NRG ENERGY, INC.
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NRG FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 30,713 | 28,130 | +9.2% |
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| Total operating revenue | 30,713 | 28,130 | +9.2% |
| Total operating revenue · East | 14,263 | 11,709 | +21.8% |
| Total operating revenue · Intersegment Elimination | -35 | -40 | +12.5% |
| Total operating revenue · Texas | 11,139 | 10,651 | +4.6% |
| Total operating revenue · Vivint Smart Home | 2,144 | 1,991 | +7.7% |
| Total operating revenue · West/Other | 3,202 | 3,819 | -16.2% |
Show Business Segments breakouts |
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| East · Intersegment Elimination | -6 | — | — |
| East · Operating Segments | 14,263 | 11,709 | +21.8% |
| Texas · Intersegment Elimination | -23 | -22 | -4.5% |
| Texas · Operating Segments | 11,139 | 10,651 | +4.6% |
| Vivint Smart Home · Operating Segments | 2,144 | 1,991 | +7.7% |
| West/Other · Intersegment Elimination | -6 | -18 | +66.7% |
| West/Other · Operating Segments | 3,202 | 3,819 | -16.2% |
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| Intersegment Elimination | -35 | -40 | +12.5% |
Show Counterparty Name breakouts |
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| Gladstone · Related Party | 3 | 4 | -25.0% |
| Ivanpah · Related Party | 50 | 60 | -16.7% |
| Midway-Sunset Cogeneration Company · Related Party | 5 | 4 | +25.0% |
Show Related Party Transactions By Related Party breakouts |
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| Related Party | 58 | 68 | -14.7% |
| Cost Of Goods And Service Excluding Depreciation Depletion And Amortization | 24,761 | 22,100 | +12.0% |
| Depreciation & Amortization | 1,406 | 1,403 | +0.2% |
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| East · Operating Segments | 148 | 158 | -6.3% |
| Texas · Operating Segments | 374 | 323 | +15.8% |
| Vivint Smart Home · Operating Segments | 810 | 782 | +3.6% |
| West/Other · Operating Segments | 32 | 99 | -67.7% |
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| Corporate Non Segment | 42 | 41 | +2.4% |
| Selling, General & Administrative | 2,602 | 2,345 | +11.0% |
| Business Combination Acquisition And Integration Costs | 74 | 30 | +146.7% |
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| LS Power Portfolio | 32 | — | — |
| Texas Generation Portfolio | 5 | — | — |
| Total Costs & Expenses | 28,843 | 25,914 | +11.3% |
Show Business Segments breakouts |
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| East · Operating Segments | 13,557 | 9,906 | +36.9% |
| Texas · Operating Segments | 10,008 | 10,113 | -1.0% |
| Vivint Smart Home · Operating Segments | 2,091 | 1,867 | +12.0% |
| West/Other · Operating Segments | 3,046 | 3,946 | -22.8% |
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| Corporate Non Segment | 176 | 122 | +44.3% |
| Intersegment Elimination | -35 | -40 | +12.5% |
| Gain Loss On Sale Of Other Assets | -25 | 208 | -112.0% |
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| Texas · Operating Segments | -18 | -4 | -350.0% |
| West/Other · Operating Segments | -7 | 209 | -103.3% |
| Operating Income | 1,845 | 2,424 | -23.9% |
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| East · Operating Segments | 706 | 1,806 | -60.9% |
| Texas · Operating Segments | 1,113 | 534 | +108.4% |
