NRG Energy
NRG · NYSEElectric Services · Fiscal year ends Dec 31
NRG Energy reported revenue of $30.3B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $1.8B, an operating margin of 6.1%, and net income was $864M. Operating cash flow of $1.9B less capital expenditure of $1.1B left free cash flow of $766M. Net debt was $11.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $26.8B | $31.5B | $28.3B | $27.7B | $30.3B |
| Selling, general & admin | $1.3B | $1.1B | $2.1B | $2.3B | $2.6B |
| Operating income | $3.3B | $2B | $384M | $2.4B | $1.8B |
| Interest expense | $485M | $417M | $667M | $651M | $741M |
| Pre-tax income | $2.9B | $1.7B | −$213M | $1.4B | $1.1B |
| Income tax | $672M | $442M | −$11M | $323M | $270M |
| Net income | $2.2B | $1.2B | −$202M | $1.1B | $864M |
| Diluted EPS | 8.93 | 5.17 | −1.12 | 4.99 | 4.01 |
| Diluted shares | 245M | 236M | 228M | 212M | 199M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $250M | $430M | $541M | $966M | $4.7B |
| Receivables | $3.2B | $4.8B | $3.5B | $3.5B | $4.1B |
| Inventory | $498M | $751M | $607M | $478M | $461M |
| Current assets | $10.8B | $16.2B | $9.7B | $9B | $13.1B |
| Goodwill | $1.8B | $1.7B | $5.1B | $5B | $5B |
| Total assets | $23.2B | $29.1B | $26B | $24B | $29.1B |
| Payables | $2.3B | $3.6B | $2.3B | $2.5B | $2.8B |
| Deferred revenue | $227M | $176M | $720M | $711M | $748M |
| Current liabilities | $7.9B | $13B | $9.5B | $8.8B | $8B |
| Short-term debt | $4M | $63M | $620M | $996M | $31M |
| Long-term debt | $8B | $8B | $10.1B | $9.8B | $16.4B |
| Total liabilities | $19.6B | $25.3B | $23.1B | $21.5B | $27.5B |
| Shareholders' equity | $3.6B | $3.8B | $2.9B | $2.5B | $1.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $493M | $360M | −$221M | $2.3B | $1.9B |
| Capital expenditure | $269M | $367M | $598M | $472M | $1.1B |
| Free cash flow | $224M | −$7M | −$819M | $1.8B | $766M |
| Depreciation & amortisation | $785M | $720M | $1.3B | $1.4B | $1.4B |
| Stock-based compensation | $21M | $28M | $101M | $102M | $134M |
| Share buybacks | $48M | $600M | $1.2B | $935M | $1.3B |
| Dividends paid | $319M | $332M | $381M | $405M | $411M |
| Dividend per share | 1.30 | 1.40 | 1.51 | 1.63 | 1.76 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.6% | −10.3% | −1.8% | 9.4% |
| Operating income growth (YoY) | – | −39.6% | −81.0% | 531.3% | −23.9% |
| EPS growth (YoY) | – | −42.1% | −121.7% | – | −19.6% |
| Operating margin | 12.5% | 6.4% | 1.4% | 8.7% | 6.1% |
| Net margin | 8.2% | 3.9% | −0.7% | 4.1% | 2.8% |
| Return on equityBlank when equity is negative | 60.8% | 31.9% | −7.0% | 45.4% | 51.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.9% | 12.5% | 2.3% | 15.9% | 8.7% |
| Free cash flow margin | 0.8% | −0.0% | −2.9% | 6.6% | 2.5% |
| Cash conversion (CFO ÷ net income) | 0.23x | 0.29x | 1.09x | 2.05x | 2.21x |
| Receivable days | 44 | 55 | 46 | 46 | 49 |
| Interest cover | 6.89x | 4.84x | 0.58x | 3.72x | 2.49x |
| Debt ÷ equity | 2.21x | 2.10x | 3.70x | 4.36x | 9.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.7B | $7.6B | $10.2B | $9.8B | $11.7B |
| Current ratio | 1.37x | 1.25x | 1.02x | 1.02x | 1.64x |
Recent filings
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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.