Track market-moving stories before they get noisy

On October 22, 2026, NRG Energy Inc NRG shares fell 5.4%, closing at $94.38. The stock has experienced significant volatility, with a 52-week range of $93.36 to $189.96.

GF Value™ verdict: NRG is currently priced at $94.38, with a GF Value™ estimate of $122.41, indicating a 22.9% undervaluation.GF Score™: NRG holds a GF Score™ of 78/100, suggesting above-average investment qualities.Most notable signal: Insider activity shows a significant sell-off, with insiders selling $5,326.3 million worth of shares over the past 12 months and no buying activity.Is NRG Overvalued or Undervalued?NRG Energy Inc's current price of $94.38 is well below its GF Value™ estimate of $122.41, indicating that the stock is 22.9% undervalued. This undervaluation presents a potential opportunity for investors, suggesting that the stock may be trading at a discount relative to its intrinsic value. GF Value™ is GuruFocus' proprietary estimate of intrinsic value, based on a combination of historical trading multiples, past business growth, and future performance expectations. With the stock labeled as modestly undervalued, there is a margin of safety for potential investors, although caution is warranted given the overall financial strength rating of just 3/10, which suggests vulnerabilities in the company's financial position.

While the undervaluation may present an opportunity, investors should also consider the risks associated with NRG's financial health and the broader market dynamics that could impact its future performance. The recent decline in share price alongside the lack of insider buying may raise red flags regarding confidence in the company's prospects.

How Does NRG's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)25.0x17.3xForward P/E8.9xN/AThe current P/E ratio of 25.0x is significantly above its 5-year median of 17.3x, indicating that the stock is trading at a premium compared to its historical valuation. This elevated P/E ratio could suggest that the market has high expectations for future earnings growth, which may not align with the undervaluation indicated by the GF Value™ analysis. Thus, the P/E analysis appears to conflict with the GF Value™ verdict, indicating the need for careful consideration when evaluating NRG's stock.

What Does NRG's GF Score™ Tell Us?The GF Score™ provides a comprehensive assessment of a company's financial health, growth potential, profitability, and valuation metrics. NRG's score of 78/100 reflects solid investment qualities, particularly in terms of valuation, where it received a perfect score of 10/10. However, the company received a lower score of 3/10 for financial strength, highlighting potential concerns that could impact its stability and reliability.

MetricRatingGF Score™78/100Financial Strength3/10Profitability7/10Growth8/10Valuation10/10Momentum4/10NRG's strengths lie in its growth potential (8/10) and valuation (10/10), indicating that the stock is considered attractively priced relative to its growth prospects. However, the company's financial strength rating of 3/10 and momentum rank of 4/10 suggest weaknesses that could impact its long-term stability and market performance. Therefore, while the valuation metrics are promising, the overall financial health of the company warrants attention.

What Are Gurus and Insiders Doing with NRG?Currently, 10 gurus hold positions in NRG Energy, with 6 increasing their stakes and 4 trimming their holdings in recent quarters. This indicates some level of confidence among institutional investors, which can be a positive signal for potential investors. However, the significant insider selling of $5,326.3 million over the past 12 months, with no buying activity, raises concerns about the confidence level of those closest to the company.

The lack of insider buying, especially in the context of substantial selling, suggests that insiders may have doubts about the company's near-term prospects. This pattern of insider trading can be an important indicator for potential investors, highlighting the need for careful analysis of NRG's future performance and strategic direction.

What This Means for InvestorsBased on the assessment of NRG Energy Inc's current price relative to its GF Value™, the stock appears undervalued, presenting a potential opportunity for investors. However, the financial strength concerns, insider selling, and elevated P/E ratios relative to historical norms suggest that caution is warranted. Investors should weigh these factors carefully when considering an investment in NRG Energy Inc.

For more detailed insights and metrics, you can visit the NRG Energy Inc NRG stock page and explore additional resources like the GF Value™ page or the GuruFocus Stock Screener.

Frequently Asked QuestionsWhat is NRG's GF Score™?

NRG's GF Score™ is 78/100, indicating above-average investment qualities based on various financial metrics.

Is NRG overvalued or undervalued?

NRG is currently undervalued according to the GF Value™, which estimates the stock's fair value at $122.41 compared to the current price of $94.38.

What is NRG's P/E ratio?

NRG's P/E ratio is 25.0x, which is significantly above its 5-year median of 17.3x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures
I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

NRG (NRG) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.

NRG Energy (NRG - Free Report) closed at $97.84 in the latest trading session, marking a -1.55% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.28%. At the same time, the Dow added 1.02%, and the tech-heavy Nasdaq lost 0.02%.

Heading into today, shares of the power company had lost 3.78% over the past month, lagging the Utilities sector's gain of 0.49% and the S&P 500's gain of 0.67%.

The investment community will be paying close attention to the earnings performance of NRG Energy in its upcoming release. The company's upcoming EPS is projected at $3.48, signifying a 26.55% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $7.34 billion, down 3.93% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $8.61 per share and revenue of $36.89 billion, which would represent changes of +6.69% and +20.12%, respectively, from the prior year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for NRG Energy. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. NRG Energy presently features a Zacks Rank of #3 (Hold).

From a valuation perspective, NRG Energy is currently exchanging hands at a Forward P/E ratio of 11.54. This valuation marks a discount compared to its industry average Forward P/E of 17.08.

The Utility - Electric Power industry is part of the Utilities sector. At present, this industry carries a Zacks Industry Rank of 156, placing it within the bottom 37% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

NRG Energy (NRG - Free Report) closed at $100.85 in the latest trading session, marking a -5.91% move from the prior day. The stock's change was less than the S&P 500's daily loss of 1.11%. Elsewhere, the Dow saw a downswing of 0.09%, while the tech-heavy Nasdaq depreciated by 1.88%.

Heading into today, shares of the power company had gained 1.12% over the past month, outpacing the Utilities sector's loss of 1.53% and lagging the S&P 500's gain of 2.06%.

Market participants will be closely following the financial results of NRG Energy in its upcoming release. The company's upcoming EPS is projected at $3.48, signifying a 26.55% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $7.34 billion, indicating a 3.93% decline compared to the corresponding quarter of the prior year.

NRG's full-year Zacks Consensus Estimates are calling for earnings of $8.61 per share and revenue of $36.89 billion. These results would represent year-over-year changes of +6.69% and +20.12%, respectively.

Investors might also notice recent changes to analyst estimates for NRG Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.08% higher. Right now, NRG Energy possesses a Zacks Rank of #3 (Hold).

From a valuation perspective, NRG Energy is currently exchanging hands at a Forward P/E ratio of 12.45. This indicates a discount in contrast to its industry's Forward P/E of 17.35.

The Utility - Electric Power industry is part of the Utilities sector. Currently, this industry holds a Zacks Industry Rank of 90, positioning it in the top 37% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

NRG Energy (NRG - Free Report) closed the most recent trading day at $106.32, moving -2.11% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.47%. Elsewhere, the Dow gained 0.1%, while the tech-heavy Nasdaq lost 1.25%.

The power company's stock has dropped by 5.86% in the past month, falling short of the Utilities sector's loss of 4.06% and the S&P 500's gain of 1.15%.

The investment community will be closely monitoring the performance of NRG Energy in its forthcoming earnings report. The company is predicted to post an EPS of $3.48, indicating a 26.55% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.34 billion, indicating a 3.93% downward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.61 per share and a revenue of $36.89 billion, indicating changes of +6.69% and +20.12%, respectively, from the former year.

Investors might also notice recent changes to analyst estimates for NRG Energy. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.08% increase. NRG Energy is holding a Zacks Rank of #4 (Sell) right now.

