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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 |
| 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 |
| Operating Income | - | 2,224 | -1,049 | 2,282 | 1,944 |
| EBITDA | - | 2,800 | 1,749 | 3,502 | 3,281 |
| EBIT | - | 2,080 | 454 | 2,099 | 1,875 |
| Pretax Income | - | 1,663 | -213 | 1,448 | 1,134 |
| Tax Provision | - | 442 | -11 | 323 | 270 |
| Net Income | - | 1,221 | -202 | 1,125 | 864 |
| Net Income Common Stockholders | - | 1,221 | -256 | 1,058 | 797 |
| Total Expenses | - | 29,319 | 29,872 | 25,848 | 28,769 |
| Interest Expense | - | 417 | 667 | 651 | 741 |
| Selling General And Administration | - | 1,145 | 2,094 | 2,345 | 2,602 |
| Normalized EBITDA | - | 3,006 | 309 | 3,749 | 3,429 |
| Normalized Income | - | 1,372.20 | -1,567.12 | 1,316.92 | 976.78 |
| Market Cap | 33,939.84 | 33,939.84 | 33,939.84 | 33,939.84 | 33,939.84 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NRG Energy, Inc.this co. | NRG | $33.8B | 39.28↑ premium | 32.92 | 83.8% | 13.98 |
| Consolidated Edison, Inc. | ED | $39.0B | 19.86 | 1.66 | 8.4% | 10.88 |
| PG&E Corporation | PCG | $38.0B | 13.53 | 1.18 | 8.7% | 9.64 |
| WEC Energy Group, Inc. | WEC | $36.9B | 23.95 | 2.74 | 11.4% | 14.73 |
| DTE Energy Company | DTE | $30.5B | 20.90 |
| - |
| - |
| - |
| - |
| - |
| 2.48 |
| 11.9% |
| 12.74 |
| Ameren Corporation | AEE | $30.1B | 21.11 | 2.29 | 10.9% | 12.51 |
| Atmos Energy Corporation | ATO | $29.5B | 25.59 | 2.26 | 8.8% | 16.68 |
| PPL Corporation | PPL | $28.6B | 24.68 | 1.96 | 7.9% | 12.83 |
| FirstEnergy Corp. | FE | $28.5B | 28.02 | 2.28 | 8.2% | 12.94 |
| Peer Median | - | 22.53 | 2.27 | 8.8% | 12.78 | |