NRG Energy, Inc.

NRG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$30,517	$18,276	$11,672	$7,331	$10,548	$9,194	$9,732	$9,696	$9,018	$3,867	$3,698	$9,001	$9,277	$5,334	$4,349	$4,924	$5,808	$5,483	$10,402	$7,224	$3,982	$3,604	–	$3,825	$3,731	$3,103	$2,843	$2,843	$2,843
Enterprise value	$40,386	$28,301	$22,102	$15,203	$18,585	$14,328	$15,854	$15,654	$19,946	$22,154	$25,036	$28,974	$24,705	$19,648	$13,259	$12,501	$11,934	$11,410	$17,631	$15,174	$5,995	$5,990	–	$12,886	$12,789	$6,828	$5,174	$3,476	$3,472
P/E (TTM) at period end	38.29×	17.27×	–	6.00×	4.82×	18.03×	2.19×	36.18×	–	–	–	115.40×	–	18.65×	23.13×	10.52×	6.39×	4.69×	20.08×	11.63×	47.40×	19.38×	–	–	14.08×	16.96×	49.70×	68.12×	129.33×
P/S (TTM) at period end	0.99×	0.65×	0.40×	0.23×	0.39×	1.01×	0.99×	1.02×	0.99×	0.43×	0.30×	0.57×	0.82×	0.63×	0.48×	0.56×	0.65×	0.80×	1.74×	1.29×	1.66×	1.71×	–	2.27×	1.79×	1.71×	5.69×	15.61×	24.04×
P/B at period end	18.15×	7.38×	4.02×	1.92×	2.93×	5.47×	5.80×	–	–	1.85×	1.35×	0.92×	0.97×	0.55×	0.58×	0.59×	0.73×	0.74×	1.89×	1.28×	1.61×	1.34×	–	–	1.67×	2.12×	3.18×	4.91×	6.31×
EV / EBITDA (TTM)	14.73×	8.10×	14.63×	5.73×	4.50×	9.30×	9.53×	11.16×	–	28.08×	–	10.37×	15.45×	15.11×	8.66×	5.83×	4.01×	3.90×	7.95×	9.59×	13.72×	8.57×	–	–	13.79×	11.26×	71.37×	47.41×	122.16×
EV / Sales (TTM)	1.31×	1.01×	0.77×	0.48×	0.69×	1.58×	1.61×	1.65×	2.20×	2.49×	2.03×	1.83×	2.19×	2.33×	1.46×	1.41×	1.33×	1.66×	2.94×	2.72×	2.50×	2.85×	–	7.63×	6.13×	3.77×	10.35×	19.09×	29.36×
Returns
Return on equity	47.4%	42.7%	(8.8%)	31.9%	60.8%	30.4%	264.5%	–	–	(33.6%)	(234.0%)	0.8%	(4.1%)	2.9%	2.5%	5.6%	11.5%	15.9%	9.4%	11.0%	3.4%	6.9%	113.9%	–	11.8%	12.5%	6.4%	7.2%	4.9%
Return on invested capital	10.2%	15.1%	2.7%	12.7%	22.0%	10.9%	16.6%	20.5%	(6.8%)	0.2%	(16.8%)	4.2%	0.8%	–	–	5.3%	8.8%	9.8%	7.4%	6.5%	3.1%	5.2%	48.0%	(29.3%)	5.6%	5.9%	3.4%	4.7%	–
Dividend yield	1.3%	2.2%	3.3%	4.5%	3.0%	3.2%	0.3%	0.4%	0.4%	2.0%	5.4%	2.2%	1.7%	0.9%	0.2%	0.2%	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.64×	1.02×	1.02×	1.25×	1.37×	3.15×	1.31×	1.50×	1.32×	1.43×	1.69×	1.73×	1.81×	1.71×	1.32×	1.69×	1.65×	1.29×	1.56×	1.52×	1.62×	1.95×	1.08×	0.16×	0.61×	1.19×	0.62×	1.82×	0.65×
Debt / equity	9.78×	4.36×	3.70×	2.10×	2.21×	5.17×	3.51×	(5.37×)	(35.01×)	7.89×	7.11×	2.06×	1.75×	1.63×	1.31×	1.11×	1.06×	1.11×	1.52×	1.54×	1.01×	1.29×	1.86×	(13.52×)	4.10×	2.60×	2.63×	1.08×	1.38×
Effective tax rate	23.8%	22.3%	5.2%	26.6%	23.5%	33.0%	(424.2%)	1.5%	3.2%	(2.7%)	(27.0%)	2.2%	44.5%	2725.0%	130.5%	36.8%	43.6%	40.4%	39.9%	37.2%	38.2%	32.3%	0.6%	5.4%	11.2%	36.5%	(83.8%)	(159.6%)	1556.7%
Share count
Diluted shares outstanding	199	212	228	236	245	246	264	308	317	316	329	339	323	234	241	254	271	275	288	301	171	201	200	397	391	324	295	295	295

