Clearway Energy, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Clearway Energy, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,035	1,009	1,053	1,032	1,199	1,286	1,190	1,314	1,371	1,429
Cost of revenue	308	326	327	337	366	451	435	473	501	530
Gross profit	727	683	726	695	833	835	755	841	870	899
General and administrative	16	19	20	29	34	40	40	36	39	41
Operating expenses	308	326
Operating income	222	283	347	224	333	267	1,470	263	196	160
Interest expense	284	307	306	404	415	312	232	337	307	387
Other non-operating income	-221	-235	-231	-328	-387	-330	-188	-279	-229	-335
Pre-tax income	1	48	116	-104	-54	-63	1,282	-16	-33	-175
Income tax	-1	72	62	-8	8	12	222	-2	30	56
Net income to minority interests	-51	-15	2	-85	-87	-126	478	-93	-151	-400
Net income	57	-16	48	-11	25	51	582	79	88	169
EBITDA	525	617	683	625	761	776	1,982	789	823	842
EPS, basic			0.46	-0.10	0.22	0.44	4.99	0.67	0.75
EPS, diluted			0.46	-0.10	0.22	0.44	4.99	0.67	0.75
Shares, diluted (weighted)					35	35	35	35	35	35
Dividend per share	0.26	0.30

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	322	148	407	155	268	179	657	535	332	231
Receivables	95	95	104	116	143	144	153
Inventory	39	39	40	40	42	37	47	55	64	75
Other current assets	22	19	29	33	58	65	54	68	67	67
Total current assets	670	482	756	608	708	1,531	1,276	1,560	1,067	1,152
Property, plant and equipment	5,554	5,410	5,245	6,063	7,217	7,650	7,421	9,526	9,944	11,596
Lease right-of-use assets			0	223	337	550	527	597	547	714
Intangible assets	1,303	1,228	1,156	1,428	1,370	2,499	2,565	2,374	2,193	2,360
Other non-current assets	67	62	106	103	114	101	96	202	133	243
Total assets	8,962	8,489	8,500	9,700	10,592	12,813	12,312	14,701	14,329	16,655
Accounts payable	23	46	45	74	72	74	55	130
Short-term debt	323	339	535	1,824	384	772	97	1,110	125	431
Total current liabilities	505	540	704	2,057	634	1,631	617	906	718	1,018
Long-term debt	5,726	5,659	5,447	4,956	6,585	6,939	6,491	7,479	6,750	7,898
Lease liabilities			0	227	345	561	548	627	569	796
Other non-current liabilities	77	100	108	121	178	173	201	286	324	676
Total liabilities	6,363	6,330	6,276	7,437	7,877	9,513	8,279	9,706	8,765	10,741
Total debt	6,149	6,083	6,044	6,858	7,043	8,201	6,870	8,099	7,235	8,674
Paid-in capital	1,879	1,843	1,897	1,936	1,922	1,872	1,761	1,732	1,805	1,715
Retained earnings	-2	-69	-58	-72	-84	-33	463	361	254	213
Other comprehensive income	-28	-28	-18	-15	-14	-6	9	7	3	-5
Minority interests	749	412	402	413	890	1,466	1,792	2,893	3,501	3,887
Total equity	2,624	2,159	2,224	2,263	2,715	3,300	4,026	4,994	5,564	5,811
Total liabilities and equity	8,962	8,489	8,500	9,700	10,592	12,813	12,312	14,701	14,329	16,655
Shares outstanding			193	199	202	202	202	202	202	204

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2	-24	54	-96	-62	-75	1,060	-14	-63	-231
Depreciation and amortization	303	334	336	401	428	509	512	526	627	682
Stock-based compensation	1	2	3	4	3	4
Deferred income tax	-1	72	62	-8	8	12	194	13	25	52
Cash from operations	577	517	498	477	545	701	787	702	770	688
Capital expenditures	-20	-190	-83	-228	-124	-151	-112	-212	-287	-319
Acquisitions	0	0	-11	-100	0	-533	0	0	0	-324
Cash from investing	-131	-442	-185	-468	-62	-865	1,065	-523	-725	-803
Debt issued	740	210	827	1,215	1,084	1,728	244	563	466	518
Debt repaid	-269	-332	-810	-1,484	-1,527	-2,292	-1,198	-1,349	-1,966	-1,461
Stock issued	0	34	153	100	62	0	0	0	0	48
Dividends paid	-173	-202	-238	-155	-211	-268	-289	-311	-334	-358
Cash from financing	-202	-257	-46	-175	-435	367	-1,510	-124	-363	200
Net change in cash	244	-182	267	-166	48	189	342	55	-318	85
Free cash flow	557	327	415	249	421	550	675	490	483	369
Interest paid	271	297	292	313	325	337	317	304	324	348
Income taxes paid					0	0	9	31	1	1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.4%	Gross profit / revenue.
Operating margin	13.4%	Operating income / revenue.
EBITDA margin	60.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.3%	Pre-tax income / revenue.
Net margin	6.4%	Net income / revenue.
FCF margin	42.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	64.6%	Cash from operations / revenue.
Return on assets (ROA)	0.6%	Net income / average total assets.
Capex / revenue	22.0%	Capital expenditures / revenue.
D&A / revenue	46.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-18.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-52.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-13.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-24.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	92.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-33.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	46.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-18.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.21x	Current assets / current liabilities.
Quick ratio	0.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / assets	54.0%	Total debt / total assets.
Liabilities / assets	66.6%	Total liabilities / total assets.
Net debt	$8.81B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.54x	Operating income / interest expense.
Working capital	$182.0M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.
Fixed asset turnover	0.13x	Revenue / average property, plant and equipment.
Inventory turnover	6.36x	Cost of revenue / average inventory.
Days inventory	57 days	365 x average inventory / cost of revenue.
FCF conversion	664.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Cash per share	$1.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	368.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	55.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.88B	Share price x shares outstanding.
Enterprise value	$13.69B	Market cap + total debt - cash - short-term investments.
P/E	48.3x	Market cap / net income. Only when net income is positive.
P/S	3.10x	Market cap / revenue.
P/FCF	7.27x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.80x	Market cap / cash from operations, when positive.
EV/Sales	8.70x	Enterprise value / revenue.
EV/EBIT	64.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.8%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Dividend yield	7.6%	Dividends paid over the period / market cap.
Shareholder yield	7.6%	(Dividends paid + share buybacks) / market cap.

What was Clearway Energy, Inc.'s revenue in fiscal 2025?

Clearway Energy, Inc. reported revenue of $1.43B for fiscal 2025, 4.2% higher than the year before.

Was Clearway Energy, Inc. profitable in fiscal 2025?

Yes. Net income was $169.0M, a net margin of 11.8%.

How much free cash flow did Clearway Energy, Inc. generate in fiscal 2025?

Cash from operations of $688.0M minus capital expenditures of $319.0M left free cash flow of $369.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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