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NRG Energy (NRG) stock

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NYSE: NRG NYSE Independent Power Producers & Energy Traders Next results ~November 9, 2026

C Fundamentals grade

NRG Energy is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 80% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 80% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

NRG Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds490 adding, 535 cuttingOf 87 active managers that changed their stake, 36 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter NRG Energy files

Where NRG Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $33.1bn, up 12.8% on a year earlier, faster than 10.6% a quarter earlier. Free-cash-flow margin fell to 1.1% from 4.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 7 financial-health checks. At that price, our model says the market is pricing in about 16.9% a year of cash-flow growth for five years, faster than the 4.2% a year revenue growth it has delivered.

Our model value for NRG Energy is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

NRG Energy's trailing-twelve-month revenue grew 12.8% year on year, with a free-cash-flow margin of 1.1%.

Our discounted-cash-flow model values the business at ~$80 per share in the base case (~$32–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 75.0% while net income grew 62.6%: a 138pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in NRG Energy's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Insiders selling. 7 insiders sold $5,326M of stock over the past 365 days and none bought (1% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 3.2 points on a year ago.
  • Weak cash conversion. Free cash flow was 41% of net income over the last 12 months.
  • Below peers: free-cash-flow margin. Free-cash-flow margin of 1.1% ranks 4 of 5 independent power producers & energy traders companies we cover (median 16.0%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 58.6% ranks 4 of 5 independent power producers & energy traders companies we cover (median 39.5%).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.49 against an average estimate of $1.74: missed by 14.4%
Revenue
$7.48bn, up 11.0% on a year earlier
Guidance given
adjusted Net Income $1,685m to $2,115m (2026); adjusted EPS $7.9 to $9.9 (2026)
Next report
November 9, 2026; average EPS estimate $3.04

NRG Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$33.1B
Operating margin
6.1%
Net margin
2.6%
EPS (TTM, diluted)
$4.16

Growth

Revenue growth
+12.8%
Change in growth rate
+2.2 pts
Share count change
−0.2%

Cash

Free cash flow (TTM)
$348M
FCF margin
1.1%
Stock pay % of revenue
0.4%

Earnings

Last results
August 4, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Guidance
  5. Announcement
  6. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NRG Energy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 80% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value NRG Energy as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$83 ~$69–$100 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$170–$210 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$180 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$150 ~$110–$230 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$160 ~$120–$220 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NRG Energy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$94.62
Market value$19.3bn
+ Net debt (− = net cash)$23.3bn
Enterprise value$42.6bn
Multiples
Price / sales 0.6x
Price / earnings 22.8x
Price / free cash flow 55.5x
EV / EBITDA 11.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard NRG Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 9.1% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 26.4%, moving by 5.1 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.2%; its worst year was -7.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.5% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, before the open. Analysts expect revenue of $9.3bn and EPS of $3.04 (range $1.74 to $4.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.76 +6% $35.3bn +15%
Next $10.71 +22% $36.1bn +2%

Next year's EPS estimate has moved −6.9% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.1% on 90 days ago. In the last 30 days, 1 analyst raised NRG Energy's forecast and 0 cut it.

Consensus EPS forecast NRG Energy, last 90 days
$8.00 $9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.95 Current fiscal year, 60 days ago: $8.83 Current fiscal year, 30 days ago: $8.83 Current fiscal year, 7 days ago: $8.74 Current fiscal year, Now: $8.76 $8.76 Next fiscal year, 90 days ago: $11.50 Next fiscal year, 60 days ago: $11.20 Next fiscal year, 30 days ago: $11.19 Next fiscal year, 7 days ago: $10.90 Next fiscal year, Now: $10.71 $10.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.95$11.50
60 days ago $8.83$11.20
30 days ago $8.83$11.19
7 days ago $8.74$10.90
Now $8.76$10.71

