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Talen EnergyTLN

Legal name
Talen Energy Corporation
Sector
Energy
Industry
Electric Services
Exchange
Nasdaq

Stock Price $TLN

Latest filings

You are here#32 of 32 in Utilities by market cap

Filing record · 2016–202610-K310-Q118-K70

TLN filed 3 annual reports (10-K), 11 quarterly reports (10-Q) and 70 current reports (8-K) between 2016 and 2026.

  1. Change in control8-K · Dec ’16Dec ’16
  2. Material agreement8-K · Jan ’26Jan ’26

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

  7. $2.58B
YoY changeLargest recent move−58.1%in FY23Latest +22.0%

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

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All TLN Financial Metrics53 metrics

Income Statement12

Balance Sheet24

Cash Flow13

Per Share4

02—Overview

Talen Energy Financial Overview 2015–2025

Updated Nov 5, 2026

Talen's capacity revenues jumped to $485 milliona in FY2025 from $192 million in FY2024, a 153% increase, and that single line explains why a company that posted a $219 million net loss still closed the year with a $17.1 billion market cap. The thesis is simple: reported earnings are noisy, but PJM capacity pricing, nuclear contracts and acquired gas plants are rebuilding cash flow on a much larger base.

The long-term arc is stark. Operating revenues were $4.48 billionb in FY2015, the year Talen was spun out of PPL and booked $657 million of impairments and a $341 million net loss. By FY2025, revenues were $2.58 billion, a smaller business that had shed assets and then started buying again. The FY2025 loss came from a $526 million stock-based compensation charge, not weak operations. Adjusted EBITDA rose to $1.035 billion from $770 million in FY2024.

The balance sheet carries the cost. Long-term debt more than doubled to $6.81 billionc from $3.00 billion after the $3.8 billion Freedom and Guernsey purchases, though cash rose to $689 million. In FY2024, Talen spent about $2.0 billion retiring roughly 22% of its shares, and net income hit $998 million, lifted by $884 million in asset-sale gains. At the close of FY2025, the stock was $374.84, and $2 billion of buyback capacity remained.

Recent Developments (Q2 and Q3 2026)

Talen closed the $3.5 billiond Cornerstone acquisition on June 15, 2026, adding about 2.6 GW of gas generation. Debt funded it, lifting long-term debt to $9.54 billion by Q3 2026. Q3 2026 Adjusted EBITDA reached $669 million versus $363 million, with Cornerstone contributing $828 million of revenue. GAAP net income fell to $138 million from $207 million, hit by a $183 million unrealized derivative loss. Management introduced 2027 Adjusted EBITDA guidance of $2.5–$2.85 billion. Terry Nutt becomes CEO on January 1, 2027. A $1.5 billion capacity monetization funded an equal accelerated buyback, and the 2028/2029 PJM auction cleared 10,180 MW at $325/MWd.

Bull case: cash flow is scaling fast and buybacks are large. Bear case: leverage is high, and the trailing EPS of $(4.79) makes a P/E meaningless at $357.28e as of the Q3 2026 filing date, November 2, 2026, so the valuation rests on forecasts.

What to watch: progress toward the 3.5x net leverage target in 2H 2027; ASR completion and the CEO transition by Q1 2027