Looking at valuation, NRG Energy is presently trading at a Forward P/E ratio of 12.61. This denotes a discount relative to the industry average Forward P/E of 16.96.

The Utility - Electric Power industry is part of the Utilities sector. With its current Zacks Industry Rank of 103, this industry ranks in the top 42% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

NRG Energy (NRG - Free Report) ended the recent trading session at $95.23, demonstrating a -1.75% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.73%. Meanwhile, the Dow gained 0.49%, and the Nasdaq, a tech-heavy index, added 1.19%.

Heading into today, shares of the power company had lost 13.33% over the past month, lagging the Utilities sector's loss of 5.92% and the S&P 500's gain of 0.55%.

The upcoming earnings release of NRG Energy will be of great interest to investors. On that day, NRG Energy is projected to report earnings of $3.48 per share, which would represent year-over-year growth of 26.55%. In the meantime, our current consensus estimate forecasts the revenue to be $7.34 billion, indicating a 3.93% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $8.61 per share and revenue of $36.89 billion, which would represent changes of +6.69% and +20.12%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for NRG Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.08% increase. NRG Energy currently has a Zacks Rank of #4 (Sell).

In terms of valuation, NRG Energy is currently trading at a Forward P/E ratio of 11.26. Its industry sports an average Forward P/E of 16.46, so one might conclude that NRG Energy is trading at a discount comparatively.

The Utility - Electric Power industry is part of the Utilities sector. With its current Zacks Industry Rank of 103, this industry ranks in the top 42% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

NRG Energy (NRG - Free Report) closed the most recent trading day at $100.40, moving +2.61% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.51%. At the same time, the Dow added 0.93%, and the tech-heavy Nasdaq gained 0.48%.

Heading into today, shares of the power company had lost 14.47% over the past month, lagging the Utilities sector's loss of 7.74% and the S&P 500's gain of 0.74%.

Analysts and investors alike will be keeping a close eye on the performance of NRG Energy in its upcoming earnings disclosure. The company is predicted to post an EPS of $3.48, indicating a 26.55% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $7.29 billion, down 4.57% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.61 per share and a revenue of $36.89 billion, indicating changes of +6.69% and +20.12%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for NRG Energy. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.08% higher. At present, NRG Energy boasts a Zacks Rank of #3 (Hold).

Looking at valuation, NRG Energy is presently trading at a Forward P/E ratio of 11.36. This indicates a discount in contrast to its industry's Forward P/E of 16.23.

The Utility - Electric Power industry is part of the Utilities sector. At present, this industry carries a Zacks Industry Rank of 104, placing it within the top 43% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

NRG Energy (NRG - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this power company have returned -9.6%, compared to the Zacks S&P 500 composite's +1.3% change. During this period, the Zacks Utility - Electric Power industry, which NRG falls in, has lost 4.8%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

NRG is expected to post earnings of $3.48 per share for the current quarter, representing a year-over-year change of +26.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -6.5%.

The consensus earnings estimate of $8.61 for the current fiscal year indicates a year-over-year change of +6.7%. This estimate has changed +0.1% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $11.3 indicates a change of +31.2% from what NRG is expected to report a year ago. Over the past month, the estimate has changed -0.9%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for NRG.

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For NRG, the consensus sales estimate for the current quarter of $7.29 billion indicates a year-over-year change of -4.6%. For the current and next fiscal years, $36.89 billion and $32.25 billion estimates indicate +20.1% and -12.6% changes, respectively.

Last Reported Results and Surprise HistoryNRG reported revenues of $7.48 billion in the last reported quarter, representing a year-over-year change of +11%. EPS of $1.49 for the same period compares with $1.68 a year ago.

Compared to the Zacks Consensus Estimate of $5.89 billion, the reported revenues represent a surprise of +27.01%. The EPS surprise was -10.24%.

Over the last four quarters, NRG surpassed consensus EPS estimates two times. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

NRG is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about NRG. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.

NRG Energy (NRG - Free Report) closed at $113.46 in the latest trading session, marking a +1.62% move from the prior day. This change outpaced the S&P 500's 0.86% gain on the day. Meanwhile, the Dow experienced a rise of 0.98%, and the technology-dominated Nasdaq saw an increase of 0.96%.

Coming into today, shares of the power company had lost 6.76% in the past month. In that same time, the Utilities sector lost 1.81%, while the S&P 500 lost 1.96%.

Market participants will be closely following the financial results of NRG Energy in its upcoming release. The company's earnings per share (EPS) are projected to be $3.66, reflecting a 33.09% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.29 billion, indicating a 4.57% downward movement from the same quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.6 per share and a revenue of $36.89 billion, representing changes of +6.57% and +20.12%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for NRG Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.18% increase. NRG Energy is currently a Zacks Rank #3 (Hold).

Looking at its valuation, NRG Energy is holding a Forward P/E ratio of 12.98. This indicates a discount in contrast to its industry's Forward P/E of 17.43.

The Utility - Electric Power industry is part of the Utilities sector. This industry, currently bearing a Zacks Industry Rank of 161, finds itself in the bottom 35% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

California State Teachers Retirement System boosted its stake in shares of NRG Energy, Inc. (NYSE:NRG – Free Report) by 14,662.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,582,918 shares of the utilities provider’s stock after purchasing an additional 34,348,662 shares during the period. California State Teachers Retirement System owned approximately 16.39% of NRG Energy worth $5,051,181,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. MV Capital Management Inc. purchased a new stake in shares of NRG Energy during the fourth quarter valued at $27,000. Motiv8 Investments LLC purchased a new position in NRG Energy in the 4th quarter worth $27,000. Core Wealth Advisors LLC acquired a new stake in NRG Energy during the 4th quarter worth about $28,000. EMC Capital Management purchased a new position in shares of NRG Energy in the fourth quarter worth about $30,000. Finally, SHP Wealth Management acquired a new position in NRG Energy in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 97.72% of the company’s stock.

Insider Buying and Selling at NRG Energy In other news, CAO Gerald Alfred Spencer sold 1,580 shares of NRG Energy stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $120.93, for a total value of $191,069.40. Following the sale, the chief accounting officer owned 6,213 shares in the company, valued at $751,338.09. This trade represents a 20.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Virginia Kinney sold 20,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $127.52, for a total transaction of $2,550,400.00. Following the sale, the vice president directly owned 45,111 shares of the company’s stock, valued at $5,752,554.72. This represents a 30.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.43% of the company’s stock.

Analyst Ratings Changes A number of research analysts have issued reports on NRG shares. Wells Fargo & Company boosted their price target on NRG Energy from $203.00 to $209.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. BNP Paribas Exane set a $221.00 target price on shares of NRG Energy in a research note on Wednesday, August 19th. UBS Group dropped their price target on shares of NRG Energy from $221.00 to $216.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Siebert Williams Shank assumed coverage on shares of NRG Energy in a report on Monday, July 6th. They issued a “buy” rating and a $184.00 price objective for the company. Finally, Scotiabank decreased their price objective on shares of NRG Energy from $226.00 to $211.00 and set a “sector outperform” rating for the company in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $198.43. Read Our Latest Report on NRG

NRG Energy Stock Down 3.5% NRG Energy stock opened at $115.47 on Thursday. The company has a debt-to-equity ratio of 5.17, a current ratio of 0.97 and a quick ratio of 0.89. The stock has a market capitalization of $24.36 billion, a PE ratio of 30.55 and a beta of 1.18. The business has a 50 day simple moving average of $125.58 and a 200-day simple moving average of $140.43. NRG Energy, Inc. has a 12 month low of $108.34 and a 12 month high of $189.96.

