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Energy Transfer vs Nrg Energy: revenue, profit, margins and growth compared

Energy Transfer brought in $85.5B of revenue in fiscal 2025, Nrg Energy $30.7B in fiscal 2025. Revenue changed by +3.5% at Energy Transfer and +9.2% at Nrg Energy on the year before, so Nrg Energy grew faster. Energy Transfer kept 5.2% of its revenue as net profit, Nrg Energy 2.8%. Free cash flow was $3.8B at Energy Transfer and $766M at Nrg Energy.

Side by side, latest fiscal year

ETNRG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$85.5B$30.7B
Revenue growth+3.5%+9.2%
Net income$4.4B$864M
Net margin5.2%2.8%
Free cash flow$3.8B$766M
Free cash flow margin4.5%2.5%
Earnings per share (diluted)n/a$4.01
Cash$1.3B$4.7B
Debt$68.3B$16.6B
Price to earningsn/a25.0
Market value$69.5B$21.1B
Dividend yieldn/a1.75%
Rank by revenue in sector#1 of 109 · Utilities#4 of 109 · Utilities

Over the years

Revenue
ET FY2018: $54.1BET FY2019: $54.2BET FY2020: $39BET FY2021: $67.4BET FY2022: $89.9BET FY2023: $78.6BET FY2024: $82.7BET FY2025: $85.5BNRG FY2018: $9.5BNRG FY2019: $9.8BNRG FY2020: $9.1BNRG FY2021: $27BNRG FY2022: $31.5BNRG FY2023: $28.8BNRG FY2024: $28.1BNRG FY2025: $30.7BFY18FY19FY20FY21FY22FY23FY24FY25
ET $85.5BNRG $30.7B
Net income
ET FY2018: $1.7BET FY2019: $3.5BET FY2020: -$648MET FY2021: $5.5BET FY2022: $4.8BET FY2023: $3.9BET FY2024: $4.8BET FY2025: $4.4BNRG FY2018: $268MNRG FY2019: $4.4BNRG FY2020: $510MNRG FY2021: $2.2BNRG FY2022: $1.2BNRG FY2023: -$202MNRG FY2024: $1.1BNRG FY2025: $864MFY18FY19FY20FY21FY22FY23FY24FY25
ET $4.4BNRG $864M
Net margin
ET FY2018: 3.2%ET FY2019: 6.5%ET FY2020: -1.7%ET FY2021: 8.1%ET FY2022: 5.3%ET FY2023: 5.0%ET FY2024: 5.8%ET FY2025: 5.2%NRG FY2018: 2.8%NRG FY2019: 45.2%NRG FY2020: 5.6%NRG FY2021: 8.1%NRG FY2022: 3.9%NRG FY2023: -0.7%NRG FY2024: 4.0%NRG FY2025: 2.8%FY18FY19FY20FY21FY22FY23FY24FY25
ET 5.2%NRG 2.8%
Revenue growth
ET FY2019: +0.2%ET FY2020: -28.1%ET FY2021: +73.1%ET FY2022: +33.3%ET FY2023: -12.6%ET FY2024: +5.2%ET FY2025: +3.5%NRG FY2019: +3.6%NRG FY2020: -7.4%NRG FY2021: +196.8%NRG FY2022: +16.9%NRG FY2023: -8.6%NRG FY2024: -2.4%NRG FY2025: +9.2%FY19FY20FY21FY22FY23FY24FY25
ET +3.5%NRG +9.2%
Free cash flow
ET FY2018: $99MET FY2019: $2.1BET FY2020: $2.2BET FY2021: $8.3BET FY2022: $5.7BET FY2023: $6.4BET FY2024: $7.3BET FY2025: $3.8BNRG FY2018: $989MNRG FY2019: $1.2BNRG FY2020: $1.6BNRG FY2021: $224MNRG FY2022: -$7MNRG FY2023: -$819MNRG FY2024: $1.8BNRG FY2025: $766MFY18FY19FY20FY21FY22FY23FY24FY25
ET $3.8BNRG $766M

Fiscal years as each company reports them; the two may end in different months.

Questions about Energy Transfer and Nrg Energy

Which is bigger by revenue, Energy Transfer or Nrg Energy?

Energy Transfer is bigger by revenue: $85.5B in fiscal 2025, against $30.7B for Nrg Energy in fiscal 2025.

Which keeps more of its revenue as profit, Energy Transfer or Nrg Energy?

Energy Transfer had a net margin of 5.2% in fiscal 2025; Nrg Energy had 2.8% in fiscal 2025.

Which grew revenue faster, Energy Transfer or Nrg Energy?

In their latest fiscal years revenue changed by +3.5% at Energy Transfer and +9.2% at Nrg Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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