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NRG Energy (NRG) FY2025 results: revenue $30.7 billion, up 9.2% on the year

NRG Energy, Inc. (NRG) reported revenue of $30.7 billion for fiscal 2025, the year ended 31 December 2025, up 9.2% on the year before. Net income was $864 million, down 23.2%, and diluted earnings per share $4.01. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$30.7 billion
+9.2% on the year
FY2018FY2025
Operating margin
6.0%
8.6% a year earlier
FY2018FY2025
Net income
$864 million
-23.2% on the year
FY2018FY2025
Diluted EPS
$4.01
-19.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 kept.

  • Adjusted EPS reached $8.24: Full-year Adjusted EPS was $8.24, which the release says was $1.41 above 2024 on operating performance and lower average basic share count.
  • Adjusted EBITDA rose $298 million: Full-year Adjusted Net Income was $1.6 billion, up $198 million, with the EBITDA gain partly offset by higher interest expense from acquisition funding.
  • Texas EBITDA rose $295 million: Texas full-year Adjusted EBITDA reached $1,877 million, attributed to improved margins and supply cost optimization, partly offset by higher planned plant maintenance.
  • LS Power assets add 13 GW: The acquired portfolio comprises 18 natural gas and dual fuel facilities totaling 13 GW across nine states.
  • Hedge marks drove GAAP swings: The full-year mark-to-market loss of $346 million reflected reversal of prior unrealized gains and CAISO price declines, partly offset by higher Northeast and ERCOT power prices.
Read the Q4 FY2025 earnings call summary

From this 10-K

NRG Energy serves electricity, natural gas and smart-home technology solutions to approximately 8 million residential customers, 6 million of them retail energy and 2 million smart home, alongside large commercial and industrial, data centre and wholesale customers. It sells across North America under the brand names NRG, Reliant, Direct Energy, Green Mountain Energy and Vivint. Its segments are Texas, East, West/Other, Vivint Smart Home, and corporate activities. It had 16,702 employees at the end of 2025, including 7,929 active smart home direct sales and installation individuals, which the filing says are largely seasonal, and approximately 4 percent of employees were covered by U.S. collective bargaining agreements.

NRG Energy, Inc., the 10-K for 2025

NRG Energy serves electricity, natural gas and smart-home technology solutions to approximately 8 million residential customers, 6 million of them retail energy and 2 million smart home, alongside large commercial and industrial, data centre and wholesale customers. It sells across North America under the brand names NRG, Reliant, Direct Energy, Green Mountain Energy and Vivint. Its segments are Texas, East, West/Other, Vivint Smart Home, and corporate activities. It had 16,702 employees at the end of 2025, including 7,929 active smart home direct sales and installation individuals, which the filing says are largely seasonal, and approximately 4 percent of employees were covered by U.S. collective bargaining agreements.

Selling energy

NRG sold 154 TWh of electricity and 1,857 MMDth of natural gas in 2025, and the filing says that makes it one of the largest competitive energy retailers in the United States, with the largest share of competitively served residential electric customers in Texas. At the end of 2025 it had recurring electricity or natural gas sales in 25 U.S. states, the District of Columbia and 8 provinces in Canada.

Customer operations split into two teams: NRG Home for residential customers and NRG Business for business customers. Energy is sold at fixed, indexed or month-to-month prices, with home customers typically contracting for one month to five years and business customers for one to five years. Home products include retail electricity, energy management, demand response and virtual power plant programmes, natural gas and carbon offsets. Large business and commercial and industrial customers are sold system power, natural gas, demand response, distributed and backup generation, energy storage, energy management, renewable and low-carbon products and carbon management.

Electricity sales volumes in 2025 were 38,817 GWh to Texas home customers, 15,408 GWh to East home customers and 2,542 GWh in West and other, with 39,278 GWh to Texas business customers, 45,342 GWh to East business customers and 12,613 GWh in West and other. Natural gas went mostly to business customers in the East, at 1,549,286 MDth of the 1,856,821 MDth total. Ending home retail electricity and natural gas customers were 5,632 thousand, and Vivint Smart Home ended the year at 2,419 thousand, 8,051 thousand together.

