NRG ENERGY, INC.NRG
NRG ENERGY, INC. Segments Disclosure
Segment Reporting
The Company’s segment structure reflects how management makes financial decisions and allocates resources. The Company manages its operations based on the combined results of the retail, wholesale and generation businesses with a geographical focus except for Vivint Smart Home operations which are reported within the Vivint Smart Home segment. Corporate represents the corporate business activities, and corporate shared services, to support the Company’s operating segments. The accounting policies of the segments are the same as those applied in the consolidated financial statements as disclosed in Note 2, Summary of Significant Accounting Policies.
NRG's chief operating decision maker ("CODM"), its chief executive officer, uses more than one measure to evaluate the performance of its segments and allocate resources, including net income/(loss) and various non-GAAP financial measures such as adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA. Net income/(loss) and Adjusted EBITDA are used to review business performance and allocate resources as it provides a clearer view of segment profitability by focusing on operational performance. Additionally, operating expenses’ impact on each operating segment results are analyzed. On a monthly basis, Adjusted EBITDA is compared against the budget, latest forecast, and prior period.
The Company had no customer that comprised more than 10% of the Company's consolidated revenues during the years ended December 31, 2025, 2024 and 2023.
Intersegment sales are accounted for at market.
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (In millions) | Texas | East | West/Other | Vivint Smart Home | Corporate | Eliminations | Total | ||||||||||||||||||||||||||||||||||
Revenue(a) | $ | 11,139 | $ | 14,263 | $ | 3,202 | $ | 2,144 | $ | — | $ | (35) | $ | 30,713 | |||||||||||||||||||||||||||
| Operating Expenses | 9,634 | 13,409 | 3,014 | 1,281 | 134 | (35) | 27,437 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 374 | 148 | 32 | 810 | 42 | — | 1,406 | ||||||||||||||||||||||||||||||||||
| Total operating cost and expenses | 10,008 | 13,557 | 3,046 | 2,091 | 176 | (35) | 28,843 | ||||||||||||||||||||||||||||||||||
| Loss on sale of assets | (18) | — | (7) | — | — | — | (25) | ||||||||||||||||||||||||||||||||||
| Operating income/(loss) | 1,113 | 706 | 149 | 53 | (176) | — | 1,845 | ||||||||||||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | — | — | 11 | — | — | — | 11 | ||||||||||||||||||||||||||||||||||
| Impairment losses on investments | — | — | (39) | — | — | — | (39) | ||||||||||||||||||||||||||||||||||
| Other income, net | (1) | 4 | (1) | (20) | 86 | — | 68 | ||||||||||||||||||||||||||||||||||
| Loss on debt extinguishment | — | — | — | — | (10) | — | (10) | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | (741) | — | (741) | ||||||||||||||||||||||||||||||||||
| Income/(loss) before income taxes | 1,112 | 710 | 120 | 33 | (841) | — | 1,134 | ||||||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | 270 | — | 270 | ||||||||||||||||||||||||||||||||||
| Net income/(loss) | $ | 1,112 | $ | 710 | $ | 120 | $ | 33 | $ | (1,111) | $ | — | $ | 864 | |||||||||||||||||||||||||||
| Other segment information | |||||||||||||||||||||||||||||||||||||||||
| Equity investments in affiliates | $ | — | $ | — | $ | 16 | $ | — | $ | — | $ | — | $ | 16 | |||||||||||||||||||||||||||
| Capital expenditures | 976 | 17 | 9 | 24 | 121 | — | 1,147 | ||||||||||||||||||||||||||||||||||
| Goodwill | 643 | 721 | 130 | 3,523 | — | — | 5,017 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 9,286 | $ | 9,731 | $ | 2,724 | $ | 6,752 | $ | 20,951 | $ | (20,304) | $ | 29,140 | |||||||||||||||||||||||||||
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $ | 23 | $ | 6 | $ | 6 | $ | — | $ | — | $ | — | $ | 35 | |||||||||||||||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (In millions) | Texas | East | West/Other | Vivint Smart Home | Corporate | Eliminations | Total | ||||||||||||||||||||||||||||||||||
Revenue(a) | $ | 10,651 | $ | 11,709 | $ | 3,819 | $ | 1,991 | $ | — | $ | (40) | $ | 28,130 | |||||||||||||||||||||||||||
