Loading…
NRG Energy, Inc., together with its subsidiaries, operates as an energy and home services company in the United States and Canada. It operates through the Texas, East, West/Other, Vivint Smart Home, and Corporate Activities segments. The company offers retail electricity, energy management, demand response and virtual power plant programs, carbon offsets, smart home security, and automation services. It also offers system power, distributed and backup generation, energy storage, energy management, renewable and low-carbon products, and carbon management solutions for large business and commercial customers; a cloud-based home platform, including hardware, software, sales, installation, customer service, technical support, and professional monitoring solutions; and generation portfolio includes fossil fuel and renewable generation assets diversified by fuel type and dispatch level, with ongoing development of new natural gas and renewable projects. In addition, the company trades in power, natural gas, and related products; environmental products; weather products; and financial products, including forwards, futures, options, and swaps. It offers its products and services under the NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. It serves residential, commercial, government, industrial, data center, and wholesale customers. NRG Energy, Inc. was founded in 1989 and is headquartered in Houston, Texas.
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 | $30.7B | $3.3B | $864M | $765M | 83.8% | 9.2% | -23.2% |
| 2024 | $28.1B | $3.5B | $1.1B | $1.8B | 61.5% | -2.4% | -656.9% |
| 2023 | $28.8B | $1.7B | $-202M | $-843M | -9.0% | -8.6% | -116.5% |
| 2022 | $31.5B | $2.8B | $1.2B | $-13M | 31.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 31,543 | 28,823 | 28,130 | 30,713 |
| Operating Revenue | - | 31,543 | 28,823 | 27,823 | 30,425 |
| Cost Of Revenue | - | 27,443 | 26,483 | 22,100 | 24,761 |
| Gross Profit | - | 4,100 | 2,340 | 6,030 | 5,952 |
| Operating Expense | - | 1,876 | 3,389 | 3,748 | 4,008 |
| Selling General And Administration | - | 1,145 | 2,094 | 2,345 | 2,602 |
| Total Expenses | - | 29,319 | 29,872 | 25,848 | 28,769 |
| Operating Income | - | 2,224 | -1,049 | 2,282 | 1,944 |
| Total Operating Income As Reported | - | 2,018 | 384 | 2,424 | 1,845 |
| EBITDA | - | 2,800 | 1,749 | 3,502 | 3,281 |
| Normalized EBITDA | - | 3,006 | 309 | 3,749 | 3,429 |
| EBIT | - | 2,080 | 454 | 2,099 | 1,875 |
| Interest Expense | - | 417 | 667 | 651 | 741 |
| Net Interest Income | - | -417 | -667 | -651 | -741 |
| Other Non Operating Income Expenses | - | 56 | 47 | 44 | 68 |
| Other Income Expense | - | -144 | 1,503 | -183 | -69 |
| Interest Expense Non Operating | - | 417 | 667 | 651 | 741 |
| Net Non Operating Interest Income Expense | - | -417 | -667 | -651 | -741 |
| Pretax Income | - | 1,663 | -213 | 1,448 | 1,134 |
| Tax Provision | - | 442 | -11 | 323 | 270 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -54.80 | 74.88 | -55.08 | -35.22 |
| Net Income Continuous Operations | - | 1,221 | -202 | 1,125 | 864 |
| Net Income From Continuing And Discontinued Operation | - | 1,221 | -202 | 1,125 | 864 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,221 | -202 | 1,125 | 864 |
| Net Income | - | 1,221 | -202 | 1,125 | 864 |
| Net Income Common Stockholders | - | 1,221 | -256 | 1,058 | 797 |
| Net Income Including Noncontrolling Interests | - | 1,221 | -202 | 1,125 | 864 |
| Normalized Income | - | 1,372.20 | -1,567.12 | 1,316.92 | 976.78 |
| Diluted NI Availto Com Stockholders | - | 1,221 | -256 | 1,058 | 797 |
| Basic Average Shares | - | 236 | 228 | 206 | 195 |
| Diluted Average Shares | - | 236 | 228 | 212 | 199 |
| Reconciled Depreciation | - | 688 | 1,174 | 1,071 | 896 |
| Reconciled Cost Of Revenue | - | 27,475 | 26,604 | 22,432 | 25,271 |
| Total Unusual Items | - | -206 | 1,440 | -247 | -148 |
| Total Unusual Items Excluding Goodwill | - | -206 | 1,440 | -247 | -148 |
| Preferred Stock Dividends | - | - | 54 | 67 | 67 |
| Minority Interests | 0 | - | - | - | - |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Special Income Charges | - | -206 | 1,440 | -247 | -148 |
| Other Special Charges | 77 | - | -109 | 382 | 10 |
| Write Off | - | 0 | 102 | 7 | 39 |
| Impairment Of Capital Assets | - | 206 | 26 | 36 | 0 |
| Restructuring And Mergern Acquisition | - | 52 | 119 | 30 | 74 |
| Depreciation Amortization Depletion Income Statement | - | 720 | 1,295 | 1,403 | 1,406 |
| Depreciation And Amortization In Income Statement | - | 720 | 1,295 | 1,403 | 1,406 |
| Gain On Sale Of Ppe | - | 52 | 1,578 | 208 | -25 |
| Other Operating Expenses | 698 | - | - | - | - |
| Provision For Doubtful Accounts | 698 | 11 | 251 | 314 | - |
| Earnings From Equity Interest | - | 6 | 16 | 20 | 11 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NRG Energy, Inc.this co. | NRG | $28.1B | 32.57↑ premium | 27.30 | 83.8% | 12.21 |
| DTE Energy Company | DTE | $29.7B | 20.31 | 2.41 | 11.9% | 12.54 |
| Ameren Corporation | AEE | $29.6B | 20.34 | 2.21 | 10.9% | - |
| Atmos Energy Corporation | ATO | $28.0B | 23.40 | 2.07 | 8.8% | 15.57 |
| Edison International | EIX | $27.6B | 5.88 |
| - |
| - |
| - |
| - |
| - |
| 1.62 |
| 27.5% |
| 6.41 |
| CenterPoint Energy, Inc. | CNP | $27.4B | 26.02 | 2.45 | 9.4% | 13.67 |
| PPL Corporation | PPL | $26.5B | 22.40 | 1.78 | 7.9% | 12.10 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B | 15.53 | 1.62 | 10.4% | 10.25 |
| Peer Median | - | 21.37 | 2.09 | 9.9% | 12.43 | |