NRG Energy (NRG) Q1 FY2026 earnings: revenue $10.3 billion, up 19.5% on the year

NRG Energy, Inc. (NRG) reported revenue of $10.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.5% on the same quarter a year earlier. Net income was $125 million, down 83.3% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$10.3 billion

+19.5% on the year · +32.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

3.2%

13.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

$125 million

-83.3% on the year · +89.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.52

-85.6% on the year · +57.6% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 2 raised, 5 kept.

GAAP net income fell on hedge losses: GAAP net income was $125 million, down $625 million from the first quarter of 2025, mainly from unrealized non-cash mark-to-market hedge losses as natural gas prices fell.
Adjusted EPS fell to $1.49: Adjusted EPS was $1.49, $1.19 lower than the prior year, including the effect of shares issued in the completed LS Power acquisition.
Adjusted Net Income and EBITDA declined: Adjusted Net Income was $308 million, $223 million lower, mainly from a $46 million drop in Adjusted EBITDA to $1,080 million, plus higher interest and depreciation from the LS Power acquisition.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	10,256	7,753	8,585	+32.3%	+19.5%
Cost of revenue	8,858	6,330	6,561	+39.9%	+35.0%
Gross profit	1,398	1,423	2,024	-1.8%	-30.9%
Gross margin	13.6%	18.4%	23.6%
Selling, general and administrative	593	n/a	549		+8.0%
Operating income	328	297	1,134	+10.4%	-71.1%
Operating margin	3.2%	3.8%	13.2%
Interest expense	285	243	163	+17.3%	+74.8%
Pre-tax income	83.0	64.0	985	+29.7%	-91.6%
Income tax	-42.0	-2.0	235
Effective tax rate	-50.6%	-3.1%	23.9%
Net income	125	66.0	750	+89.4%	-83.3%
Net margin	1.2%	0.9%	8.7%
Diluted EPS	$0.52	$0.33	$3.61	+57.6%	-85.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-169	123	855
Capital expenditure	317	298	217	+6.4%	+46.1%
Free cash flow	-486	-175	638
Free cash flow margin	-4.7%	-2.3%	7.4%
Cash from investing	-7,072	-298	-134
Cash from financing	2,652	4,086	-458	-35.1%
Depreciation and amortisation	432	376	326	+14.9%	+32.5%
Share-based compensation	41.0	51.0	29.0	-19.6%	+41.4%
Buybacks	481	353	314	+36.3%	+53.2%
Dividends paid	135	85.0	121	+58.8%	+11.6%
Dividend per share	$0.47	n/a	$0.44		+8.0%
Diluted shares, weighted	208m	199m	203m	+4.5%	+2.5%
Shares outstanding at period end	213m	190m	196m	+11.8%	+8.3%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	4,874	1,681	2,777	+189.9%	+75.5%
Debt	23,181	16,576	10,809	+39.8%	+114.5%
Operating lease liabilities	165	144	125	+14.6%	+32.0%
Other liabilities	11,833	10,739	11,280	+10.2%	+4.9%
Total liabilities and equity	40,053	29,140	24,991	+37.5%	+60.3%
Goodwill	8,881	5,017	5,012	+77.0%	+77.2%
Intangible assets	n/a	2,309	n/a
Securities held for sale or to maturity	34.0	33.0	28.0	+3.0%	+21.4%
Cash and equivalents	178	4,708	693	-96.2%	-74.3%
Receivables	3,777	4,065	3,512	-7.1%	+7.5%
Inventory	665	461	373	+44.3%	+78.3%
Other assets	26,518	12,547	15,373	+111.3%	+72.5%
Total assets	40,053	29,140	24,991	+37.5%	+60.3%

Questions

What was NRG Energy's revenue in Q1 FY2026?

NRG Energy (NRG) reported revenue of $10.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 19.5% on the same quarter a year earlier.

How much did NRG Energy earn in Q1 FY2026?

Net income for Q1 FY2026 was $125 million, down 83.3% on the year, and diluted earnings per share $0.52.

When did NRG Energy report Q1 FY2026 results?

NRG Energy filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

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 31 March 2026, filed 6 May 2026: the filing.