NRG Energy, Inc. (NRG) 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	$1.74	$1.49	-14.4%	—	$7.5B	—
Q1 26	$1.73	$1.49	-13.9%	—	$10.3B	—
Q4 25	$0.89	$1.04	+16.9%	—	$7.8B	—
Q3 25	$0.62	$0.65	+4.8%	—	$7.6B	—
Q2 25	$1.65	$1.73	+4.8%	—	$6.7B	—
Q1 25	$1.69	$2.68	+58.6%	—	$8.6B	—
Q4 24	$0.94	$1.52	+61.7%	—	$6.8B	—
Q3 24	$1.95	$1.85	-5.1%	—	$7.2B	—
Q2 24	$1.55	$3.37	+117.4%	—	$6.7B	—
Q1 24	$0.93	$0.9	-3.2%	—	$7.4B	—
Q4 23	$3.76	$1.64	-56.4%	—	$6.8B	—
Q3 23	$4	$1.41	-64.8%	—	$7.9B	—
Q2 23	$2.44	$1.25	-48.8%	—	$6.3B	—
Q1 23	$1.2	$0.71	-40.8%	—	$7.7B	—
Q4 22	$1.51	$0.47	-68.9%	—	$7.9B	—
Q3 22	$1.08	$0.29	-73.1%	—	$8.5B	—

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	—	$4.09	—	—	$30.7B	—
FY24	—	$5.14	—	—	$28.1B	—
FY23	—	-$1.12	—	—	$28.8B	—
FY22	—	$5.17	—	—	$31.5B

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	$8.9B	$9.1B	$9.5B	$9.8B	$9.1B	$27B	$31.5B	$28.8B	$28.1B	$30.7B
YoY change	-27.7%	+1.78%	+4.45%	+3.62%	-7.41%	+196.8%	+16.9%	-8.62%	-2.4%	+9.18%

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	8.9B	9.1B	9.5B	9.8B	9.1B	27B	31.5B	28.8B	28.1B	30.7B
Cost of revenue	6.7B	6.9B	7.1B	7.3B	6.5B	20.5B	27.4B	26.5B	22.1B	24.8B
Gross profit	2.2B	2.2B	2.4B	2.5B	2.6B	6.5B	4.1B	2.3B	6B	6B
Gross margin	25.1%	24.1%	25%	25.6%	28.1%	24.1%	13%	7.97%	21.4%	19.4%
Research & development	48M	22M	11M	7M	8M	—	—	—	—	—
Selling, general & administrative	1B	836M	799M	760M	810M	1.3B	1.2B	2B	2B	2.6B
Operating expenses	1.1B	858M	810M	862M	926M	2B	1.2B	2B	2B	2.6B
Operating income	403M	734M	1.1B	1.3B	1.2B	3.7B	2.2B	-1B	2.3B	1.9B
Operating margin	4.52%	8.09%	12%	13.1%	13.2%	13.8%	7.05%	-3.64%	8.11%	6.33%
Non-operating income, net	-751M	-1.6B	-189M	-91M	-38M	-387M	-144M	1.5B	-183M	-69M
Pretax income	-931M	-1.4B	467M	786M	761M	2.9B	1.7B	-213M	1.4B	1.1B
Income tax	25M	-44M	7M	-3.3B	251M	672M	442M	-11M	323M	270M
Net income	-891M	-2.3B	268M	4.4B	510M	2.2B	1.2B	-202M	1.1B	864M
Net margin	-9.99%	-25.8%	2.83%	45.2%	5.61%	8.1%	3.87%	-0.7%	4%	2.81%
EBITDA	1.5B	1.6B	1.7B	1.9B	1.8B	4.6B	3B	188M	3.7B	3.4B
EPS	-2.22	-6.79	0.88	16.9	2.08	8.93	5.17	-1.12	5.14	4.09
Diluted EPS	-2.22	-6.79	0.87	16.8	2.07	8.93	5.17	-1.12	4.99	4.01