NRG Energy (NYSE:NRG – Get Free Report) last announced its earnings results on Tuesday, August 4th. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.20). NRG Energy had a net margin of 2.56% and a return on equity of 52.95%. The business had revenue of $7.48 billion for the quarter, compared to analysts’ expectations of $7.31 billion. During the same quarter last year, the business earned $1.73 EPS. The company’s quarterly revenue was up 11.0% on a year-over-year basis. NRG Energy has set its FY 2026 guidance at 7.900-9.900 EPS. On average, analysts anticipate that NRG Energy, Inc. will post 8.6 EPS for the current fiscal year.

NRG Energy Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 3rd were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, August 3rd. NRG Energy’s dividend payout ratio (DPR) is presently 50.26%.

NRG Energy Company Profile (Free Report)

NRG Energy, Inc is a North American energy and home services company headquartered in Houston, Texas. The company operates through power generation and energy retail businesses, supplying electricity and related services to residential, commercial and industrial customers.

NRG owns and operates a diverse portfolio of power-generation assets, including natural gas, coal, nuclear and renewable facilities. It also sells electricity and natural gas through brands such as Reliant, Direct Energy and Green Mountain Energy, with retail operations serving customers in competitive energy markets across the United States and Canada.

In addition to its energy operations, NRG provides smart-home, security and related connected-home services through its Vivint business.

Read More Five stocks we like better than NRG Energy Qualcomm’s Data Center Bet Looks More Real After Amazon’s AI Deal GE Aerospace’s $11.75B Deal Puts Howmet Aerospace in Focus Casey’s Post-Earnings Drop May Give Investors a Better Entry Into a Quality Retailer Sovereign AI: Palantir and Nebius Cut the Cloud Cord Want to see what other hedge funds are holding NRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NRG Energy, Inc. (NYSE:NRG – Free Report).

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4.9.2026 22:17, DJI, SPX, QQQ

Zámořské akciové trhy zakončily dnešní obchodování v záporném teritoriu. Index Dow Jones klesl o 0,51 % na 53 414,25 bodu, S&P 500 odepsal 0,38 % na 7 718,60 bodu a technologický Nasdaq Composite ztratil 0,29 % na 26 506,99 bodu. Hlavním impulsem k poklesu byla překvapivě silná data z amerického trhu práce, která zvýšila pravděpodobnost, že centrální banka v září zvýší úrokové sazby.

Mezi sektory indexu S&P 500 se nejvíce dařilo průmyslu se ziskem 0,4 %, informačním technologiím s růstem o 0,2 % a utilitám, které stagnovaly. Naopak nejvýraznější pokles zaznamenala zbytná spotřeba se ztrátou 1,3 %, následovaná zdravotní péčí a energiemi se shodným poklesem o 1 %. Z jednotlivých akcií výrazně posílily společnosti Sandisk Corp (SNDK) o 12 %, KLA Corp (KLAC) o 7,3 %, Marvell Technology (MRVL) o 7,1 %, Coherent Corp (COHR) o 6,6 % a NRG Energy (NRG) o 6,4 %. Na opačné straně trhu se ocitla společnost Lululemon Athletica (LULU), jež po zhoršení celoročního výhledu propadla o 17 %. Výrazně ztrácely také společnosti Fair Isaac Corp (FICO) o 17 %, Autodesk (ADSK) o 8,3 %, Adobe (ADBE) o 6,7 % a Equifax (EFX) o 6,4 %.

Očekávání přísnější měnové politiky poslalo nahoru výnosy amerických vládních dluhopisů. Výnos dvouletého dluhopisu vzrostl na 4,37 %, výnos desetiletého dluhopisu stoupl na 4,78 %. Euro vůči americkému dolaru mírně oslabilo o 0,1 % na 1,1614 USD a japonský jen klesl o 0,3 % na 156,27 JPY za dolar. Ropa WTI mírně posílila o 0,1 % na 91,41 USD za barel, zatímco spotové zlato odepsalo 0,9 % na 4 432,58 USD za trojskou unci.

Index Dow Jones -0,51 % na 53414,25 b.
S&P 500 -0,38 % na 7718,6 b.
Nasdaq Composite -0,29 % na 26506,99 b.

Index S&P 500 -0,38 % na 7718,6 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Průmysl +0,4 % Zbytná spotřeba -1,3 % Informační technologie +0,2 % Zdravotní péče -1 % Utility +0 % Energie -1 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Sandisk Corp (SNDK) +12 % Lululemon Athletica (LULU) -17 % KLA Corp (KLAC) +7,3 % Fair Isaac Corp (FICO) -17 % Marvell Technology (MRVL) +7,1 % Autodesk (ADSK) -8,3 % Coherent Corp (COHR) +6,6 % Adobe (ADBE) -6,7 % NRG Energy (NRG) +6,4 % Equifax (EFX) -6,4 %
Daniel Marván
Fio banka, a.s.
Prohlášení

Power producer NRG Energy (NRG.N) has been named as a potential suitor for a West Virginia coal plant that landed in bankruptcy last month with $13 million in cash ​and several profitable years ahead of it, a court filing shows.

A motion to ‌dismiss the case on Friday disclosed that NRG Energy is evaluating a potential acquisition of the coal plant or an ownership stake. NRG was not immediately available to comment on the filing.

A major question in the ​case is whether the Pleasants Power Station should even be in bankruptcy, given its ​cash position and future prospects.

The fight over control of the coal plant escalated ⁠on Friday when its owner asked a federal bankruptcy judge in Delaware to dismiss the ​Chapter 11 reorganization case. Omnis Energy, led by clean-tech entrepreneur Simon Hodson, argued the bankruptcy case ​is unjustified because Pleasants Power Station is on track to generate at least $466 million in revenue over the next four years while making an operating profit estimated at $286 million.

Hodson's group is battling a turnaround management team ​installed earlier this year by lenders.

The new management team said Hodson failed to convert the ​coal plant into a clean hydrogen power producer. As a result, Pleasants missed out on securing crucial capacity ‌payments from ⁠the PJM Interconnection, a grid operator for 67 million people in a territory that stretches from Washington, D.C. to Chicago, it said.

"From 2023 through mid-2025 ... Pleasants incurred significant operating losses caused by misconduct and mismanagement by prior leadership, inadequate working capital, deferred maintenance that caused significant generation ​outages that impaired the ​Plant's performance," David Hindman, ⁠the head of the management turnaround team, said in a July 27 declaration filed in bankruptcy court.

Hindman also said the U.S. Federal Energy ​Regulatory Commission began an investigation of the coal plant's operation in October ​2025.

Omnis denies ⁠any wrongdoing. Offers to purchase Pleasants Power Station range from $350 million to $400 million, more than 10 times the amount of its 2023 purchase price, and any sale would immediately pay in full all ⁠of the ​estimated indebtedness related to the plant, Omnis told the ​court.

Omnis contends the new management group was not authorized to file for bankruptcy protection. Omnis added that its attempt to ​settle outstanding obligations — with a $76 million payment — was rejected.

With NRG Energy (NRG -0.43%) stock tumbling more than 8% in July, investors surely hoped that the company's reporting of its second-quarter 2026 financial results on Tuesday would help the stock recover from last month's decline. It didn't come to pass, though, as the electric utility failed to inspire the bulls.

According to data provided by S&P Global Market Intelligence, shares of NRG Energy are down 9.8% from the end of trading on Friday through 11:50 a.m. today.

Image source: Getty Images.

Failing to meet analysts' estimates is just one factor figuring into the stock's fall Reporting second-quarter 2026 revenue of $7.48 billion, NRG Energy failed to meet analysts' expectations of $7.79 billlion.

