Talen Energy (TLN) Q3 FY2026 earnings: revenue $1.3 billion, up 63.4% on the year

Talen Energy Corp. (TLN) reported revenue of $1.3 billion for Q3 FY2026, the quarter ended 30 September 2026, up 63.4% on the same quarter a year earlier. Net income was $138 million, down 33.3% on the year, and diluted earnings per share $2.88. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$1.3 billion

+63.4% on the year · +77.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

19.2%

32.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$138 million

-33.3% on the year

Q4 FY2024Q3 FY2026

Diluted EPS

$2.88

-32.2% on the year

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 1 raised, 2 lowered, 1 narrowed, 5 new, 3 kept.

Adjusted EBITDA rose to $669 million: Third quarter Adjusted EBITDA was $669 million against $363 million a year earlier. The company attributed the $306 million increase to acquired generation, higher settled prices and volumes, and higher capacity revenues.
Net income fell on derivative losses: GAAP net income attributable to stockholders was $138 million against $207 million. Management cited unrealized mark-to-market losses on commodity derivatives and higher acquisition-financing interest expense as the offsetting items.
Adjusted free cash flow rose to $433 million: Adjusted Free Cash Flow was $433 million against $223 million, an increase of $210 million. Higher cash interest payments on acquisition financings partly offset the gain.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,327	747	812	+77.6%	+63.4%
Operating income	255	-72.0	263		-3.0%
Operating margin	19.2%	-9.6%	32.4%
Pre-tax income	195	-129	304		-35.9%
Income tax	57.0	-37.0	97.0		-41.2%
Effective tax rate	29.2%	n/a	31.9%
Net income	138	-92.0	207		-33.3%
Net margin	10.4%	-12.3%	25.5%
Diluted EPS	$2.88	-$2.00	$4.25		-32.2%

$ 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	463	-434	489		-5.3%
Capital expenditure	167	139	21.0	+20.1%	+695.2%
Free cash flow	296	-573	468		-36.8%
Free cash flow margin	22.3%	-76.7%	57.6%
Cash from investing	-139	-2,752	-42.0
Cash from financing	-213	2,397	-85.0
Depreciation and amortisation	157	103	61.0	+52.4%	+157.4%
Share-based compensation	51.0	70.0	15.0	-27.1%	+240.0%
Buybacks	204	198	0.0	+3.0%
Diluted shares, weighted	48m	46m	49m	+4.5%	-1.3%
Shares outstanding at period end	47m	48m	46m	-1.2%	+3.6%

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	1,580	1,616	1,469	-2.2%	+7.6%
Non-controlling interest	23.0	23.0	n/a	0.0%
Debt	9,569	9,572	2,986	-0.0%	+220.5%
Other liabilities	3,915	3,857	1,642	+1.5%	+138.4%
Total liabilities and equity	15,087	15,068	6,097	+0.1%	+147.4%
Fixed assets	11,858	11,928	3,075	-0.6%	+285.6%
Securities held for sale or to maturity	904	786	619	+15.0%	+46.0%
Cash and equivalents	335	231	497	+45.0%	-32.6%
Receivables	258	240	115	+7.5%	+124.3%
Inventory	316	298	263	+6.0%	+20.2%
Other assets	1,416	1,585	1,528	-10.7%	-7.3%
Total assets	15,087	15,068	6,097	+0.1%	+147.4%

Questions

What was Talen Energy's revenue in Q3 FY2026?

Talen Energy (TLN) reported revenue of $1.3 billion for Q3 FY2026, the quarter ended 30 September 2026, up 63.4% on the same quarter a year earlier.

How much did Talen Energy earn in Q3 FY2026?

Net income for Q3 FY2026 was $138 million, down 33.3% on the year, and diluted earnings per share $2.88.

When did Talen Energy report Q3 FY2026 results?

Talen Energy filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 20 quarters

	Q1 FY2015	Q2 FY2015 †	Q3 FY2015 †	Q4 FY2015	Q1 FY2016	Q2 FY2016	Q3 FY2016	Q2 FY2023 ‡	Q3 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,091	948	1,320	1,122	1,173	697	1,238	438	516	509	489	650	467	390	630	812	749	1,129	747	1,327
R&D	n/a	n/a	n/a	n/a	n/a	n/a	n/a	5.0	5.0	n/a	0.0	1.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	178	35.0	-346	94.0	311	48.0	193	-137	7.0	25.0	27.0	158	16.0	-106	66.0	263	-313	210	-72.0	255
Operating margin	16%	4%	-26%	8%	27%	7%	16%	-31%	1%	5%	6%	24%	3%	-27%	10%	32%	-42%	19%	-10%	19%
Interest expense	36.0	55.0	55.0	65.0	60.0	60.0	60.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	149	-18.0	-300	-199	257	-6.0	142	667	-92.0	388	570	179	-26.0	-187	97.0	304	-380	81.0	-129	195
Tax rate	36%	n/a	n/a	n/a	41%	n/a	38%	33%	n/a	18%	20%	6%	n/a	n/a	26%	32%	n/a	22%	n/a	29%
Net income	96.0	26.0	-401	-62.0	151	-3.0	88.0	460	-77.0	294	454	168	82.0	-135	72.0	207	-363	63.0	-92.0	138
Net margin	9%	3%	-30%	-6%	13%	-0%	7%	105%	-15%	58%	93%	26%	18%	-35%	11%	25%	-48%	6%	-12%	10%
Diluted EPS	$1.15	$0.26	-$3.12	-$0.48	$1.17	-$0.02	$0.68	n/a	-$1.30	$4.84	$7.60	$3.16	n/a	-$2.94	$1.50	$4.25	-$7.60	$1.33	-$2.00	$2.88
Operating cash flow	221	134	376	37.0	196	11.0	342	n/a	181	173	-23.0	96.0	10.0	119	-184	489	280	461	-434	463
Capital expenditure	109	70.0	73.0	199	99.0	169	68.0	n/a	40.0	25.0	20.0	13.0	27.0	18.0	33.0	21.0	26.0	42.0	139	167
Free cash flow	112	64.0	303	-162	97.0	-158	274	n/a	141	148	-43.0	83.0	-17.0	101	-217	468	254	419	-573	296
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	30.0	624	302	1,002	83.0	20.0	0.0	0.0	100	198	204
Shares outstanding	129m	129m	129m	129m	129m	129m	129m	51m	51m	46m	53m	51m	46m	46m	46m	46m	46m	45m	48m	47m
Filing	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-Q	10-Q	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 blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. 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. ‡ Filed in two parts, up to 17 May 2023 and after it, on the old and the new accounting basis; shown added together, with per-share figures left blank. 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 3 November 2026: the filing.