Clearway Energy Inc. Class C Common Stock (CWEN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.66	$1.15	+74.2%	—	$481M	—
Q1 26	-$0.39	-$1.43	-266.7%	—	$354M	—
Q4 25	$0.44	-$0.65	-247.7%	—	$310M	—
Q3 25	$0.36	$2	+455.6%	—	$429M	—
Q2 25	$0.82	$0.28	-65.9%	—	$392M	—
Q1 25	-$0.27	$0.03	+111.1%	—	$298M	—
Q4 24	$0.16	$0.03	-81.3%	—	$256M	—
Q3 24	$0.5	$0.31	-38.0%	—	$486M	—
Q2 24	$0.66	$0.43	-34.8%	—	$366M	—
Q1 24	-$0.29	-$0.02	+93.1%	—	$263M	—
Q4 23	$0.25	$0.31	+24.0%	—	$249M	—
Q3 23	$0.58	$0.03	-94.8%	—	$371M	—
Q2 23	$0.64	$0.33	-48.4%	—	$406M	—
Q4 22	-$1.59	$0.1	+106.3%	—	$268M	—
Q3 22	$0.13	$0.28	+115.4%	—	$340M	—
Q2 22	$3.18	$4.89	+53.8%	—	$368M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.43	—	—	$1.4B	—
FY24	—	$0.75	—	—	$1.4B	—
FY23	—	$0.67	—	—	$1.3B	—
FY22	—	$4.99	—	—	$1.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$1B	$1.1B	$1B	$1.2B	$1.3B	$1.2B	$1.3B	$1.4B	$1.4B
YoY change	+6.92%	-2.51%	+4.36%	-1.99%	+16.2%	+7.26%	-7.47%	+10.4%	+4.34%	+4.23%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	1B	1.1B	1B	1.2B	1.3B	1.2B	1.3B	1.4B	1.4B
Cost of revenue	308M	326M	327M	337M	366M	451M	435M	473M	501M	530M
Gross profit	727M	683M	726M	695M	833M	835M	755M	841M	870M	899M
Gross margin	70.2%	67.7%	68.9%	67.3%	69.5%	64.9%	63.4%	64%	63.5%	62.9%
Research & development	0	0	3M	5M	5M	6M	2M	0	0	—
Selling, general & administrative	16M	19M	20M	29M	34M	40M	40M	36M	39M	41M
Operating expenses	16M	19M	23M	34M	39M	46M	42M	36M	39M	41M
Operating income	408M	330M	367M	260M	366M	280M	201M	279M	204M	176M
Operating margin	39.4%	32.7%	34.9%	25.2%	30.5%	21.8%	16.9%	21.2%	14.9%	12.3%
Non-operating income, net	-123M	25M	55M	40M	-5M	-31M	1.3B	42M	70M	36M
Pretax income	1M	48M	116M	-104M	-54M	-63M	1.3B	-16M	-33M	-175M
Income tax	-1M	72M	62M	-8M	8M	12M	222M	-2M	30M	56M
Net income	6M	-31M	50M	-96M	-62M	-75M	1.1B	-14M	-63M	-231M
Net margin	0.58%	-3.07%	4.75%	-9.3%	-5.17%	-5.83%	89.1%	-1.07%	-4.6%	-16.2%
EBITDA	850M	809M	854M	824M	895M	970M	931M	1.1B	1.1B	1.1B
EPS	0.58	-0.16	0.46	-0.1	0.22	0.44	4.99	0.67	0.75	1.43
Diluted EPS	0.58	-0.16	0.46	-0.1	0.22	0.44	4.99	0.67	0.75	1.43