03—Filings

Recent SEC Filings

  1. 8-KTalen Energy 8-K Report, Corporate Update (Nov 12, 2026)Talen Energy Corporation (TLN) announced on November 9, 2026, that its indirect wholly owned subsidiaries, Guernsey Power Station LLC and Waterford Power, LLC, have entered into significant capacity sale transactions within the PJM market. These agreements involve the sale of available installed capacity (ICAP) that converts to Unit-Specific Accredited Unforced Capacity (UCAP) for its generation facilities in Ohio. The transactions are with an investment-grade counterparty, providing a degree of creditworthiness and stability for these long-term revenue streams. The "Guernsey 7-Year Capacity Sale" is particularly noteworthy, securing approximately $100 million in annual revenue for seven PJM Delivery Years, from 2029/2030 through 2035/2036. Additionally, capacity from the Waterford Energy Center has been sold for multiple PJM Delivery Years. These transactions are structured as ordinary course capacity sales and have no closing conditions, indicating they are straightforward and expected to be completed without external hurdles.
  2. 8-KTalen Energy 8-K Report, Financial Results (Nov 3, 2026)Talen Energy Corporation (NASDAQ: TLN) reported third quarter 2026 results on November 3, 2026, per Exhibit 99.1 to this Form 8-K. GAAP Net Income Attributable to Stockholders was $138 million for the quarter, versus $207 million in the prior-year quarter, with the decrease attributed mainly to unrealized mark-to-market losses on commodity derivatives and higher acquisition-financing interest expense. Adjusted EBITDA was $669 million (versus $363 million) and Adjusted Free Cash Flow was $433 million (versus $223 million), driven primarily by contributions from acquired generation facilities, higher settled power prices and volumes, and higher capacity revenues. Total generation rose to 23.9 TWh from 11.1 TWh. Talen reaffirmed its 2026 Adjusted EBITDA guidance of $2,050 million to $2,200 million and Adjusted Free Cash Flow guidance of $1,225 million to $1,325 million, and introduced 2027 guidance of $2,500 million to $2,850 million for Adjusted EBITDA and $1,500 million to $1,750 million for Adjusted Free Cash Flow. The company upsized its share repurchase program to $3.0 billion through December 31, 2028, including a $1.5 billion accelerated share repurchase (ASR) expected to be completed by the end of the first quarter of 2027. On October 1, 2026, Talen closed a capacity monetization of approximately $1.5 billion of future PJM capacity cash flows for the 2027/2028 and 2028/2029 capacity years, with net proceeds of $1.3 billion used to fund the ASR. As of October 30, 2026, total available liquidity was approximately $1.6 billion, including $220 million of unrestricted cash and $1.4 billion of revolver capacity. Talen stated it targets net leverage of 3.5x net debt-to-Adjusted EBITDA. As of September 30, 2026, it had hedged approximately 80% of expected generation for October through December 2026, approximately 70% for 2027, and approximately 35% for 2028. The information is furnished under Item 2.02 and is not deemed filed for purposes of Section 18 of the Exchange Act.
  3. 8-KTalen Energy 8-K Report, Executive Changes (Sep 29, 2026)Talen Energy Corporation announced on September 29, 2026 that its Board named Terry L. Nutt, currently President, as the next Chief Executive Officer and President effective January 1, 2027, and that he will join the Board at that time. Mark "Mac" A. McFarland, the current CEO, will step down as CEO and director effective January 1, 2027, serve as Senior Advisor through his retirement on March 1, 2027, and receive $100,000 for advisory services. Mr. Nutt's new Employment Agreement carries a base salary of $1,200,000, a target short-term bonus of 135% of base salary, and a target long-term incentive grant value of 700% of base salary. The company also entered into a capacity monetization transaction through Talen Energy Marketing, LLC, selling future PJM capacity revenues for the 2027/2028 and 2028/2029 delivery years. The filing states approximately 6.5 GW and 6.0 GW of cleared capacity and aggregate revenues of approximately $1.5 billion; proceeds are advanced at aggregate capacity revenues less SOFR plus 200 basis points. The Company retains operating responsibility for its generation facilities and the performance-related risks and bonuses, and the transaction covers capacity only, not energy. The Board upsized the share repurchase program by $1.5 billion, bringing the remaining authorization to $3.0 billion, and the company entered into accelerated share repurchase agreements totaling $1.5 billion with multiple dealers, including Goldman Sachs & Co. LLC and Banco Santander, S.A. The company will initially receive approximately 4.0 million shares, about 80% of the expected total, with final settlement expected no later than the first quarter of 2027. As of September 28, 2026, approximately 47.3 million shares were outstanding.
