NRG ENERGY, INC.

NRG 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 7,753 6,819 +13.7%
Show Product Lines breakouts
Total operating revenue 7,753 6,819 +13.7%
Total operating revenue · East 3,919 3,062 +28.0%
Total operating revenue · Intersegment Elimination 29 -11 +363.6%
Total operating revenue · Texas 2,478 2,354 +5.3%
Total operating revenue · West/Other 713 857 -16.8%
Show Business Segments breakouts
East · Operating Segments 3,919 3,062 +28.0%
Texas · Intersegment Elimination -6 -7 +14.3%
Texas · Operating Segments 2,478 2,354 +5.3%
Show — breakouts
Revenue 0 -4 +100.0%
Revenue 614 557 +10.2%
Revenue 2,150 2,005 +7.2%
Revenue 3,208 3,833 -16.3%
Show Consolidation Items breakouts
Intersegment Elimination 29 -11 +363.6%
Show Counterparty Name breakouts
Gladstone · Related Party 1 2 -50.0%
Ivanpah · Related Party 12 23 -47.8%
Midway-Sunset Cogeneration Company · Related Party 1 1 0.0%
Show Related Party Transactions By Related Party breakouts
Related Party 14 26 -46.2%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 6,330 4,871 +30.0%
Depreciation & Amortization 376 358 +5.0%
Show Business Segments breakouts
East · Operating Segments 38 41 -7.3%
Texas · Operating Segments 103 83 +24.1%
Show — breakouts
Depreciation & Amortization 228 221 +3.2%
Depreciation & Amortization -550 -462 -19.0%
Show Consolidation Items breakouts
Corporate Non Segment 9 10 -10.0%
Selling, General & Administrative 717 606 +18.3%
Business Combination Acquisition And Integration Costs 15 8 +87.5%
Total Costs & Expenses 7,438 5,864 +26.8%
Show Business Segments breakouts
East · Operating Segments 3,691 2,379 +55.1%
Texas · Operating Segments 2,354 2,082 +13.1%
Show — breakouts
Total Costs & Expenses 562 545 +3.1%
Total Costs & Expenses 1,517 2,624 -42.2%
Show Consolidation Items breakouts
Corporate Non Segment 48 26 +84.6%
Intersegment Elimination 29 -11 +363.6%
Gain Loss On Sale Of Other Assets -18 -1 -1700.0%
Show — breakouts
Gain Loss On Sale Of Other Assets -11 -217 +94.9%
Gain Loss On Sale Of Other Assets 0 -4 +100.0%
Operating Income 297 954 -68.9%
Show Business Segments breakouts
East · Operating Segments 228 686 -66.8%
Texas · Operating Segments 106 272 -61.0%
Show — breakouts
Operating Income 52 12 +333.3%
Operating Income 148 -30 +593.3%
Show Consolidation Items breakouts
Corporate Non Segment -48 -26 -84.6%
Income Loss From Equity Method Investments 7 7 0.0%
Show — breakouts
Income Loss From Equity Method Investments 7 7 0.0%
Other Non-Operating Income (Expense) 42 6 +600.0%
Show Business Segments breakouts
East · Operating Segments 0 0 —
Show — breakouts
Other Non-Operating Income (Expense) -19 -14 -35.7%
Other Non-Operating Income (Expense) 0 7 -100.0%
Show Consolidation Items breakouts
Corporate Non Segment 56 9 +522.2%
Gains Losses On Extinguishment Of Debt 0 -122 +100.0%
Show Consolidation Items breakouts
Corporate Non Segment 0 -122 +100.0%
Interest Expense -243 -123 -97.6%
Show Consolidation Items breakouts
Corporate Non Segment -243 -123 -97.6%
Non-Operating Income (Expense) -233 -239 +2.5%
Income Before Taxes 64 715 -91.0%
Show Business Segments breakouts
East · Operating Segments 228 686 -66.8%
Texas · Operating Segments 106 273 -61.2%
Show — breakouts
Income Before Taxes 38 7 +442.9%
Income Before Taxes 125 -1 +12600.0%
Show Consolidation Items breakouts
Corporate Non Segment -235 -262 +10.3%
Income Tax Expense (Benefit) -2 72 -102.8%
Show Consolidation Items breakouts
Corporate Non Segment -2 72 -102.8%
Net Income 66 643 -89.7%
Preferred Stock Dividends Income Statement Impact 16 16 0.0%
Net Income Loss Available To Common Stockholders Basic 50 627 -92.0%
Net Income Loss Available To Common Stockholders Diluted 50 627 -92.0%
Wtd Avg Shares (Basic) -1 -1 0.0%
Wtd Avg Shares (Diluted) -2 -1 -100.0%
EPS (Basic) 0.28 3.06 -90.8%
EPS (Diluted) 0.29 2.97 -90.2%
Revenue 7,682 6,761 +13.6%
Show Product Lines breakouts
Capacity revenue 85 44 +93.2%
Capacity revenue · East 85 36 +136.1%
Capacity revenue · Intersegment Elimination 0 0 —
Capacity revenue · West/Other 0 8 -100.0%
Energy revenue 98 110 -10.9%
Energy revenue · East 87 48 +81.2%
Energy revenue · Intersegment Elimination 0 -3 +100.0%
Energy revenue · Texas 11 6 +83.3%
Energy revenue · West/Other 0 59 -100.0%
Other revenue 52 82 -36.6%
Other revenue · East 11 30 -63.3%
Other revenue · Intersegment Elimination -1 -4 +75.0%
Other revenue · Texas 37 49 -24.5%
Other revenue · West/Other 5 7 -28.6%
Retail revenue · Business 4,484 3,676 +22.0%
Retail revenue · East 3,103 2,392 +29.7%
Retail revenue · East 640 598 +7.0%
Retail revenue · Home 3,042 2,946 +3.3%
Retail revenue · Intersegment Elimination 35 -5 +800.0%
Retail revenue · Texas 882 824 +7.0%
Retail revenue · Texas 1,548 1,475 +4.9%
Retail revenue · West/Other 499 460 +8.5%
Retail revenue · West/Other 205 321 -36.1%
Show Business Segments breakouts
East · Operating Segments 3,881 3,038 +27.7%
Texas · Operating Segments 2,480 2,353 +5.4%
West/Other · Operating Segments 794 874 -9.2%
Show — breakouts
Revenue 35 -5 +800.0%
Revenue 614 557 +10.2%
Revenue 13,520 11,259 +20.1%
Revenue 10,949 10,412 +5.2%
Revenue 2,197 2,003 +9.7%
Revenue 3,107 3,540 -12.2%
Revenue 494 502 -1.6%
Revenue 29,596 27,161 +9.0%
Show Consolidation Items breakouts
Intersegment Elimination 33 -6 +650.0%
Net Income 66 643 -89.7%
Show Business Segments breakouts
East · Operating Segments 228 686 -66.8%
Texas · Operating Segments 106 273 -61.2%
Show — breakouts
Net Income 38 7 +442.9%
Net Income 125 -1 +12600.0%
Show Consolidation Items breakouts
Corporate Non Segment -233 -334 +30.2%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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
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
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
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
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
West/Other · Operating Segments 16 45 -64.4%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
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
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
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
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
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
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
Senior Lien · Secured Debt 5 — —
Show Long-Term Debt Type breakouts
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
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

