Clearway Energy, Inc. CWEN
Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company was formed as a Delaware corporation on December 20, 2012. The Company is sponsored by Clearway Energy Group LLC, or CEG.
The Company is one of the largest owners of clean energy generation assets in the U.S. The Company's portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. In 2025, 98% of the Company's total generation was attributable to renewable energy and storage assets. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company's revenues are derived from long-term contractual arrangements for the output or capacity from these assets. The weighted average remaining contract duration of the Company's Renewables & Storage segment offtake agreements was approximately 12 years as of December 31, 2025 based on CAFD. A complete listing of the Company's interests in operating facilities as of December 31, 2025 can be found in Item 2 — Properties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.37B | $1.31B | $1.19B | $1.29B | $1.20B | $1.03B | $1.05B | $1.01B | $1.03B |
| Cost of revenue | $530.0M | $501.0M | $473.0M | $435.0M | $451.0M | $366.0M | $337.0M | $327.0M | $326.0M | $308.0M |
| Gross profit | $899.0M | $870.0M | $841.0M | $755.0M | $835.0M | $833.0M | $695.0M | $726.0M | $683.0M | $727.0M |
| SG&A | $41.0M | $39.0M | $36.0M | $40.0M | $40.0M | $34.0M | $29.0M | $20.0M | $19.0M | $16.0M |
| Total operating expenses | $1.27B | $1.18B | $1.05B | $1.01B | $1.02B | $866.0M | $808.0M | $706.0M | $726.0M | $813.0M |
| Operating income | $160.0M | $196.0M | $263.0M | $1.47B | $267.0M | $333.0M | $224.0M | $347.0M | $283.0M | $222.0M |
| Interest expense | $387.0M | $307.0M | $337.0M | $232.0M | $312.0M | $415.0M | $404.0M | $306.0M | $307.0M | $284.0M |
| Pre-tax income | -$175.0M | -$33.0M | -$16.0M | $1.28B | -$63.0M | -$54.0M | -$104.0M | $116.0M | $48.0M | $1.0M |
| Income tax | $56.0M | $30.0M | $2.0M | $222.0M | $12.0M | $8.0M | $8.0M | $62.0M | $72.0M | $1.0M |
| Net income | $169.0M | $88.0M | $79.0M | $8.0M | $51.0M | $25.0M | -$11.0M | $48.0M | -$16.0M | $2.0M |
| EPS, basic | — | 0.75 | 0.67 | 4.99 | 0.44 | 0.22 | — | — | — | — |
| EPS, diluted | — | 0.75 | 0.67 | 4.99 | 0.44 | 0.22 | -0.10 | 0.46 | — | — |
| Shares, diluted (wtd. avg.) | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $231.0M | $332.0M | $1.05B | $996.0M | $654.0M | $465.0M | $417.0M | $583.0M | $316.0M | $498.0M |
| Receivables | — | — | — | $153.0M | $144.0M | $143.0M | $116.0M | $104.0M | $95.0M | $95.0M |
| Inventory | $75.0M | $64.0M | $55.0M | $47.0M | $37.0M | $42.0M | $40.0M | $40.0M | $39.0M | $39.0M |
| Total current assets | $1.15B | $1.07B | $1.56B | $1.28B | $1.53B | $708.0M | $608.0M | $756.0M | $482.0M | $670.0M |
| Property, plant and equipment | $11.60B | $9.94B | $9.53B | $7.42B | $7.65B | $7.22B | $6.06B | $5.25B | $5.41B | $5.55B |
| Other intangibles | $2.36B | $2.19B | $2.37B | $2.56B | $2.50B | $1.37B | $1.43B | $1.16B | $1.23B | $1.30B |
| Total assets | $16.66B | $14.33B | $14.70B | $12.31B | $12.81B | $10.59B | $9.70B | $8.50B | $8.49B | $8.96B |
| Accounts payable | — | — | $130.0M | $55.0M | $74.0M | $72.0M | $74.0M | $45.0M | $46.0M | $23.0M |
| Short-term debt | $708.0M | $430.0M | $558.0M | $322.0M | $772.0M | $384.0M | $1.82B | $535.0M | — | — |
| Total current liabilities | $1.02B | $718.0M | $906.0M | $617.0M | $1.63B | $634.0M | $2.06B | $704.0M | $540.0M | $505.0M |
| Long-term debt | $7.90B | $6.75B | $7.48B | $6.49B | $6.94B | $6.58B | $4.96B | $5.45B | $5.66B | $5.73B |
| Total liabilities | $10.74B | $8.77B | $9.71B | $8.28B | $9.51B | $7.88B | $7.44B | $6.28B | $6.33B | $6.36B |
| Retained earnings | $178.0M | $254.0M | $361.0M | $463.0M | -$33.0M | -$84.0M | -$72.0M | -$58.0M | -$69.0M | -$2.0M |
| Total equity | $5.54B | $5.56B | $4.99B | $4.03B | $3.30B | $2.71B | $2.26B | $2.22B | $2.16B | $2.62B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $688.0M | $770.0M | $702.0M | $787.0M | $701.0M | $545.0M | $477.0M | $498.0M | $517.0M | $577.0M |
| Depreciation and amortisation | $682.0M | $627.0M | $526.0M | $512.0M | $509.0M | $428.0M | $401.0M | $336.0M | $334.0M | $303.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $2.0M | $1.0M |
| Capital expenditure | $319.0M | $287.0M | $212.0M | $112.0M | $151.0M | $124.0M | $228.0M | $83.0M | $190.0M | $20.0M |
| Investing cash flow | -$803.0M | -$725.0M | -$523.0M | $1.06B | -$865.0M | -$62.0M | -$468.0M | -$185.0M | -$442.0M | -$131.0M |
| Financing cash flow | $200.0M | -$363.0M | -$124.0M | -$1.51B | $367.0M | -$435.0M | -$175.0M | -$46.0M | -$257.0M | -$202.0M |
| Dividends paid | — | — | — | — | — | — | — | $238.0M | $202.0M | $173.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-010952.
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