas plant with a hyperscaler.

Bull case: capacity pricing and the new fleet lift earnings, and $932 millione of buybacks are done. Bear case: debt near $23.4 billion and doubled interest costs squeeze adjusted earnings. At 34.4x earnings as of the Q2 2026 report date (August 3, 2026), the stock is not cheap.

What to watch: Conversion of the hyperscaler terms into final contracts; interest expense against the $7.90–$9.90 Adjusted EPS guidance

03—Filings

Recent SEC Filings

  1. 8-KNRG Energy 8-K Report, Financial Results (Aug 4, 2026)NRG Energy, Inc. furnished a press release reporting second-quarter 2026 results for the quarter ended June 30, 2026, and reaffirmed its 2026 guidance. GAAP net income was $506 million, or $2.32 basic EPS, compared with a net loss of $104 million in the prior-year quarter. The filing attributes the improvement mainly to the portfolio of assets acquired from LS Power and higher realized East capacity prices, and notes that unrealized non-cash hedge gains also helped. Non-GAAP results were more mixed: Adjusted EBITDA rose to $1,217 million from $909 million, but Adjusted Net Income fell to $315 million from $339 million and Adjusted EPS declined to $1.49 from $1.73, which the filing ties to higher interest expense and depreciation and amortization from the LS Power acquisition and to new shares issued in the transaction. Segment performance diverged. Texas Adjusted EBITDA fell to $381 million from $512 million, driven by higher supply costs, mild weather (including a roughly 30% decrease in heating degree days), and added operating expenses for new generation assets. East Adjusted EBITDA rose to $469 million from $99 million on the new generation assets, CPower, and higher capacity prices. Vivint Smart Home Adjusted EBITDA increased to $301 million from $259 million on higher new customer adds and higher monthly recurring service margin per customer. On strategy, NRG said it is aligned with a leading global cloud and AI hyperscaler on principal commercial terms for a 1.2 GW combined cycle natural gas facility in Texas, subject to final documentation and approvals. The company also reported commercial operations at its 415 MW T.H. Wharton facility on May 26, 2026, with its two remaining Texas Energy Fund projects described as on time and on budget. Liquidity declined to $5.3 billion from $9.6 billion at December 31, 2025, primarily due to funding the LS Power and CPower acquisition, and the company plans $1.0 billion of 2026 share repurchases and approximately $407 million of 2026 common dividends.
  2. 8-KNRG Energy 8-K Report, Corporate Update (Jul 15, 2026)NRG Energy, Inc. filed a Form 8-K under Item 8.01 (Other Events) reporting the results of the PJM Interconnection capacity auction for the 2028-2029 delivery year, which PJM announced on July 14, 2026. According to the filing, NRG's total cleared power plant generation capacity in PJM was 6,839 MW at an average clearing price of $325 per MW-day. The filing is brief and contains no other financial results, guidance, or operational updates. Its key figures are the cleared capacity volume and the clearing price, which together indicate the scale of NRG's capacity revenue position in PJM for that delivery year. Investors would look to these figures as a benchmark for the company's expected capacity-related earnings in the 2028-2029 period. The filing also includes standard forward-looking statement cautions, citing general economic conditions, hazards customary in the power industry, and the risks detailed in NRG's most recent Forms 10-K, 10-Q and 8-K filings.
  3. 8-KNRG Energy 8-K Report, Executive Changes (May 21, 2026)NRG Energy, Inc. filed a Current Report on Form 8-K dated May 21, 2026, to disclose the appointment of Glenn Wright as an independent director, effective May 26, 2026. The Board appointed him on the recommendation of the Governance and Nominating Committee, and he was also named to the Finance and Risk Management Committee. The filing states he has no arrangement or understanding with any other person regarding his appointment and no direct or indirect material interest in any related-party transaction required to be disclosed under Item 404(a) of Regulation S-K. He will participate in the company's director compensation program, as described in the 2026 Proxy Statement filed March 18, 2026. Dr. Wright, age 60, most recently served as Senior Vice President, Shell Energy Americas, and President and Chief Executive Officer, Shell New Energies, US, from 2020 to 2025. Before that he held Shell leadership roles in energy trading and business development from 2005 to 2020, and he currently serves on the board of Hydrostor Inc., a private energy storage company based in Canada. The accompanying press release, filed as Exhibit 99.1, states that his appointment brings the Board to 11 members. For investors, the filing is a governance update rather than a financial disclosure. It contains no financial results, guidance, or financial figures. The filing emphasizes Dr. Wright's experience in power and gas trading, renewable generation, and integrated energy solutions, which the company says will support its focus on disciplined execution and long-term value creation.
  4. 8-KNRG Energy 8-K Report, Financial Results (May 6, 2026)NRG Energy, Inc. reported first-quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K. GAAP Net Income was $125 million, or $0.52 basic EPS, compared with $750 million in the prior-year quarter. The filing attributes the decline primarily to unrealized non-cash losses from mark-to-market economic hedges as natural gas prices fell, along with mild Texas weather, higher East supply costs during Winter Storm Fern, and the absence of prior-year W.A. Parish insurance proceeds. Non-GAAP Adjusted EBITDA was $1,080 million versus $1,126 million, Adjusted EPS was $1.49 versus $2.68, and Free Cash Flow before Growth Investments was $(66) million versus $293 million. NRG reaffirmed its 2026 guidance, including Adjusted EBITDA of $5,325 million to $5,825 million, Adjusted EPS of $7.90 to $9.90, and FCFbG of $2,800 million to $3,300 million. The company plans $1.0 billion in share repurchases and approximately $407 million in common dividends for 2026, with $817 million of repurchases completed through April 30, 2026. Liquidity was $3.3 billion at March 31, 2026, down $6.4 billion from year-end, reflecting the acquisition of generation assets and CPower from LS Power. Management also noted that the 415 MW T.H. Wharton facility is expected to reach commercial operations by the end of May 2026, and that Robert Gaudette succeeded Larry Coben as CEO on April 30, 2026.
  5. 8-KNRG Energy 8-K Report, Shareholder Vote Results (May 1, 2026)NRG Energy, Inc. reported in this Form 8-K that its stockholders voted on five proposals at its annual meeting held April 30, 2026. The filing reports final voting results for each proposal, which are described in more detail in the company's definitive proxy statement filed March 18, 2026, as supplemented April 16, 2026. All ten director nominees were elected, and each received a majority of the votes cast. Stockholders approved the advisory vote on named executive officer compensation, with 161,705,353 votes for and 23,327,618 against. They also ratified KPMG LLP as the independent registered public accounting firm for fiscal 2026, with 190,836,342 votes for and 7,590,890 against. In addition, they approved the NRG Energy, Inc. 2026 Long-Term Incentive Plan (the "New LTIP"), with 178,246,024 votes for and 6,777,642 against. A stockholder proposal to give shareholders the ability to call a special shareholder meeting was also recorded as approved, with 102,919,685 votes for and 82,121,166 against, plus 250,959 abstentions. The filing lists 13,218,017 broker non-votes on the director, compensation, and incentive plan proposals.
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04—See also

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