Business
NRG Energy Reports First Quarter 2026 Results and Reaffirms 2026 Financial Guidance
HOUSTON, May 06, 2026--NRG Energy, Inc. (NYSE: NRG) today announced financial results for the first quarter ended March 31, 2026, and reports GAAP Net Income of $125 million, GAAP Earnings per Share (EPS) — basic of $0.52, and GAAP Cash Used by Operating Activities of $(169) million. The Company's non-GAAP metrics are Adjusted Net Income of $308 million, Adjusted EPS of $1.49, Adjusted EBITDA of $1,080 million, and Free Cash Flow before Growth Investments (FCFbG) of $(66) million for the first q
About this update from Nrg Energy, Inc.
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Adjusted EPS, Adjusted Net Income, and Adjusted EBITDA exclude fair value adjustments related to derivatives","length":267,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" b Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'; see Appendix tables A-1 and A-2","length":135,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" c GAAP Net Income per Weighted Average Common Share - Basic","length":59,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" d Adjusted EPS calculated based on Adjusted Net Income divided by weighted average number of common shares outstanding - basic","length":126,"tagName":"p","attribs":{}}]}]}],"length":1038},{"type":"text","content":"NRG reported a GAAP Net Income of $125 million, a decrease of $625 million for the first quarter of 2026 compared to the same period in 2025. This decrease was primarily due to unrealized non-cash losses from mark-to-market economic hedges, driven by a decrease in natural gas prices, as compared to prior year which saw gains. Certain economic hedge positions are required to be marked-to-market each period, while the associated customer contracts are not. This accounting treatment can result in temporary unrealized gains or losses that do not reflect the expected economics at settlement. Results were further impacted by mild weather in Texas and increased supply costs in the East, as reflected in the Adjusted EBITDA results below, along with receipt of W.A. Parish insurance proceeds in the first quarter of 2025.","length":822,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Adjusted Net Income for the first quarter 2026 is $308 million, $223 million lower than prior year, primarily driven by a $46 million decrease in Adjusted EBITDA, which includes the financial impacts described in the segment results below, in addition to higher interest expense and depreciation and amortization related to the completed acquisition of generation assets and CPower from LS Power. Adjusted EPS is $1.49 for the first quarter 2026, $1.19 lower than prior year. 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Adjusted Net Income, Adjusted EPS, and Adjusted EBITDA exclude fair value adjustments related to derivatives. The Company does not guide to GAAP Net Income due to the impact of such fair value adjustments related to derivatives in a given year.","length":399,"tagName":"p","attribs":{}}]}]}],"length":589},{"type":"text","content":" 2026 Capital Allocation ","length":23,"tagName":"p"},{"type":"text","content":"The Company plans to return $1.0 billion to shareholders through share repurchases and approximately $407 million through common stock dividends in 2026, as part of its previously announced 2026 capital allocation plan. Through April 30, 2026, the Company completed $817 million in share repurchases and distributed $102 million in common stock dividends.","length":355,"tagName":"p"},{"type":"text","content":"On April 28, 2026, NRG closed on $2.6 billion of Senior Unsecured Notes and Senior Secured Notes, and $900 million of new Term Loan B. 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Total liquidity was $3.3 billion, which was $6.4 billion lower than December 31, 2025, primarily driven by the use of cash and borrowings under the revolving credit facility to fund the acquisition of generation assets and CPower from LS Power.","length":396,"tagName":"p"},{"type":"text","content":" Earnings Conference Call ","length":24,"tagName":"p"},{"type":"text","content":"On May 6, 2026, NRG will host a conference call at 9:00 a.m. Eastern (8:00 a.m. Central) to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials through the investor relations website under "presentations and webcasts" on investors.nrg.com . The webcast will be archived on the site for those unable to listen in real-time.","length":430,"tagName":"p"},{"type":"text","content":" About NRG ","length":9,"tagName":"p"},{"type":"text","content":"NRG is a leading provider of electricity, natural gas, and smart home solutions to eight million customers across North America. The company operates a customer-first platform supported by a diversified supply strategy and the safe, reliable operation of approximately 25 GW of power generation. NRG plays a meaningful role in competitive energy markets and our innovative team is creating the flexible and affordable solutions that households and large businesses need today and in the future.","length":494,"tagName":"p"},{"type":"text","content":" Forward-Looking Statements ","length":26,"tagName":"p"},{"type":"text","content":"In addition to historical information, the information presented in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as "may," "should," "could," "objective," "projection," "forecast," "goal," "guidance," "outlook," "expect," "intend," "seek," "plan," "think," "anticipate," "estimate," "predict," "target," "potential" or "continue" or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about NRG's future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.","length":1234,"tagName":"p"},{"type":"text","content":"Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, general economic conditions, the imposition of tariffs, the escalation of international trade disputes, and the occurrence or re-escalation of geopolitical conflicts (including the hostilities with Iran and the conflicts in the Middle East) and inflationary impacts resulting therefrom, risks associated with the integration of the portfolio of assets acquired from LS Power, including potential disruption to ongoing operations and other transition difficulties, the inability of the combined company to realize expected synergies and benefits of integration (or that it takes longer than expected) which may result in the combined company not operating as effectively as expected, the emergence of hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power, gas and smart home markets, the volatility of energy and fuel prices, the volatility in demand for power and gas, customer affordability concerns that may constrain the pricing of NRG's products and services and limit its ability to recover costs, the failure of customers or counterparties to perform under contracts, changes in the wholesale power and gas markets, the failure of NRG’s expectations regarding load growth to materialize, changes in government or market regulations, the condition of capital markets generally and NRG’s ability to access capital markets, NRG’s ability to execute its supply strategy, risks related to data privacy, cyberterrorism and inadequate cybersecurity, the loss of data, unanticipated outages at NRG’s generation facilities, operational and reputational risks related to the use of artificial intelligence and the adherence to developing laws and regulations related to the use thereof, NRG’s ability to achieve its net debt targets, adverse results in current and future litigation, complaints, product liability claims and/or adverse publicity, failure to identify, execute or successfully implement acquisitions or asset sales, risks of the smart home and security industry, including risks of and publicity surrounding the sales, customer origination and retention process, the impact of changes in consumer spending patterns, consumer preferences, geopolitical tensions, demographic trends, supply chain disruptions, NRG’s ability to implement value enhancing improvements to plant operations and company wide processes, NRG’s ability to achieve or maintain investment grade credit metrics, NRG’s ability to proceed with projects under development or the inability to complete the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, NRG’s ability to operate its business efficiently, NRG’s ability to retain customers, the ability to successfully integrate businesses of acquired assets or companies (including the portfolio acquisition from LS Power), NRG’s ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, NRG’s ability to execute its capital allocation plan, and the other risks and uncertainties discussed in this release and in our Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission (the "SEC"). Achieving investment grade credit metrics is not an indication of or guarantee that NRG will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.","length":4023,"tagName":"p"},{"type":"text","content":"NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The Adjusted EBITDA, adjusted cash provided by operating activities, Free Cash Flow before Growth, Adjusted Net Income, and Adjusted EPS guidance are estimates as of May 6, 2026. These estimates are based on assumptions NRG believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this press release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the SEC at www.sec.gov . For a more detailed discussion of these factors, see the information under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in NRG’s most recent Annual Report on Form 10-K, and in subsequent SEC filings. NRG’s forward-looking statements speak only as of the date of this communication or as of the date they are made.","length":1305,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;text-align:center;list-style-position:inside;","val":[{"type":"text","content":" NRG ENERGY, INC. 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