NRG ENERGY, INC.

Listed Company

NRGCIK 0001013871NYSELarge AcceleratedElectric ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$30.71B

Net Income

$864.00M

Total Assets

$29.14B

Equity

$1.68B

Shares Out

214.68M

Op. Cash Flow

$1.91B

Business

NRG Energy, Inc. is an energy and smart home company that sells electricity and natural gas and operates wholesale generation to serve residential, commercial, industrial and wholesale customers. It offers retail electricity and natural gas contracts, distributed energy resources, demand response, power and fuel hedging, renewable power purchase agreements, and integrated smart home products and services through Vivint Smart Home. The company reports results across segments: Texas; East; West/Services/Other; Vivint Smart Home; and Corporate activities. NRG sells and distributes its products across the U.S. and Canada through multiple brands and sales channels including direct sales, call centers, websites, brokers, partnerships and community aggregations.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	30,713	28,130	28,823	31,543	26,989
Cost of operations (excluding depreciation and amortization shown below)	24,761	22,100	26,483	27,443	20,482
Depreciation and amortization	1,406	1,403	1,295	720	785
Impairment losses	0	36	26	206	544
Selling, general and administrative costs (excluding amortization of customer acquisition costs of $295, $204 and $125, respectively, which are included in depreciation and amortization shown separately above)	2,602	2,345	2,094	1,145	1,293
Acquisition-related transaction and integration costs	74	30	119	52	93
Total operating costs and expenses	28,843	25,914	30,017	29,577	23,895
(Loss)/Gain on sale of assets	−25	208	1,578	52	247
Operating Income	1,845	2,424	384	2,018	3,341
Equity in earnings of unconsolidated affiliates	11	20	16	6	17
Impairment losses on investments	−39	−7	−102	0	0
Other income, net	68	44	47	56	63
(Loss)/Gain on debt extinguishment	−10	−382	109	0	−77
Interest expense	−741	−651	−667	−417	—
Total other expense	−711	−976	−597	−355	−482
Income/(Loss) Before Income Taxes	1,134	1,448	−213	1,663	2,859
Income tax expense/(benefit)	270	323	−11	442	672
Net Income/(Loss)	864	1,125	−202	1,221	2,187
Less: Cumulative dividends attributable to Series A Preferred Stock	67	67	54	0	0
Net Income/(Loss) Available for Common Stockholders	797	1,058	−256	1,221	2,187
Net Income/(Loss) Available for Common Stockholders	797	1,058	−256	1,221	2,187
Weighted average number of common shares outstanding basic (in shares)	195	206	228	236	245
Weighted average number of common shares outstanding diluted (in shares)	199	212	228	236	245
Income/(Loss) per Weighted Average Common Share - Basic (in usd per share)	4.09	5.14	−1.12	5.17	8.93
Income/(Loss) per weighted average common share diluted (in usd per share)	4.01	4.99	−1.12	5.17	8.93

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,708	966	541	430	250
Funds deposited by counterparties	260	199	84	1,708	845
Restricted cash	30	8	24	40	15
Accounts receivable, net	4,065	3,488	3,542	4,773	3,245
Inventory	461	478	607	751	498
Derivative instruments	2,189	2,686	3,862	7,886	4,613
Cash collateral paid in support of energy risk management activities	365	309	441	260	291
Prepayments and other current assets	1,069	830	626	383	395
Total current assets	13,147	8,964	9,727	16,231	10,841
Property, plant and equipment, net	3,632	2,021	1,763	1,692	1,688
Equity investments in affiliates	16	45	42	133	157
Operating lease right-of-use assets, net	130	151	179	225	271
Goodwill	5,017	5,011	5,079	1,650	1,795
Intangible assets, net	2,309	2,908	3,927	2,132	2,511
Derivative instruments	1,568	1,710	2,293	4,108	2,527
Deferred income taxes	1,843	2,067	2,251	1,881	2,155
Other non-current assets	1,478	1,145	777	256	229
Total other assets	12,361	13,037	14,548	11,223	10,653
Total Assets	29,140	24,022	26,038	29,146	23,182
Current portion of long-term debt and finance leases	31	996	620	63	4
Current portion of operating lease liabilities	35	66	90	83	81
Accounts payable	2,834	2,513	2,325	3,643	2,274
Derivative instruments	2,257	2,297	4,019	6,195	3,387
Cash collateral received in support of energy risk management activities	260	199	84	1,708	845
Deferred revenue current	748	711	720	176	—
Accrued expenses and other current liabilities	1,864	2,031	1,642	—	—
Total current liabilities	8,029	8,813	9,500	12,982	7,915
Long-term debt and finance leases	16,412	9,812	10,133	7,976	7,966
Non-current operating lease liabilities	144	117	128	180	236
Derivative instruments	1,103	1,107	1,488	2,246	1,412
Deferred income taxes	15	12	22	134	73
Deferred revenue non-current	895	862	914	10	—
Other non-current liabilities	861	821	947	973	993
Total other liabilities	19,430	12,731	13,632	12,336	11,667
Total Liabilities	27,459	21,544	23,132	25,318	19,582
Commitments and Contingencies	—	—	—	—	—
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at December 31, 2025 and 2024 (aggregate liquidation preference $650)	650	650	650	0	—
Common stock; $0.01 par value; 500,000,000 shares authorized; 199,828,615 and 205,064,058 shares issued; and 190,376,607 and 198,604,003 shares outstanding at December 31, 2025 and 2024, respectively	2	2	3	4	4
Additional paid-in capital	215	705	3,416	8,457	8,531
Retained earnings	1,982	1,535	820	1,408	464
Treasury stock, at cost; 9,452,008 and 6,460,055 shares at December 31, 2025 and 2024, respectively	−1,087	−297	−1,892	−5,864	−5,273
Accumulated other comprehensive loss	−81	−117	−91	−177	−126
Total Stockholders' Equity	1,681	2,478	2,906	3,828	3,600
Total Liabilities and Stockholders' Equity	29,140	24,022	26,038	29,146	23,182