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.74 $1.49 −14.4%
Mar 2026 $1.73 $1.49 −14.0%
Dec 2025 $0.89 $1.04 +16.4%
Sept 2025 $2.13 $2.78 +30.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Adjusted EPS 2026 $7.90 to $9.90 Non-GAAP Maintained
    “Adjusted EPS $7.90 - $9.90” source
  • Adjusted Net Income 2026 $1,685m to $2,115m Non-GAAP Maintained
    “Adjusted Net Income $1,685 - $2,115” source
  • Adjusted EBITDA 2026 $5,325m to $5,825m Non-GAAP Maintained
    “Adjusted EBITDA $5,325 - $5,825” source
  • FCFbG 2026 $2,800m to $3,300m Non-GAAP Maintained
    “FCFbG $2,800 - $3,300” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

18 analysts, Oct 2026
Buy1583%
Hold317%
Sell00%

Monthly trend

  1. Oct 2026312318
  2. Sep 2026310316
  3. Aug 2026310316
  4. Jul 2026311217

Counts of recommendations published by analysts covering NRG Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
1.89
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
4.5%
of shares
Employees
16,702
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

NRG Energy in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NRG Energy
$28B $30B $32B $34B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $29.9B Revenue (TTM), FY23 Q4: $28.8B Revenue (TTM), FY24 Q1: $28.5B Revenue (TTM), FY24 Q2: $28.8B Revenue (TTM), FY24 Q3: $28.1B Revenue (TTM), FY24 Q4: $28.1B Revenue (TTM), FY25 Q1: $29.3B Revenue (TTM), FY25 Q2: $29.4B Revenue (TTM), FY25 Q3: $29.8B Revenue (TTM), FY25 Q4: $30.7B Revenue (TTM), FY26 Q1: $32.4B Revenue (TTM), FY26 Q2: $33.1B $33.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $29.9B
FY23 Q4 $28.8B
FY24 Q1 $28.5B
FY24 Q2 $28.8B
FY24 Q3 $28.1B
FY24 Q4 $28.1B
FY25 Q1 $29.3B
FY25 Q2 $29.4B
FY25 Q3 $29.8B
FY25 Q4 $30.7B
FY26 Q1 $32.4B
FY26 Q2 $33.1B
Revenue growth, TTM YoY NRG Energy
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -2.8% Revenue growth, TTM YoY, FY23 Q4: -8.6% Revenue growth, TTM YoY, FY24 Q1: -9.1% Revenue growth, TTM YoY, FY24 Q2: -5.2% Revenue growth, TTM YoY, FY24 Q3: -5.9% Revenue growth, TTM YoY, FY24 Q4: -2.4% Revenue growth, TTM YoY, FY25 Q1: 2.6% Revenue growth, TTM YoY, FY25 Q2: 1.8% Revenue growth, TTM YoY, FY25 Q3: 5.9% Revenue growth, TTM YoY, FY25 Q4: 9.2% Revenue growth, TTM YoY, FY26 Q1: 10.6% Revenue growth, TTM YoY, FY26 Q2: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -2.8%
FY23 Q4 -8.6%
FY24 Q1 -9.1%
FY24 Q2 -5.2%
FY24 Q3 -5.9%
FY24 Q4 -2.4%
FY25 Q1 2.6%
FY25 Q2 1.8%
FY25 Q3 5.9%
FY25 Q4 9.2%
FY26 Q1 10.6%
FY26 Q2 12.8%
Operating margin (TTM) NRG Energy
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -5.9% Operating margin (TTM), FY23 Q4: 1.3% Operating margin (TTM), FY24 Q1: 9.8% Operating margin (TTM), FY24 Q2: 12.8% Operating margin (TTM), FY24 Q3: 8.2% Operating margin (TTM), FY24 Q4: 8.6% Operating margin (TTM), FY25 Q1: 9.2% Operating margin (TTM), FY25 Q2: 4.3% Operating margin (TTM), FY25 Q3: 8.4% Operating margin (TTM), FY25 Q4: 6.0% Operating margin (TTM), FY26 Q1: 3.2% Operating margin (TTM), FY26 Q2: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -5.9%
FY23 Q4 1.3%
FY24 Q1 9.8%
FY24 Q2 12.8%
FY24 Q3 8.2%
FY24 Q4 8.6%
FY25 Q1 9.2%
FY25 Q2 4.3%
FY25 Q3 8.4%
FY25 Q4 6.0%
FY26 Q1 3.2%
FY26 Q2 6.1%
FCF margin (TTM) NRG Energy
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -8.3% FCF margin (TTM), FY23 Q4: -2.8% FCF margin (TTM), FY24 Q1: 3.9% FCF margin (TTM), FY24 Q2: 5.8% FCF margin (TTM), FY24 Q3: 4.3% FCF margin (TTM), FY24 Q4: 6.5% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 4.7% FCF margin (TTM), FY25 Q3: 5.7% FCF margin (TTM), FY25 Q4: 2.5% FCF margin (TTM), FY26 Q1: -1.1% FCF margin (TTM), FY26 Q2: 1.1% 1.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -8.3%
FY23 Q4 -2.8%
FY24 Q1 3.9%
FY24 Q2 5.8%
FY24 Q3 4.3%
FY24 Q4 6.5%
FY25 Q1 7.8%
FY25 Q2 4.7%
FY25 Q3 5.7%
FY25 Q4 2.5%
FY26 Q1 -1.1%
FY26 Q2 1.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar NRG Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $30.7B
  2. Selling, general and admin $2.6B · 8.5%
  3. Other operating costs $26.3B · 85.5%
  4. Operating income $1.8B · 6.0%
  5. Income tax $270M · 0.9%
  6. Interest and other $711M · 2.3%
  7. Net income $864M · 2.8%

