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Clearway Energy, Inc. operates in the clean energy generation assets business in the United States. It operates through Flexible Generation and Renewables & Storage segments. The company's portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar, and battery energy storage systems; and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. The company was formerly known as NRG Yield, Inc. and changed its name to Clearway Energy, Inc. in August 2018. Clearway Energy, Inc. was incorporated in 2012 and is based in Princeton, New Jersey. Clearway Energy, Inc. is a subsidiary of Clearway Energy Group LLC.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | $1.1B | $169M | $342M | 8.8% | 4.2% | 92.0% |
| 2024 | $1.4B | $1.1B | $88M | $483M | 4.3% | 4.3% | 11.4% |
| 2023 | $1.3B | $1.0B | $79M | $408M | 3.8% | 10.4% | -86.4% |
| 2022 | $1.2B | $2.2B | $582M | $675M | 26.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,190 | 1,314 | 1,371 | 1,429 |
| Operating Revenue | - | 1,108 | 1,215 | 1,281 | 1,353 |
| Cost Of Revenue | - | 435 | 473 | 501 | 530 |
| Gross Profit | - | 755 | 841 | 870 | 899 |
| Operating Expense | - | 554 | 562 | 666 | 723 |
| Research And Development | 6 | 2 | 0 | 0 | - |
| Selling General And Administration | - | 40 | 36 | 39 | 41 |
| Total Expenses | - | 989 | 1,035 | 1,167 | 1,253 |
| Operating Income | - | 201 | 279 | 204 | 176 |
| Total Operating Income As Reported | - | 1,470 | 263 | 196 | 160 |
| EBITDA | - | 2,198 | 1,032 | 1,083 | 1,081 |
| Normalized EBITDA | - | 931 | 1,054 | 1,096 | 1,105 |
| EBIT | - | 1,514 | 321 | 274 | 212 |
| Interest Expense | - | 232 | 337 | 307 | 387 |
| Net Interest Income | - | -232 | -337 | -307 | -387 |
| Other Non Operating Income Expenses | - | 17 | 52 | 48 | 29 |
| Other Income Expense | - | 1,313 | 42 | 70 | 36 |
| Interest Expense Non Operating | - | 232 | 337 | 307 | 387 |
| Net Non Operating Interest Income Expense | - | -232 | -337 | -307 | -387 |
| Pretax Income | - | 1,282 | -16 | -33 | -175 |
| Tax Provision | - | 222 | -2 | 30 | 56 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 219.19 | -2.75 | -2.73 | -5.04 |
| Net Income Continuous Operations | - | 1,060 | -14 | -63 | -231 |
| Net Income From Continuing And Discontinued Operation | - | 582 | 79 | 88 | 169 |
| Net Income From Continuing Operation Net Minority Interest | - | 582 | 79 | 88 | 169 |
| Net Income | - | 582 | 79 | 88 | 169 |
| Net Income Common Stockholders | - | 582 | 79 | 88 | 169 |
| Net Income Including Noncontrolling Interests | - | 1,060 | -14 | -63 | -231 |
| Normalized Income | - | -465.81 | 98.25 | 98.27 | 187.96 |
| Diluted NI Availto Com Stockholders | - | 582 | 79 | 88 | 169 |
| Basic Average Shares | - | 117 | 117 | 118 | 119 |
| Diluted Average Shares | - | 117 | 117 | 118 | 119 |
| Reconciled Depreciation | - | 684 | 711 | 809 | 869 |
| Reconciled Cost Of Revenue | - | 263 | 288 | 319 | 343 |
| Total Unusual Items | - | 1,267 | -22 | -13 | -24 |
| Total Unusual Items Excluding Goodwill | - | 1,267 | -22 | -13 | -24 |
| Minority Interests | - | -478 | 93 | 151 | 400 |
| Special Income Charges | - | 1,267 | -22 | -13 | -24 |
| Gain On Sale Of Business | 0 | 1,292 | 0 | 0 | - |
| Other Special Charges | - | 2 | 6 | 5 | 8 |
| Write Off | 0 | 0 | - | - | - |
| Impairment Of Capital Assets | - | 16 | 12 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | 7 | 4 | 8 | 16 |
| Depreciation Amortization Depletion Income Statement | - | 512 | 526 | 627 | 682 |
| Depreciation And Amortization In Income Statement | - | 512 | 526 | 627 | 682 |
| General And Administrative Expense | - | 40 | 36 | 39 | 41 |
| Other Gand A | - | 40 | 36 | 39 | 41 |
| Earnings From Equity Interest | - | 29 | 12 | 35 | 31 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Clearway Energy, Inc.this co. | CWEN-A | $8.3B | 49.16↑ premium | 4.32 | 8.8% | 16.17 |
| Clearway Energy, Inc. | CWEN | $9.7B | 57.37 | 5.04 | 8.8% | 17.45 |
| MDU Resources Group, Inc. | MDU | $4.4B | 23.22 | 1.59 | 6.9% | 13.45 |
| Avista Corporation | AVA | $3.4B | 17.82 | 1.27 | 7.1% | 10.25 |
| American States Water Company | AWR | $3.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 23.22 |
| 2.89 |
| 12.4% |
| 14.84 |
| Chesapeake Utilities Corporation | CPK | $2.9B | 20.75 | 1.82 | 8.8% | 12.16 |
| MGE Energy, Inc. | MGEE | $2.8B | 20.52 | 2.14 | 10.4% | 12.11 |
| California Water Service Group | CWT | $2.7B | 21.12 | 1.60 | 7.6% | 11.83 |
| H2O America | HTO | $2.4B | 23.07 | 1.54 | 6.7% | 14.03 |
| Peer Median | - | 22.09 | 1.71 | 8.2% | 12.81 | |