T
Talen Energy Corp
TLNCIK 0001622536NasdaqLarge AcceleratedElectric ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$2.58B
Net Income
$-219.00M
Total Assets
$10.90B
Equity
$1.09B
Shares Out
45.70M
Op. Cash Flow
$704.00M
Business
Talen Energy Corp is an independent power producer and energy infrastructure company that owns and operates a diversified fleet of generation assets and supplies power into wholesale markets. It produces and sells electricity, capacity, ancillary services, and contracted carbon‑free power to large customers, and supports fuel supply and commercial risk management. Its operations include baseload nuclear generation, dispatchable natural gas and oil intermediate and peaking units, reliability assets and converted lower‑carbon facilities, and a commercial optimization/wholesale marketing function. It primarily sells into U.S. wholesale markets—principally PJM—with additional operations in ISO‑NE and the Western Interconnection via forward auctions, bilateral contracts, spot sales, and long‑term PPAs.
Summary from filing dated 2025-02-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2022 2022-12-31 | FY 2015 2015-12-31 | FY 2014 2014-12-31 |
|---|---|---|---|---|---|---|
| Operating revenues | 2,581 | 2,115 | 3,089 | — | — | |
| Fuel and energy purchases | −908 | −694 | −938 | — | — | |
| Nuclear fuel amortization | −97 | −123 | −94 | — | — | |
| Unrealized gain (loss) on derivative instruments (Note 2) | −61 | 20 | −52 | — | — | |
| Energy Expenses | −1,066 | −797 | −1,084 | — | — | |
| Operation, maintenance and development | −620 | −592 | −610 | — | — | |
| General and administrative | −624 | −163 | −106 | — | — | |
| Depreciation, amortization and accretion (Note 7) | −279 | −298 | −520 | — | — | |
| Impairments (Note 7) | 0 | −1 | 0 | — | — | |
| Other operating income (expense), net | −82 | −38 | −40 | — | — | |
| Operating Income (Loss) | −90 | 226 | 241 | −39 | 397 | |
| Nuclear decommissioning trust funds gain (loss), net (Note 6) | 182 | 178 | −184 | — | — | |
| Interest expense and other finance charges (Note 10) | −302 | −238 | −359 | — | — | |
| Reorganization income (expense), net (Note 20) | 0 | 0 | −812 | — | — | |
| Gain (loss) on sale of assets, net (Note 17) | 34 | 884 | 0 | — | — | |
| Other non-operating income (expense), net | 10 | 61 | −44 | −118 | 30 | |
| Income (Loss) Before Income Taxes | −166 | 1,111 | −1,328 | — | — | |
| Income tax benefit (expense) (Note 4) | −53 | −98 | 35 | −27 | 116 | |
| Income (Loss) Before Income Taxes | −219 | 1,013 | −1,293 | −341 | 410 | |
| Less: Net income (loss) attributable to noncontrolling interest | 0 | 15 | −4 | 0 | 0 | |
| Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor) | −219 | 998 | — | −341 | 410 | |
| Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share) | −4.79 | 18.4 | — | −3.1 | 4.91 | |
| Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share) | −4.79 | 17.67 | — | −3.1 | 4.91 | |
| Weighted-Average Number of Common Shares Outstanding - Basic (in shares) | 46 | 54 | 0 | 110 | 84 | |
| Weighted-Average Number of Common Shares Outstanding - Diluted (in shares) | 46 | 56 | 0 | 110 | 84 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-05-31 | FY 2015 2015-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 689 | 328 | 400 | 169 | — | |
| Restricted cash and cash equivalents (Note 16) | 63 | 37 | 501 | 585 | 106 | |
| Accounts receivable (Note 3) | 196 | 123 | 137 | 145 | — | |
| Inventory, net (Note 5) | 278 | 302 | 375 | 307 | 508 | |
| Derivative instruments (Notes 2 and 11) | 56 | 66 | 89 | 186 | — | |
| Other current assets | 67 | 184 | 52 | 130 | 12 | |
| Total current assets | 1,349 | 1,040 | 1,554 | 1,522 | 2,762 | |
| Property, plant and equipment, net (Note 7) | 7,546 | 3,154 | 3,839 | 3,864 | 8,587 | |
| Nuclear decommissioning trust funds (Notes 6 and 11) | 1,900 | 1,724 | 1,575 | 1,465 | — | |
| Derivative instruments (Notes 2 and 11) | 4 | 5 | 6 | 0 | — | |
| Other noncurrent assets | 106 | 183 | 147 | 208 | 60 | |
| Total Assets | 10,905 | 6,106 | 7,121 | 7,800 | 12,826 | |
| Long-term debt, due within one year (Notes 10 and 11) | 29 | 17 | 9 | 5 | 399 | |
| Accrued interest | 60 | 18 | 32 | 4 | 43 | |
| Accounts payable and other accrued liabilities | 281 | 266 | 344 | 385 | — | |
| Derivative instruments (Notes 2 and 11) | 101 | 0 | 32 | 57 | — | |
| Stock-based compensation liabilities (Note 13) | 501 | 0 | — | — | — | |
| Other current liabilities | 78 | 154 | 69 | 68 | 267 | |