Today's Change

(

-0.43

%) $

-0.53

Current Price

$

120.21

The company also missed at the bottom of the income statement, posting adjusted earnings per share (EPS) of $1.49 -- coming up short of the the $1.74 that analysts anticipated.

Following the company's announcement of its financial results, two analysts pared back their expectations for NRG stock. Nicholas Amicucci, an Evercore analyst, reduced his price target to $195 from $215, while Bank of Nova Scotia analyst Andrew Weisel lowered his to $211 from $226.

Income investors may want to jump in as shares continue to sell off Analysts may see a little less upside in NRG Energy stock, but that shouldn't preclude income investors from taking a closer look as the company powers ahead with a plan to seize the opportunity in data center development.

Currently, NRG Energy stock offers a 1.6% forward yield, and it's 48% payout ratio suggests management isn't jeopardizing the company's financial health to reward shareholders. For those looking to power their passive income streams with a conservative utility stock, NRG Energy is certainly worth further investigation during this week's pullback in the stock price.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Evercore and NRG Energy. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of TLN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Release Date: August 04, 2026For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points NRG Energy Inc

Key Takeaways NRG Energy posted Q2 EPS of $1.49, missing estimates by 10.2%, while revenues rose 11% to $7.48B.Adjusted EBITDA climbed 33.9% to $1.22B, while operating costs fell 2.9% year over year.NRG advanced a 1.2-GW Texas gas project and expects 2026 adjusted EPS of $7.90-$9.90. NRG Energy, Inc. (NRG - Free Report) reported second-quarter 2026 adjusted earnings of $1.49 per share, which missed the Zacks Consensus Estimate of $1.66 by 10.2%. The bottom also line declined 11.3% from $1.68 in the year-ago quarter.

Revenues of NRG EnergyTotal revenues were $7.48 billion, which beat the Zacks Consensus Estimate of $5.89 billion by 27%. The top line also increased 11% from the prior-year quarter’s level of $6.74 billion.

Highlights of NRG’s Q2 Earnings ReleaseThe company recorded adjusted EBITDA of $1.22 billion in the second quarter, up 33.9% from $0.91 billion registered a year ago.

Total operating costs and expenses were $6.54 billion, down 2.9% from $6.74 billion in the year-ago quarter.

Operating income in the second quarter totaled $976 million.

Through July 31, 2026, NRG completed $932 million in share repurchases and distributed $202 million in common stock dividends. In 2026, the company plans to return $1 billion through share repurchases and common stock dividends of around $407 million.

NRG Energy Advances Texas Expansion PlansNRG advanced its Bring Your Own Power strategy with a global cloud and artificial intelligence hyperscaler. The parties are aligned on principal commercial terms for developing a 1.2-gigawatt combined-cycle natural gas generation facility in Texas, subject to final documentation and approvals.

The company also achieved commercial operations at the 415-megawatt T.H. Wharton facility. Its two other Texas Energy Fund projects remained on schedule and within budget.

NRG’s Financial HighlightsAs of June 30, 2026, NRG had cash and cash equivalents worth $0.16 billion compared with $4.71 billion as of Dec. 31, 2025.

As of June 30, 2026, long-term debt and finance leases amounted to $21.74 billion compared with $16.41 billion as of Dec. 31, 2025.

Cash provided by operating activities in the first six months of 2026 totaled $0.95 billion compared with $1.31 billion in the year-ago quarter.

Capital expenditures amounted to $655 million in the first six months of 2026 compared with $595 million in the year-ago quarter.

Total liquidity was $5.28 billion, down from $9.63 billion, primarily due to funding the acquisition of generation assets and CPower from LS Power.

NRG’s GuidanceNRG Energy expects its 2026 adjusted net income to be in the range of $1.685-$2.115 billion.

The company expects its 2026 adjusted EPS to be in the range of $7.90-$9.90. The Zacks Consensus Estimate is pegged at $9.70, which is at the higher end of the company’s guided range.

Free Cash Flow before Growth for 2026 is anticipated to be in the range of $2.8-$3.3 billion.

NRG expects 2026 adjusted EBITDA in the band of $5.325-$5.825 billion.

NRG’s Zacks RankNRG Energy has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent ReleasesEdison International (EIX - Free Report) reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter.

Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion.

IDACORP, Inc. (IDA - Free Report) reported second-quarter 2026 earnings of $1.79 per share, which topped the Zacks Consensus Estimate of $1.75 by 2.3%. The company’s earnings also improved 1.7% from $1.76 in the year-ago quarter.

Total revenues in the second quarter of 2026 were $469.8 million, lagging the Zacks Consensus Estimate of $478 million by 1.8%. However, the metric rose 4.2% from $450.9 million in the year-ago quarter.

PG&E Corporation (PCG - Free Report) reported second-quarter 2026 adjusted earnings per share of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.

PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%.

Power producer NRG Energy missed second-quarter Wall Street profit estimates on Tuesday, weighed down by higher interest expense ​and costs related to assets acquired from LS Power, ‌partially offset by an increase in core profit.

HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) today announced financial results for the second quarter ended June 30, 2026, and reports GAAP Net Income of $506 million, GAAP Earnings per Share (EPS) — basic of $2.32, and GAAP Cash Provided by Operating Activities of $1,117 million. The Company's non-GAAP metrics are Adjusted Net Income of $315 million, Adjusted EPS of $1.49, Adjusted EBITDA of $1,217 million, and Free Cash Flow before Growth Investments (FCFbG) of $1,025 million for the second quarter of 2026.

“Today we provided a progress update on our Bring Your Own Power data center strategy,” said Robert Gaudette, President & CEO. “This is the model for how large load growth should work. The customer supports the investment, with reliability and affordability protected for all. We also delivered a solid second quarter and are reaffirming our 2026 guidance. I am confident in the discipline and execution that continue to drive NRG forward.”

Consolidated Financial Results

Table 1:

Three Months Ended

Six Months Ended

(In millions, except per share amounts)

6/30/2026

6/30/2025

6/30/2026

6/30/2025

GAAP Net Income/(Loss)

$

506

$

(104

)

$

631

$

646

Adjusted Net Incomea b

$

315

$

339

$

623

$

870

GAAP EPS — basicc

$

2.32

$

(0.62

)

$

2.86

$

3.11

Adjusted EPSa d

$

1.49

$

1.73

$

2.98

$

4.42

Adjusted EBITDAa

$

1,217

$

909

$

2,297

$

2,035

GAAP Cash Provided by Operating Activities

$

1,117

$

451

$

948

$

1,306

Free Cash Flow Before Growth Investments (FCFbG)a

$

1,025

$

914

$

959

$

1,207

a Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and FCFbG are non-GAAP financial measures; see Appendix tables A-1 through A-6 for GAAP reconciliations. Adjusted EPS, Adjusted Net Income, and Adjusted EBITDA exclude fair value adjustments related to derivatives

b Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'; see Appendix tables A-1 through A-4

c GAAP Net Income/(Loss) per Weighted Average Common Share - Basic

d Adjusted EPS calculated based on Adjusted Net Income divided by weighted average number of common shares outstanding - basic

NRG reported GAAP Net Income of $506 million for the second quarter of 2026, an increase of $610 million from the prior year. The improvement was due to the addition of the portfolio of assets acquired from LS Power and higher realized capacity prices in the East, partially offset by milder weather and higher supply costs. Results also benefited from unrealized, non-cash gains on economic hedges, primarily in the East, compared to losses in the prior year. These hedge positions are adjusted to market value each period, while the related customer contracts are not. As a result, the accounting treatment can result in temporary unrealized gains or losses that may differ from expected results when the contracts settle.