Shares of revenue. Source: NRG Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 9.0 8.8 9.1 8.4 11.3 15.9 12.3 8.9 9.1 9.5 9.8 9.1 27.0 31.5 28.8 28.1 30.7 33.1
Gross profit 3.6 2.8 2.3 2.3 3.2 4.1 3.3 2.2 2.2 2.4 2.5 2.6 — — — — — —
EBITDA 3.0 2.1 1.5 1.3 1.6 2.8 −2.7 0.8 −0.1 1.4 1.7 1.5 4.1 2.7 1.7 3.8 3.3 3.7
Operating income 2.2 1.3 0.6 0.4 0.3 1.3 −4.1 0.0 −0.7 1.0 1.3 1.1 3.3 2.0 0.4 2.4 1.8 2.0
Net income 0.9 0.5 0.2 0.3 −0.4 0.1 −6.4 −0.8 −2.2 0.3 4.4 0.5 2.2 1.2 −0.2 1.1 0.9 0.8
Diluted EPS $3.44 $1.84 $0.78 $1.22 −$1.22 $0.23 −$19.46 −$2.22 −$6.79 $0.87 $16.81 $2.07 $8.93 $5.17 −$1.12 $4.99 $4.01 $4.16
Growth (year on year)
Revenue +30.0% −1.2% +2.6% −7.2% +34.1% +40.5% −22.3% −27.7% +1.8% +4.5% +3.6% −7.4% +196.8% +16.9% −8.6% −2.4% +9.2% +12.8%
EBITDA +1.9% −27.9% −28.7% −15.1% +23.0% +74.7% −196.6% — −118.4% — +18.5% −7.4% +167.9% −33.6% −38.7% +127.9% −15.1% +38.4%
Operating income −5.0% −39.4% −51.5% −44.9% −2.0% +270.6% −418.7% — — — +31.4% −14.3% +202.4% −39.6% −81.0% — −23.9% +57.9%
Net income −23.1% −49.4% −58.7% +49.7% −230.8% — — — — — +>999% −88.5% +328.8% −44.2% −116.5% — −23.2% —
Diluted EPS −22.3% −46.5% −57.6% +56.4% −200.0% — — — — — +>999% −87.7% +331.4% −42.1% −121.7% — −19.6% —
Margins
Gross margin 40.5% 31.4% 25.7% 27.1% 28.0% 25.6% 27.0% 25.1% 24.1% 25.0% 25.6% 28.1% — — — — — —
EBITDA margin 33.3% 24.3% 16.9% 15.4% 14.2% 17.6% −21.9% 8.9% −1.6% 14.8% 16.9% 16.9% 15.3% 8.7% 5.8% 13.6% 10.6% 11.1%
Operating margin 24.1% 14.8% 7.0% 4.2% 3.0% 8.0% −32.9% 0.4% −8.2% 10.4% 13.1% 12.2% 12.4% 6.4% 1.3% 8.6% 6.0% 6.1%
Net margin 10.5% 5.4% 2.2% 3.5% −3.4% 0.8% −51.8% −8.7% −23.7% 2.8% 45.2% 5.6% 8.1% 3.9% −0.7% 4.0% 2.8% 2.6%
Free-cash-flow margin 15.3% 10.4% −12.6% −26.7% −6.3% 3.8% 2.6% 15.3% 14.9% 10.4% 12.1% 17.7% 0.8% −0.0% −2.8% 6.5% 2.5% 1.1%
Cash flow