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	7.9B	6.8B	7.4B	6.7B	7.2B	6.8B	8.6B	6.7B	7.6B	7.8B	10.3B	7.5B
Cost of revenue	6.4B	6.4B	5.7B	4.4B	7.2B	4.9B	6.6B	5.6B	6.2B	6.3B	8.9B	5.5B
Gross profit	1.5B	442M	1.7B	2.3B	-16M	1.9B	2B	1.1B	1.4B	1.4B	1.4B	2B
Gross margin	19.4%	6.49%	23.5%	34.6%	-0.22%	28.6%	23.6%	16.5%	18.3%	18.4%	13.6%	26.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	602M	382M	591M	592M	645M	292M	549M	724M	612M	717M	593M	562M
Operating expenses	602M	382M	591M	592M	645M	292M	549M	724M	612M	717M	593M	562M
Operating income	579M	-505M	885M	1.4B	-1B	984M	1.1B	43M	422M	330M	373M	955M
Operating margin	7.29%	-7.42%	11.9%	21.4%	-14%	14.4%	13.4%	0.64%	5.53%	4.26%	3.64%	12.8%
Non-operating income, net	2M	1.4B	-38M	-211M	212M	-146M	-1M	-48M	3M	-23M	-5M	18M
Pretax income	408M	653M	695M	1.1B	-1B	715M	985M	-153M	238M	64M	83M	663M
Income tax	65M	171M	184M	314M	-247M	72M	235M	-49M	86M	-2M	-42M	157M
Net income	343M	482M	511M	738M	-767M	643M	750M	-104M	152M	66M	125M	506M
Net margin	4.32%	7.08%	6.88%	11.1%	-10.6%	9.43%	8.74%	-1.54%	1.99%	0.85%	1.22%	6.76%
EBITDA	958M	-182M	1.2B	1.7B	-650M	1.4B	1.5B	392M	—	—	—	1.5B
EPS	1.42	—	2.36	3.47	-3.79	—	3.7	-0.62	0.7	—	0.52	2.32
Diluted EPS	1.41	—	2.31	3.37	-3.79	—	3.61	-0.62	0.69	—	0.52	2.31

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	3.9B	9B	12B	—	9.2B	10.6B	7.5B	11.8B	18.6B	31.1B	20.4B
Enterprise value	19.4B	17.6B	18B	—	14.3B	18.6B	15.4B	22.2B	28.6B	43B	45.1B
Shares outstanding	316M	317M	304M	262M	245M	245M	236M	228M	206M	195M	195M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	44.9	—	18	4.83	6.15	—	16.5	35.9	26.1
P/S	0.43	0.99	1.27	—	1.01	0.39	0.24	0.41	0.66	1.01	0.64
P/B	0.86	4.41	-9.91	—	5.48	2.93	1.96	4.06	7.5	18.5	5.02
EV/EBITDA	12.8	11.3	10.5	—	7.78	4	5.17	118.2	7.63	12.5	13.8
EV/Sales	2.18	1.94	1.9	—	1.58	0.69	0.49	0.77	1.02	1.4	1.36
Earnings yield	—	—	2.23%	—	5.54%	20.7%	16.3%	—	6.05%	2.78%	3.83%
FCF yield	35.2%	15%	8.22%	—	17.4%	2.12%	-0.17%	-7.15%	9.77%	2.46%	3.79%
PEG	—	—	—	—	—	—	—	—	—	—	-0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	25.1%	24.1%	25%	25.6%	28.1%	24.1%	13%	7.97%	21.4%	19.4%	26.9%
Operating margin	4.52%	8.09%	12%	13.1%	13.2%	13.8%	7.05%	-3.64%	8.11%	6.33%	12.8%
Net margin	-9.99%	-25.8%	2.83%	45.2%	5.61%	8.1%	3.87%	-0.7%	4%	2.81%	2.56%
ROE	-19.8%	-114.2%	-22.1%	264.7%	30.4%	60.8%	31.9%	-6.95%	45.4%	51.4%	23.8%
ROA	-2.9%	-10%	2.52%	35.4%	3.42%	9.43%	4.19%	-0.78%	4.68%	2.96%	4.06%
ROIC	2.01%	6.89%	23.7%	16.6%	11.8%	24.5%	14%	-7.87%	14.2%	10.9%	5.98%
Return on tangible assets	-3.51%	-11%	3.23%	45.3%	4.11%	15%	5.66%	-2.52%	13.7%	5.96%	4.71%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.43	1.32	1.5	1.31	3.15	1.37	1.25	1.02	1.02	1.64	0.97
Quick ratio	1.28	1.19	1.33	1.15	2.98	1.31	1.19	0.96	0.96	1.58	0.89
Debt / equity	3.67	4.59	-5.37	3.84	5.38	2.3	2.17	3.78	4.44	9.89	4.83
Debt / assets	0.54	0.4	0.61	0.51	0.61	0.36	0.28	0.42	0.46	0.57	0.59
Net debt / EBITDA	10.3	5.53	3.49	3.29	2.79	1.73	2.65	55.5	2.67	3.47	6.8
Interest coverage	-0.6	-1.49	1.97	2.9	2.9	6.89	4.99	0.68	3.22	2.53	2.02
Effective tax rate	0%	0%	1.5%	0%	33%	23.5%	26.6%	0%	22.3%	23.8%	19%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.2	28.6	31.2	37.5	37.1	110.2	133.7	126.4	136.6	157.5	164.8
EPS (basic)	-2.22	-6.79	0.88	16.9	2.08	8.93	5.17	-1.12	5.14	4.09	4.09
EPS (diluted)	-2.22	-6.79	0.87	16.8	2.07	8.93	5.17	-1.12	4.99	4.01	3.84
Book value per share	14.2	6.45	-4	6.4	6.86	14.7	16.2	12.7	12	8.62	20
FCF per share	4.31	4.28	3.25	4.52	6.52	0.91	-0.06	-3.7	8.82	3.92	1.49
Cash per share	2.97	2.43	1.85	1.32	15.9	1.02	1.82	2.37	4.69	24.1	0.77
Capex per share	—	—	—	—	—	—	—	—	—	5.88	5.69