Adjusted Net Income for the second quarter 2026 is $315 million, $24 million lower than prior year, primarily driven by higher interest expense and depreciation and amortization related to the acquisition of the portfolio of assets acquired from LS Power, partially offset by a $308 million increase in Adjusted EBITDA, the impacts of which are described in the segment results below. Adjusted EPS is $1.49 for the second quarter 2026, $0.24 lower than prior year. The second quarter 2026 Adjusted EPS results include the financial impacts from Adjusted Net Income and impacts of shares issued as part of the completed acquisition of generation assets and CPower from LS Power.

Reaffirming 2026 Guidance

NRG is reaffirming its guidance for 2026 as set forth below.

Table 2: Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and FCFbG Guidance for 2026a

2026

(In millions, except per share amounts)

Guidance

Adjusted Net Income

$1,685 - $2,115

Adjusted EPS

$7.90 - $9.90

Adjusted EBITDA

$5,325 - $5,825

FCFbG

$2,800 - $3,300

a Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and FCFbG are non-GAAP financial measures; see Appendix tables A-8 and A-9 for GAAP reconciliations. 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.

2026 Capital Allocation

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 July 31, 2026, the Company completed $932 million in share repurchases and distributed $202 million in common stock dividends.

On July 22, 2026, NRG declared a quarterly dividend of $0.475 per common share, or $1.90 per share on an annualized basis. The dividend is payable on August 17, 2026 to common stockholders of record as of August 3, 2026.

NRG's share repurchase program and common stock dividend are subject to maintaining satisfactory credit metrics, available capital, market conditions, and compliance with associated laws and regulations. The timing and amount of any shares of common stock repurchased under the share repurchase authorization will be determined by NRG’s management based on market conditions and other factors. NRG will only repurchase shares when management believes it would not jeopardize the Company’s ability to maintain satisfactory credit ratings.

NRG Strategic Developments

Advanced BYOP Data Center Strategy

NRG advanced its Bring Your Own Power (BYOP) strategy with a leading global cloud and AI hyperscaler. The parties are aligned on principal commercial terms for the development of a 1.2 GW combined cycle natural gas generation facility in Texas and remains subject to final documentation and approvals. This update highlights NRG's BYOP strategy of meeting large load growth through customer-backed generation investment to support grid reliability, energy affordability, and local communities.

Texas Energy Fund (TEF)

On May 26, 2026, NRG achieved commercial operations at its first project, the 415 MW T.H. Wharton facility. The project satisfied the eligibility requirements for the completion bonus grant program, and on June 17, 2026, the Company entered into a completion bonus grant agreement with the PUCT for T.H. Wharton for up to $54.72 million, to be paid in ten annual installments, subject to performance of the facility, beginning after the initial test period ends on May 31, 2027. NRG's two additional TEF projects remain on time and on budget. Through the program, NRG plans to bring online a total of 1.5 GW of new, reliable, affordable power generation by mid-2028 to support the increasing energy demands of Texas consumers.

Segment Results

Table 3: Adjusted EBITDAa

(In millions)

Three Months Ended

Six Months Ended

Segment

6/30/2026

6/30/2025

6/30/2026

6/30/2025

Texas

$

381

$

512

$

597

$

811

East

469

99

933

573

West/Otherb

66

39

172

112

Vivint Smart Home

301

259

595

539

Adjusted EBITDA

$

1,217

$

909

$

2,297

$

2,035

a Adjusted EBITDA is a non-GAAP financial measure; see Appendix tables A-1 through A-4 for GAAP reconciliation of Adjusted EBITDA (by operating segment) to GAAP Net Income (by operating segment). Adjusted EBITDA excludes fair value adjustments related to derivatives

b Includes Corporate activities

Texas: Second quarter 2026 Adjusted EBITDA was $381 million, $131 million lower than the prior year. For the first six months of 2026, Adjusted EBITDA was $597 million, $214 million lower than prior year. Results were primarily driven by higher supply costs, mild winter weather, including a ~30% decrease in heating degree days as compared to prior year leading to lower retail load, and additional operating expenses for the new generation assets.

East: Second quarter 2026 Adjusted EBITDA was $469 million, $370 million higher than the prior year. For the first six months of 2026, Adjusted EBITDA was $933 million, $360 million higher than prior year. Results were primarily driven by contribution of the new generation assets and CPower and higher capacity prices for owned generation, partially offset by higher power supply costs during Winter Storm Fern and lower natural gas margins.

West/Other: Second quarter 2026 Adjusted EBITDA was $66 million, $27 million higher than the prior year. For the first six months of 2026, Adjusted EBITDA was $172 million, $60 million higher than prior year. The increase was primarily driven by lower operating expenses associated with a lease expiration in May 2025.

Vivint Smart Home: Second quarter 2026 Adjusted EBITDA was $301 million, $42 million higher than the prior year. For the first six months of 2026, Adjusted EBITDA was $595 million, $56 million higher than prior year. The increase for both the quarter and the first six months of 2026 is attributable to higher new customer adds and an increase in monthly recurring service margin per customer.

Liquidity and Capital Resources

Table 4: Corporate Liquidity

(In millions)

6/30/26

12/31/25

Cash and Cash Equivalents

$

162

$

4,708

Restricted Cash

50

30

Total

$

212

$

4,738

Total availability under revolving credit facility and collective collateral facilitiesa

5,068

4,890

Total liquidity, excluding funds deposited by counterparties

$

5,280

$

9,628

a Total capacity of the revolving credit facility and collective collateral facilities was $9.0 billion and $7.7 billion as of June 30, 2026 and December 31, 2025, respectively

As of June 30, 2026, NRG's unrestricted cash was approximately $0.2 billion, and $5.1 billion was available under the Company’s credit facilities. Total liquidity was $5.3 billion, which was $4.3 billion lower than December 31, 2025, primarily driven by funding of the acquisition of generation assets and CPower from LS Power.

Earnings Conference Call

On August 4, 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.

About NRG

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.

Forward-Looking Statements

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.

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 execute definitive agreements for, and proceed with or complete, proposed projects (including the data center project) on the contemplated terms, timeline and 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.

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 Investments, Adjusted Net Income, and Adjusted EPS guidance are estimates as of August 4, 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.

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

  Three months ended June 30,

Six months ended June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Revenue

Revenue

$

7,481

$

6,740

$

17,737

$

15,325

Operating Costs and Expenses

Cost of operations (excluding depreciation and amortization shown below)

5,470

5,629

14,328

12,190

Depreciation and amortization

494

344

926

670

Selling, general and administrative costs (excluding amortization of customer acquisition costs of $93, $68, $180, and $133 respectively, which are included in depreciation and amortization shown separately above)

562

724

1,155

1,273

Acquisition-related transaction and integration costs

16

43

61

51

Total operating costs and expenses

6,542

6,740

16,470

14,184

Gain/(Loss) on sale of assets

37

—

37

(7

)

Operating Income

976

—

1,304

1,134

Other Income/(Expense)

Other income, net

6

5

46

19

Loss on debt extinguishment

(9

)

(10

)

(9

)

(10

)

Interest expense

(310

)

(148

)

(595

)

(311

)

Total other expense

(313

)

(153

)

(558

)

(302

)

Income/(Loss) Before Income Taxes

663

(153

)

746

832

Income tax expense/(benefit)

157

(49

)

115

186

Net Income/(Loss)

$

506

$

(104

)

$

631

$

646

Less: Cumulative dividends attributable to Series A Preferred Stock

17

17

34

34

Net Income/(Loss) Available for Common Stockholders

$

489

$

(121

)

$

597

$

612

Income/(Loss) per Share

Weighted average number of common shares outstanding — basic

211

196

209

197

Income/(Loss) per Weighted Average Common Share — Basic

$

2.32

$

(0.62

)

