FirmAtlas
Company handbook · NRG · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
NRG · CIK 1013871 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
NRG Energy, Inc
$103.75
+0.89 (+0.87%)
Close, Oct 16, 2026 · 52-week $93–190
Last fiscal year
NRG Energy, Inc reported revenue of $30.3B for the year ended Dec 31, 2025 (FY25), up 9.4% from FY24. Net income was $864M, operating cash flow $1.9B and free cash flow $766M. Source: 10-K filed Feb 24, 2026.
Market cap
$19.8B
P/E
23.3
EV/EBITDA
9.7x
P/B
4.1
Div yield
1.80%
ROIC
10.8%
Revenue 1Y
9.4%/yr
EPS 1Y
−19.6%/yr
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORobert Gaudette
HQHouston, TX
AuditorKPMG LLP
Employees16,702
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
25.0%
20.3%
35.7%
−38.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.7B deployed
Capex
$1.6B
34.6%
Dividends
$816M
17.4%
Buybacks
$2.2B
48.0%
Operating cash flow over the period: $4.2B. Total debt changed by +$5.7B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
27,748
30,347+9.4%
32,640
YoY
+9.4%
Operating income
2,424
1,845−23.9%
2,015
Operating margin
8.7%
6.1%−2.7 pp
—
EBITDA
3,827
3,251−15.1%
—
EBITDA margin
13.8%
10.7%−3.1 pp
—
Interest expense
651
741+13.8%
—
Interest coverage
5.88x
4.39x−1.49x
—
Net income
1,125
864−23.2%
849
YoY
−23.2%
Net margin
4.1%
2.8%−1.2 pp
—
EPS (diluted, $)
4.99
4.01−19.6%
3.87
YoY
−19.6%
Balance sheet
Total assets
24,022
29,140+21.3%
39,940
Cash & short-term investments
966
4,708+387.4%
—
Accounts receivable
3,488
4,065+16.5%
—
Inventory
478
461−3.6%
—
Other assets
19,090
19,906+4.3%
—
Total liabilities
21,544
27,459+27.5%
35,085
Accounts payable
2,513
2,834+12.8%
—
Total debt
10,906
16,600+52.2%
23,437
Other liabilities
8,125
8,025−1.2%
—
Shareholders’ equity
2,478
1,681−32.2%
4,855
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,306
1,913−17.0%
1,555
Net income
1,125
864−23.2%
—
Depreciation & amortization
1,403
1,406+0.2%
—
Stock-based compensation
102
134+31.4%
—
Working capital & other
(324)
(491)n/m
—
Cash from investing
(24)
(1,638)n/m
—
Capex
(472)
(1,147)n/m
—
Investments bought
0
0n/m
—
Other investing
448
(491)−209.6%
—
Cash from financing
(1,755)
3,546n/m
—
Debt raised
3,200
6,676+108.6%
—
Dividends
(405)
(411)n/m
—
Buybacks
(935)
(1,311)n/m
—
Other financing
(3,615)
(1,408)n/m
—
Net change in cash
524
3,825+630.0%
—
Free cash flow (OCF − capex)
1,834
766−58.2%
348
Where the cash went
Operating cash flow
2,306
1,913−17.0%
1,555
Reinvested in the business
472
1,147+143.0%
—
% of operating cash flow
20.5%
60.0%
Capex
472
1,147+143.0%
1,207
Free cash flow
1,834
766−58.2%
348
YoY
−58.2%
Returned to shareholders
1,340
1,722+28.5%
—
% of free cash flow
73.1%
224.8%
Dividends
405
411+1.5%
—
Buybacks
935
1,311+40.2%
—
Change in total debt
—
5,694
—
Cash left over
—
4,738
—
FCF conversion (FCF ÷ net income)
163.0%
88.7%−74.4 pp
—
Owner earnings
—
884
—
Owner earnings margin
—
2.9%
—
Buyback yield
5.2%
4.3%−0.9 pp
—
Returns & ratios
ROIC (all capital)
15.2%
10.8%−4.3 pp
—
ROIC (operating)
129.6%
89.4%−40.2 pp
—
Net debt / EBITDA
2.60x
3.66x+1.06x
—
Debt / equity
4.40x
9.88x+5.47x
—
ROE
45.4%
51.4%+6.0 pp
—
ROA
4.7%
3.0%−1.7 pp
—
ROCE
15.9%
8.7%−7.2 pp
—
NOPAT
1,883
1,406−25.4%
—
Invested capital (operating)
1,453
1,692+16.4%
—
Invested capital (all)
12,418
13,573+9.3%
—
Reinvestment rate
—
17.0%
—
Net debt is 3.7x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
7,503
7,682
10,136
7,319
vs year-ago quarter
Operating income
414
297
328
976
Net income
152
66
125
506
vs year-ago quarter
Net margin
2.0%
0.9%
1.2%
6.9%
EPS (diluted, $)
0.69
0.35
0.52
2.31
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
23,971
29,140
40,053
39,940
Cash & equivalents
732
4,708
178
162
Total debt
12,043
16,600
23,210
23,437
Shareholders’ equity
1,970
1,681
4,874
4,855
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
484
123
(169)
1,117
Capex
254
298
317
338
Free cash flow
230
(175)
(486)
779
vs year-ago quarter