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$33,125	$30,713	$28,130	$28,823	$31,543	$26,989	$9,093	$9,821	$9,478	$9,074	$8,915	$12,328	$15,868	$11,295	$8,422	$9,079	$8,849	$8,952	$6,885	$5,989	$5,585	$2,400	$2,104	$1,710	$1,688	$2,085	$1,810	$500	$182	$118
Cost of revenue	($26,899)	($24,761)	($22,100)	($26,483)	($27,443)	($20,482)	($6,540)	($7,303)	($7,108)	($6,886)	($6,676)	($9,000)	($11,808)	($8,130)	($6,140)	($6,745)	($6,073)	($5,323)	($3,598)	($3,378)	($3,265)	($1,829)	–	–	–	–	($1,060)	($270)	($52)	($47)
Gross profit	$6,226	$5,952	$6,030	$2,340	$4,100	$6,507	$2,553	$2,518	$2,370	$2,188	$2,239	$3,328	$4,060	$3,165	$2,282	$2,334	$2,776	$3,629	$3,287	$2,611	$2,320	$571	–	–	–	–	$750	$230	$130	$72
Operating expenses
Research and development	–	–	–	–	–	–	($8)	($7)	($11)	($22)	($48)	($154)	($88)	($84)	($68)	($57)	($55)	($48)	($46)	($101)	($36)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,484)	($2,602)	($2,345)	($2,094)	($1,145)	($1,293)	($810)	($760)	($799)	($836)	($1,032)	($1,228)	($1,016)	($895)	($807)	($586)	($598)	($550)	($319)	($309)	($276)	($176)	($197)	($192)	($250)	($226)	($169)	($84)	($56)	($43)
Total operating expenses	($4,211)	($4,107)	($3,606)	($1,956)	($2,082)	($3,166)	($1,448)	($1,228)	($1,388)	($2,929)	($2,206)	($7,379)	($2,789)	($2,822)	($1,932)	($1,699)	($1,468)	($1,470)	($1,014)	($1,051)	($902)	($346)	–	–	–	–	($266)	($121)	($73)	($53)
Total costs and expenses	($31,110)	($28,868)	($25,706)	($28,439)	($29,525)	($23,648)	($7,988)	($8,531)	($8,496)	($9,815)	($8,882)	($16,379)	($14,597)	($10,952)	($8,072)	($8,444)	($7,541)	($6,793)	($4,612)	($4,429)	($4,167)	($2,175)	($1,714)	$1,401	($4,276)	($1,370)	($1,326)	($390)	($125)	($100)
Operating income	$2,015	$1,845	$2,424	$384	$2,018	$3,341	$1,105	$1,290	$982	($741)	$33	($4,051)	$1,271	$343	$350	$635	$1,308	$2,159	$2,273	$1,560	$1,418	$225	$390	$3,111	($2,588)	$715	$484	$110	$57	$18
Earnings
EBITDA	$3,069	$2,741	$3,495	$1,511	$2,652	$4,126	$1,540	$1,663	$1,403	($145)	$789	($2,700)	$2,794	$1,599	$1,300	$1,531	$2,146	$2,977	$2,922	$2,218	$1,582	$437	$699	$3,381	($2,301)	$927	$607	$72	$73	$28
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($20)	–	–	$23	$7	–	–	–	–	–	–	–	–
Interest expense	($1,025)	($741)	($651)	($667)	($417)	($485)	($401)	($413)	($483)	($557)	($583)	($937)	($1,119)	($848)	($661)	($665)	($630)	($634)	($583)	($702)	($800)	($249)	–	–	–	–	–	–	–	–
Pre-tax income	$1,048	$1,134	$1,448	($213)	$1,663	$2,859	$761	$786	$467	($1,389)	($931)	($4,986)	$135	($634)	($12)	($646)	$753	$1,669	$1,766	$946	$865	$110	$229	$2,777	($3,073)	$299	$238	$31	$16	($2)
Income tax expense	($199)	($270)	($323)	$11	($442)	($672)	($251)	$3,334	($7)	$44	($25)	($1,345)	($3)	$282	$327	$843	($277)	($728)	($713)	($377)	($322)	($42)	($74)	($16)	$165	($33)	($87)	$26	$26	$23
Net income	$849	$864	$1,125	($202)	$1,221	$2,187	$510	$4,438	$268	($2,153)	($774)	($6,382)	$134	($386)	$295	$197	$477	$942	$1,225	$573	$621	$84	$186	$2,777	($3,464)	$265	$183	$57	$42	$22
Per share
Diluted EPS (GAAP)	$3.78	$4.01	$4.99	($1.12)	$5.17	$8.93	$2.07	$16.81	$0.87	($6.79)	($2.22)	($19.46)	$0.23	($1.22)	$1.22	$0.78	$1.84	$3.44	$4.43	$1.96	$2.04	$0.38	$0.93	$6.98	($8.71)	$0.67	$0.46	$0.19	$0.1414	$0.0745
Basic EPS (GAAP)	$3.80	$4.09	$5.14	($1.12)	$5.17	$8.93	$2.08	$16.94	$0.88	($6.79)	($2.22)	($19.46)	$0.23	($1.22)	$1.23	$0.78	$1.86	$3.70	$4.98	$2.16	$2.21	$0.38	$0.93	$6.98	($8.71)	$0.67	$0.46	$0.19	$0.1414	$0.0745
Basic shares outstanding	200	195	206	228	236	245	245	262	304	317	316	329	334	323	232	240	252	246	235	240	258	169	200	200	397	387	322	295	295	295
Margins
Gross margin	18.8%	19.4%	21.4%	8.1%	13.0%	24.1%	28.1%	25.6%	25.0%	24.1%	25.1%	27.0%	25.6%	28.0%	27.1%	25.7%	31.4%	40.5%	47.7%	43.6%	41.5%	23.8%	–	–	–	–	41.4%	46.0%	71.2%	60.5%
Operating margin	6.1%	6.0%	8.6%	1.3%	6.4%	12.4%	12.2%	13.1%	10.4%	(8.2%)	0.4%	(32.9%)	8.0%	3.0%	4.2%	7.0%	14.8%	24.1%	33.0%	26.0%	25.4%	9.4%	18.5%	181.9%	(153.3%)	34.3%	26.7%	21.9%	31.3%	15.3%
Net margin	2.6%	2.8%	4.0%	(0.7%)	3.9%	8.1%	5.6%	45.2%	2.8%	(23.7%)	(8.7%)	(51.8%)	0.8%	(3.4%)	3.5%	2.2%	5.4%	10.5%	17.8%	9.6%	11.1%	3.5%	8.8%	162.4%	(205.2%)	12.7%	10.1%	11.4%	22.9%	18.6%