$

2.86

$

3.11

Weighted average number of common shares outstanding — diluted

212

196

210

203

Income/(Loss) per Weighted Average Common Share — Diluted

$

2.31

$

(0.62

)

$

2.84

$

3.01

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(Unaudited)

  Three months ended June 30,

Six months ended June 30,

(In millions)

2026

2025

2026

2025

Net Income/(Loss)

$

506

$

(104

)

$

631

$

646

Other Comprehensive (Loss)/Income

Foreign currency translation adjustments

(3

)

13

(4

)

15

Defined benefit plans

—

1

(2

)

1

Other comprehensive (loss)/income

(3

)

14

(6

)

16

Comprehensive Income/(Loss)

$

503

$

(90

)

$

625

$

662

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

  June 30, 2026

December 31, 2025

(In millions, except share data)

(Unaudited)

(Audited)

ASSETS

Current Assets

Cash and cash equivalents

$

162

$

4,708

Funds deposited by counterparties

167

260

Restricted cash

50

30

Accounts receivable, net

3,534

4,065

Inventory

793

461

Derivative instruments

3,188

2,189

Cash collateral paid in support of energy risk management activities

441

365

Prepayments and other current assets

1,318

1,069

Total current assets

9,653

13,147

Property, plant and equipment, net

14,076

3,632

Other Assets

Operating lease right-of-use assets, net

142

130

Goodwill

8,815

5,017

Customer relationships, net

1,177

1,203

Other intangible assets, net

963

1,106

Derivative instruments

1,617

1,568

Deferred income taxes

1,725

1,843

Other non-current assets

1,772

1,494

Total other assets

16,211

12,361

Total Assets

$

39,940

$

29,140

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Current portion of long-term debt and finance leases

$

1,512

$

31

Current portion of operating lease liabilities

41

35

Accounts payable

2,579

2,834

Derivative instruments

3,120

2,257

Cash collateral received in support of energy risk management activities

167

260

Deferred revenue current

837

748

Accrued expenses and other current liabilities

1,719

1,864

Total current liabilities

9,975

8,029

Other Liabilities

Long-term debt and finance leases

21,744

16,412

Non-current operating lease liabilities

170

144

Derivative instruments

1,327

1,103

Deferred income taxes

15

15

Deferred revenue non-current

984

895

Other non-current liabilities

870

861

Total other liabilities

25,110

19,430

Total Liabilities

35,085

27,459

Commitments and Contingencies

Stockholders’ Equity

Preferred stock; 10,000,000 shares authorized; 650,000 Series A shares issued and outstanding at June 30, 2026 and December 31, 2025, aggregate liquidation preference of $650; at June 30, 2026 and December 31, 2025

650

650

Common stock; $0.01 par value; 500,000,000 shares authorized; 225,198,900 and 199,828,615 shares issued and 210,307,902 and 190,376,607 shares outstanding at June 30, 2026 and December 31, 2025, respectively

2

2

Additional paid-in-capital

3,880

215

Retained earnings

2,374

1,982

Treasury stock, at cost; 14,890,998 shares and 9,452,008 shares at June 30, 2026, and December 31, 2025, respectively

(1,964

)

(1,087

)

Accumulated other comprehensive loss

(87

)

(81

)

Total Stockholders’ Equity

4,855

1,681

Total Liabilities and Stockholders’ Equity

$

39,940

$

29,140

NRG ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

  Six months ended June 30,

(In millions)

2026

2025

Cash Flows from Operating Activities

Net income

$

631

$

646

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets

602

444

Amortization of capitalized contract costs

324

226

Accretion of asset retirement obligations

17

20

Provision for credit losses

104

113

Amortization of financing costs and debt discounts/premiums

10

13

Loss on debt extinguishment

9

10

Amortization of in-the-money contracts and emissions allowances

47

51

Amortization of unearned equity compensation

72

62

Net (gain)/loss on sale of assets and disposal of assets

(38

)

10

Gain on proceeds from insurance recoveries for Property, plant and equipment, net

—

(100

)

Changes in derivative instruments

(61

)

18

Changes in current and deferred income taxes and liability for uncertain tax benefits

(33

)

126

Changes in collateral deposits in support of risk management activities

14

197

Changes in other working capital:

Accounts receivable, net

910

(17

)

Inventory

(156

)

16

Prepayments and other current assets

(441

)

(368

)

Accounts payable

(780

)

(39

)

Accrued expenses and other current liabilities

(164

)

(120

)

Other assets and liabilities

(119

)

(2

)

Cash provided by operating activities

$

948

$

1,306

Cash Flows from Investing Activities

Payments for acquisitions of businesses and assets, net of cash acquired

$

(7,101

)

$

(586

)

Capital expenditures

(655

)

(595

)

Proceeds from sales of assets, net

44

6

Purchases of emissions allowances

(41

)

(10

)

Sales of emissions allowances

44

3

Proceeds from insurance recoveries for Property, plant and equipment, net

—

100

Cash used in investing activities

$

(7,709

)

$

(1,082

)

Cash Flows from Financing Activities

Equivalent shares purchased in lieu of tax withholdings

$

(99

)

$

(77

)

Payments for share repurchase activity and excise tax

(931

)

(603

)

Payments of dividends to preferred and common stockholders

(235

)

(207

)

Proceeds from issuance of long-term debt

3,652

—

Repayments of long-term debt and finance leases

(1,619

)

(10

)

Payments for debt extinguishment costs

(9

)

—

Payments of deferred financing costs

(84

)

(31

)

Net receipts from settlement of acquired derivatives that include financing elements

16

38

Proceeds from credit facilities

8,675

865

Repayments to credit facilities

(7,226

)

(730

)

Cash provided by/(used in) financing activities

$

2,140

$

(755

)

Effect of exchange rate changes on cash and cash equivalents

2

1

Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash

(4,619

)

(530

)

Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period

4,998

1,173

Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period

$

379

$

643

Appendix Table A-1: Second Quarter 2026 Adjusted EBITDA and Adjusted Net Income Reconciliation by Operating Segment and Consolidated Adjusted EPS Reconciliation

The following table summarizes the calculation of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS and provides a reconciliation from Net Income/(Loss) Available for Common Stockholders:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Earnings

Per

Share,

Basic 6, 7

Earnings

Per

Share,

Diluted 6, 7

Net Income/(Loss) Available for Common Stockholders

$

289

$

506

$

155

$

71

$

(532

)

$

489

$

2.32

$

2.31

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

17

17

0.08

0.08

Net Income/(Loss)

$

289

$

506

$

155

$

71

$

(515

)

$

506

$

2.40

$

2.39

Plus:

Interest expense, net

—

—

—

—

305

305

1.45

1.44

Income tax expense

—

—

—

—

157

157

0.74

0.74

Loss on debt extinguishment

—

—

—

—

9

9

0.04

0.04

Depreciation and amortization

123

134

7

216

14

494

2.34

2.33

ARO expense

6

4

—

—

—

10

0.05

0.05

Contract and emission credit amortization, net

1

(10

)

1

—

—

(8

)

(0.04

)

(0.04

)

Stock-based compensation1

12

7

1

8

—

28

0.13

0.13

Acquisition and divestiture integration and transaction costs

—

—

—

—

16

16

0.08

0.08

Cost to achieve1

3

—

—

5

12

20

0.09

0.09

Deactivation costs

1

2

—

—

—

3

0.01

0.01

Loss/(gain) on sale of assets

—

6

(43

)

—

—

(37

)

(0.18

)

(0.17

)

Other and non-recurring charges

2

—

1

1

(1

)

