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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 |
| Cost Of Revenue | - | 435 | 473 | 501 | 530 |
| Gross Profit | - | 755 | 841 | 870 | 899 |
| Operating Expense | - | 554 | 562 | 666 | 723 |
| Operating Income | - | 201 | 279 | 204 | 176 |
| EBITDA | - | 2,198 | 1,032 | 1,083 | 1,081 |
| EBIT | - | 1,514 | 321 | 274 | 212 |
| Pretax Income | - | 1,282 | -16 | -33 | -175 |
| Tax Provision | - | 222 | -2 | 30 | 56 |
| Net Income | - | 582 | 79 | 88 | 169 |
| Net Income Common Stockholders | - | 582 | 79 | 88 | 169 |
| Total Expenses | - | 989 | 1,035 | 1,167 | 1,253 |
| Interest Expense | - | 232 | 337 | 307 | 387 |
| Research And Development | 6 | 2 | 0 | 0 | - |
| Selling General And Administration | - | 40 | 36 | 39 | 41 |
| Normalized EBITDA | - | 931 | 1,054 | 1,096 | 1,105 |
| Normalized Income | - | -465.81 | 98.25 | 98.27 | 187.96 |
| Market Cap | 4,785.38 | 4,785.38 | 4,785.38 | 4,785.38 | 4,785.38 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Clearway Energy, Inc.this co. | CWEN | $4.7B | 28.32↑ premium | 2.49 | 8.8% | 12.91 |
| Clearway Energy, Inc. | CWEN-A | $4.7B | 28.29 | 2.49 | 8.8% | 12.91 |
| MDU Resources Group, Inc. | MDU | $4.5B | 23.43 | 1.61 | 6.9% | 13.53 |
| Avista Corporation | AVA | $3.3B | 17.59 | 1.25 | 7.1% | 10.19 |
| Chesapeake Utilities Corporation | CPK | $3.0B |
| - |
| - |
| - |
| - |
| - |
| 21.82 |
| 1.92 |
| 8.8% |
| 12.56 |
| MGE Energy, Inc. | MGEE | $2.9B | 21.69 | 2.26 | 10.4% | 12.63 |
| California Water Service Group | CWT | $2.8B | 21.65 | 1.64 | 7.6% | 12.02 |
| Hawaiian Electric Industries, Inc. | HE | $2.7B | 20.86 | 1.64 | 7.9% | 8.82 |
| Northwest Natural Holding Company | NWN | $2.2B | 19.81 | 1.52 | 7.7% | 10.48 |
| Peer Median | - | 21.67 | 1.64 | 7.8% | 12.29 | |