NYSE: NRG
NRG Energy
Utilities · Electric Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$30.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.87B |
| FY2017, ended Dec 31, 2017 | $9.05B |
| FY2018, ended Dec 31, 2018 | $11.1B |
| FY2019, ended Dec 31, 2019 | $9.84B |
| FY2020, ended Dec 31, 2020 | $9.19B |
| FY2021, ended Dec 31, 2021 | $10.4B |
| FY2022, ended Dec 31, 2022 | $7.31B |
| FY2023, ended Dec 31, 2023 | $10.8B |
| FY2024, ended Dec 31, 2024 | $17.9B |
| FY2025, ended Dec 31, 2025 | $34.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $30.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$33.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.91B |
| FY2017, ended Dec 31, 2017 | $9.07B |
| FY2018, ended Dec 31, 2018 | $9.48B |
| FY2019, ended Dec 31, 2019 | $9.82B |
| FY2020, ended Dec 31, 2020 | $9.09B |
| FY2021, ended Dec 31, 2021 | $27.0B |
| FY2022, ended Dec 31, 2022 | $31.5B |
| FY2023, ended Dec 31, 2023 | $28.8B |
| FY2024, ended Dec 31, 2024 | $28.1B |
| FY2025, ended Dec 31, 2025 | $30.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $33.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$774M | $1.36B |
| FY2017, ended Dec 31, 2017 | −$2.15B | $1.36B |
| FY2018, ended Dec 31, 2018 | $268M | $989M |
| FY2019, ended Dec 31, 2019 | $4.44B | $1.19B |
| FY2020, ended Dec 31, 2020 | $510M | $1.61B |
| FY2021, ended Dec 31, 2021 | $2.19B | $224M |
| FY2022, ended Dec 31, 2022 | $1.22B | −$7.00M |
| FY2023, ended Dec 31, 2023 | −$202M | −$819M |
| FY2024, ended Dec 31, 2024 | $1.13B | $1.83B |
| FY2025, ended Dec 31, 2025 | $864M | $766M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $849M | $348M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$162M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $591M |
| FY2017, ended Dec 31, 2017 | $770M |
| FY2018, ended Dec 31, 2018 | $563M |
| FY2019, ended Dec 31, 2019 | $345M |
| FY2020, ended Dec 31, 2020 | $3.90B |
| FY2021, ended Dec 31, 2021 | $250M |
| FY2022, ended Dec 31, 2022 | $430M |
| FY2023, ended Dec 31, 2023 | $541M |
| FY2024, ended Dec 31, 2024 | $966M |
| FY2025, ended Dec 31, 2025 | $4.71B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $162M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$23.4B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $16.7B |
| FY2017, ended Dec 31, 2017 | $9.49B |
| FY2018, ended Dec 31, 2018 | $6.69B |
| FY2019, ended Dec 31, 2019 | $6.04B |
| FY2020, ended Dec 31, 2020 | $8.86B |
| FY2021, ended Dec 31, 2021 | $8.10B |
| FY2022, ended Dec 31, 2022 | $8.10B |
| FY2023, ended Dec 31, 2023 | $10.9B |
| FY2024, ended Dec 31, 2024 | $10.9B |
| FY2025, ended Dec 31, 2025 | $16.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $23.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 33.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.210M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 316M |
| FY2017, ended Dec 31, 2017 | 318M |
| FY2018, ended Dec 31, 2018 | 281M |
| FY2019, ended Dec 31, 2019 | 248M |
| FY2020, ended Dec 31, 2020 | 245M |
| FY2021, ended Dec 31, 2021 | 242M |
| FY2022, ended Dec 31, 2022 | 230M |
| FY2023, ended Dec 31, 2023 | 208M |
| FY2024, ended Dec 31, 2024 | 198M |
| FY2025, ended Dec 31, 2025 | 215M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 210M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.50B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $10.0M | $1.00M | — |
| FY2017, ended Dec 31, 2017 | $0 | $35.0M | −$2.00M | — |
| FY2018, ended Dec 31, 2018 | $1.25B | $25.0M | $21.0M | — |
| FY2019, ended Dec 31, 2019 | $1.44B | $20.0M | $3.00M | — |
| FY2020, ended Dec 31, 2020 | $229M | $22.0M | $1.00M | — |
| FY2021, ended Dec 31, 2021 | $48.0M | $21.0M | $1.00M | — |
| FY2022, ended Dec 31, 2022 | $600M | $28.0M | $0 | — |
| FY2023, ended Dec 31, 2023 | $1.15B | $101M | $0 | $635M |
| FY2024, ended Dec 31, 2024 | $935M | $102M | — | $635M |
| FY2025, ended Dec 31, 2025 | $1.31B | $134M | — | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.64B | $144M | — | — |
Revenue (TTM)
$33.1B
+12.8% YoY
Net income (TTM)
$849M
+62.6% YoY
Cash
$162M
−10.0% YoY
Total debt
$23.4B
+114% YoY
Valuation
At current price- Market Cap
- $20.2B
- P/E
- 23.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.6×
- Price / Book
- 4.2×
- EV / EBITDA
- 11.8×
Growth
Trailing 12 months- Revenue (TTM)
- $33.1B
- Revenue Growth YoY
- 12.8%
- Revenue CAGR 3Y
- −0.9%
- Revenue CAGR 5Y
- 27.6%
- EPS Growth YoY
- 65.5%
- Net Income Growth YoY
- 62.6%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 6.1%
- Net Margin
- 2.6%
- FCF Margin
- 1.1%
- Return on Equity
- 23.8%
Earnings
Trailing 12 months- Net Income
- $849M
- EPS (diluted)
- $3.84
- EBITDA
- $3.68B
- Operating Income
- $2.02B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $162M
- Total Debt
- $23.4B
- Net Debt
- $23.2B
- Total Assets
- $39.9B
- Total Liabilities
- $35.1B
- Shareholders' Equity
- $4.86B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.55B
- Capital Expenditure
- $1.21B
- Free Cash Flow
- $348M
Dividends and risk
Last 12 months- Dividend Yield
- 1.9%
- Dividend / Share
- $1.87
- Beta (5Y)
- 1.17
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.8% year over year, at $33.1B.