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 229 257 -10.9%
Capitalized Contract Cost Amortization 147 101 +45.5%
Show Product Lines breakouts
Other revenue 2 4 -50.0%
Other revenue · East 2 4 -50.0%
Show Capitalized Contract Cost breakouts
Contract Cost, Acquisitions 86 63 +36.5%
Contract Cost, Fulfillment 61 38 +60.5%
Provision For Doubtful Accounts 71 86 -17.4%
Amortization Of Financing Costs And Discounts 27 7 +285.7%
Amortization Of Intangibles In The Money Contracts And Retirement Of R E Cs 22 22 0.0%
Stock-Based Compensation 51 20 +155.0%
Increase Decrease In Derivative Assets And Liabilities 3 -605 +100.5%
Increase Decrease In Income Taxes 4 31 -87.1%
Changes In Collateral Deposits Supporting Energy Risk Management Activities -69 325 -121.2%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions -6 -7 +14.3%
Increase Decrease In Other Operating Capital Net 781 400 +95.2%
Net Cash from Operations 123 952 -87.1%
Investing Activities
Capital Expenditures -298 -186 -60.2%
Payments For Proceeds From Intangible Assets 5 -2 +350.0%
Net Cash from Investing -298 -187 -59.4%
Financing Activities
Tax Withholding for Share Compensation -6 -5 -20.0%
Share Repurchases -353 -619 +43.0%
Repayments Of Other Debt -756 -2,295 +67.1%
Debt Issuance Costs -23 -32 +28.1%
Payments For Proceeds From Derivative Instrument Financing Activities 8 -1 +900.0%
Proceeds From Long Term Lines Of Credit 0 0 —
Repayments Of Long Term Lines Of Credit 0 0 —
Net Cash from Financing 4,086 -714 +672.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2 -4 +150.0%
Net Change in Cash 3,913 47 +8225.5%
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.

This table is rendered from the same JSON returned by /api/financials.

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