Generating the power

The company owns a wholesale generation portfolio of approximately 12 GW of fossil fuel and renewable generation capacity at 23 plants. Total generation capacity was 12,276 MW at the end of 2025: 6,345 MW coal, 5,262 MW natural gas, 455 MW oil and 214 MW utility scale solar. By segment, 9,271 MW sits in Texas, 2,073 MW in the East and 932 MW in West and other.

In Texas the generation supply is fully integrated with the retail load, which the filing says lets the company supply a portion of its retail customers from its own assets and so reduces the need to buy and sell electricity through other institutions and intermediaries, lowering transaction costs and credit exposure. The integrated model has three core functions in each geographic segment: customer operations, market operations and plant operations.

Net generation was 34,568 thousand MWh in 2025, of which Texas produced 28,728, split between 21,184 from coal and 7,544 from gas. The East produced 3,722 and West and other 2,118. The natural gas portfolio serves approximately 1,900 MMDth annually.

Both halves of the business are seasonal. Demand for power generally peaks during the summer and demand for natural gas during the winter.

Vivint Smart Home

Vivint provides technology, products and services for the home: integrated smart cameras indoors, outdoors and at the doorbell, along with locks, lights, thermostats, garage door controls and other safety and security sensors, managed from an app. It sells a fully integrated package including hardware, software, sales, installation by in-home service professionals, customer service, technical support and professional monitoring. Its cloud-based platform supported more than 37 million connected in-home devices at the end of 2025, an average of approximately 16 devices per household, and the filing says the average customer lifetime was approximately nine years. NRG combines these with its energy products to scale its residential virtual power plant.

The LSP acquisition

On 30 January 2026, after the year covered by this filing, NRG completed the acquisition of the LSP Portfolio under a purchase and sale agreement dated 12 May 2025. The portfolio includes 18 natural gas-fired and dual fuel facilities totalling approximately 13 GW of capacity across nine states, along with CPower, which the filing describes as a leading demand response platform.

From NRG Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

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

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue30,71328,13028,823+9.2%
Cost of revenue24,76122,10026,526+12.0%
Gross profit5,9526,0302,297-1.3%
Gross margin19.4%21.4%8.0%
Selling, general and administrative2,6022,3452,094+11.0%
Operating income1,8452,424384-23.9%
Operating margin6.0%8.6%1.3%
Interest expense741651667+13.8%
Pre-tax income1,1341,448-213-21.7%
Income tax270323-11.0-16.4%
Effective tax rate23.8%22.3%n/a
Net income8641,125-202-23.2%
Net margin2.8%4.0%-0.7%
Diluted EPS$4.01$4.99-$1.12-19.6%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,9132,306-221-17.0%
Capital expenditure1,147472598+143.0%
Free cash flow7661,834-819-58.2%
Free cash flow margin2.5%6.5%-2.8%
Cash from investing-1,638-24.0-910
Cash from financing3,546-1,755-400
Depreciation and amortisation1,4061,4031,295+0.2%
Share-based compensation134102101+31.4%
Buybacks1,3119351,150+40.2%
Dividends paid411405381+1.5%
Dividend per share$1.76$1.63$1.51+8.0%
Diluted shares, weighted199m212m228m-6.1%
Shares outstanding at period end190m199m208m-4.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,6812,4782,906-32.2%
Debt16,57610,89210,940+52.2%
Operating lease liabilities144117128+23.1%
Other liabilities10,73910,53512,064+1.9%
Total liabilities and equity29,14024,02226,038+21.3%
Goodwill5,0175,0115,079+0.1%
Intangible assets2,3092,9083,927-20.6%
Securities held for sale or to maturity33.028.021.0+17.9%
Cash and equivalents4,708966541+387.4%
Receivables4,0653,4883,542+16.5%
Inventory461478607-3.6%
Other assets12,54711,14312,321+12.6%
Total assets29,14024,02226,038+21.3%

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