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	3.73%	3.64%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	60%	77.6%
Payout ratio	-8.53%	-1.63%	13.8%	0.72%	57.8%	14.6%	27.2%	-188.6%	36%	47.6%	47.7%
Dividend yield	1.96%	0.42%	0.31%	—	3.21%	3.02%	4.42%	3.23%	2.18%	1.32%	1.96%

Yield

1.96%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.475

ex-dividend Aug 3, 2026

Payout ratio

48%

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
Aug 3, 2026	$0.475
May 1, 2026	$0.475
Feb 2, 2026	$0.475
Nov 3, 2025	$0.44

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	$7.9B	$6.8B	$7.4B	$6.7B	$7.2B	$6.8B	$8.6B	$6.7B	$7.6B	$7.8B	$10.3B	$7.5B
YoY change	-6.63%	-13.3%	-3.79%	+4.9%	-9.1%	+0.18%	+15.6%	+1.22%	+5.7%	+13.7%	+19.5%	+11%

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	938M	770M	563M	345M	3.9B	250M	430M	541M	966M	4.7B
Receivables	1.1B	900M	1B	1B	904M	3.2B	4.8B	3.5B	3.5B	4.1B
Inventory	721M	453M	412M	383M	327M	498M	751M	607M	478M	461M
Total current assets	6.7B	4.4B	3.6B	3.1B	6B	10.8B	16.2B	9.7B	9B	13.1B
Property, plant & equipment	15.4B	6B	3B	3.1B	2.8B	2B	1.9B	1.9B	2.2B	3.8B
Goodwill & intangibles	5.3B	2.1B	2.3B	2.7B	2.5B	8.6B	7.6B	18B	15.8B	14.7B
Total assets	30.7B	23.4B	10.6B	12.5B	14.9B	23.2B	29.1B	26B	24B	29.1B
Accounts payable	782M	684M	863M	722M	649M	2.3B	3.6B	2.3B	2.5B	2.8B
Short-term debt	516M	204M	72M	161M	70M	85M	146M	710M	1.1B	66M
Total current liabilities	4.7B	3.4B	2.4B	2.4B	1.9B	7.9B	13B	9.5B	8.8B	8B
Long-term debt	16B	9.2B	6.4B	6.3B	9B	8.2B	8.2B	10.3B	9.9B	16.6B
Total liabilities	26.2B	21.3B	11.8B	10.9B	13.2B	19.6B	25.3B	23.1B	21.5B	27.5B
Shareholders' equity	4.5B	2B	-1.2B	1.7B	1.7B	3.6B	3.8B	2.9B	2.5B	1.7B
Total debt	16.5B	9.4B	6.5B	6.4B	9B	8.3B	8.3B	11B	11B	16.6B
Net debt	15.5B	8.6B	6B	6.1B	5.1B	8B	7.9B	10.4B	10B	11.9B