Cash from operations 2.1 1.6 1.2 1.1 1.3 1.5 1.3 1.9 1.6 1.4 1.4 1.8 0.5 0.4 −0.2 2.3 1.9 1.6
Capital spending 0.7 0.7 2.3 3.4 2.0 0.9 1.0 0.5 0.3 0.4 0.2 0.2 0.3 0.4 0.6 0.5 1.1 1.2
Free cash flow 1.4 0.9 −1.1 −2.2 −0.7 0.6 0.3 1.4 1.4 1.0 1.2 1.6 0.2 −0.0 −0.8 1.8 0.8 0.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.3 0.9 −1.2 −2.3 −0.8 0.6 0.3 1.4 1.3 1.0 1.2 1.6 0.2 −0.0 −0.9 1.7 0.6 0.2
Balance sheet
Cash 2.3 3.0 1.1 2.1 2.3 2.1 0.9 0.6 0.8 0.6 0.3 3.9 0.3 0.4 0.5 1.0 4.7 0.2
Total debt 8.4 9.2 9.8 15.9 16.8 20.4 19.6 16.7 9.5 6.7 6.0 8.9 8.1 8.1 11.0 10.9 16.6 23.4
Net debt (negative = net cash) 6.1 6.3 8.7 13.8 14.6 18.3 18.8 16.1 8.7 6.1 5.7 5.0 7.9 7.7 10.4 9.9 11.9 23.3
Diluted shares 271m 254m 241m 234m 323m 339m 329m 316m 317m 308m 264m 246m 245m 236m 228m 212m 199m 204m
Returned to shareholders
Dividends — — — — — 0.2 0.2 0.1 0.0 0.0 0.0 0.3 0.3 0.3 0.4 0.4 0.4 0.4
Buybacks 0.5 0.2 0.4 0.0 0.0 0.0 0.4 0.0 0.0 1.3 1.4 0.2 0.0 0.6 1.2 0.9 1.3 1.6
Total returned 0.5 0.2 0.4 0.0 0.0 0.2 0.6 0.1 0.0 1.3 1.5 0.5 0.4 0.9 1.5 1.3 1.7 2.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · June 30, 2026
What it owns · $39.9bn
Short-term assets $9.7bnLonger-term assets $30.3bn
What it owes, and who funded it · $39.9bn
Short-term liabilities $10.0bnLonger-term liabilities $25.1bnShareholders' equity $4.9bn
  • Short-term assets cover short-term liabilities $9.7bn of assets due within a year against $10.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.7bn short-term assets against $25.1bn of longer-dated liabilities.
  • More cash than debt $162m of cash against $24.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 513% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 221% to 513% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $24.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.0bn against $1.0bn of interest.