3

0.01

0.01

Mark to market (MtM) (gain) on economic hedges2

(56

)

(180

)

(53

)

—

—

(289

)

(1.37

)

(1.36

)

Adjusted EBITDA

$

381

$

469

$

69

$

301

$

(3

)

$

1,217

$

5.77

$

5.74

Adjusted interest expense, net3

—

—

—

—

(313

)

(313

)

(1.48

)

(1.48

)

Depreciation and amortization

(123

)

(134

)

(7

)

(216

)

(14

)

(494

)

(2.34

)

(2.33

)

Adjusted Income before income taxes

258

335

62

85

(330

)

410

1.94

1.93

Adjusted income tax expense4

—

—

—

—

(78

)

(78

)

(0.37

)

(0.37

)

Adjusted Net Income before Preferred Stock dividends

258

335

62

85

(408

)

332

1.57

1.57

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(17

)

(17

)

(0.08

)

(0.08

)

Adjusted Net Income5

$

258

$

335

$

62

$

85

$

(425

)

$

315

$

1.49

$

1.49

1 Stock-based compensation of $1 million is reflected in cost to achieve. Stock-based compensation includes employee stock purchase plan expense

2 Gain of $(289) million was primarily driven by the reversal of previously recognized unrealized losses on contracts that settled during the period as well as an increase in the value of open positions in East as a result of increases in RGGI prices

3 Excludes mark-to-market gain on interest hedges of $8 million

4 Income tax calculated using Adjusted effective tax rate (ETR) on Adjusted Income before income taxes. Adjusted ETR includes impact of NRG’s tax credits as well as non-recurring tax items, using CAMT rate to accrue tax. Other adjustments are shown on pre-tax basis

5 Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'

6 Items may not sum due to rounding

7 Earnings per share amounts are based on weighted average number of common shares outstanding - basic of 211 million and on weighted average number of common shares outstanding - diluted of 212 million for the three months ended June 30, 2026

Second Quarter 2026 condensed financial information by Operating Segment:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Revenue1

$

2,747

$

3,484

$

644

$

587

$

(13

)

$

7,449

Cost of fuel, purchased power and other cost of sales2

1,886

2,682

538

60

(6

)

5,160

Economic gross margin

861

802

106

527

(7

)

2,289

Operations & maintenance and other cost of operations3

294

180

11

75

(1

)

559

Selling, marketing, general and administrative4

187

152

27

151

(2

)

515

Other

(1

)

1

(1

)

—

(1

)

(2

)

Adjusted EBITDA

$

381

$

469

$

69

$

301

$

(3

)

$

1,217

Adjusted interest expense, net5

—

—

—

—

(313

)

(313

)

Depreciation and amortization

(123

)

(134

)

(7

)

(216

)

(14

)

(494

)

Adjusted Income before income taxes

258

335

62

85

(330

)

410

Adjusted income tax expense5

—

—

—

—

(78

)

(78

)

Adjusted Net Income before Preferred Stock dividends

258

335

62

85

(408

)

332

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(17

)

(17

)

Adjusted Net Income5

$

258

$

335

$

62

$

85

$

(425

)

$

315

Weighted average number of common shares outstanding - basic

211

Adjusted EPS

$

1.49

1 Excludes MtM gain of $(18) million and contract amortization of $(14) million

2 Includes TDSP expense, capacity and emission credits

3 Excludes ARO expense of $10 million, deactivation costs of $3 million, stock-based compensation of $2 million and other and non-recurring charges of $1 million

4 Excludes stock-based compensation of $26 million, cost to achieve of $20 million and other and non-recurring charges of $1 million

5 See previous table for details

Appendix Table A-2: Second Quarter 2025 Adjusted EBITDA and Adjusted Net Income Reconciliation by Operating Segment and Consolidated Adjusted EPS Reconciliation

The following table summarizes the calculation of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS and provides a reconciliation from Net Income/(Loss) Available for Common Stockholders:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Earnings

Per

Share,

Basic 8, 9

Earnings

Per

Share,

Diluted 8, 9

Net Income/(Loss) Available for Common Stockholders

$

381

$

(346

)

$

142

$

(115

)

$

(183

)

$

(121

)

$

(0.62

)

$

(0.62

)

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

17

17

0.09

0.09

Net Income/(Loss)

$

381

$

(346

)

$

142

$

(115

)

$

(166

)

$

(104

)

$

(0.53

)

$

(0.53

)

Plus:

Interest expense, net

—

—

—

—

141

141

0.72

0.70

Income tax (benefit)

—

—

—

—

(49

)

(49

)

(0.25

)

(0.24

)

Loss on debt extinguishment

—

—

—

—

10

10

0.05

0.05

Depreciation and amortization

93

36

9

195

11

344

1.76

1.70

ARO expense

14

16

—

—

—

30

0.15

0.15

Contract and emission credit amortization, net

3

(2

)

2

—

—

3

0.02

0.01

Stock-based compensation1

9

3

1

15

—

28

0.14

0.14

Acquisition and divestiture integration and transaction costs1

—

—

—

—

40

40

0.20

0.20

Cost to achieve

—

—

—

—

4

4

0.02

0.02

Deactivation costs

5

5

—

—

—

10

0.05

0.05

Other and non-recurring charges2

1

(1

)

3

164

2

169

0.86

0.84

Mark to market (MtM) loss/(gain) on economic hedges3

6

388

(111

)

—

—

283

1.44

1.40

Dilutive impact adjustment on Net (Loss) Available for Common Stockholders4

0.02

Adjusted EBITDA

$

512

$

99

$

46

$

259

$

(7

)

$

909

$

4.64

$

4.50

Adjusted interest expense, net5

—

—

—

—

(136

)

(136

)

(0.69

)

(0.67

)

Depreciation and amortization

(93

)

(36

)

(9

)

(195

)

(11

)

(344

)

(1.76

)

(1.70

)

Adjusted Income before income taxes

419

63

37

64

(154

)

429

2.19

2.12

Adjusted income tax expense6

—

—

—

—

(73

)

(73

)

(0.37

)

(0.36

)

Adjusted Net Income before Preferred Stock dividends

419

63

37

64

(227

)

356

1.82

1.76

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(17

)

(17

)

(0.09

)

(0.08

)

Adjusted Net Income7

$

419

$

63

$

37

$

64

$

(244

)

$

339

$

1.73

$

1.68

1 Stock-based compensation of $5 million is reflected in acquisition and divestiture integration and transaction costs. Stock-based compensation includes employee stock purchase plan expense

2 Includes $163 million of reserves for legal matters

3 Loss of $283 million was primarily driven by unrealized non-cash mark-to-market loss on economic hedges due to declines in forward natural gas and northeast power prices

4 Includes the potential dilutive impacts of the Convertible Senior Notes of 4 million shares and equity compensation of 2 million shares for the three months ended June 30, 2025. Under GAAP when there is a net loss, dilutive securities are not included in the diluted share count as they are anti-dilutive. As Adjusted Net Income is in an income position and not a loss position, this line item reflects the impact of the anti-dilutive securities as if they were dilutive

5 Excludes mark-to-market loss on interest hedges of $5 million

6 Income tax calculated using Adjusted ETR on Adjusted Income before income taxes. Adjusted ETR includes impact of NRG’s tax credits as well as non-recurring tax items, using CAMT rate to accrue tax. Other adjustments are shown on pre-tax basis

7 Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'

8 Items may not sum due to rounding

9 Earnings per share amounts are based on weighted average number of common shares outstanding - basic of 196 million and on weighted average number of common shares outstanding - diluted of 202 million as if they were dilutive for the three months ended June 30, 2025

Second Quarter 2025 condensed financial information by Operating Segment:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Revenue1

