NRG ENERGY, INC. NRG
NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers. Across North America, NRG is redefining customers' experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of December 31, 2025, the Company's core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually.
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 | $30.35B | $27.75B | $28.26B | $31.49B | $26.78B | $8.69B | $7.99B | $8.15B | $9.07B | $8.91B |
| Cost of revenue | — | — | — | — | — | $6.54B | $7.30B | $7.11B | $6.89B | $6.68B |
| Gross profit | — | — | — | — | — | $2.15B | $688.0M | $1.04B | $2.19B | $2.24B |
| R&D | — | — | — | — | — | $8.0M | $7.0M | $11.0M | $22.0M | $48.0M |
| SG&A | $2.60B | $2.35B | $2.09B | $1.15B | $1.29B | $810.0M | $760.0M | $799.0M | $836.0M | $1.03B |
| Total operating expenses | $28.84B | $25.91B | $30.02B | $29.58B | $23.89B | $7.99B | $8.54B | $8.53B | $9.92B | $8.99B |
| Operating income | $1.84B | $2.42B | $384.0M | $2.02B | $3.34B | $1.10B | $1.29B | $982.0M | -$741.0M | $33.0M |
| Interest expense | $741.0M | $651.0M | $667.0M | $417.0M | $485.0M | $401.0M | $413.0M | $483.0M | $557.0M | $583.0M |
| Pre-tax income | $1.13B | $1.45B | -$213.0M | $1.66B | $2.86B | $761.0M | $786.0M | $467.0M | -$1.39B | -$931.0M |
| Income tax | $270.0M | $323.0M | $11.0M | $442.0M | $672.0M | $251.0M | $3.33B | $7.0M | $44.0M | $25.0M |
| Net income | $864.0M | $1.12B | -$202.0M | $1.22B | $2.19B | $510.0M | $4.44B | $268.0M | -$2.15B | -$774.0M |
| EPS, basic | 4.09 | 5.14 | -1.12 | 5.17 | 8.93 | 2.08 | 16.94 | 0.88 | -6.79 | -2.22 |
| EPS, diluted | 4.01 | 4.99 | -1.12 | 5.17 | 8.93 | 2.07 | 16.81 | 0.87 | -6.79 | -2.22 |
| Shares, diluted (wtd. avg.) | $199.0M | $212.0M | $228.0M | $236.0M | $245.0M | $246.0M | $264.0M | $308.0M | $317.0M | $316.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.71B | $966.0M | $541.0M | $430.0M | $250.0M | $3.90B | $345.0M | $563.0M | $770.0M | $591.0M |
| Receivables | $4.07B | $3.49B | $3.54B | $4.77B | $3.25B | $904.0M | $1.02B | $1.02B | $900.0M | $1.06B |
| Inventory | $461.0M | $478.0M | $607.0M | $751.0M | $498.0M | $327.0M | $383.0M | $412.0M | $453.0M | $721.0M |
| Total current assets | $13.15B | $8.96B | $9.73B | $16.23B | $10.84B | $6.03B | $3.09B | $3.60B | $4.44B | $6.71B |
| Property, plant and equipment | — | — | — | — | — | — | — | $3.05B | $5.97B | $15.37B |
| Goodwill | $5.02B | $5.01B | $5.08B | $1.65B | $1.79B | $579.0M | $579.0M | $573.0M | $539.0M | $662.0M |
| Other intangibles | $2.31B | $2.91B | $3.93B | $2.13B | $2.51B | $668.0M | $789.0M | $591.0M | $507.0M | $1.97B |
| Total assets | $29.14B | $24.02B | $26.04B | $29.15B | $23.18B | $14.90B | $12.53B | $10.63B | $23.36B | $30.68B |
| Accounts payable | $2.83B | $2.51B | $2.33B | $3.64B | $2.27B | $649.0M | $722.0M | $863.0M | $684.0M | $782.0M |
| Total current liabilities | $8.03B | $8.81B | $9.50B | $12.98B | $7.92B | $1.92B | $2.36B | $2.40B | $3.35B | $4.70B |
| Long-term debt | — | $10.89B | $10.94B | $8.10B | $8.10B | $8.86B | $6.04B | $6.69B | $9.49B | $16.70B |
| Total liabilities | $27.46B | $21.54B | $23.13B | $25.32B | $19.58B | $13.22B | $10.85B | $11.84B | $21.31B | $26.19B |
| Retained earnings | $1.98B | $1.53B | $820.0M | $1.41B | $464.0M | -$1.40B | -$1.62B | -$6.02B | -$6.27B | -$3.79B |
| Total equity | $1.68B | $2.48B | $2.91B | $3.83B | $3.60B | $1.68B | $1.66B | -$1.23B | $1.97B | $4.45B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.91B | $2.31B | -$221.0M | $360.0M | $493.0M | $1.84B | $1.41B | $1.38B | $1.61B | $1.91B |
| Depreciation and amortisation | $1.41B | $1.40B | $1.29B | $720.0M | $785.0M | $435.0M | $373.0M | $421.0M | $596.0M | $756.0M |
| Stock-based compensation | $134.0M | $102.0M | $101.0M | $28.0M | $21.0M | $22.0M | $20.0M | $25.0M | $35.0M | $10.0M |
| Capital expenditure | $1.15B | $472.0M | $598.0M | $367.0M | $269.0M | $230.0M | $228.0M | $388.0M | $254.0M | $544.0M |
| Investing cash flow | -$1.64B | -$24.0M | -$910.0M | -$332.0M | -$3.04B | -$494.0M | $556.0M | -$205.0M | -$639.0M | -$757.0M |
| Financing cash flow | $3.55B | -$1.75B | -$400.0M | $1.04B | -$272.0M | $2.20B | -$2.15B | -$1.53B | -$1.14B | -$768.0M |
| Dividends paid | $411.0M | $405.0M | $381.0M | $332.0M | $319.0M | $295.0M | $32.0M | $37.0M | $38.0M | $76.0M |
| Buybacks | $1.31B | $935.0M | $1.15B | $600.0M | $48.0M | $229.0M | $1.44B | $1.25B | $0 | $0 |
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 0001013871-26-000004.
Others in SIC 4911
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NEE | NEXTERA ENERGY INC | $173.98B | 25.3x | 9.8% |
| CEG | Constellation Energy Corp | $105.92B | 40.4x | 19.5% |
| AEP | AMERICAN ELECTRIC POWER CO INC | $67.74B | 18.7x | 8.7% |
| D | DOMINION ENERGY, INC | $57.90B | 19.1x | 16.5% |
| VST | Vistra Corp. | $50.11B | 68.5x | 19.1% |
| DTE | DTE ENERGY CO | $28.31B | 19.4x | — |
| FE | FIRSTENERGY CORP | $27.05B | 26.6x | 12.0% |
| ES | EVERSOURCE ENERGY | $26.76B | 15.6x | 14.3% |