From NRG Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.6B
Dividends (TTM)
$439M
Returned to shareholders
597%
of free cash flow
Buybacks, last 3 fiscal years
$3.4B
Diluted share count
−0.2%
year over year
Total shareholder yield
10.4%
dividends 2.2% + buybacks 8.2% of market value
Dividend payout ratio
52%
of net income paid out
Sales & admin spending
7.5%
of revenue
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in independent power producers & energy traders
Last 12 months unless stated NRG TLN TAC KEN HNRG Median
Revenue, last 12 months $33.1bn $3.4bn $1.7bn $872m $452m $1.7bn
Revenue growth, last 12 months 12.8% 60.8% −17.1% 16.1% 7.9% 12.8%
Revenue growth, 3-year average 2.9% −8.5% — — −8.3% −8.3%
Revenue growth, latest quarter 11.0% 18.6% — — −1.3% 11.0%
Gross margin 25.9% — 59.0% 16.8% 23.9% 24.9%
Operating margin 6.1% 2.6% 5.8% 7.2% 3.7% 5.8%
Operating margin, 3-year average 7.7% 5.5% 1.0% 7.8% −13.1% 5.5%
Net margin 2.6% −5.4% −5.7% 7.6% −0.2% −0.2%
Cash from operations / revenue 4.7% 23.2% 26.9% 32.5% 6.2% 23.2%
Free-cash-flow margin 1.1% 16.5% 16.0% 19.2% −11.2% 16.0%
Free-cash-flow margin, 3-year average 3.9% 11.5% 15.0% 21.4% −2.9% 11.5%
Stock pay / revenue 0.4% 16.5% — 5.0% 1.0% 3.0%
Change in share count −0.2% −8.5% −1.7% −1.1% 5.3% −1.1%