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	371M	249M	263M	366M	486M	256M	298M	392M	429M	310M	354M	481M
Cost of revenue	134M	113M	126M	117M	135M	123M	122M	131M	128M	149M	134M	149M
Gross profit	237M	136M	137M	249M	351M	133M	176M	261M	301M	161M	220M	332M
Gross margin	63.9%	54.6%	52.1%	68%	72.2%	52%	59.1%	66.6%	70.2%	51.9%	62.1%	69%
Research & development	0	0	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9M	8M	11M	9M	9M	10M	10M	11M	10M	10M	11M	15M
Operating expenses	9M	8M	11M	9M	9M	10M	10M	11M	10M	10M	11M	15M
Operating income	95M	-9M	-28M	87M	178M	-33M	3M	87M	115M	-29M	27M	121M
Operating margin	25.6%	-3.61%	-10.6%	23.8%	36.6%	-12.9%	1.01%	22.2%	26.8%	-9.35%	7.63%	25.2%
Non-operating income, net	25M	2M	26M	15M	21M	8M	9M	13M	12M	2M	4M	11M
Pretax income	72M	-142M	-59M	14M	60M	-48M	-104M	17M	29M	-117M	-70M	27M
Income tax	57M	-69M	-13M	10M	33M	0	0	5M	-31M	82M	-2M	-3M
Net income	15M	-73M	-46M	4M	27M	-48M	-104M	12M	60M	-199M	-68M	30M
Net margin	4.04%	-29.3%	-17.5%	1.09%	5.56%	-18.8%	-34.9%	3.06%	14%	-64.2%	-19.2%	6.24%
EBITDA	299M	195M	200M	305M	409M	182M	221M	310M	362M	212M	271M	388M
EPS	0.03	—	-0.02	0.43	0.31	—	0.03	0.28	2	—	-1.35	1
Diluted EPS	0.03	—	-0.02	0.43	0.31	—	0.03	0.28	2	—	-1.35	1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	1.9B	1.8B	2.2B	3.7B	4.2B	3.7B	3.2B	3.1B	4B	7.2B
Enterprise value	—	7.7B	7.4B	9B	10.7B	12.3B	10.4B	11.3B	10.5B	13.1B	17B
Shares outstanding	98M	99M	104M	109M	115M	117M	117M	117M	118M	119M	119M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	35.9	—	—	—	3.52	—	—	—	34.6
P/S	—	1.85	1.7	2.11	3.06	3.28	3.13	2.44	2.24	2.77	4.66
P/B	—	0.87	0.81	0.96	1.35	1.28	0.92	0.64	0.55	0.67	1.95
EV/EBITDA	—	9.54	8.63	11	12	12.7	11.2	10.8	9.57	11.9	14.5
EV/Sales	—	7.65	7	8.75	8.94	9.57	8.77	8.63	7.65	9.19	10.8
Earnings yield	—	—	2.79%	—	—	—	28.4%	—	—	—	2.89%
FCF yield	—	17.5%	23.1%	11.5%	11.5%	12.5%	18.1%	12.7%	15.7%	8.64%	5.85%
PEG	—	—	—	—	—	—	—	—	—	—	0.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	70.2%	67.7%	68.9%	67.3%	69.5%	64.9%	63.4%	64%	63.5%	62.9%	69%
Operating margin	39.4%	32.7%	34.9%	25.2%	30.5%	21.8%	16.9%	21.2%	14.9%	12.3%	25.2%
Net margin	0.58%	-3.07%	4.75%	-9.3%	-5.17%	-5.83%	89.1%	-1.07%	-4.6%	-16.2%	6.42%
ROE	0.23%	-1.44%	2.25%	-4.24%	-2.28%	-2.27%	26.3%	-0.28%	-1.13%	-3.91%	-3.17%
ROA	0.07%	-0.37%	0.59%	-0.99%	-0.59%	-0.59%	8.61%	-0.1%	-0.44%	-1.39%	0.97%
ROIC	4.9%	0%	2.19%	2.85%	3.75%	2.46%	1.55%	2.13%	1.57%	1.17%	1.54%
Return on tangible assets	0.09%	-0.51%	0.81%	-1.4%	-0.79%	-0.96%	14.8%	-0.14%	-0.63%	-1.94%	-1.48%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.33	0.89	1.07	0.3	1.12	0.94	2.07	1.72	1.49	1.13	1.21
Quick ratio	1.25	0.82	1.02	0.28	1.05	0.92	1.99	1.66	1.4	1.06	1.11
Debt / equity	2.33	2.78	2.69	3.1	2.69	2.51	1.83	1.73	1.39	1.59	1.77
Debt / assets	0.67	0.71	0.7	0.72	0.69	0.65	0.6	0.59	0.54	0.56	0.59
Net debt / EBITDA	6.74	7.23	6.53	8.32	7.87	8.34	7.2	7.71	6.77	8.3	7.82
Interest coverage	1	1.16	1.38	0.74	0.87	0.8	6.53	0.95	0.89	0.55	0.67
Effective tax rate	0%	100%	53.4%	0%	0%	0%	17.3%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.6	10.2	10.1	9.47	10.4	11	10.2	11.2	11.6	12	13.1
EPS (basic)	0.58	-0.16	0.46	-0.1	0.22	0.44	4.99	0.67	0.75	1.43	1.43
EPS (diluted)	0.58	-0.16	0.46	-0.1	0.22	0.44	4.99	0.67	0.75	1.43	0.86
Book value per share	26.5	21.8	21.4	20.8	23.6	28.2	34.5	42.7	47.1	49.7	15.3
FCF per share	5.68	3.3	3.99	2.28	3.66	4.52	5.77	3.49	4.09	2.87	4.4
Cash per share	3.29	1.49	3.91	1.42	2.33	1.53	5.62	4.57	2.81	1.94	2.34
Capex per share	—	—	—	—	—	0.18	0	0.7	0	2.68	2.86

