NRG ENERGY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NRG 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	8,915	9,074	9,478	9,821	9,093	26,989	31,543	28,823	28,130	30,713
Cost of revenue	6,676	6,886	7,108	7,303	6,540	20,482	27,443	26,483	22,100	24,761
Gross profit	2,239	2,188	2,370	2,518	2,553	6,507	4,100	2,340	6,030	5,952
Research and development	48	22	11	7	8
Selling, general and administrative	1,032	836	799	760	810	1,293	1,145	2,094	2,345	2,602
Selling and marketing	247	184
Operating income	33	-741	982	1,290	1,105	3,341	2,018	384	2,424	1,845
Interest expense	583	557	483	413	401	485	417	667	651	741
Other non-operating income	-964	-648	-515	-504	-344	-482	-355	-597	-976	-711
Pre-tax income	-931	-1,389	467	786	761	2,859	1,663	-213	1,448	1,134
Income tax	25	-44	7	-3,334	251	672	442	-11	323	270
Income from continuing operations	-733	-977	465	4,117	510
Net income to minority interests	-117	-184	0	3	0	0
Net income	-774	-2,153	268	4,438	510	2,187	1,221	-202	1,125	864
EBITDA	789	-145	1,403	1,663	1,540	4,126	2,738	1,679	3,827	3,251
EPS, basic	-2.22	-6.79	0.88	16.94	2.08	8.93	5.17	-1.12	5.14	4.09
EPS, diluted	-2.22	-6.79	0.87	16.81	2.07	8.93	5.17	-1.12	4.99	4.01
Shares, basic (weighted)	316	317	304	262	245	245	236	228	206	195
Shares, diluted (weighted)	316	317	308	264	246	245	236	228	212	199
Dividend per share	0.24	0.12	0.12	0.12	1.20	1.30	1.40	1.51	1.63	1.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	591	770	563	345	3,905	250	430	541	966	4,708
Receivables	1,058	900	1,024	1,025	904	3,245	4,773	3,542	3,488	4,065
Inventory	721	453	412	383	327	498	751	607	478	461
Other current assets	404	163	302	245	257	395	383	626	830	1,069
Total current assets	6,714	4,437	3,600	3,088	6,028	10,841	16,231	9,727	8,964	13,147
Property, plant and equipment	15,369	5,974	3,048	2,593
Lease right-of-use assets			0	464	301	271	225	179	151	130
Goodwill	662	539	573	579	579	1,795	1,650	5,079	5,011	5,017
Intangible assets	1,973	507	591	789	668	2,511	2,132	3,927	2,908	2,309
Other non-current assets	841	310	289	240	216	229	256	777	1,145	1,494
Total assets	30,682	23,355	10,628	12,531	14,902	23,182	29,146	26,038	24,022	29,140
Accounts payable	782	684	863	722	649	2,274	3,643	2,325	2,513	2,834
Accrued liabilities								1,642	2,031	1,864
Deferred revenue							176	720	711	748
Short-term debt	516	204	72	88	1	4	63	620	996	31
Total current liabilities	4,702	3,354	2,398	2,359	1,915	7,915	12,982	9,500	8,813	8,029
Long-term debt	15,957	9,180	6,449	5,803	8,691	7,966	7,976	10,133	9,812	16,412
Lease liabilities			0	483	278	236	180	128	117	144
Other non-current liabilities	666	534	1,274	1,084	1,066	993	973	947	821	861
Total liabilities	26,190	21,309	11,843	10,853	13,222	19,582	25,318	23,132	21,544	27,459
Total debt	16,704	9,494	6,691	6,042	8,855	8,100	8,100	10,940	10,892	16,576
Paid-in capital	8,358	8,376	8,510	8,501	8,517	8,531	8,457	3,416	705	215
Retained earnings	-3,787	-6,268	-6,022	-1,616	-1,403	464	1,408	820	1,535	1,982
Treasury stock	-2,399	-2,386	-3,632	-5,039	-5,232	-5,273	-5,864	-1,892	-297	-1,087
Other comprehensive income	-135	-72	-94	-192	-206	-126	-177	-91	-117	-81
Minority interests	2,405	2,314	0
Total equity	4,446	1,968	-1,234	1,658	1,680	3,600	3,828	2,906	2,478	1,681
Total liabilities and equity	30,682	23,355	10,628	12,531	14,902	23,182	29,146	26,038	24,022	29,140
Shares outstanding	315	317	284	249	244	244	230	208	199	190