Median of all 5 companies we cover in independent power producers & energy traders. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 independent power producers & energy traders companies
Measure Company Peer median Rank
Revenue growth Growth 12.8% 12.8% 3 of 5
Change in growth rate Growth +2.2pp -0.7pp 2 of 5
Operating margin Profitability 6.1% 5.8% 2 of 5
Net margin Profitability 2.6% -0.2% 2 of 5
Free-cash-flow margin Cash generation 1.1% 16.0% 4 of 5
Long-term debt as % of assets Balance sheet 58.6% 39.5% 4 of 5
Change in share count Balance sheet -0.2% -1.1% 4 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Operating Revenues $30.7B 100.0% ▲ 9.2%
Products and Services Total Retail $29.5B 96.2% ▲ 8.8%
Energy Revenue $590M 1.9% ▲ 18.0%
Products and Services Other $294M 1.0% ▼ 12.5%
Capacity Revenue $280M 0.9% ▲ 58.2%

From NRG Energy's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$29B
Institutions reporting
1,017
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
104 / 147

Top buyers and sellers, Q2 2026: 490 institutions bought and 535 sold ; the biggest buyer was Franklin Resources Inc (+5.3M shares) and the biggest seller Jane Street Group, LLC (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 17.7M 8.9% ▼ 1.9%
FMR LLC $2.5B 16.9M 8.5% ▼ 3.0%
Vanguard Capital Management LLC $2B 13.8M 6.9% ▼ 0.1%
Franklin Resources Inc $1.9B 13.0M 6.6% ▲ 69.4%
State Street Corp $1.6B 11.2M 5.7% ▼ 4.6%
Vanguard Portfolio Management LLC $1.6B 10.9M 5.5% ▼ 3.7%
Victory Capital Management Inc $1.4B 9.5M 4.8% ▲ 32.9%
Geode Capital Management, LLC $870M 6.0M 3.0% ▲ 0.1%
Invesco Ltd. $770M 5.3M 2.7% ▼ 0.2%
Millennium Management LLC $622M 4.3M 2.1% ▲ 114.4%
Morgan Stanley $600M 4.1M 2.1% ▼ 12.3%
Bank Of New York Mellon Corp $473M 3.2M 1.6% ▲ 138.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NRG Energy's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $5.3B 15 trades by 7 insiders · 1% under pre-set plans
Net ▼ $5.3B net selling
Insider Date Trade Shares Price Value
Spencer Gerald Alfred SVP & Chief Accounting Officer September 8, 2026 Sell pre-set plan 1,580 $120.93 $191,069
Kinney Virginia Exec VP, Chief Admin Officer July 15, 2026 Sell pre-set plan 11,145 $140.64 $1.6M
Kinney Virginia Exec VP, Chief Admin Officer June 15, 2026 Sell pre-set plan 20,000 $127.52 $2.6M
Kinney Virginia Exec VP, Chief Admin Officer March 16, 2026 Sell pre-set plan 5,000 $156.65 $783,250
Nanus David 10% owner March 4, 2026 Sell 1,829,269 $164.00 $300M
Nanus David 10% owner March 4, 2026 Sell 14,300,000 $164.00 $2.3B
Ls Power Equity Advisors, Llc 10% owner March 4, 2026 Sell 1,829,269 $164.00 $300M
Ls Power Equity Advisors, Llc 10% owner March 4, 2026 Sell 14,300,000 $164.00 $2.3B
Chung Bruce EVP & CFO January 7, 2026 Sell pre-set plan 7,383 $158.79 $1.2M
Chung Bruce EVP & CFO January 7, 2026 Sell pre-set plan 5,000 $153.25 $766,258
Curci Brian Exec VP & General Counsel January 6, 2026 Sell pre-set plan 46,976 $158.84 $7.5M
Chung Bruce EVP & CFO January 6, 2026 Sell pre-set plan 7,617 $158.79 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

No trades in NRG Energy disclosed in the last 12 months; 7 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded July 18, 2019, filed August 29, 2019
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded March 22, 2019, filed April 8, 2019
  • Barbara J Honorable Comstock(VA):Sale (full), $1,001 - $15,000, traded March 8, 2018, filed March 19, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 6, 2026
  • February 24, 2026
  • November 6, 2025
  • August 6, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on NRG Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NRG Energy in brief

What does NRG Energy do?
NRG Energy is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.
What is NRG Energy's stock ticker?
NRG Energy trades under the ticker NRG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NRG Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, NRG Energy reported revenue of $33.1B, 12.8% higher than a year earlier, according to its SEC filings.
What is NRG Energy's free cash flow?
NRG Energy's free-cash-flow margin is 1.1% of revenue over the trailing twelve months, ranking 4 of the 5 independent power producers & energy traders companies we cover.
Who are NRG Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is NRG Energy buying back stock, and does it pay a dividend?
NRG Energy spent $1.6B on share repurchases over the trailing twelve months, and its diluted share count fell 0.2% over the year.
What is NRG Energy's market cap?
On November 2, 2026, NRG Energy's market capitalisation was about $19.3B, with a price-to-earnings ratio of 22.8 and net debt of $23.3B. Market figures come from third-party market data and may be delayed.
Does NRG Energy pay a dividend?
Yes: NRG Energy paid $439M in dividends over the trailing twelve months, a dividend yield of 2.21% and a payout ratio of 51.7%.
How much debt does NRG Energy have?
NRG Energy's debt-to-equity ratio is 513.0%, from its latest balance sheet (221.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are NRG Energy's competitors?
In our Independent Power Producers & Energy Traders peer group, the companies closest to NRG Energy are Talen Energy Corp, Transalta Corp, Kenon Holdings Ltd. and Hallador Energy Co. The side-by-side comparison below sets their revenue, margins and growth against NRG Energy's.
Are insiders buying or selling NRG Energy stock?
Over the last 12 months, NRG Energy's directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is NRG Energy's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NRG Energy announces its own schedule.