| Vivint Smart Home · Operating Segments | 53 | 124 | -57.3% |
| West/Other · Operating Segments | 149 | 82 | +81.7% |
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| Corporate Non Segment | -176 | -122 | -44.3% |
| Income Loss From Equity Method Investments | 11 | 20 | -45.0% |
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| West/Other · Operating Segments | 11 | 20 | -45.0% |
| Equity Method Investment Other Than Temporary Impairment | -39 | -7 | -457.1% |
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| West/Other · Operating Segments | -39 | -7 | -457.1% |
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts |
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| Gladstone | -39 | — | — |
| Other Non-Operating Income (Expense) | 68 | 44 | +54.5% |
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| East · Operating Segments | 4 | -1 | +500.0% |
| Texas · Operating Segments | -1 | — | — |
| Vivint Smart Home · Operating Segments | -20 | -15 | -33.3% |
| West/Other · Operating Segments | -1 | 6 | -116.7% |
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| Corporate Non Segment | 86 | 54 | +59.3% |
| Gains Losses On Extinguishment Of Debt | -10 | -382 | +97.4% |
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| Corporate Non Segment | -10 | -382 | +97.4% |
| Interest Expense | -741 | -651 | -13.8% |
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| Corporate Non Segment | -741 | -651 | -13.8% |
| Non-Operating Income (Expense) | -711 | -976 | +27.2% |
| Income Before Taxes | 1,134 | 1,448 | -21.7% |
Show Business Segments breakouts |
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| East · Operating Segments | 710 | 1,805 | -60.7% |
| Texas · Operating Segments | 1,112 | 534 | +108.2% |
| Vivint Smart Home · Operating Segments | 33 | 109 | -69.7% |
| West/Other · Operating Segments | 120 | 101 | +18.8% |
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| Corporate Non Segment | -841 | -1,101 | +23.6% |
| Income Tax Expense (Benefit) | 270 | 323 | -16.4% |
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| Corporate Non Segment | 270 | 323 | -16.4% |
| Net Income | 864 | 1,125 | -23.2% |
| Preferred Stock Dividends Income Statement Impact | 67 | 67 | 0.0% |
| Net Income Loss Available To Common Stockholders Basic | 797 | 1,058 | -24.7% |
| Net Income Loss Available To Common Stockholders Diluted | 797 | 1,058 | -24.7% |
| Wtd Avg Shares (Basic) | 195 | 206 | -5.3% |
| Wtd Avg Shares (Diluted) | 199 | 212 | -6.1% |
| EPS (Basic) | 4.09 | 5.14 | -20.4% |
| EPS (Diluted) | 4.01 | 4.99 | -19.6% |
| Revenue | 30,347 | 27,748 | +9.4% |
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| Capacity revenue | 280 | 177 | +58.2% |
| Capacity revenue · East | 267 | 156 | +71.2% |
| Capacity revenue · Intersegment Elimination | -1 | -3 | +66.7% |
| Capacity revenue · West/Other | 14 | 24 | -41.7% |
| Energy revenue | 590 | 500 | +18.0% |
| Energy revenue · East | 441 | 242 | +82.2% |
| Energy revenue · Intersegment Elimination | -1 | -12 | +91.7% |
| Energy revenue · Texas | 49 | 41 | +19.5% |
| Energy revenue · West/Other | 101 | 229 | -55.9% |
| Other revenue | 294 | 336 | -12.5% |
| Other revenue · East | 87 | 114 | -23.7% |
| Other revenue · Intersegment Elimination | -10 | -12 | +16.7% |
| Other revenue · Texas | 194 | 210 | -7.6% |