Note
Net margin of 2.6% over the last 12 months.
Watch
Net debt is 6.3× EBITDA ($23.2B), a heavy load.
Note
Free cash flow of $348M, 1.1% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 24, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K69Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- Revenue slipped 2% to $28.1 billion, but operating income rose to $2.4 billion from $384 million, and net income was $1.1 billion after a $202 million loss.
- Much of the profit swing came from a $3.1 billion improvement in paper hedge values; underlying economic gross margin rose $792 million, helped by East, West and Vivint.
- NRG refinanced about $3.1 billion of debt, sold Airtron for $480 million net, and bought back $925 million of stock.
- NRG signed a deal to develop up to 5.4 GW of new gas plants, betting on data center and industrial power demand.
Business momentum
Improving
“Gross margin increased $3.8 billion and economic gross margin increased $792 million, both of which include intercompany sales, during the year ended December 31, 2024, compared to the same period in 2023.”
Outlook
Positive
“The electric industry is expected to experience a surge in demand driven primarily by new manufacturing, industrial and data center facilities (inclusive of GenAI).”
Financial stress
Low
“Management believes that the Company's liquidity position and cash flows from operations will be adequate to finance operating and maintenance capital expenditures, to fund dividends, and to fund other liquidity commitments in the short and long-term.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Underlying margins grew across East, West and Vivint
“Gross margin increased $3.8 billion and economic gross margin increased $792 million, both of which include intercompany sales, during the year ended December 31, 2024, compared to the same period in 2023.”
Available liquidity rose to about $5.4 billion
“As of December 31, 2024, total liquidity, excluding collateral funds deposited by counterparties, increased by $600 million.”
Larger cash returns to shareholders through buybacks and a higher dividend
“During the year ended December 31, 2024, the Company completed $925 million of open market share repurchases at an average price of $87.57 per share.”
Concerns
Much of the profit rebound came from paper hedge gains, not operations
“Total net mark-to-market results increased by $3.1 billion during the year ended December 31, 2024, compared to the same period in 2023.”
Falling gas prices could require large collateral payments
“a $0.50 per MMBtu decrease in natural gas prices across the term of the marginable contracts would cause an increase in margin collateral posted of approximately $1.1 billion”
More customers are failing to pay bills, raising credit losses to $314 million
“Increase primarily due to higher Texas Home retail revenues and customer payment behavior”
New risks since the previous report
Expected growth in power demand may not arrive, leaving investments underused
“However, there is no assurance that these forecasts will be accurate or that the anticipated load growth will occur as projected.”
New power plant projects could run late, over budget or be cancelled
“If the Company is unable to complete the development or construction of a facility, or decides to delay, downsize, or cancel such project, it may not be able to recover its investment in that facility.”
Growing use of AI could cause errors, legal liability or reputational harm
“ineffective or inadequate AI development, governance, or deployment practices by NRG or third-party vendors could result in unintended consequences”
Trade policy changes and tariffs could affect energy prices
“economic and political conditions, including the impact of changing U.S. trade policies and potential additional tariffs that may be imposed”
Biggest risks named
- Power and natural gas price swings squeezing margins and earnings
- Collateral demands from hedging straining liquidity if gas prices fall
- Heavy debt, credit ratings and restrictive covenants
- Expected power demand growth failing to materialize as NRG invests in new plants
- Plant outages, extreme weather and fuel supply disruptions
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 24, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 69 | Improving | None | |
| 10-K | Feb 28, 2024 | 35 | Sharp deterioration | 2 minor | |
| 10-K | Feb 23, 2023 | 35 | Sharp deterioration | 1 medium2 minor | |
| 10-K | Feb 24, 2022 | 62 | Strong improvement | 2 medium1 minor | |
| 10-K | Mar 1, 2021 | 53 | Weakening | 1 medium | |
| 10-K | Feb 27, 2020 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2019 | 73 | Strong improvement | 1 medium1 minor | |
| 10-K | Mar 1, 2018 | 36 | Sharp deterioration | 2 medium | |
| 10-K | Feb 28, 2017 | 24 | Mixed | 2 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR