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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Clearway Energy reported revenue of $1.4B in the fiscal year ended Dec 2025, up 4.2% from the year before. Operating income was $160M, an operating margin of 11.2%, and net income was $169M. Operating cash flow of $688M less capital expenditure of $319M left free cash flow of $369M. Net debt was $8.4B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,286 | 1,190 | 1,314 | 1,371 | 1,429 |
| Cost of revenue | 451 | 435 | 473 | 501 | 530 |
| Gross profit | 835 | 755 | 841 | 870 | 899 |
| Operating income | 267 | 1,470 | 263 | 196 | 160 |
| Interest expense | 312 | 232 | 337 | 307 | 387 |
| Pre-tax income | −63.0 | 1,282 | −16.0 | −33.0 | −175 |
| Income tax | 12.0 | 222 | −2.0 | 30.0 | 56.0 |
| Net income | 51.0 | 582 | 79.0 | 88.0 | 169 |
| Diluted EPS | 0.44 | 4.99 | 0.67 | 0.75 | – |
| Diluted shares | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 179 | 657 | 535 | 332 | 231 |
| Receivables | 144 | 153 | – | – | – |
| Inventory | 37.0 | 47.0 | 55.0 | 64.0 | 75.0 |
| Current assets | 1,531 | 1,276 | 1,560 | 1,067 | 1,152 |
| Net PP&E | 7,650 | 7,421 | 9,526 | 9,944 | 11,596 |
| Total assets | 12,813 | 12,312 | 14,701 | 14,329 | 16,655 |
| Payables | 74.0 | 55.0 | 130 | – | – |
| Current liabilities | 1,631 | 617 | 906 | 718 | 1,018 |
| Short-term debt | 772 | 322 | 558 | 430 | 708 |
| Long-term debt | 6,939 | 6,491 | 7,479 | 6,750 | 7,898 |
| Total liabilities | 9,513 | 8,279 | 9,706 | 8,765 | 10,741 |
| Shareholders' equity | 3,300 | 4,026 | 4,994 | 5,564 | 5,811 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 701 | 787 | 702 | 770 | 688 |
| Capital expenditure | 151 | 112 | 212 | 287 | 319 |
| Free cash flow | 550 | 675 | 490 | 483 | 369 |
| Depreciation & amortisation | 509 | 512 | 526 | 627 | 682 |
| Stock-based compensation | 4.0 | – | – | – | – |
| Acquisitions | 533 | 0.0 | 0.0 | 0.0 | 324 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.5% | 10.4% | 4.3% | 4.2% |
| Operating income growth (YoY) | – | 450.6% | −82.1% | −25.5% | −18.4% |
| EPS growth (YoY) | – | 1034.1% | −86.6% | 11.9% | – |
| Gross margin | 64.9% | 63.4% | 64.0% | 63.5% | 62.9% |
| Operating margin | 20.8% | 123.5% | 20.0% | 14.3% | 11.2% |
| Net margin | 4.0% | 48.9% | 6.0% | 6.4% | 11.8% |
| Return on equityBlank when equity is negative | 1.5% | 14.5% | 1.6% | 1.6% | 2.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.4% | 12.6% | 1.9% | 1.4% | 1.0% |
| Free cash flow margin | 42.8% | 56.7% | 37.3% | 35.2% | 25.8% |
| Cash conversion (CFO ÷ net income) | 13.7x | 1.35x | 8.89x | 8.75x | 4.07x |
| Receivable days | 41 | 47 | – | – | – |
| Inventory days | 30 | 39 | 42 | 47 | 52 |
| Payable days | 60 | 46 | 100 | – | – |
| Interest cover | 0.86x | 6.34x | 0.78x | 0.64x | 0.41x |
| Debt ÷ equity | 2.34x | 1.69x | 1.61x | 1.29x | 1.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 7,532 | 6,156 | 7,502 | 6,848 | 8,375 |
| Current ratio | 0.94x | 2.07x | 1.72x | 1.49x | 1.13x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.