Clearway Energy (CWEN) Q3 FY2026 earnings: revenue $522 million, up 21.7% on the year

Clearway Energy, Inc. (CWEN) reported revenue of $522 million for Q3 FY2026, the quarter ended 30 September 2026, up 21.7% on the same quarter a year earlier. Net income was $51 million, down 78.0% on the year as the company restated it, and diluted earnings per share $0.42. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$522 million

+21.7% on the year · +8.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

25.9%

26.1% a year earlier

Q4 FY2024Q3 FY2026

Net income

$51 million

-78.4% on the year · -58.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.42

-79.0% on the year · -58.0% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 10 new, 6 kept.

Net income and EBITDA rose: Q3 net income was $123 million against $60 million a year earlier, and Adjusted EBITDA was $435 million against $385 million. Management attributed the increases to growth investments. Net income also reflected mark-to-market on interest rate swaps.
CAFD in line, operating cash up: CAFD was $173 million against $166 million, and cash from operating activities was $324 million against $225 million. Management tied the CAFD result to higher EBITDA.
Guidance kept and 2027 range set: The 2026 CAFD range of $430 million to $470 million was reiterated. A 2027 CAFD range of $520 million to $590 million was established.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	522	481	429	+8.5%	+21.7%
Cost of revenue	167	149	128	+12.1%	+30.5%
Gross profit	355	332	301	+6.9%	+17.9%
Gross margin	68.0%	69.0%	70.2%
Operating income	135	116	112	+16.4%	+20.5%
Operating margin	25.9%	24.1%	26.1%
Interest expense	43.0	105	98.0	-59.0%	-56.1%
Pre-tax income	133	27.0	29.0	+392.6%	+358.6%
Income tax	10.0	-3.0	-31.0
Effective tax rate	7.5%	-11.1%	-106.9%
Net income	51.0	122	236	-58.2%	-78.4%
Net margin	9.8%	25.4%	55.0%
Diluted EPS	$0.42	$1.00	$2.00	-58.0%	-79.0%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	324	214	225	+51.4%	+44.0%
Capital expenditure	248	84.0	81.0	+195.2%	+206.2%
Free cash flow	76.0	130	144	-41.5%	-47.2%
Free cash flow margin	14.6%	27.0%	33.6%
Cash from investing	-239	-216	-341
Cash from financing	118	-135	-29.0
Depreciation and amortisation	198	196	176	+1.0%	+12.5%
Dividends paid	98.0	95.0	90.0	+3.2%	+8.9%
Shares outstanding at period end	205m	205m	202m	+0.0%	+1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	5,644	5,473	5,715	+3.1%	-1.2%
Redeemable equity	123	124	74.0	-0.8%	+66.2%
Debt	9,436	9,061	8,426	+4.1%	+12.0%
Operating lease liabilities	823	829	792	-0.7%	+3.9%
Other liabilities	1,347	1,285	1,059	+4.8%	+27.2%
Total liabilities and equity	17,373	16,772	16,066	+3.6%	+8.1%
Fixed assets	12,111	11,686	11,296	+3.6%	+7.2%
Cash and equivalents	333	251	251	+32.7%	+32.7%
Inventory	89.0	88.0	71.0	+1.1%	+25.4%
Other assets	4,840	4,747	4,448	+2.0%	+8.8%
Total assets	17,373	16,772	16,066	+3.6%	+8.1%

Questions

What was Clearway Energy's revenue in Q3 FY2026?

Clearway Energy (CWEN) reported revenue of $522 million for Q3 FY2026, the quarter ended 30 September 2026, up 21.7% on the same quarter a year earlier.

How much did Clearway Energy earn in Q3 FY2026?

Net income for Q3 FY2026 was $51 million, down 78.0% on the year, and diluted earnings per share $0.42.

When did Clearway Energy report Q3 FY2026 results?

Clearway Energy filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	318	214	368	340	268	288	406	371	249	263	366	486	256	298	392	429	310	354	481	522
Cost of revenue	117	128	112	98.0	97.0	108	118	134	113	126	117	135	123	122	131	128	149	134	149	167
Gross profit	201	86.0	256	242	171	180	288	237	136	137	249	351	133	176	261	301	161	220	332	355
Gross margin	63%	40%	70%	71%	64%	62%	71%	64%	55%	52%	68%	72%	52%	59%	67%	70%	52%	62%	69%	68%
Operating income	59.0	-53.0	1,406	105	12.0	42.0	149	94.0	-22.0	-29.0	84.0	178	-37.0	0.0	85.0	112	-37.0	20.0	116	135
Operating margin	19%	-25%	382%	31%	4%	15%	37%	25%	-9%	-11%	23%	37%	-14%	0%	22%	26%	-12%	6%	24%	26%
Interest expense	80.0	47.0	47.0	49.0	89.0	99.0	55.0	48.0	135	57.0	88.0	139	23.0	116	83.0	98.0	90.0	101	105	43.0
Pre-tax income	-32.0	-98.0	1,374	75.0	-69.0	-52.0	106	72.0	-142	-59.0	14.0	60.0	-48.0	-104	17.0	29.0	-117	-70.0	27.0	133
Tax rate	n/a	n/a	16%	17%	n/a	n/a	21%	79%	n/a	n/a	71%	55%	n/a	n/a	29%	-107%	n/a	n/a	-11%	8%
Net income	-8.0	-32.0	570	32.0	12.0	0.0	38.0	4.0	37.0	-2.0	51.0	36.0	3.0	4.0	33.0	236	-104	-163	122	51.0
Net margin	-3%	-15%	155%	9%	4%	0%	9%	1%	15%	-1%	14%	7%	1%	1%	8%	55%	-34%	-46%	25%	10%
Diluted EPS	-$0.07	-$0.28	$4.89	$0.28	$0.10	$0.00	$0.33	$0.03	$0.31	-$0.02	$0.43	$0.31	$0.03	$0.03	$0.28	$2.00	-$0.88	-$1.35	$1.00	$0.42
Operating cash flow	172	93.0	186	328	180	75.0	134	287	206	81.0	196	301	192	95.0	191	225	177	401	214	324
Capital expenditure	27.0	47.0	34.0	14.0	17.0	88.0	21.0	34.0	69.0	98.0	104	35.0	50.0	56.0	76.0	81.0	106	75.0	84.0	248
Free cash flow	145	46.0	152	314	163	-13.0	113	253	137	-17.0	92.0	266	142	39.0	115	144	71.0	326	130	76.0
Dividends paid	69.0	70.0	71.0	73.0	75.0	76.0	77.0	78.0	80.0	81.0	83.0	85.0	85.0	87.0	89.0	90.0	92.0	95.0	95.0	98.0
Shares outstanding	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	202m	204m	205m	205m	205m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.