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-891	-2,337	268	4,441	510	2,187	1,221	-202	1,125	864
Depreciation and amortization	756	596	421	373	435	785	720	1,295	1,403	1,406
Stock-based compensation	10	35	25	20	22	21	28	101	102	134
Deferred income tax	19	-63	1	-3,340	225	621	371	-109	181	222
Change in receivables	24	-83	-83	5	0	-1,232	-1,560	1,004	-366	-760
Change in inventory	60	143	29	22	27	-61	-252	189	111	30
Change in payables	-59	44	113	-177	-56	476	1,295	-1,455	170	192
Cash from operations	1,908	1,610	1,377	1,413	1,837	493	360	-221	2,306	1,913
Capital expenditures	-544	-254	-388	-228	-230	-269	-367	-598	-472	-1,147
Acquisitions	0	-14	-243	-355
Purchases of investments		-512	-572	-416	-492	-751	-454	-367	0	0
Sales and maturities of investments	510	501	513	381	439	710	448	355	0	0
Cash from investing	-757	-639	-205	556	-494	-3,039	-332	-910	-24	-1,638
Debt issued	4,412	1,178	1,100	1,916	3,234	1,100	0	731	3,200	6,676
Debt repaid						-1,949	-1,949
Stock issued	1	-2	21	3	1	1	0	0
Share buybacks	0	0	-1,250	-1,440	-229	-48	-600	-1,150	-935	-1,311
Dividends paid	-76	-38	-37	-32	-295	-319	-332	-381	-405	-411
Cash from financing	-768	-1,138	-1,526	-2,148	2,204	-272	1,043	-400	-1,755	3,546
Exchange rate effect	1				-2	-2	-3	2	-3	4
Net change in cash	-182	226	-473	-228	3,545	-2,820	1,068	-1,529	524	3,825
Free cash flow	1,364	1,356	989	1,185	1,607	224	-7	-819	1,834	766
Interest paid	606	543	436	372	340	433	383	548	626	572
Income taxes paid	14	9	9	8	24	32	66	48	182	67

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 $100.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.8%	Gross profit / revenue.
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	11.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.2%	Pre-tax income / revenue.
Net margin	2.6%	Net income / revenue.
FCF margin	1.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.7%	Cash from operations / revenue.
Effective tax rate	19.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.1%	Net income / average total assets.
SG&A / revenue	7.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.2%	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	18.4%	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	-23.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.9%	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	10.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-15.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-23.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.9%	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	11.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-19.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-17.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	74.5%	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	0.8%	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	-58.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-13.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	21.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.0%	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	14.4%	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	-6.1%	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	-5.5%	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	-4.2%	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	0.97x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	58.6%	Total debt / total assets.
Liabilities / assets	87.8%	Total liabilities / total assets.
Net debt	$23.23B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.97x	Operating income / interest expense.
Working capital	-$322.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Inventory turnover	33.9x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	9.37x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	15 days	Days inventory + days sales outstanding - days payables.
FCF conversion	41.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	77.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$156.25	Revenue / diluted weighted shares.
FCF per share	$1.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.33	Cash from operations / diluted weighted shares.
Cash per share	$0.77	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	471.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$21.10B	Share price x shares outstanding.
Enterprise value	$44.33B	Market cap + total debt - cash - short-term investments.
P/E	24.9x	Market cap / net income. Only when net income is positive.
P/S	0.64x	Market cap / revenue.
P/FCF	60.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	1.34x	Enterprise value / revenue.
EV/EBIT	22.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	127x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.6%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.

What was NRG ENERGY, INC.'s revenue in fiscal 2025?

NRG ENERGY, INC. reported revenue of $30.71B for fiscal 2025, 9.2% higher than the year before.

Was NRG ENERGY, INC. profitable in fiscal 2025?

Yes. Net income was $864.0M, a net margin of 2.8%.

How much free cash flow did NRG ENERGY, INC. generate in fiscal 2025?

Cash from operations of $1.91B minus capital expenditures of $1.15B left free cash flow of $766.0M.

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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