NRG Energy (NRG) financial statements
NRG Energy reported revenue of $30.7B in fiscal 2025, up 14.7% a year over 9 years.
Net income was $797M and the operating margin 6.0%, against 0.4% in 2016.
Free cash flow was $766M, and the company returned $411M in dividends and $1.3B in net buybacks.
The diluted share count fell 37% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NRG Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9B | $9.1B | $9.5B | $9.8B | $9.1B | $27.0B | $31.5B | $28.8B | $28.1B | $30.7B |
| Cost of revenue | $6.7B | $6.9B | $7.1B | $7.3B | $6.5B | $20.5B | $27.4B | $26.5B | $22.1B | $24.8B |
| Gross profit | $2.2B | $2.2B | $2.4B | $2.5B | $2.6B | $6.5B | $4.1B | $2.3B | $6.0B | $6.0B |
| Research and development | $48M | $22M | $11M | $7M | $8M | — | — | — | — | — |
| Selling, general and admin | $1.0B | $836M | $799M | $760M | $810M | $1.3B | $1.1B | $2.1B | $2.3B | $2.6B |
| Operating income | $33M | -$741M | $982M | $1.3B | $1.1B | $3.3B | $2.0B | $384M | $2.4B | $1.8B |
| Interest expense | $583M | $557M | $483M | $413M | $401M | $485M | $417M | $667M | $651M | $741M |
| Pre-tax income | -$931M | -$1.4B | $467M | $786M | $761M | $2.9B | $1.7B | -$213M | $1.4B | $1.1B |
| Income tax | $25M | -$44M | $7M | -$3.3B | $251M | $672M | $442M | -$11M | $323M | $270M |
| Net income | -$774M | -$2.2B | $268M | $4.4B | $510M | $2.2B | $1.2B | -$256M | $1.1B | $797M |
| EPS (diluted) | -$2.22 | -$6.79 | $0.87 | $16.81 | $2.07 | $8.93 | $5.17 | -$1.12 | $4.99 | $4.01 |
| Diluted shares | 316M | 317M | 308M | 264M | 246M | 245M | 236M | 228M | 212M | 199M |
| Gross margin | 25.1% | 24.1% | 25.0% | 25.6% | 28.1% | 24.1% | 13.0% | 8.1% | 21.4% | 19.4% |
| Operating margin | 0.4% | -8.2% | 10.4% | 13.1% | 12.2% | 12.4% | 6.4% | 1.3% | 8.6% | 6.0% |
| Net margin | -8.7% | -23.7% | 2.8% | 45.2% | 5.6% | 8.1% | 3.9% | -0.9% | 3.8% | 2.6% |
Balance sheet
Fiscal years, from NRG Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $591M | $770M | $563M | $345M | $3.9B | $250M | $430M | $541M | $966M | $4.7B |
| Receivables | $1.1B | $900M | $1.0B | $1.0B | $904M | $3.2B | $4.8B | $3.5B | $3.5B | $4.1B |
| Inventory | $721M | $453M | $412M | $383M | $327M | $498M | $751M | $607M | $478M | $461M |
| Total current assets | $6.7B | $4.4B | $3.6B | $3.1B | $6.0B | $10.8B | $16.2B | $9.7B | $9.0B | $13.1B |
| Property, plant and equipment | $15.4B | $6.0B | $3.0B | $2.6B | — | — | — | — | — | — |
| Goodwill | $662M | $539M | $573M | $579M | $579M | $1.8B | $1.6B | $5.1B | $5.0B | $5.0B |
| Total assets | $30.7B | $23.4B | $10.6B | $12.5B | $14.9B | $23.2B | $29.1B | $26.0B | $24.0B | $29.1B |
| Total current liabilities | $4.7B | $3.4B | $2.4B | $2.4B | $1.9B | $7.9B | $13.0B | $9.5B | $8.8B | $8.0B |
| Long-term debt | $16.0B | $9.2B | $6.4B | $5.8B | $8.7B | $8.0B | $8.0B | $10.1B | $9.8B | $16.4B |
| Total liabilities | $26.2B | $21.3B | $11.8B | $10.9B | $13.2B | $19.6B | $25.3B | $23.1B | $21.5B | $27.5B |
| Shareholders' equity | $4.4B | $2.0B | -$1.2B | $1.7B | $1.7B | $3.6B | $3.8B | $2.9B | $2.5B | $1.7B |
| Net debt | $15.4B | $8.4B | $5.9B | $5.5B | $4.8B | $7.7B | $7.6B | $10.2B | $9.8B | $11.7B |
Cash flow
Fiscal years, from NRG Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $1.6B | $1.4B | $1.4B | $1.8B | $493M | $360M | -$221M | $2.3B | $1.9B |
| Capital spending | $544M | $254M | $388M | $228M | $230M | $269M | $367M | $598M | $472M | $1.1B |
| Free cash flow | $1.4B | $1.4B | $989M | $1.2B | $1.6B | $224M | -$7M | -$819M | $1.8B | $766M |
| Stock-based compensation | $10M | $35M | $25M | $20M | $22M | $21M | $28M | $101M | $102M | $134M |
| Dividends paid | $76M | $38M | $37M | $32M | $295M | $319M | $332M | $381M | $405M | $411M |
| Share buybacks (net) | $0 | $0 | -$1.2B | -$1.4B | -$229M | -$48M | -$600M | -$1.1B | -$935M | -$1.3B |
| Net borrowing | $4.4B | $1.2B | $1.1B | $1.9B | — | — | — | — | — | — |
| Free cash flow margin | 15.3% | 14.9% | 10.4% | 12.1% | 17.7% | 0.8% | -0.0% | -2.8% | 6.5% | 2.5% |
| Dividends per share | $0.24 | $0.12 | $0.12 | $0.12 | $1.20 | $1.30 | $1.41 | $1.67 | $1.91 | $2.07 |
Questions
What was NRG Energy's revenue in 2025?
$30.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does NRG Energy generate?
$766M in fiscal 2025 (operating cash flow minus capital spending).
From NRG Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.