| Total current liabilities | 1,050 | 455 | 486 | 519 | 2,088 | |
| Long-term debt (Notes 10 and 11) | 6,782 | 2,987 | 2,811 | 2,840 | 3,804 | |
| Derivative instruments (Notes 2 and 11) | 67 | 7 | 11 | 42 | — | |
| Postretirement benefit obligations (Note 12) | 229 | 305 | 368 | 335 | — | |
| Asset retirement obligations and accrued environmental costs (Note 8) | 494 | 468 | 469 | 442 | — | |
| Deferred income taxes (Note 4) | 486 | 362 | 407 | 357 | — | |
| Acquired fuel supply contract liabilities (Note 17) | 662 | 0 | — | — | — | |
| Other noncurrent liabilities | 42 | 135 | 35 | 93 | 91 | |
| Total Liabilities | 9,812 | 4,719 | 4,587 | 9,800 | — | |
| Commitments and Contingencies (Note 9) | — | — | — | — | — | |
| Common stock | 0 | 0 | 0 | — | 0 | |
| Additional paid-in capital | 1,709 | 1,725 | 2,346 | — | — | |
| Accumulated retained earnings (deficit) | −612 | −326 | 134 | — | −373 | |
| Accumulated other comprehensive income (loss) | −4 | −12 | −23 | — | −26 | |
| Total Stockholders' Equity | 1,093 | 1,387 | 2,457 | 2,321 | 4,303 | |
| Total Liabilities and Stockholders' Equity | 10,905 | 6,106 | 7,121 | 7,059 | 12,826 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2022 2022-12-31 | FY 2015 2015-12-31 | FY 2014 2014-12-31 |
|---|---|---|---|---|---|---|
| Stock-based compensation (Note 13) | 526 | 33 | — | — | — | |
| Depreciation, amortization and accretion (Note 16) | 279 | 285 | 549 | — | — | |
| Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees) (Note 6) | −132 | −130 | 227 | — | — | |
| Unrealized (gains) losses on derivative instruments (Note 2) | 121 | −69 | −647 | — | — | |
| Deferred income taxes | 120 | −46 | −48 | — | — | |
| (Gain) loss on sales of assets, net (Note 17) | −36 | 0 | 0 | — | — | |
| (Gain) loss on AWS Data Campus Sale and ERCOT Sale (Note 17) | 0 | −886 | 0 | 0 | −315 | |
| Reorganization (income) expense, net (Note 20) | 0 | 0 | 99 | — | — | |
| Other (Note 16) | 51 | −59 | 200 | 46 | 36 | |
| Accounts receivable | −44 | 14 | −298 | — | — | |
| Inventory, net | 29 | 67 | −55 | 12 | −97 | |
| Other assets | 182 | −61 | −46 | 4 | 3 | |
| Accounts payable and accrued liabilities | −48 | −69 | 187 | — | — | |
| Accrued interest | 42 | −15 | 250 | — | — | |
| Collateral received (posted), net | −33 | 46 | — | — | — | |
| Other liabilities | −231 | 9 | 310 | −23 | 0 | |
| Net cash provided by (used in) operating activities | 704 | 256 | 187 | 768 | 462 | |
| Freedom and Guernsey Acquisitions, net (Note 17) | −3,793 | 0 | — | — | — | |
| Nuclear decommissioning trust funds investment purchases (Note 6) | −1,962 | −2,295 | −2,271 | — | — | |
| Nuclear decommissioning trust funds investment sale proceeds (Note 6) | 1,927 | 2,263 | 2,243 | — | — | |
| Nuclear fuel expenditures (Note 7) | −108 | −104 | −80 | — | — | |
| Property, plant and equipment expenditures (Note 7) | −98 | −85 | −232 | −451 | −416 | |
| Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17) | 0 | 1,398 | 0 | 0 | 900 | |
| Proceeds from the sale of assets | 40 | 2 | 0 | — | — | |
| Other | −9 | −8 | 11 | 22 | 19 | |
| Net cash provided by (used in) investing activities | −4,003 | 1,171 | −368 | −915 | 497 | |
| Debt issuances (Note 10) | 3,890 | 849 | 0 | — | — | |
| Share repurchases (Note 15) | −103 | −1,958 | 0 | — | — | |
| Deferred financing costs | −89 | −13 | −59 | — | — | |
| Revolving credit facility borrowings (Note 10) | 75 | 0 | 62 | — | — | |
| Revolving credit facility repayments (Note 10) | −75 | 0 | −62 | — | — | |
| Debt repayments (Note 10) | −17 | −479 | 0 | — | — | |
| Cumulus Digital TLF repayment | 0 | −182 | 0 | — | — | |
| Repurchase of noncontrolling interest | 0 | −125 | 0 | — | — | |
| Cash settlement of restricted stock units | 0 | −32 | 0 | — | — | |
| Exercise or repurchase of warrants | 0 | −16 | 0 | — | — | |
| LMBE-MC TLB payments | 0 | 0 | −52 | — | — | |
| TLB-1 proceeds, net | 0 | 0 | 0 | — | — | |
| Repayment of prepetition secured indebtedness | 0 | 0 | 0 | — | — | |
| Financing proceeds at Emergence, net of discount | 0 | 0 | 0 | — | — | |
| Contributions from member | 0 | 0 | 0 | 82 | 739 | |
| Payment of claims under other prepetition secured indebtedness | 0 | 0 | 0 | — | — | |
| Derivatives with financing elements | 0 | 0 | −104 | — | — | |
| Other | 5 | −7 | −5 | −32 | 0 | |
| Net cash provided by (used in) financing activities | 3,686 | −1,963 | 426 | −64 | −846 | |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 387 | −536 | 245 | — | — |
Filings
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