Company file · NRG
NRG Energy
NRG Energy's revenue rose 9.2% in FY2025, to $30.7B, and net income fell 23.2% to $864M
Revenue rose 9.2% to $30.7B in FY2025, from $28.1B in FY2024. Net income fell 23.2% to $864M. East was the largest segment, at 46% of revenue.
Key facts
NRG Energy (NYSE: NRG) reported revenue of $30.7B for fiscal 2025, the year ended Dec 31, 2025, up 9.2% from fiscal 2024. Net income was $864M, down 23.2%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $9.5B, up 24.0% from the same quarter a year earlier, and net income was $561M. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 9, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 9, 2026
How it makes money
By segment in FY2025: East (46%), Texas (36%) and Vivint Smart Home Inc. (7%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $30.7B.
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: NRG Energy 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026
The bull case and the bear case
The bull case
- Revenue rose 9.2% in FY2025 to $30.7B, from $28.1B a year earlier. 10-K, FY2025
- Diluted shares fell 6.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $9.5B, up 24.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $561M, up 269.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 23.2% in FY2025 to $864M, from $1.1B. 10-K, FY2025
- Operating cash flow fell 17.0% in FY2025 to $1.9B. 10-K, FY2025
- Total debt rose 52.2% in FY2025 to $16.6B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
NRG Energy is in the independent power producers & energy traders industry, part of the utilities sector. The SEC files it under Electric Services.
NRG Energy reports 3 segments: East, Texas and Vivint Smart Home Inc..
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the independent power producers & energy traders industry. They are not a summary of NRG Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $28.8B | $28.1B | $30.7B |
| Net income | −$202M | $1.1B | $864M |
| Operating cash flow | −$221M | $2.3B | $1.9B |
| Cash & equivalents (year end) | $541M | $966M | $4.7B |
| Total debt (year end) | $11.0B | $10.9B | $16.6B |
| Diluted shares | 228M | 212M | 199M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Effective tax rate
- Constant currency
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 9, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | May 6, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 18, 2026 | Apr 30, 2026 |
| 10-K | Feb 24, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about NRG Energy
How does NRG Energy make money?
NRG Energy's revenue was $30.7B in fiscal 2025. By segment in FY2025: East (46%), Texas (36%) and Vivint Smart Home Inc. (7%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $30.7B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was NRG Energy's revenue in fiscal 2025?
$30.7B of revenue for the fiscal year ended Dec 31, 2025, up 9.2% from $28.1B in fiscal 2024. Fiscal 2023 was $28.8B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is NRG Energy profitable?
NRG Energy reported net income of $864M for fiscal 2025, down 23.2% from $1.1B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $561M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did NRG Energy report in its latest quarterly filing?
Revenue was $9.5B in the quarter ended Sep 30, 2026, up 24.0% from $7.6B a year earlier. Net income was $561M, up 269.1% from $152M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 9, 2026.
How much cash and debt does NRG Energy have?
NRG Energy had $148M in cash and cash equivalents and $23.1B of total debt on Sep 30, 2026. Total debt here is debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Nov 9, 2026.
What are the main risks NRG Energy faces?
NRG Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the independent power producers & energy traders industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these NRG Energy numbers come from?
From NRG Energy's own SEC filings: the 10-K for fiscal 2025 (filed Feb 24, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 9, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning NRG Energy
- Millennium Management: 4,257,712 shares, reported value $621.9M at Jun 30, 2026 (+114.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Appaloosa: 1,760,000 shares, reported value $257.1M at Jun 30, 2026 (+1.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 1,177,251 shares, reported value $171.9M at Jun 30, 2026 (+328.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 552,159 shares, reported value $80.6M at Jun 30, 2026 (+103.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 277,935 shares, reported value $40.6M at Jun 30, 2026 (−52.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 50,278 shares, reported value $7.3M at Jun 30, 2026 (+797.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in NRG
- The editor holds no position in NRG Energy (NRG). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell NRG from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold NRG, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| NRG EnergyNRG | FY2025 | $30.7B | +9.2% | $864M |
| AES | FY2025 | $12.2B | −0.4% | $910M |
| NextEra EnergyNEE | FY2025 | $27.4B | +10.7% | $6.8B |
| Southern CompanySO | FY2025 | $29.6B | +10.6% | $4.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.