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	1.63%	0%	6.24%	0%	22.3%	22%
Capex / operating cash flow	—	—	—	—	—	3.52%	0%	12.6%	0%	46.4%	34%
Payout ratio	2.9K%	-651.6%	476%	-161.5%	-340.3%	-357.3%	33.3%	-2.2K%	-530.2%	-155%	212.3%
Dividend yield	—	10.8%	13.3%	7.13%	5.75%	6.36%	9.47%	9.69%	10.9%	9.05%	6.5%

Yield

6.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.475

ex-dividend Sep 1, 2026

Payout ratio

212%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.475
Jun 1, 2026	$0.468
Mar 2, 2026	$0.46
Dec 1, 2025	$0.453
Sep 2, 2025	$0.446

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$371M	$249M	$263M	$366M	$486M	$256M	$298M	$392M	$429M	$310M	$354M	$481M
YoY change	+9.12%	-7.09%	-8.68%	-9.85%	+31%	+2.81%	+13.3%	+7.1%	-11.7%	+21.1%	+18.8%	+22.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	322M	148M	407M	155M	268M	179M	657M	535M	332M	231M
Receivables	95M	95M	104M	116M	143M	144M	153M	171M	164M	162M
Inventory	39M	39M	40M	40M	42M	37M	47M	55M	64M	75M
Total current assets	670M	482M	756M	608M	708M	1.5B	1.3B	1.6B	1.1B	1.2B
Property, plant & equipment	5.6B	5.4B	5.2B	6.3B	7.6B	8.2B	7.9B	10.1B	10.5B	12.3B
Goodwill & intangibles	2.6B	2.5B	2.3B	2.9B	2.7B	5B	5.1B	4.7B	4.4B	4.7B
Total assets	9B	8.5B	8.5B	9.7B	10.6B	12.8B	12.3B	14.7B	14.3B	16.7B
Accounts payable	63M	95M	64M	105M	89M	181M	77M	161M	113M	127M
Short-term debt	323M	339M	535M	1.8B	384M	772M	322M	558M	430M	708M
Total current liabilities	505M	540M	704M	2.1B	634M	1.6B	617M	906M	718M	1B
Long-term debt	5.7B	5.7B	5.4B	5.2B	6.9B	7.5B	7B	8.1B	7.3B	8.7B
Total liabilities	6.4B	6.3B	6.3B	7.4B	7.9B	9.5B	8.3B	9.7B	8.8B	10.7B
Shareholders' equity	2.6B	2.2B	2.2B	2.3B	2.7B	3.3B	4B	5B	5.6B	5.9B
Total debt	6B	6B	6B	7B	7.3B	8.3B	7.4B	8.7B	7.7B	9.4B
Net debt	5.7B	5.8B	5.6B	6.9B	7B	8.1B	6.7B	8.1B	7.4B	9.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	566M	535M	478M	226M	292M	332M	297M	260M	251M	231M	325M	251M
Receivables	196M	171M	184M	255M	199M	164M	183M	232M	238M	162M	198M	296M
Inventory	55M	55M	58M	60M	63M	64M	67M	70M	71M	75M	87M	88M
Total current assets	1.7B	1.6B	1.5B	1B	1.1B	1.1B	1B	1.2B	1.1B	1.2B	1.1B	1.1B
Property, plant & equipment	8.6B	10.1B	10.4B	10.5B	10.4B	10.5B	10.9B	12B	12B	12.3B	12.6B	12.5B
Goodwill & intangibles	4.8B	4.7B	4.7B	4.6B	4.5B	4.4B	4.3B	4.6B	4.8B	4.7B	4.9B	4.8B
Total assets	13.4B	14.7B	14.9B	14.5B	14.2B	14.3B	14.6B	16B	16.1B	16.7B	16.9B	16.8B