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	401M	541M	278M	376M	1.1B	966M	693M	180M	732M	4.7B	178M	162M
Receivables	3.8B	3.5B	3.3B	3.4B	3.3B	3.5B	3.5B	3.4B	3.3B	4.1B	3.8B	3.5B
Inventory	630M	607M	581M	623M	540M	478M	373M	451M	452M	461M	665M	793M
Total current assets	9.5B	9.7B	9.3B	9.8B	8.6B	9B	9.9B	8.2B	8.1B	13.1B	9.9B	9.7B
Property, plant & equipment	2B	1.9B	1.9B	2B	2B	2.2B	2.4B	3.3B	3.5B	3.8B	13.7B	14.2B
Goodwill & intangibles	18.7B	18B	17.6B	16.9B	16.2B	15.8B	15.7B	15.1B	12.5B	12.3B	20.2B	21.9B
Total assets	27.9B	26B	25.4B	25.8B	23.7B	24B	25B	24.1B	24B	29.1B	40.1B	39.9B
Accounts payable	2.2B	2.3B	2B	2.1B	2B	2.5B	2.4B	2.5B	2.3B	2.8B	2.5B	2.6B
Short-term debt	1B	710M	1.2B	353M	335M	1.1B	1B	1.2B	813M	66M	3.4B	1.6B
Total current liabilities	8.9B	9.5B	9.2B	8.3B	7.3B	8.8B	9.3B	8.8B	7.7B	8B	11.8B	10B
Long-term debt	10.9B	10.3B	9.7B	10.6B	10.5B	9.9B	9.9B	9.9B	11.3B	16.6B	19.9B	21.9B
Total liabilities	24.4B	23.1B	22.1B	22.1B	21.2B	21.5B	22.2B	21.8B	22B	27.5B	35.2B	35.1B
Shareholders' equity	3.5B	2.9B	3.3B	3.6B	2.5B	2.5B	2.8B	2.3B	2B	1.7B	4.9B	4.9B
Total debt	11.9B	11B	10.9B	10.9B	10.9B	11B	11B	11.1B	12.1B	16.6B	23.4B	23.5B
Net debt	11.5B	10.4B	10.6B	10.5B	9.8B	10B	10.3B	10.9B	11.4B	11.9B	23.2B	23.3B

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	-956M	-1.3B	268M	4.4B	510M	2.2B	1.2B	-202M	1.1B	864M
Depreciation & amortization	889M	701M	540M	497M	559M	836M	688M	1.2B	1.1B	896M
Stock-based compensation	10M	35M	25M	20M	22M	21M	28M	101M	102M	134M
Change in working capital	498M	-157M	-48M	-3.5B	430M	-3.1B	-2.6B	-342M	-633M	-177M
Operating cash flow	462M	-680M	988M	-2.2B	1.9B	-63M	92M	810M	2.1B	1.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-1.1B
Investing cash flow	176M	528M	949M	819M	-254M	-2.8B	41M	-288M	466M	-1.6B
Dividends paid	-76M	-38M	-37M	-32M	-295M	-319M	-332M	-381M	-405M	-411M
Share repurchases	-226M	-2M	-1.3B	-1.4B	-229M	-48M	-606M	-1.2B	-985M	-1.4B
Financing cash flow	-6.4B	-2.9B	-3.7B	-4.8B	1.8B	-3.5B	1B	-3.9B	-6.1B	1.3B
Net change in cash	-5.8B	-3B	-1.8B	-6.1B	3.4B	-6.4B	1.2B	-3.4B	-3.5B	1.6B
Free cash flow	1.4B	1.4B	989M	1.2B	1.6B	224M	-13M	-843M	1.8B	765M

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	343M	482M	511M	738M	-767M	643M	750M	-104M	152M	66M	125M	506M
Depreciation & amortization	324M	319M	268M	285M	261M	257M	218M	226M	223M	229M	277M	325M
Stock-based compensation	26M	14M	30M	—	25M	20M	29M	33M	21M	51M	41M	31M
Change in working capital	-330M	933M	-775M	-205M	486M	151M	-253M	-480M	-697M	719M	-366M	141M
Operating cash flow	430M	1.8B	49M	819M	133M	1.2B	748M	451M	484M	123M	-169M	1.1B
Capital expenditure	—	—	—	—	—	—	—	-378M	-254M	-298M	-317M	-338M
Investing cash flow	40M	1.8B	-16M	20M	483M	1M	86M	-944M	-259M	-303M	-7.1B	-684M
Dividends paid	-121M	-86M	-118M	-86M	-118M	-83M	-121M	-86M	-119M	-85M	-135M	-100M
Share repurchases	-53M	-1.1B	-23M	-102M	-236M	-624M	-354M	-326M	-364M	-359M	-560M	-470M
Financing cash flow	-654M	-2.8B	-288M	-391M	-350M	-714M	-458M	-297M	215M	4.1B	1.1B	4.3B
Net change in cash	-184M	783M	-255M	448M	266M	471M	376M	-790M	440M	3.9B	-6.1B	4.8B
Free cash flow	397M	137M	191M	949M	-88M	764M	635M	69M	234M	-170M	-486M	738M

NRG Energy, Inc. 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

Split history