NRG Energy (NRG) Q3 FY2025 earnings: revenue $7.6 billion, up 5.7% on the year

NRG Energy, Inc. (NRG) reported revenue of $7.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 5.7% on the same quarter a year earlier. Net income was $152 million, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2025.

Revenue

$7.6 billion

+5.7% on the year · +13.3% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

5.4%

-11.2% a year earlier

Q4 FY2023Q3 FY2025

Net income

$152 million

Q4 FY2023Q3 FY2025

Diluted EPS

$0.69

Q4 FY2023Q3 FY2025

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

What management said

Guidance figures: 5 raised, 7 new, 1 kept.

Adjusted EPS up $0.68 to $2.78: Adjusted EPS was $2.78 for the quarter, $0.68 above the prior year. Adjusted net income was $537 million, $103 million higher than the prior year.
Adjusted EBITDA rose $150 million: Adjusted EBITDA was $1,205 million, up $150 million from $1,055 million a year earlier, and drove the rise in Adjusted net income.
Texas Adjusted EBITDA up $223 million: Texas Adjusted EBITDA was $807 million for the quarter. Nine-month Texas Adjusted EBITDA was $1,618 million, $363 million higher than the prior year.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	7,635	6,740	7,223	+13.3%	+5.7%
Cost of revenue	6,241	5,629	7,239	+10.9%	-13.8%
Gross profit	1,394	1,111	-16.0	+25.5%
Gross margin	18.3%	16.5%	-0.2%
Selling, general and administrative	612	724	645	-15.5%	-5.1%
Operating income	414	0.0	-812
Operating margin	5.4%	0.0%	-11.2%
Interest expense	187	148	213	+26.4%	-12.2%
Pre-tax income	238	-153	-1,014
Income tax	86.0	-49.0	-247
Effective tax rate	36.1%	n/a	n/a
Net income	152	-104	-767
Net margin	2.0%	-1.5%	-10.6%
Diluted EPS	$0.69	-$0.62	-$3.79

$ 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 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	484	451	31.0	+7.3%	+1,461.3%
Capital expenditure	254	378	114	-32.8%	+122.8%
Free cash flow	230	73.0	-83.0	+215.1%
Free cash flow margin	3.0%	1.1%	-1.1%
Cash from investing	-258	-948	364
Cash from financing	215	-297	-350
Depreciation and amortisation	360	344	352	+4.7%	+2.3%
Share-based compensation	21.0	33.0	25.0	-36.4%	-16.0%
Buybacks	355	289	226	+22.8%	+57.1%
Dividends paid	119	86.0	118	+38.4%	+0.8%
Dividend per share	$0.44	$0.44	$0.41	0.0%	+8.0%
Diluted shares, weighted	195m	196m	207m	-0.5%	-5.8%
Shares outstanding at period end	192m	195m	205m	-1.2%	-6.2%

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 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	1,970	2,288	2,520	-13.9%	-21.8%
Debt	11,932	10,944	10,858	+9.0%	+9.9%
Operating lease liabilities	143	134	125	+6.7%	+14.4%
Other liabilities	9,926	10,722	10,221	-7.4%	-2.9%
Total liabilities and equity	23,971	24,088	23,724	-0.5%	+1.0%
Goodwill	5,015	5,017	5,018	-0.0%	-0.1%
Securities held for sale or to maturity	30.0	28.0	26.0	+7.1%	+15.4%
Cash and equivalents	732	180	1,104	+306.7%	-33.7%
Receivables	3,332	3,421	3,258	-2.6%	+2.3%
Inventory	452	451	540	+0.2%	-16.3%
Other assets	14,410	14,991	13,778	-3.9%	+4.6%
Total assets	23,971	24,088	23,724	-0.5%	+1.0%

Questions

What was NRG Energy's revenue in Q3 FY2025?

NRG Energy (NRG) reported revenue of $7.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 5.7% on the same quarter a year earlier.

How much did NRG Energy earn in Q3 FY2025?

Net income for Q3 FY2025 was $152 million, and diluted earnings per share $0.69.

When did NRG Energy report Q3 FY2025 results?

NRG Energy filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 6 November 2025.

Quarterly results, the last 20 quarters

	Q3 FY2021	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
Revenue	6,609	7,046	7,896	7,282	8,510	7,855	7,722	6,348	7,946	6,807	7,429	6,659	7,223	6,819	8,585	6,740	7,635	7,753	10,256	7,481
Cost of revenue	3,692	6,969	4,930	5,887	7,802	8,827	8,778	4,962	6,406	6,337	5,662	4,328	7,239	4,871	6,561	5,629	6,241	6,330	8,858	5,470
Gross profit	2,917	77.0	2,966	1,395	708	-972	-1,056	1,386	1,540	470	1,767	2,331	-16.0	1,948	2,024	1,111	1,394	1,423	1,398	2,011
Gross margin	44%	1%	38%	19%	8%	-12%	-14%	22%	19%	7%	24%	35%	-0%	29%	24%	16%	18%	18%	14%	27%
SG&A	318	321	347	351	378	255	426	522	602	382	549	545	645	203	549	724	612	n/a	593	562
Operating income	2,319	-479	2,425	754	156	-1,317	-1,544	530	561	837	872	1,410	-812	954	1,134	0.0	414	297	328	976
Operating margin	35%	-7%	31%	10%	2%	-17%	-20%	8%	7%	12%	12%	21%	-11%	14%	13%	0%	5%	4%	3%	13%
Interest expense	122	111	103	105	105	104	148	151	173	195	152	163	213	123	163	148	187	243	285	310
Pre-tax income	2,163	-595	2,307	665	83.0	-1,392	-1,671	397	408	653	695	1,052	-1,014	715	985	-153	238	64.0	83.0	663
Tax rate	25%	n/a	25%	23%	19%	n/a	n/a	22%	16%	26%	26%	30%	n/a	10%	24%	n/a	36%	-3%	-51%	24%
Net income	1,618	-427	1,736	513	67.0	-1,095	-1,335	308	343	482	511	738	-767	643	750	-104	152	66.0	125	506
Net margin	24%	-6%	22%	7%	1%	-14%	-17%	5%	4%	7%	7%	11%	-11%	9%	9%	-2%	2%	1%	1%	7%
Diluted EPS	$6.60	-$1.74	$7.17	$2.16	$0.29	-$4.45	-$5.82	$1.25	$1.41	$2.04	$2.31	$3.37	-$3.79	$3.10	$3.61	-$0.62	$0.69	$0.33	$0.52	$2.31
Operating cash flow	1,478	-1,362	1,676	1,513	-1,431	-1,398	-1,598	570	566	241	267	1,056	31.0	952	855	451	484	123	-169	1,117
Capital expenditure	76.0	50.0	60.0	90.0	100	117	142	182	169	105	69.0	103	114	186	217	378	254	298	317	338
Free cash flow	1,402	-1,412	1,616	1,423	-1,531	-1,515	-1,740	388	397	136	198	953	-83.0	766	638	73.0	230	-175	-486	779
Buybacks	0.0	39.0	188	178	118	122	8.0	8.0	53.0	1,103	0.0	90.0	226	619	314	289	355	353	481	450
Dividends paid	80.0	80.0	85.0	83.0	84.0	80.0	87.0	87.0	121	86.0	118	86.0	118	83.0	121	86.0	119	85.0	135	100
Shares outstanding	245m	244m	239m	235m	232m	230m	230m	230m	229m	208m	208m	207m	205m	199m	196m	195m	192m	190m	213m	210m
Filing	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	10-K	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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 2025, filed 6 November 2025: the filing.