| Operating Expenses | 9,783 | 9,748 | 3,818 | 1,085 | 81 | (40) | 24,475 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 323 | 158 | 99 | 782 | 41 | — | 1,403 | ||||||||||||||||||||||||||||||||||
| Impairment losses | 7 | — | 29 | — | — | — | 36 | ||||||||||||||||||||||||||||||||||
| Total operating cost and expenses | 10,113 | 9,906 | 3,946 | 1,867 | 122 | (40) | 25,914 | ||||||||||||||||||||||||||||||||||
| (Loss)/Gain on sale of assets | (4) | 3 | 209 | — | — | — | 208 | ||||||||||||||||||||||||||||||||||
| Operating income/(loss) | 534 | 1,806 | 82 | 124 | (122) | — | 2,424 | ||||||||||||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | — | — | 20 | — | — | — | 20 | ||||||||||||||||||||||||||||||||||
| Impairment losses on investments | — | — | (7) | — | — | — | (7) | ||||||||||||||||||||||||||||||||||
| Other income, net | — | (1) | 6 | (15) | 54 | — | 44 | ||||||||||||||||||||||||||||||||||
| Loss on debt extinguishment | — | — | — | — | (382) | — | (382) | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | (651) | — | (651) | ||||||||||||||||||||||||||||||||||
| Income/(loss) before income taxes | 534 | 1,805 | 101 | 109 | (1,101) | — | 1,448 | ||||||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | 323 | — | 323 | ||||||||||||||||||||||||||||||||||
| Net income/(loss) | $ | 534 | $ | 1,805 | $ | 101 | $ | 109 | $ | (1,424) | $ | — | $ | 1,125 | |||||||||||||||||||||||||||
| Other segment information | |||||||||||||||||||||||||||||||||||||||||
| Equity investments in affiliates | $ | — | $ | — | $ | 45 | $ | — | $ | — | $ | — | $ | 45 | |||||||||||||||||||||||||||
| Capital expenditures | 369 | 3 | 16 | 23 | 61 | — | 472 | ||||||||||||||||||||||||||||||||||
| Goodwill | 643 | 721 | 124 | 3,523 | — | — | 5,011 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 6,927 | $ | 8,010 | $ | 2,073 | $ | 6,814 | $ | 15,537 | $ | (15,339) | $ | 24,022 | |||||||||||||||||||||||||||
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $ | 22 | $ | — | $ | 18 | $ | — | $ | — | $ | — | $ | 40 | |||||||||||||||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| (In millions) | Texas | East | West/Other | Vivint Smart Home(a) | Corporate | Eliminations | Total | ||||||||||||||||||||||||||||||||||
Revenue(b) | $ | 10,474 | $ | 12,549 | $ | 4,241 | $ | 1,589 | $ | — | $ | (30) | $ | 28,823 | |||||||||||||||||||||||||||
| Operating Expenses | 8,351 | 14,363 | 4,997 | 882 | 133 | (30) | 28,696 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 348 | 167 | 86 | 658 | 36 | — | 1,295 | ||||||||||||||||||||||||||||||||||
| Impairment losses | 2 | 4 | 20 | — | — | — | 26 | ||||||||||||||||||||||||||||||||||
| Total operating cost and expenses | 8,701 | 14,534 | 5,103 | 1,540 | 169 | (30) | 30,017 | ||||||||||||||||||||||||||||||||||
| Gain on sale of assets | 1,324 | 254 | — | — | — | — | 1,578 | ||||||||||||||||||||||||||||||||||
| Operating income/(loss) | 3,097 | (1,731) | (862) | 49 | (169) | — | 384 | ||||||||||||||||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | — | — | 16 | — | — | — | 16 | ||||||||||||||||||||||||||||||||||
| Impairment losses on investments | — | — | (102) | — | — | — | (102) | ||||||||||||||||||||||||||||||||||
| Other income, net | 2 | (1) | 1 | (15) | 60 | — | 47 | ||||||||||||||||||||||||||||||||||
| Gain on debt extinguishment | — | — | — | — | 109 | — | 109 | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | (667) | — | (667) | ||||||||||||||||||||||||||||||||||
| Income/(loss) before income taxes | 3,099 | (1,732) | (947) | 34 | (667) | — | (213) | ||||||||||||||||||||||||||||||||||
| Income tax benefit | — | — | — | — | (11) | — | (11) | ||||||||||||||||||||||||||||||||||
| Net income/(loss) | $ | 3,099 | $ | (1,732) | $ | (947) | $ | 34 | $ | (656) | $ | — | $ | (202) | |||||||||||||||||||||||||||
| (a) Includes results of operations following the acquisition date of March 10, 2023 | |||||||||||||||||||||||||||||||||||||||||
(b) Inter-segment sales and inter-segment net derivative gains and losses included in revenues | $ | 5 | $ | 9 | $ | 16 | $ | — | $ | — | $ | — | $ | 30 | |||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 27, 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.