Analyst consensus

Buy27 analysts

Bearish · 1 · Hold · 7 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$1.90	$2.00	Miss
Q4 2024	$1.52	$2.00	Miss
Q1 2025	$2.68	$1.75	Beat
Q2 2025	$1.68	$1.74	Miss
Q3 2025	$2.75	$2.14	Beat
Q4 2025	$1.03	$0.97	Beat
Q1 2026	$1.48	$1.77	Miss
Q2 2026	$1.49	$1.69	Miss

Peers

Company overview

IPO dateDec 2, 2003

CEORobert J. Gaudette

Employees16,702

SectorUtilities

IndustryIndependent Power Producers

CountryUS

ExchangeNew York Stock Exchange

Websitewww.nrg.com

NRG Energy, Inc., together with its affiliated entities, operates as a comprehensive power utility spanning the United States. Its operations are divided into three main geographical divisions: Texas, East, and West. The company plays a crucial role in generating, distributing, and selling electricity and various related services, serving approximately six million customers across residential, commercial, industrial, and wholesale sectors. Their energy generation capabilities are diverse, drawing from natural gas, coal, oil, solar, nuclear, and battery storage technologies. Beyond core power provision, NRG offers an extensive array of solutions, including centralized system power, decentralized generation, renewable energy products, emergency backup power, distributed solar and storage installations, demand-side management, energy efficiency programs, expert advisory services, carbon management initiatives, and bespoke on-site energy solutions. Furthermore, NRG actively engages in the trading of electric power, natural gas, and associated commodities, alongside environmental credits, weather-related products, and various financial instruments such as forwards, futures, options, and swaps. The company also manages fuel procurement and transportation services. It directly markets energy, services, and products to retail consumers through several established brands, including NRG, Reliant, Direct Energy, Green Mountain Energy, Stream, and XOOM Energy. As of December 31, 2021, NRG Energy's generation assets encompassed approximately 18,000 megawatts of capacity across 25 owned and leased facilities. The corporation was founded in 1989 and maintains its corporate headquarters in Houston, Texas.

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