| Other revenue · West/Other | 23 | 24 | -4.2% |
| Retail revenue · Business | 16,576 | 14,203 | +16.7% |
| Retail revenue · East | 10,965 | 8,794 | +24.7% |
| Retail revenue · East | 2,502 | 2,453 | +2.0% |
| Retail revenue · Home | 12,967 | 12,946 | +0.2% |
| Retail revenue · Intersegment Elimination | -18 | -17 | -5.9% |
| Retail revenue · Texas | 3,724 | 3,564 | +4.5% |
| Retail revenue · Texas | 7,172 | 6,836 | +4.9% |
| Retail revenue · Vivint Smart Home | 2,144 | 1,991 | +7.7% |
| Retail revenue · West/Other | 1,887 | 1,845 | +2.3% |
| Retail revenue · West/Other | 1,167 | 1,683 | -30.7% |
| Total retail revenue | 29,543 | 27,149 | +8.8% |
| Total retail revenue · East | 13,467 | 11,247 | +19.7% |
| Total retail revenue · Intersegment Elimination | -18 | -17 | -5.9% |
| Total retail revenue · Texas | 10,896 | 10,400 | +4.8% |
| Total retail revenue · Vivint Smart Home | 2,144 | 1,991 | +7.7% |
| Total retail revenue · West/Other | 3,054 | 3,528 | -13.4% |
Show Business Segments breakouts |
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| East · Operating Segments | 14,060 | 11,484 | +22.4% |
| Texas · Operating Segments | 11,108 | 10,621 | +4.6% |
| Vivint Smart Home · Operating Segments | 2,024 | 1,936 | +4.5% |
| West/Other · Operating Segments | 3,184 | 3,738 | -14.8% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -29 | -31 | +6.5% |
| Net Income | 864 | 1,125 | -23.2% |
Show Business Segments breakouts |
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| East · Operating Segments | 710 | 1,805 | -60.7% |
| Texas · Operating Segments | 1,112 | 534 | +108.2% |
| Vivint Smart Home · Operating Segments | 33 | 109 | -69.7% |
| West/Other · Operating Segments | 120 | 101 | +18.8% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | -1,111 | -1,424 | +22.0% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 4,708 | 966 | +387.4% |
| Funds Deposited By Counterparties | 260 | 199 | +30.7% |
| Restricted Cash And Cash Equivalents At Carrying Value | 30 | 8 | +275.0% |
| Accounts Receivable | 4,065 | 3,488 | +16.5% |
| Inventory | 461 | 478 | -3.6% |
| Derivative Instruments And Hedges | 2,189 | 2,686 | -18.5% |
| Derivative Liability Not Subject To Master Netting Arrangement Collateral Right To Reclaim Cash Not Offset | 365 | 309 | +18.1% |
| Prepaid Expenses & Other Current Assets | 1,069 | 830 | +28.8% |
| Total Current Assets | 13,147 | 8,964 | +46.7% |
| Non-Current Assets | |||
| Operating Lease Right-of-Use Assets | 130 | 151 | -13.9% |
| Goodwill | 5,017 | 5,011 | +0.1% |
Show Business Segments breakouts |
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| East | 721 | 721 | 0.0% |
| East · Operating Segments | 721 | 721 | 0.0% |
| Texas | 643 | 643 | 0.0% |
| Texas · Operating Segments | 643 | 643 | 0.0% |
| Vivint Smart Home | 3,523 | 3,523 | 0.0% |
| Vivint Smart Home · Operating Segments | 3,523 | 3,523 | 0.0% |
| West/Other | 130 | 124 | +4.8% |
| West/Other · Operating Segments | 130 | 124 | +4.8% |
| Intangible Assets | 2,309 | 2,908 | -20.6% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer and Supply Contracts | 157 | 207 | -24.2% |
| Customer Relationships | 1,203 | 1,538 | -21.8% |
| Emission Allowances | 79 | 87 | -9.2% |
| Marketing Partnerships | 78 | 101 | -22.8% |
| Other | 249 | 213 | +16.9% |
| Other Intangible Assets | 1,106 | 1,370 | -19.3% |
| Technology Based Intangible Assets | 228 | 404 | -43.6% |
| Trade Names | 315 | 358 | -12.0% |
| Derivative Instruments And Hedges Noncurrent | 1,568 | 1,710 | -8.3% |
| Deferred Tax Assets | 1,843 | 2,067 | -10.8% |
| Other Non-Current Assets | 1,478 | 1,145 | +29.1% |
| Regulated Entity Other Assets Noncurrent | 12,361 | 13,037 | -5.2% |
| Total Assets | 29,140 | 24,022 | +21.3% |
Show Business Segments breakouts |
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| East · Operating Segments | 9,731 | 8,010 | +21.5% |
| Texas · Operating Segments | 9,286 | 6,927 | +34.1% |
| Vivint Smart Home · Operating Segments | 6,752 | 6,814 | -0.9% |
| West/Other · Operating Segments | 2,724 | 2,073 | +31.4% |
Show Consolidation Items breakouts |
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| Corporate Non Segment | 20,951 | 15,537 | +34.8% |
| Intersegment Elimination | -20,304 | -15,339 | -32.4% |
| Other Assets | |||
| Public Utilities Property Plant And Equipment Net | 3,632 | 2,021 | +79.7% |
| Equity Method Investments | 16 | 45 | -64.4% |
Show Business Segments breakouts |
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| West/Other · Operating Segments | 16 | 45 | -64.4% |
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts |
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| Midway-Sunset Cogeneration Company | 16 | — | — |
| Current Liabilities | |||
| Long Term Debt And Capital Lease Obligations Current | 31 | 996 | -96.9% |
| Operating Lease Liability Current | 35 | 66 | -47.0% |
| Accounts Payable | 2,834 | 2,513 | +12.8% |
| Derivative Liabilities Current | 2,257 | 2,297 | -1.7% |
| Derivative Asset Not Subject To Master Netting Arrangement Collateral Obligation To Return Cash Not Offset | 260 | 199 | +30.7% |
| Deferred Revenue (Current) | 748 | 711 | +5.2% |
| Accrued Liabilities | 1,864 | 2,031 | -8.2% |
| Total Current Liabilities | 8,029 | 8,813 | -8.9% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 155 | 155 | 0.0% |
| Non-Current Liabilities | |||
| Operating Lease Liabilities | 144 | 117 | +23.1% |
| Derivative Liabilities Noncurrent | 1,103 | 1,107 | -0.4% |
| Deferred Tax Liabilities | 15 | 12 | +25.0% |
| Contract With Customer Liability Noncurrent | 895 | 862 | +3.8% |
| Other Non-Current Liabilities | 861 | 821 | +4.9% |
| Liabilities Noncurrent | 19,430 | 12,731 | +52.6% |
| Total Liabilities | 27,459 | 21,544 | +27.5% |
| Long-Term Debt (Q) | — | — | — |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level2 | 16,033 | 10,761 | +49.0% |
| Fair Value Inputs Level2 · Other long-term debt, including current portion | 16,033 | 10,252 | +56.4% |
| Fair Value Inputs Level3 | 372 | — | — |
| Fair Value Inputs Level3 · Other long-term debt, including current portion | 372 | — | — |
Show Debt Instrument breakouts |
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| 3.375% Senior Unsecured Notes Due 2029 [Member] · Recourse Debt | 500 | 500 | 0.0% |
| 4.00% Indian River Power 2020 Tax Exempt Bonds Due 2040 | 57 | — | — |
| 4.000% Indian River Power 2020 Tax Exempt Bonds Due 2045 | 190 | — | — |
| 5.250% Senior Notes, due 2029 · Recourse Debt | 733 | 733 | 0.0% |
| 5.750% Senior Notes Due 2034 · Recourse Debt | 1,250 | — | — |
| 6.000% Senior Notes due 2036 · Recourse Debt | 2,400 | — | — |
| Cedar Bayou 5 TEF loan, due 2045 · Recourse Debt | 255 | — | — |
| City of Texas City, tax exempt bonds, due 2045 | 33 | 33 | 0.0% |
| Fort Bend County, tax exempt bonds, due 2038 | 54 | 54 | 0.0% |
| Fort Bend County, tax exempt bonds, due 2042 | 73 | 73 | 0.0% |
| Greens Bayou 6 TEF loan, due 2045 · Recourse Debt | 90 | — | — |
| NRG Dunkirk 2020, tax exempt bonds, due 2042 | 59 | 59 | 0.0% |
| Senior Notes, due 2028 · Recourse Debt | 821 | 821 | 0.0% |
| Senior Notes, due 2029 · Recourse Debt | 798 | 798 | 0.0% |
| Senior Notes, due 2031 · Recourse Debt | 1,030 | 1,030 | 0.0% |
| Senior Notes, due 2032 · Recourse Debt | 480 | 480 | 0.0% |
| Senior Notes, due 2033 · Recourse Debt | 925 | 925 | 0.0% |
| Senior Notes, due 2034 · Recourse Debt | 950 | 950 | 0.0% |
| Senior Secured First Lien Notes, due 2027 · Recourse Debt | 900 | 900 | 0.0% |
| Senior Secured First Lien Notes, due 2029 · Recourse Debt | 500 | 500 | 0.0% |
| Senior Secured First Lien Notes, due 2030 · Recourse Debt | 625 | — | — |
| Senior Secured First Lien Notes, due 2033 · Recourse Debt | 740 | 740 | 0.0% |
| Senior Secured First Lien Notes, due 2035 · Recourse Debt | 625 | — | — |
| T.H. Wharton TEF loan, due 2045 · Recourse Debt | 189 | — | — |
| Tax-exempt bonds | 466 | 466 | 0.0% |
| Tax-exempt bonds · Recourse Debt | 466 | 466 | 0.0% |
| Term Loan B, due 2031 · Recourse Debt | 2,299 | 1,317 | +74.6% |
Show Financial Instrument breakouts |
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| Other Debt Securities · Carrying Reported Amount Fair Value Disclosure | 16,565 | 10,648 | +55.6% |
| Other Debt Securities · Estimate Of Fair Value Fair Value Disclosure | 16,405 | 10,252 | +60.0% |
Show Fair Value By Measurement Basis breakouts |
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| Carrying Reported Amount Fair Value Disclosure | 16,565 | 10,880 | +52.3% |
| Estimate Of Fair Value Fair Value Disclosure | 16,405 | 10,761 | +52.4% |
Show Lien Category breakouts |
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| Senior Lien · Secured Debt | 5 | — | — |
Show Long-Term Debt Type breakouts |
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| Recourse Debt | 16,576 | 10,892 | +52.2% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 16,412 | 9,812 | +67.3% |
| Stockholders' Equity | |||
| Preferred Stock Value | 650 | 650 | 0.0% |
| Common Stock | 2 | 2 | 0.0% |
| Additional Paid In Capital Common Stock | 215 | 705 | -69.5% |
| Retained Earnings | 1,982 | 1,535 | +29.1% |
| Treasury Stock Value | -1,087 | -297 | -266.0% |
| Accumulated Other Comprehensive Income | -81 | -117 | +30.8% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 1,681 | 2,478 | -32.2% |
Show Equity Components breakouts |
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| Accumulated Other Comprehensive Income | -81 | -117 | +30.8% |
| Additional Paid In Capital | 215 | 705 | -69.5% |
| Common Stock | 2 | 2 | 0.0% |
| Preferred Stock | 650 | 650 | 0.0% |
| Retained Earnings | 1,982 | 1,535 | +29.1% |
| Treasury Stock Common | -1,087 | -297 | -266.0% |
| Total Liabilities & Equity | 29,140 | 24,022 | +21.3% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation Amortization And Accretion Net | 896 | 1,071 | -16.3% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Other | 0 | 15 | -100.0% |
| Capitalized Contract Cost Amortization | 510 | 332 | +53.6% |
Show Product Lines breakouts |
