$CWEN

Clearway Energy, Inc.

CIK:0001567683|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Total operating revenues	$ 481	$ 392	$ 835	$ 690
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	149	131	283	253
Depreciation, amortization and accretion	196	163	378	326
General and administrative	15	11	26	21
Transaction and integration costs	5	2	12	5
Total operating costs and expenses	365	307	699	605
Operating Income	116	85	136	85
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	11	7	16	12
Other income, net	8	8	16	15
Loss on debt extinguishment	(3)	0	(5)	0
Interest expense	(105)	(83)	(206)	(199)
Total other expense, net	(89)	(68)	(179)	(172)
Income (Loss) Before Income Taxes	27	17	(43)	(87)
Income tax (benefit) expense	(3)	5	(5)	5
Net Income (Loss)	30	12	(38)	(92)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	(92)	(18)	3	(119)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$ 122	30	$ (41)	27
Common Class A
Other Income (Expense)
Net Income (Loss) Attributable to Clearway Energy, Inc.		$ 9		$ 8
Earnings (Loss) Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number shares outstanding - basic (in shares)	11	35	23	35
Weighted average number of shares outstanding - diluted (in shares)	11	35	23	35
Earnings (Loss) Per Weighted Average Common Share - Basic (in dollars per share)	$ 1.00	$ 0.25	$ (0.34)	$ 0.23
Earnings (Loss) Per Weighted Average Common Share - Diluted (in dollars per share)	1.00	0.25	(0.34)	0.23
Dividends Per Common Share (in dollars per share)	$ 0	$ 0.4384	$ 0.4602	$ 0.8696
Common Class C
Other Income (Expense)
Net Income (Loss) Attributable to Clearway Energy, Inc.		$ 21		$ 19
Earnings (Loss) Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number shares outstanding - basic (in shares)	110	83	98	83
Weighted average number of shares outstanding - diluted (in shares)	110	83	98	83
Earnings (Loss) Per Weighted Average Common Share - Basic (in dollars per share)	$ 1.00	$ 0.25	$ (0.34)	$ 0.23
Earnings (Loss) Per Weighted Average Common Share - Diluted (in dollars per share)	1.00	0.25	(0.34)	0.23
Dividends Per Common Share (in dollars per share)	$ 0.4676	$ 0.4384	$ 0.9278	$ 0.8696

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net Loss	$ (38)	$ (92)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(16)	(12)
Distributions from unconsolidated affiliates	15	13
Depreciation, amortization and accretion	378	326
Amortization of financing costs and debt discounts	9	7
Amortization of intangibles and out-of-market contracts	101	88
Loss on debt extinguishment	5	0
Reduction in carrying amount of right-of-use assets	8	8
Changes in deferred income taxes	(2)	2
Changes in derivative instruments and amortization of accumulated OCI/OCL	(53)	22
Proceeds from transferable tax credits	282	0
Changes in other working capital	(74)	(76)
Net Cash Provided by Operating Activities	615	286
Cash Flows from Investing Activities
Acquisitions, net of cash acquired	(226)	(211)
Acquisition of Drop Down Assets, net of cash acquired	(81)	(77)
Capital expenditures	(159)	(132)
Payments for equipment deposits and asset purchases from affiliate	(112)	0
Return of investment from unconsolidated affiliates	8	10
Investments in unconsolidated affiliates	(91)	0
Other	4	12
Net Cash Used in Investing Activities	(657)	(398)
Cash Flows from Financing Activities
(Distributions to) contributions from noncontrolling interests, net	(119)	380
Proceeds from the issuance of Class C common stock	50	0
Payments of dividends and distributions	(190)	(176)
Pro-rata distributions to CEG	0	(7)
Buyout of noncontrolling interest	(3)	0
Proceeds from the revolving credit facility	60	112
Payments for the revolving credit facility	(361)	0
Proceeds from the issuance of long-term debt	1,006	362
Payments of debt issuance costs	(27)	(7)
Payments for long-term debt	(647)	(498)
Other	(2)	(1)
Net Cash (Used in) Provided by Financing Activities	(233)	165
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(275)	53
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	818	733
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 543	$ 786

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 251	$ 231
Restricted cash	292	587
Inventory	88	75
Derivative instruments	47	29
Prepayments and other current assets	86	67
Total current assets	1,062	1,152
Property, plant and equipment, net	11,686	11,596
Other Assets
Equity investments in affiliates	375	291
Intangible assets for power purchase agreements, net	2,323	2,294
Other intangible assets, net	65	66
Deferred income taxes	0	172
Derivative instruments	146	127
Right-of-use assets, net	769	714
Other non-current assets	346	243
Total other assets	4,024	3,907
Total Assets	16,772	16,655
Current Liabilities
Current portion of long-term debt	570	708
Derivative instruments	14	52
Accrued interest expense	72	52
Accrued expenses and other current liabilities	68	79
Total current liabilities	880	1,018
Other Liabilities
Long-term debt	8,491	7,898
Deferred income taxes	143	45
Derivative instruments	79	308
Long-term lease liabilities	829	796
Other non-current liabilities	753	676
Total other liabilities	10,295	9,723
Total Liabilities	11,175	10,741
Redeemable noncontrolling interest in subsidiaries	124	103
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	0	0
Class B, Class C and Class D common stock, $0.01 par value; 2,500,000,000 shares authorized (Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 205,267,917 shares issued and outstanding (Class B 42,738,750, Class C 121,168,025, Class D 41,361,142) at June 30, 2026 and 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025	1	1
Additional paid-in capital	1,730	1,715
Retained earnings	111	213
Accumulated other comprehensive income (loss)	9	(5)
Noncontrolling interest	3,622	3,887
Total Stockholders’ Equity	5,473	5,811
Total Liabilities and Stockholders’ Equity	16,772	16,655
Nonrelated Party
Current Assets
Accounts receivable	296	162
Current Liabilities
Accounts payable — trade	130	95
Affiliated Entity
Current Assets
Accounts receivable	2	1
Current Liabilities
Accounts payable — affiliates	$ 26	$ 32