Clearway Energy (CWEN) FY2025 results: revenue $1.4 billion, up 4.2% on the year

Clearway Energy, Inc. (CWEN) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 4.2% on the year before. Net income was $169 million, up 92.0%, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue

$1.4 billion

+4.2% on the year

FY2018FY2025

Operating margin

11.2%

14.3% a year earlier

FY2018FY2025

Net income

$169 million

+92.0% on the year

FY2018FY2025

Diluted EPS

$1.43

+90.7% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	1,429	1,371	1,314	+4.2%
Cost of revenue	530	501	473	+5.8%
Gross profit	899	870	841	+3.3%
Gross margin	62.9%	63.5%	64.0%
Operating income	160	196	263	-18.4%
Operating margin	11.2%	14.3%	20.0%
Interest expense	387	307	337	+26.1%
Pre-tax income	-175	-33.0	-16.0
Income tax	56.0	30.0	-2.0	+86.7%
Net income	169	88.0	79.0	+92.0%
Net margin	11.8%	6.4%	6.0%
Diluted EPS	$1.43	$0.75	$0.67	+90.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	688	770	702	-10.6%
Capital expenditure	319	287	212	+11.1%
Free cash flow	369	483	490	-23.6%
Free cash flow margin	25.8%	35.2%	37.3%
Cash from investing	-803	-725	-523
Cash from financing	200	-363	-124
Depreciation and amortisation	682	627	526	+8.8%
Dividends paid	358	334	311	+7.2%
Diluted shares, weighted	35m	35m	35m	0.0%
Shares outstanding at period end	204m	202m	202m	+0.8%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	5,811	5,564	4,994	+4.4%
Redeemable equity	103	0.0	1.0
Debt	8,674	7,235	8,099	+19.9%
Operating lease liabilities	796	569	627	+39.9%
Other liabilities	1,271	961	980	+32.3%
Total liabilities and equity	16,655	14,329	14,701	+16.2%
Fixed assets	11,596	9,944	9,526	+16.6%
Intangible assets	2,360	2,193	2,374	+7.6%
Cash and equivalents	231	332	535	-30.4%
Inventory	75.0	64.0	55.0	+17.2%
Other assets	2,393	1,796	2,211	+33.2%
Total assets	16,655	14,329	14,701	+16.2%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.