NRG Energy (NRG) Q3 FY2026 earnings: revenue $9.5 billion, up 24.0% on the year

NRG Energy, Inc. (NRG) reported revenue of $9.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 24.0% on the same quarter a year earlier. Net income was $561 million, up 269.1% on the year, and diluted earnings per share $2.59. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$9.5 billion

+24.0% on the year · +26.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

11.5%

5.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$561 million

+269.1% on the year · +10.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.59

+275.4% on the year · +12.1% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 1 raised, 9 new, 7 kept.

Adjusted EPS rose to $4.68: Adjusted EPS was $4.68 for the quarter, up $1.90 from a year earlier. Adjusted EBITDA was $2,013 million, an $808 million increase from the prior-year quarter.
GAAP net income rose on acquired assets: GAAP net income was $561 million, up $409 million. Management cited LS Power portfolio contributions, higher East capacity prices and higher Texas margins, including favorable weather.
East segment drove the increase: East Adjusted EBITDA was $614 million, $507 million higher than a year earlier, from new generation assets, CPower and higher capacity prices for owned generation.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	9,466	7,481	7,635	+26.5%	+24.0%
Cost of revenue	7,238	5,470	6,241	+32.3%	+16.0%
Gross profit	2,228	2,011	1,394	+10.8%	+59.8%
Gross margin	23.5%	26.9%	18.3%
Selling, general and administrative	619	562	612	+10.1%	+1.1%
Operating income	1,084	976	414	+11.1%	+161.8%
Operating margin	11.5%	13.0%	5.4%
Interest expense	302	310	187	-2.6%	+61.5%
Pre-tax income	779	663	238	+17.5%	+227.3%
Income tax	218	157	86.0	+38.9%	+153.5%
Effective tax rate	28.0%	23.7%	36.1%
Net income	561	506	152	+10.9%	+269.1%
Net margin	5.9%	6.8%	2.0%
Diluted EPS	$2.59	$2.31	$0.69	+12.1%	+275.4%

$ 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	1,097	1,117	484	-1.8%	+126.7%
Capital expenditure	526	338	254	+55.6%	+107.1%
Free cash flow	571	779	230	-26.7%	+148.3%
Free cash flow margin	6.0%	10.4%	3.0%
Cash from investing	-482	-637	-258
Cash from financing	-710	-512	215
Depreciation and amortisation	510	494	360	+3.2%	+41.7%
Share-based compensation	37.0	31.0	21.0	+19.4%	+76.2%
Buybacks	42.0	450	355	-90.7%	-88.2%
Dividends paid	134	100	119	+34.0%	+12.6%
Dividend per share	$0.47	$0.47	$0.44	0.0%	+8.0%
Diluted shares, weighted	210m	212m	195m	-0.9%	+7.7%
Shares outstanding at period end	210m	210m	192m	-0.2%	+9.2%

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 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	5,272	4,855	1,970	+8.6%	+167.6%
Debt	23,052	23,392	11,932	-1.5%	+93.2%
Operating lease liabilities	165	170	143	-2.9%	+15.4%
Other liabilities	11,807	11,523	9,926	+2.5%	+19.0%
Total liabilities and equity	40,296	39,940	23,971	+0.9%	+68.1%
Goodwill	8,815	8,815	5,015	0.0%	+75.8%
Securities held for sale or to maturity	33.0	34.0	30.0	-2.9%	+10.0%
Cash and equivalents	148	162	732	-8.6%	-79.8%
Receivables	3,931	3,534	3,332	+11.2%	+18.0%
Inventory	723	793	452	-8.8%	+60.0%
Other assets	26,646	26,602	14,410	+0.2%	+84.9%
Total assets	40,296	39,940	23,971	+0.9%	+68.1%

Questions

What was NRG Energy's revenue in Q3 FY2026?

NRG Energy (NRG) reported revenue of $9.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 24.0% on the same quarter a year earlier.

How much did NRG Energy earn in Q3 FY2026?

Net income for Q3 FY2026 was $561 million, up 269.1% on the year, and diluted earnings per share $2.59.

When did NRG Energy report Q3 FY2026 results?

NRG 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	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	9,466
Cost of revenue	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	7,238
Gross profit	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	2,228
Gross margin	1%	38%	19%	8%	-12%	-14%	22%	19%	7%	24%	35%	-0%	29%	24%	16%	18%	18%	14%	27%	24%
SG&A	321	347	351	378	255	426	522	602	382	549	545	645	203	549	724	612	717	593	562	619
Operating income	-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	1,084
Operating margin	-7%	31%	10%	2%	-17%	-20%	8%	7%	12%	12%	21%	-11%	14%	13%	0%	5%	4%	3%	13%	11%
Interest expense	111	103	105	105	104	148	151	173	195	152	163	213	123	163	148	187	243	285	310	302
Pre-tax income	-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	779
Tax rate	n/a	25%	23%	19%	n/a	n/a	22%	16%	26%	26%	30%	n/a	10%	24%	n/a	36%	-3%	-51%	24%	28%
Net income	-427	1,736	513	67.0	-1,095	-1,335	308	343	482	511	738	-767	643	750	-104	152	66.0	125	506	561
Net margin	-6%	22%	7%	1%	-14%	-17%	5%	4%	7%	7%	11%	-11%	9%	9%	-2%	2%	1%	1%	7%	6%
Diluted EPS	-$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	$2.59
Operating cash flow	-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	1,097
Capital expenditure	50.0	60.0	90.0	100	117	142	182	169	105	69.0	103	114	186	217	378	254	298	317	338	526
Free cash flow	-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	571
Buybacks	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	42.0
Dividends paid	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	134
Shares outstanding	244m	239m	235m	232m	230m	230m	230m	229m	208m	208m	207m	205m	199m	196m	195m	192m	190m	213m	210m	210m
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. 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 2026, filed 9 November 2026: the filing.