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| Other revenue | 6 | 29 | -79.3% |
| Other revenue · East | 6 | 27 | -77.8% |
Show Capitalized Contract Cost breakouts |
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| Contract Cost, Acquisitions | 303 | 212 | +42.9% |
| Contract Cost, Fulfillment | 207 | 120 | +72.5% |
| Accretion Expense Including Asset Retirement Obligations | 29 | 34 | -14.7% |
| Provision For Doubtful Accounts | 272 | 314 | -13.4% |
| Amortization Of Financing Costs And Discounts | 51 | 39 | +30.8% |
| Gains Losses On Extinguishment Of Debt Non Cash Portion | 10 | 382 | -97.4% |
| Amortization Of Intangibles In The Money Contracts And Retirement Of R E Cs | 97 | 105 | -7.6% |
| Stock-Based Compensation | 134 | 102 | +31.4% |
| Gain Loss On Disposition Of Assets1 | 25 | -192 | +113.0% |
| Gain Loss On Proceeds From Insurance Recoveries For Property Plant And Equipment Net | -100 | — | — |
| Asset Impairment Charges Including Equity Method Investments | 39 | 43 | -9.3% |
| Increase Decrease In Derivative Assets And Liabilities | 450 | -337 | +233.5% |
| Increase Decrease In Income Taxes | 213 | 165 | +29.1% |
| Changes In Collateral Deposits Supporting Energy Risk Management Activities | 7 | 245 | -97.1% |
| Income Loss From Equity Method Investments Net Of Dividends Or Distributions | -8 | -13 | +38.5% |
| Change in Accounts Receivable | -760 | -366 | -107.7% |
| Change in Inventory | 30 | 111 | -73.0% |
| Change in Prepaid & Other Assets | -757 | -539 | -40.4% |
| Change in Accounts Payable | 192 | 170 | +12.9% |
| Increase Decrease Accrued Expenses And Other Current Liabilities Operating | 28 | 136 | -79.4% |
| Increase Decrease In Other Operating Capital Net | -309 | -621 | +50.2% |
| Net Cash from Operations | 1,913 | 2,306 | -17.0% |
| Deferred Income Taxes | 222 | 181 | +22.7% |
| Investing Activities | |||
| Payments To Acquire Assets And Businesses Net Of Cash Acquired | -596 | -38 | -1468.4% |
| Capital Expenditures | -1,147 | -472 | -143.0% |
| Proceeds From Sale Of Other Productive Assets | 6 | 501 | -98.8% |
| Payments For Proceeds From Intangible Assets | -1 | -18 | +94.4% |
| Proceeds From Insurance Recoveries For Property Plant And Equipment Net | 100 | 3 | +3233.3% |
| Net Cash from Investing | -1,638 | -24 | -6725.0% |
| Financing Activities | |||
| Tax Withholding for Share Compensation | -92 | -50 | -84.0% |
| Share Repurchases | -1,311 | -935 | -40.2% |
| Payments For Proceeds From Hedge Financing Activities | -292 | — | — |
| Payments Of Dividends Common Stock | -411 | -405 | -1.5% |
| Proceeds From Issuance Of Senior Long Term Debt | 6,676 | 3,200 | +108.6% |
| Repayments Of Other Debt | -1,005 | -3,255 | +69.1% |
| Debt Issuance Costs | -78 | -45 | -73.3% |
| Payments For Proceeds From Derivative Instrument Financing Activities | 59 | -3 | +2066.7% |
| Proceeds From Long Term Lines Of Credit | 1,575 | 1,050 | +50.0% |
| Repayments Of Long Term Lines Of Credit | -1,575 | -1,050 | -50.0% |
| Net Cash from Financing | 3,546 | -1,755 | +302.1% |
| Supplemental | |||
| Income Taxes Paid | 67 | 182 | -63.2% |
| Interest Paid | 572 | 626 | -8.6% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 4 | -3 | +233.3% |
| Net Change in Cash | 3,825 | 524 | +630.0% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 4,998 | 1,173 | +326.1% |
Values in millions USD. Source: SEC EDGAR 10-K filing.