$NRG

NRG ENERGY, INC.

CIK:0001013871|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 7,481	$ 6,740	$ 17,737	$ 15,325
Operating Costs and Expenses
Cost of operations (excluding depreciation and amortization shown below)	5,470	5,629	14,328	12,190
Depreciation and amortization	494	344	926	670
Selling, general and administrative costs (excluding amortization of customer acquisition costs of $93, $68, $180, and $133 respectively, which are included in depreciation and amortization shown separately above)	562	724	1,155	1,273
Acquisition-related transaction and integration costs	16	43	61	51
Total operating costs and expenses	6,542	6,740	16,470	14,184
Gain/(Loss) on sale of assets	37	0	37	(7)
Operating Income	976	0	1,304	1,134
Other Income/(Expense)
Other income, net	6	5	46	19
Loss on debt extinguishment	(9)	(10)	(9)	(10)
Interest expense	(310)	(148)	(595)	(311)
Total other expense	(313)	(153)	(558)	(302)
Income/(Loss) Before Income Taxes	663	(153)	746	832
Income tax expense/(benefit)	157	(49)	115	186
Net Income/(Loss)	506	(104)	631	646
Less: Cumulative dividends attributable to Series A Preferred Stock	17	17	34	34
Net Income/(Loss) Available for Common Stockholders	489	(121)	597	612
Net Income/(Loss) Available for Common Stockholders	$ 489	$ (121)	$ 597	$ 612
Income/(Loss) per Share
Weighted average number of common shares outstanding — basic (in shares)	211	196	209	197
Income per Weighted Average Common Share — Basic (in usd per share)	$ 2.32	$ (0.62)	$ 2.86	$ 3.11
Weighted average number of common shares outstanding — diluted (in shares)	212	196	210	203
Income per Weighted Average Common Share — Diluted (in usd per share)	$ 2.31	$ (0.62)	$ 2.84	$ 3.01

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income	$ 631	$ 646
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets	602	444
Amortization of capitalized contract costs	324	226
Accretion of asset retirement obligations	17	20
Provision for credit losses	104	113
Amortization of financing costs and debt discounts/premiums	10	13
Loss on debt extinguishment	9	10
Amortization of in-the-money contracts and emissions allowances	47	51
Amortization of unearned equity compensation	72	62
Net (gain)/loss on sale of assets and disposal of assets	(38)	10
Gain on proceeds from insurance recoveries for Property, plant and equipment, net	0	(100)
Changes in derivative instruments	(61)	18
Changes in current and deferred income taxes and liability for uncertain tax benefits	(33)	126
Changes in collateral deposits in support of risk management activities	14	197
Changes in other working capital:
Accounts receivable, net	910	(17)
Inventory	(156)	16
Prepayments and other current assets	(441)	(368)
Accounts payable	(780)	(39)
Accrued expenses and other current liabilities	(164)	(120)
Other assets and liabilities	(119)	(2)
Cash provided by operating activities	948	1,306
Cash Flows from Investing Activities
Payments for acquisitions of businesses and assets, net of cash acquired	(7,101)	(586)
Capital expenditures	(655)	(595)
Proceeds from sales of assets, net	44	6
Purchases of emissions allowances	(41)	(10)
Sales of emissions allowances	44	3
Proceeds from insurance recoveries for Property, plant and equipment, net	0	100
Cash used in investing activities	(7,709)	(1,082)
Cash Flows from Financing Activities
Equivalent shares purchased in lieu of tax withholdings	(99)	(77)
Payments for share repurchase activity and excise tax	(931)	(603)
Payments of dividends to preferred and common stockholders	(235)	(207)
Proceeds from issuance of long-term debt	3,652	0
Repayments of long-term debt and finance leases	(1,619)	(10)
Payments for debt extinguishment costs	(9)	0
Payments of deferred financing costs	(84)	(31)
Net receipts from settlement of acquired derivatives that include financing elements	16	38
Proceeds from credit facilities	8,675	865
Repayments to credit facilities	(7,226)	(730)
Cash provided by/(used in) financing activities	2,140	(755)
Effect of exchange rate changes on cash and cash equivalents	2	1
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash	(4,619)	(530)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period	4,998	1,173
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period	$ 379	$ 643

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 162	$ 4,708
Funds deposited by counterparties	167	260
Restricted cash	50	30
Accounts receivable, net	3,534	4,065
Inventory	793	461
Derivative instruments	3,188	2,189
Cash collateral paid in support of energy risk management activities	441	365
Prepayments and other current assets	1,318	1,069
Total current assets	9,653	13,147
Property, plant and equipment, net	14,076	3,632
Other Assets
Operating lease right-of-use assets, net	142	130
Goodwill	8,815	5,017
Derivative instruments	1,617	1,568
Deferred income taxes	1,725	1,843
Other non-current assets	1,772	1,494
Total other assets	16,211	12,361
Total Assets	39,940	29,140
Current Liabilities
Current portion of long-term debt and finance leases	1,512	31
Current portion of operating lease liabilities	41	35
Accounts payable	2,579	2,834
Derivative instruments	3,120	2,257
Cash collateral received in support of energy risk management activities	167	260
Deferred revenue current	837	748
Accrued expenses and other current liabilities	1,719	1,864
Total current liabilities	9,975	8,029
Other Liabilities
Long-term debt and finance leases	21,744	16,412
Non-current operating lease liabilities	170	144
Derivative instruments	1,327	1,103
Deferred income taxes	15	15
Deferred revenue non-current	984	895
Other non-current liabilities	870	861
Total other liabilities	25,110	19,430
Total Liabilities	35,085	27,459
Commitments and Contingencies
Stockholders’ Equity
Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2026 and December 31, 2025, aggregate liquidation preference of $650 at June 30, 2026 and December 31, 2025	650	650
Common stock; $0.01 par value; 500,000,000 shares authorized; 225,198,900 and 199,828,615 shares issued and 210,307,902 and 190,376,607 shares outstanding at June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in-capital	3,880	215
Retained earnings	2,374	1,982
Treasury stock, at cost; 14,890,998 shares and 9,452,008 shares at June 30, 2026 and December 31, 2025, respectively	(1,964)	(1,087)
Accumulated other comprehensive loss	(87)	(81)
Total Stockholders’ Equity	4,855	1,681
Total Liabilities and Stockholders’ Equity	39,940	29,140
Customer relationships, net
Other Assets
Intangible assets, net	1,177	1,203
Other intangible assets, net
Other Assets
Intangible assets, net	$ 963	$ 1,106