Clearway Energy, Inc.CWEN
Clearway Energy, Inc. Segments Disclosure
Segment Reporting
The Company’s segment structure reflects how management currently operates and allocates resources. The Company’s businesses are segregated based on Flexible Generation and Renewables & Storage businesses, which consist of solar, wind and battery energy storage system, or BESS, facilities. The Corporate segment reflects the Company’s corporate costs and includes eliminating entries. The Company’s chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on net income (loss). The Company’s Chief Executive Officer reviews net income (loss) and its components on a monthly and quarterly basis to evaluate the performance of each segment and to determine how to allocate resources.
Approximately 58% of the Company’s operating revenues and 45% of the Company’s assets relate to operations located in California. Also, the Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2025, 2024 and 2023:
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Customer | Flexible Generation | Renewables & Storage | Flexible Generation | Renewables & Storage | Flexible Generation | Renewables & Storage | |||||||||||||||||||||||||||||
| SCE | 7% | 15% | 7% | 17% | 11% | 13% | |||||||||||||||||||||||||||||
| PG&E | 2% | 14% | 3% | 14% | 4% | 13% | |||||||||||||||||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||||||||
| (In millions) | Flexible Generation | Renewables & Storage | Corporate (a) | Total | |||||||||||||||||||
| Operating revenues | $ | 291 | $ | 1,138 | $ | — | $ | 1,429 | |||||||||||||||
| Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 109 | 421 | — | 530 | |||||||||||||||||||
| Depreciation, amortization and accretion | 112 | 570 | — | 682 | |||||||||||||||||||
| General and administrative | — | — | 41 | 41 | |||||||||||||||||||
| Transaction and integration costs | — | — | 16 | 16 | |||||||||||||||||||
| Operating income (loss) | 70 | 147 | (57) | 160 | |||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 1 | 30 | — | 31 | |||||||||||||||||||
| Other income, net | 4 | 22 | 3 | 29 | |||||||||||||||||||
| Loss on debt extinguishment | — | (8) | — | (8) | |||||||||||||||||||
| Interest expense | (35) | (252) | (100) | (387) | |||||||||||||||||||
| Income (loss) before income taxes | 40 | (61) | (154) | (175) | |||||||||||||||||||
| Income tax (benefit) expense | — | (1) | 57 | 56 | |||||||||||||||||||
| Net Income (Loss) | 40 | (60) | (211) | (231) | |||||||||||||||||||
| Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | — | (560) | 160 | (400) | |||||||||||||||||||
Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 40 | $ | 500 | $ | (371) | $ | 169 | |||||||||||||||
| Balance Sheet | |||||||||||||||||||||||
| Equity investments in affiliates | $ | 72 | $ | 219 | $ | — | $ | 291 | |||||||||||||||
Capital expenditures (b) | 9 | 187 | — | 196 | |||||||||||||||||||
| Total Assets | $ | 1,803 | $ | 14,557 | $ | 295 | $ | 16,655 | |||||||||||||||
(a) Includes eliminations.
(b) Includes accruals.
| Year ended December 31, 2024 | |||||||||||||||||||||||
| (In millions) | Flexible Generation | Renewables & Storage | Corporate (a) | Total | |||||||||||||||||||
| Operating revenues | $ | 342 | $ | 1,029 | $ | — | $ | 1,371 | |||||||||||||||
| Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 137 | 367 | (3) | 501 | |||||||||||||||||||
| Depreciation, amortization and accretion | 115 | 512 | — | 627 | |||||||||||||||||||
General and administrative | — | — | 39 | 39 | |||||||||||||||||||
| Transaction and integration costs | — | — | 8 | 8 | |||||||||||||||||||
| Operating income (loss) | 90 | 150 | (44) | 196 | |||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 3 | 32 | — | 35 | |||||||||||||||||||
| Other income, net | 6 | 31 | 11 | 48 | |||||||||||||||||||
| Loss on debt extinguishment | — | (5) | — | (5) | |||||||||||||||||||
| Interest expense | (35) | (176) | (96) | (307) | |||||||||||||||||||
Income (loss) before income taxes | 64 | 32 | (129) | (33) | |||||||||||||||||||
| Income tax expense | — | 1 | 29 | 30 | |||||||||||||||||||
Net Income (Loss) | 64 | 31 | (158) | (63) | |||||||||||||||||||
| Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | — | (236) | 85 | (151) | |||||||||||||||||||
Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 64 | $ | 267 | $ | (243) | $ | 88 | |||||||||||||||
Balance Sheet | |||||||||||||||||||||||
Equity investments in affiliates | $ | 75 | $ | 234 | $ | — | $ | 309 | |||||||||||||||
Capital expenditures (b) | 9 | 179 | — | 188 | |||||||||||||||||||
Total Assets | $ | 1,933 | $ | 12,236 | $ | 160 | $ | 14,329 | |||||||||||||||
(a) Includes eliminations.
(b) Includes accruals.
| Year ended December 31, 2023 | |||||||||||||||||||||||
| (In millions) | Flexible Generation | Renewables & Storage | Corporate (a) | Total | |||||||||||||||||||
| Operating revenues | $ | 420 | $ | 894 | $ | — | $ | 1,314 | |||||||||||||||
| Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 154 | 321 | (2) | 473 | |||||||||||||||||||
| Depreciation, amortization and accretion | 129 | 397 | — | 526 | |||||||||||||||||||
Impairment losses | — | 12 | — | 12 | |||||||||||||||||||
General and administrative | — | — | 36 | 36 | |||||||||||||||||||
| Transaction and integration costs | — | — | 4 | 4 | |||||||||||||||||||
| Operating income (loss) | 137 | 164 | (38) | 263 | |||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 3 | 9 | — | 12 | |||||||||||||||||||
| Other income, net | 4 | 24 | 24 | 52 | |||||||||||||||||||
| Loss on debt extinguishment | — | (6) | — | (6) | |||||||||||||||||||
| Interest expense | (35) | (205) | (97) | (337) | |||||||||||||||||||
| Income (loss) before income taxes | 109 | (14) | (111) | (16) | |||||||||||||||||||
| Income tax benefit | — | (2) | — | (2) | |||||||||||||||||||
Net Income (Loss) | 109 | (12) | (111) | (14) | |||||||||||||||||||
| Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | — | (162) | 69 | (93) | |||||||||||||||||||
Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 109 | $ | 150 | $ | (180) | $ | 79 | |||||||||||||||
(a) Includes eliminations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.