Accounts payable	145M	161M	151M	98M	92M	113M	126M	200M	182M	127M	197M	156M
Short-term debt	522M	558M	565M	412M	412M	430M	392M	460M	342M	708M	612M	570M
Total current liabilities	844M	906M	874M	701M	661M	718M	684M	834M	687M	1B	955M	880M
Long-term debt	7.6B	8.1B	8.2B	7.4B	7.3B	7.3B	7.8B	8.9B	8.9B	8.7B	9.3B	9.3B
Total liabilities	9.1B	9.7B	9.8B	8.8B	8.6B	8.8B	9.2B	10.5B	10.3B	10.7B	11.4B	11.2B
Shareholders' equity	4.3B	5B	5B	5.7B	5.6B	5.6B	5.4B	5.6B	5.8B	5.9B	5.6B	5.6B
Total debt	8.1B	8.7B	8.8B	7.8B	7.7B	7.7B	8.2B	9.3B	9.2B	9.4B	9.9B	9.9B
Net debt	7.6B	8.1B	8.3B	7.6B	7.4B	7.4B	7.9B	9.1B	9B	9.2B	9.6B	9.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2M	-24M	54M	-96M	-62M	-75M	1.1B	-14M	-63M	-231M
Depreciation & amortization	379M	404M	405M	472M	518M	655M	684M	711M	809M	869M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	3M	-9M	-34M	-9M	-46M	-9M	18M	-70M	-9M	23M
Operating cash flow	403M	468M	511M	376M	433M	597M	2B	653M	751M	688M
Capital expenditure	—	—	—	—	—	-21M	0	-82M	0	-319M
Investing cash flow	-111M	-252M	-102M	-240M	62M	-714M	1.2B	-311M	-438M	-776M
Dividends paid	-173M	-202M	-238M	-155M	-211M	-268M	-353M	-311M	-334M	-358M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-568M	-257M	-136M	-327M	-700M	-10M	-1.8B	-124M	-363M	200M
Net change in cash	-276M	-41M	273M	-191M	-205M	-127M	1.3B	218M	-50M	112M
Free cash flow	557M	327M	415M	249M	421M	529M	675M	408M	483M	342M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	15M	-73M	-46M	4M	27M	-48M	-104M	12M	60M	-199M	-68M	30M
Depreciation & amortization	178M	183M	200M	198M	210M	201M	206M	208M	225M	230M	231M	248M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	66M	32M	-79M	-3M	130M	21M	-17M	-12M	-48M	145M	-28M	-48M
Operating cash flow	302M	110M	69M	211M	394M	178M	88M	191M	225M	177M	401M	214M
Capital expenditure	—	—	—	—	—	—	—	-76M	-81M	-106M	-75M	-84M
Investing cash flow	-121M	-101M	-105M	-340M	8M	-1M	10M	-352M	-341M	-37M	-371M	-174M
Dividends paid	-78M	-80M	-81M	-83M	-85M	-85M	-87M	-89M	-90M	-92M	-95M	-95M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	106M	-59M	34M	-145M	-170M	-82M	-71M	236M	-29M	16M	-98M	-135M
Net change in cash	287M	-50M	-2M	-274M	232M	95M	27M	75M	-145M	156M	-68M	-95M
Free cash flow	253M	55M	-17M	92M	266M	142M	39M	115M	144M	44M	256M	88M

Clearway Energy Inc. Class C Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement