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NRG Energy

NRG NYSE Independent Power Producers & Energy Traders Financials FY2016–FY2025

NRG Energy's revenue rose 9.2% to $30.7 billion in fiscal 2025. Its operating margin was 6.0%, down from 8.6% a year earlier. Free cash flow was $766 million, down 58.2%. It paid out $1.7 billion in dividends and buybacks, 225% of free cash flow. The diluted share count fell 6.1%.

Last close · Oct 23, 2026

$92.31

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$30.7B
9.2% vs prior year
Operating margin Operating income as a share of revenue.
6.0%
2.6 pts
Net income Profit after all expenses, interest and tax.
$864M
23.2%
Free cash flow Cash from operations minus capital spending.
$766M
58.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.9%
3.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$19.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.2x
On $3.81 EPS (TTM)

About these figures. NRG Energy doesn't report a gross profit, and the cost figures its filings tag cover only part of its costs or only some years, so gross profit and gross margin are left blank.

What NRG Energy does

No business description yet.

Legal name
NRG Energy, Inc
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001013871-26-000004
0001013871

Revenue and margins

NRG Energy had $30.7B of revenue in fiscal 2025, up 9.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $766M in fiscal 2025, 2.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NRG Energy returned $1.7B to shareholders in fiscal 2025, 225% of free cash flow. The diluted share count fell 6.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NRG Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$11.7B and divides by 199.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.2x · peers 19.1x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably NRG Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $250M$430M$541M$966M$4.7B
Debt incl. finance leases $8.1B$8.1B$11.0B$10.9B$16.4B
Net debt / EBITDA 1.9x2.8x6.2x2.6x3.6x
Debt / equity 2.3x2.1x3.8x4.4x9.8x
Interest coverage 6.9x4.8x0.6x3.7x2.5x
Current ratio 1.4x1.3x1.0x1.0x1.6x
Quick ratio 1.3x1.2x1.0x1.0x1.6x
Total assets $23.2B$29.1B$26.0B$24.0B$29.1B
Total liabilities $19.6B$25.3B$23.1B$21.5B$27.5B
Shareholders' equity $3.6B$3.8B$2.9B$2.5B$1.7B
Net debt (− = net cash) $7.9B$7.7B$10.4B$9.9B$11.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.7B

6 insiders

Of sales under plans

1%

$35.9M

DateInsiderTradeSharesPriceValueFiling
Sep 8, 2026 Gerald Alfred SpencerSVP & Chief Accounting Officer Sold plan 1,580 $120.93 $0.2M Form 4
Jul 15, 2026 Virginia KinneyExec VP, Chief Admin Officer Sold plan 11,145 $140.64 $1.6M Form 4
Jun 15, 2026 Virginia KinneyExec VP, Chief Admin Officer Sold plan 20,000 $127.52 $2.6M Form 4
Mar 16, 2026 Virginia KinneyExec VP, Chief Admin Officer Sold plan 5,000 $156.65 $0.8M Form 4
Mar 4, 2026 David Nanus10% owner Sold 16,129,269 $164.00 $2.6B Form 4
Jan 7, 2026 Bruce ChungEVP & CFO Sold plan 12,383 $156.55 $1.9M Form 4
Jan 6, 2026 Brian CurciExec VP & General Counsel Sold plan 46,976 $158.84 $7.5M Form 4
Jan 6, 2026 Bruce ChungEVP & CFO Sold plan 7,617 $158.79 $1.2M Form 4
Jan 6, 2026 Robert J GaudetteExec VP, NRG Business Sold plan 45,000 $158.76 $7.1M Form 4
Jan 5, 2026 Brian CurciExec VP & General Counsel Sold plan 60,580 $161.71 $9.8M Form 4
Nov 14, 2025 Virginia KinneyExec VP, Chief Admin Officer Sold plan 20,000 $163.82 $3.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✕ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 1 / 86 / 86 / 8
Accruals ratio 0.1%−4.7%−4.0%
Altman Z'' 0.391.051.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NRG Energy NRG $19.6B 9.2% 6.0% 2.5% 10.9% 24.2x 6
AES AES $10.7B −0.4% — −13.3% — 5.7x — Compare →
Talen Energy TLN $15.1B 22.0% −3.5% 23.5% −1.3% — — Compare →
Duke Energy DUK $97.4B 5.6% 27.2% −5.3% 5.5% 19.1x 5 Compare →
Southern SO $104.8B 10.6% 24.7% −9.9% 5.8% 23.8x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $8.9B $9.1B $9.5B $9.8B $9.1B $27.0B $31.5B $28.8B $28.1B $30.7B
Research and development $48.0M $22.0M $11.0M $7.0M $8.0M — — — — —
Operating income $33.0M −$741M $982M $1.3B $1.1B $3.3B $2.0B $384M $2.4B $1.8B
Interest expense $583M $557M $483M $413M $401M $485M $417M $667M $651M $741M
Pretax income −$931M −$1.4B $467M $786M $761M $2.9B $1.7B −$213M $1.4B $1.1B
Income tax $25.0M −$44.0M $7.0M −$3.3B $251M $672M $442M −$11.0M $323M $270M
Net income −$774M −$2.2B $268M $4.4B $510M $2.2B $1.2B −$202M $1.1B $864M
Diluted EPS −$2.22 −$6.79 $0.87 $16.81 $2.07 $8.93 $5.17 −$1.12 $4.99 $4.01
Diluted shares 0.32B 0.32B 0.31B 0.26B 0.25B 0.25B 0.24B 0.23B 0.21B 0.20B
Cash flow
Cash from operations $1.9B $1.6B $1.4B $1.4B $1.8B $493M $360M −$221M $2.3B $1.9B
Capital expenditure $544M $254M $388M $228M $230M $269M $367M $598M $472M $1.1B
Free cash flow $1.4B $1.4B $989M $1.2B $1.6B $224M −$7.0M −$819M $1.8B $766M
Depreciation and amortization $756M $596M $421M $373M $435M $785M $720M $1.3B $1.4B $1.4B
Stock-based compensation $10.0M $35.0M $25.0M $20.0M $22.0M $21.0M $28.0M $101M $102M $134M
Acquisitions $0.0M $14.0M $243M $355M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $1.3B $1.4B $229M $48.0M $600M $1.2B $935M $1.3B
Dividends paid $76.0M $38.0M $37.0M $32.0M $295M $319M $332M $381M $405M $411M
Dividends and buybacks $76.0M $38.0M $1.3B $1.5B $524M $367M $932M $1.5B $1.3B $1.7B
Balance sheet
Cash and short-term investments $591M $770M $563M $345M $3.9B $250M $430M $541M $966M $4.7B
Total debt $16.7B $9.5B $6.7B $6.0B $8.9B $8.1B $8.1B $10.9B $10.9B $16.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $4.0M $13.0M $11.0M $19.0M $14.0M $24.0M
Current assets $6.7B $4.4B $3.6B $3.1B $6.0B $10.8B $16.2B $9.7B $9.0B $13.1B
Current liabilities $4.7B $3.4B $2.4B $2.4B $1.9B $7.9B $13.0B $9.5B $8.8B $8.0B
Inventory $721M $453M $412M $383M $327M $498M $751M $607M $478M $461M
Property and equipment, net $15.4B $6.0B $3.0B — — — — — — —
Total assets $30.7B $23.4B $10.6B $12.5B $14.9B $23.2B $29.1B $26.0B $24.0B $29.1B
Total liabilities $26.2B $21.3B $11.8B $10.9B $13.2B $19.6B $25.3B $23.1B $21.5B $27.5B
Shareholders' equity $4.4B $2.0B −$1.2B $1.7B $1.7B $3.6B $3.8B $2.9B $2.5B $1.7B
Margins
Operating margin 0.4% −8.2% 10.4% 13.1% 12.2% 12.4% 6.4% 1.3% 8.6% 6.0%
EBITDA margin 8.9% −1.6% 14.8% 16.9% 16.9% 15.3% 8.7% 5.8% 13.6% 10.6%
Net margin −8.7% −23.7% 2.8% 45.2% 5.6% 8.1% 3.9% −0.7% 4.0% 2.8%
FCF margin 15.3% 14.9% 10.4% 12.1% 17.7% 0.8% −0.0% −2.8% 6.5% 2.5%
Returns
Return on capital 0.1% −3.8% 12.4% 21.1% 10.6% 28.2% 12.9% 2.4% 14.6% 10.9%
Return on capital employed 0.1% −3.2% 7.0% 14.0% 9.5% 23.7% 12.8% 2.4% 15.3% 10.2%
Return on equity −15.7% −67.1% — — 30.6% 82.8% 32.9% −6.0% 41.8% 41.6%
Return on assets −2.4% −8.0% 1.6% 38.3% 3.7% 11.5% 4.7% −0.7% 4.5% 3.3%
Growth
Revenue growth −27.7% 1.8% 4.5% 3.6% −7.4% 196.8% 16.9% −8.6% −2.4% 9.2%
Net income growth — — — 1,556.0% −88.5% 328.8% −44.2% −116.5% — −23.2%
EPS growth — — — 1,832.2% −87.7% 331.4% −42.1% −121.7% — −19.6%
FCF growth 326.3% −0.6% −27.1% 19.8% 35.6% −86.1% −103.1% — — −58.2%
Share count change −4.0% 0.3% −2.8% −14.3% −6.8% −0.4% −3.7% −3.4% −7.0% −6.1%
Financial health
Net debt / EBITDA 20.4x — 4.4x 3.4x 3.2x 1.9x 2.8x 6.2x 2.6x 3.6x
Debt / equity 3.8x 4.8x — 3.6x 5.3x 2.3x 2.1x 3.8x 4.4x 9.8x
Interest coverage 0.1x −1.3x 2.0x 3.1x 2.8x 6.9x 4.8x 0.6x 3.7x 2.5x
Current ratio 1.4x 1.3x 1.5x 1.3x 3.2x 1.4x 1.3x 1.0x 1.0x 1.6x
Quick ratio 1.3x 1.2x 1.3x 1.2x 3.0x 1.3x 1.2x 1.0x 1.0x 1.6x
Capital allocation
Capex / revenue 6.1% 2.8% 4.1% 2.3% 2.5% 1.0% 1.2% 2.1% 1.7% 3.7%
Stock comp / revenue 0.1% 0.4% 0.3% 0.2% 0.2% 0.1% 0.1% 0.4% 0.4% 0.4%
Payouts / FCF 5.6% 2.8% 130.1% 124.2% 32.6% 163.8% — — 73.1% 224.8%
Quality scores
Piotroski F-score 5.0 4.0 7.0 5.0 5.0 6.0 4.0 1.0 6.0 6.0
Altman Z'' 0.2 −0.7 −0.6 0.8 2.1 2.1 1.5 0.4 1.1 1.9
Accruals ratio −8.4% −13.9% −6.5% 26.1% −9.7% 8.9% 3.3% 0.1% −4.7% −4.0%

Source: SEC EDGAR XBRL filings (CIK 0001013871). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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