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets	896	1,071	1,127	634	785
Amortization of capitalized contract costs	510	332	168	86	—
Accretion of asset retirement obligations	29	34	27	55	30
Provision for credit losses	272	314	251	—	—
Amortization of nuclear fuel	0	0	47	54	51
Amortization of financing costs and debt discounts	51	39	52	23	39
Loss/(gain) on debt extinguishment	10	382	−109	0	77
Amortization of in-the-money contracts and emissions allowances	97	105	137	158	106
Amortization of unearned equity compensation	134	102	101	28	21
Net loss/(gain) on sale of assets and disposal of assets	25	−192	−1,559	−102	−261
Gain on proceeds from insurance recoveries for property, plant and equipment, net	−100	0	−164	—	—
Impairment losses	39	43	128	206	544
Changes in derivative instruments	450	−337	2,455	−3,221	−3,626
Changes in current and deferred income taxes and liability for uncertain tax benefits	213	165	−92	382	604
Changes in collateral deposits in support of risk management activities	7	245	−1,806	896	797
Equity in and distributions from earnings of unconsolidated affiliates	−8	−13	−6	7	20
Accounts receivable - trade	−760	−366	1,004	−1,560	−1,232
Inventory	30	111	189	−252	−61
Prepayments and other current assets	−757	−539	−401	−69	31
Accounts payable	192	170	−1,455	1,295	476
Accrued expenses and other current liabilities	28	136	360	−29	−55
Other assets and liabilities	−309	−621	−473	−161	−89
Cash provided/(used) by operating activities	1,913	2,306	−221	360	493
Payments for acquisitions of businesses and assets, net of cash acquired	−596	−38	−2,523	−62	−3,559
Capital expenditures	−1,147	−472	−598	−367	−269
Proceeds from sales of assets, net of cash disposed	6	501	2,007	109	830
Net purchases of emissions allowances	−1	−18	−24	−6	0
Proceeds from insurance recoveries for property, plant and equipment, net	100	3	240	0	0
Investments in nuclear decommissioning trust fund securities	0	0	−367	−454	−751
Proceeds from the sale of nuclear decommissioning trust fund securities	0	0	355	448	710
Cash used by investing activities	−1,638	−24	−910	−332	−3,039
Proceeds from issuance of preferred stock, net of fees	0	0	635	0	0
Equivalent shares purchased in lieu of tax withholdings	−92	−50	−22	−6	—
Payments for share repurchase activity and excise tax	−1,311	−935	−1,150	−600	−48
Payment for settlement of capped call options	−292	0	0	—	—
Payments of dividends to preferred and common stockholders	−411	−405	−381	−332	−319
Proceeds from issuance of long-term debt	6,676	3,200	731	0	1,100
Repayments of long-term debt and finance leases	−1,005	−3,255	−523	−5	−1,861
Payments for debt extinguishment costs	0	−262	0	0	−65
Payments of deferred financing costs	−78	−45	−32	−9	−18
Net receipts/(payments) from settlement of acquired derivatives that include financing elements	59	−3	342	1,995	938
Proceeds from credit facilities	1,575	1,050	3,020	0	1,415
Repayments to credit facilities	−1,575	−1,050	−3,020	0	−1,415
Cash provided/(used) by financing activities	3,546	−1,755	−400	1,043	−272
Effect of exchange rate changes on cash and cash equivalents	4	−3	2	−3	−2
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	3,825	524	−1,529	1,068	−2,820

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