  4. 8-KTalen Energy 8-K/A Report, Exhibit Filing (Aug 12, 2026)Talen Energy Corporation (TLN) filed this Form 8-K/A on August 12, 2026 to amend its June 15, 2026 Current Report on the closing of the Cornerstone Acquisition, a $3.5 billion transaction for three PJM gas-fired plants from Energy Capital Partners: the Lawrenceburg Power Plant, the Waterford Energy Center, and the Darby Generating Station. The aggregate purchase price consisted of $2.6 billion in cash and 2,399,998 shares of TEC common stock, valued at $927 million at closing. This amendment supplies the required historical financial statements (audited Cornerstone Generation, LLC financials for 2025, unaudited Q1 2026 financials, and audited Gas Plant Business carve-out financials for January 1 to August 10, 2025) along with unaudited pro forma condensed combined statements of operations for the year ended December 31, 2025 and the six months ended June 30, 2026. The pro forma statements show the combined company's net loss attributable to stockholders of $(322) million for 2025 and $(31) million for the six months ended June 30, 2026, compared with Talen's historical net losses of $(146) million and $(29) million for the same periods. Pro forma operating revenues were $4,079 million for 2025 and $2,270 million for the six months ended June 30, 2026. The pro forma figures are illustrative under Article 11 of Regulation S-X, reflect a preliminary purchase price allocation that may change, and include a net deferred tax liability estimate of $457 million on the closing date. The filing also describes financing used for the transaction: in April 2026, TES issued $1.5 billion of 6.125% senior unsecured notes due 2031 and $2.5 billion of 6.375% senior unsecured notes due 2033, with proceeds used to fund the cash portion of the acquisition and redeem $1.2 billion of 8.625% senior secured notes (with a $54 million make-whole premium). Revolving and letter of credit facilities were also upsized in June 2026.
  5. 8-KTalen Energy 8-K Report, Financial Results (Aug 5, 2026)Talen Energy Corporation (NASDAQ: TLN) reported second quarter 2026 results on August 5, 2026, furnishing its earnings release as Exhibit 99.1 under Item 2.02. The company posted GAAP Net Income (Loss) Attributable to Stockholders of $(92) million for the quarter, compared with $72 million in the second quarter of 2025, a decline the release attributes primarily to unrealized losses on derivative instruments and higher interest expense. Adjusted EBITDA rose to $374 million from $90 million, and Adjusted Free Cash Flow was $212 million versus $(78) million a year earlier, driven mainly by higher capacity revenues and energy and other revenues net of fuel and energy purchases. Talen completed the Cornerstone Acquisition (Waterford Energy Center, Darby Generating Station, and Lawrenceburg Power Plant) on June 15, 2026, which the company says adds approximately 2.6 GW of generation. Management raised 2026 guidance, with Adjusted EBITDA now expected at $2,025 million to $2,225 million and Adjusted Free Cash Flow at $1,200 million to $1,350 million, excluding Keystone as of July 1, 2026. The company also repurchased 550,000 shares for approximately $200 million in the quarter, leaving $1.7 billion of capacity under its share repurchase program through December 2028. On the balance sheet, long-term debt rose to $9,543 million at June 30, 2026 from $6,782 million at December 31, 2025, following $4.0 billion of April 2026 senior unsecured note issuances used to fund the acquisition and redeem $1.2 billion of 8.625% senior secured notes. Talen cited about $1.9 billion of total available liquidity as of July 31, 2026, and stated a target of net leverage below 3.5x net debt-to-Adjusted EBITDA. The company also reported hedging of approximately 85% of expected 2026 generation volumes, 70% for 2027, and 30% for 2028, and cleared over 10 GW in the 2028/2029 PJM Base Residual Auction at $325.00 per megawatt-day.
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04—See also

Related Companies

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