$

2,846

$

2,735

$

646

$

522

$

(8

)

$

6,741

Cost of fuel, purchased power and other cost of sales2

1,846

2,367

526

55

(2

)

4,792

Economic gross margin

1,000

368

120

467

(6

)

1,949

Operations & maintenance and other cost of operations3

284

121

42

61

2

510

Selling, marketing, general & administrative4

204

149

34

147

(1

)

533

Other

—

(1

)

(2

)

—

—

(3

)

Adjusted EBITDA

$

512

$

99

$

46

$

259

$

(7

)

$

909

Adjusted interest expense, net5

—

—

—

—

(136

)

(136

)

Depreciation and amortization

(93

)

(36

)

(9

)

(195

)

(11

)

(344

)

Adjusted Income before income taxes

419

63

37

64

(154

)

429

Adjusted income tax expense5

—

—

—

—

(73

)

(73

)

Adjusted Net Income before Preferred Stock dividends

419

63

37

64

(227

)

356

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(17

)

(17

)

Adjusted Net Income5

$

419

$

63

$

37

$

64

$

(244

)

$

339

Weighted average number of common shares outstanding - basic

196

Adjusted EPS

$

1.73

1 Excludes MtM loss of $1 million

2 Includes TDSP expense, capacity and emission credits

3 Excludes ARO expense of $30 million, deactivation costs of $10 million and stock-based compensation of $2 million

4 Excludes other and non-recurring charges of $164 million, stock-based compensation of $26 million, cost to achieve of $4 million and acquisition and divestiture integration and transaction costs of $(3) million

5 See previous table for details

Appendix Table A-3: YTD Second Quarter 2026 Adjusted EBITDA and Adjusted Net Income Reconciliation by Operating Segment and Consolidated Adjusted EPS Reconciliation

The following table summarizes the calculation of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS and provides a reconciliation from Net Income/(Loss) Available for Common Stockholders:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Earnings

Per

Share,

Basic 6,7

Earnings

Per

Share,

Diluted 6,7

Net Income/(Loss) Available for common stockholders

$

318

$

744

$

200

$

146

$

(811

)

$

597

$

2.86

$

2.84

Cumulative Dividends attributable to Series A Preferred Stock

—

—

—

—

34

34

0.16

0.16

Net Income/(Loss)

$

318

$

744

$

200

$

146

$

(777

)

$

631

$

3.02

$

3.00

Plus:

Interest expense, net

—

—

—

—

546

546

2.61

2.60

Income tax expense

—

—

—

—

115

115

0.55

0.55

Loss on debt extinguishment

—

—

—

—

9

9

0.04

0.04

Depreciation and amortization

231

236

15

416

28

926

4.43

4.41

ARO expense

9

8

—

—

—

17

0.08

0.08

Contract and emission credit amortization, net

3

(2

)

2

—

—

3

0.01

0.01

Stock-based compensation1

33

18

2

18

—

71

0.34

0.34

Acquisition and divestiture integration and transaction costs

—

—

—

—

61

61

0.29

0.29

Cost to achieve1

5

—

—

11

13

29

0.14

0.14

Deactivation costs

1

3

—

—

—

4

0.02

0.02

Loss/(gain) on sale of assets

—

6

(43

)

—

—

(37

)

(0.18

)

(0.18

)

Other and non-recurring charges

2

—

—

4

—

6

0.03

0.03

Mark to market (MtM) (gain)/loss on economic hedges2

(5

)

(80

)

1

—

—

(84

)

(0.40

)

(0.40

)

Adjusted EBITDA

$

597

$

933

$

177

$

595

$

(5

)

$

2,297

$

10.99

$

10.94

Adjusted Interest expense, net3

—

—

—

—

(560

)

(560

)

(2.68

)

(2.67

)

Depreciation and amortization

(231

)

(236

)

(15

)

(416

)

(28

)

(926

)

(4.43

)

(4.41

)

Adjusted Income before income taxes

366

697

162

179

(593

)

811

3.88

3.86

Adjusted income tax expense4

—

—

—

—

(154

)

(154

)

(0.74

)

(0.73

)

Adjusted Net Income before Preferred Stock dividends

366

697

162

179

(747

)

657

3.14

3.13

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(34

)

(34

)

(0.16

)

(0.16

)

Adjusted Net Income5

$

366

$

697

$

162

$

179

$

(781

)

$

623

$

2.98

$

2.97

1 Stock-based compensation of $1 million is reflected in cost to achieve. Stock-based compensation includes employee stock purchase plan expense

2 Gain of $(84) million was primarily driven by the reversal of previously recognized unrealized losses on contracts that settled during the period as well as an increase in the value of open positions in East as a result of increases in RGGI prices, partially offset by a decrease in the value of open positions in West/Other as a result of decreases in natural gas price and CAISO and Alberta power prices

3 Excludes mark-to-market gain on interest hedges of $14 million

4 Income tax calculated using Adjusted ETR on Adjusted Income before income taxes. Adjusted ETR includes impact of NRG’s tax credits as well as non-recurring tax items, using CAMT rate to accrue tax. Other adjustments are shown on pre-tax basis

5Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'

6 Items may not sum due to rounding

7 Earnings per share amounts are based on weighted average number of common shares outstanding - basic of 209 million and on weighted average number of common shares outstanding - diluted of 210 million for the six months ended June 30, 2026

YTD Second Quarter 2026 condensed financial information by Operating Segment:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Revenue1

$

5,140

$

9,954

$

1,508

$

1,165

$

(26

)

$

17,741

Cost of fuel, purchased power and other cost of sales2

3,594

8,353

1,249

112

(7

)

13,301

Economic gross margin

1,546

1,601

259

1,053

(19

)

4,440

Operations & maintenance and other cost of operations3

564

349

25

146

(1

)

1,083

Selling, general and administrative costs4

385

319

56

312

(11

)

1,061

Other

—

—

1

—

(2

)

(1

)

Adjusted EBITDA

$

597

$

933

$

177

$

595

$

(5

)

$

2,297

Adjusted interest expense, net5

—

—

—

—

(560

)

(560

)

Depreciation and amortization

(231

)

(236

)

(15

)

(416

)

(28

)

(926

)

Adjusted Income before income taxes

366

697

162

179

(593

)

811

Adjusted income tax expense5

—

—

—

—

(154

)

(154

)

Adjusted Net Income before Preferred Stock dividends

366

697

162

179

(747

)

657

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(34

)

(34

)

Adjusted Net Income5

$

366

$

697

$

162

$

179

$

(781

)

$

623

Weighted average number of common shares outstanding - basic

209

Adjusted EPS

$

2.98

1 Excludes MtM loss of $24 million and contract amortization of $(20) million

2 Includes TDSP expense, capacity and emission credits

3 Excludes ARO expense of $17 million, stock-based compensation of $7 million, deactivation costs of $4 million and other and non-recurring charges of $1 million

4 Excludes stock-based compensation of $64 million, cost to achieve of $29 million and other and non-recurring charges of $1 million

5 See previous table for details

Appendix Table A-4: YTD Second Quarter 2025 Adjusted EBITDA and Adjusted Net Income Reconciliation by Operating Segment and Consolidated Adjusted EPS Reconciliation

The following table summarizes the calculation of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS and provides a reconciliation from Net Income/(Loss) Available for Common Stockholders:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Earnings

Per

Share,

Basic 7, 8

Earnings

Per

Share,

Diluted 7, 8

Net Income/(Loss) Available for Common Stockholders

$

718

$

359

$

208

$

(61

)

$

(612

)

$

612

$

3.11

$

3.01

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

34

34

0.17

0.17

Net Income/(Loss)

$

718

$

359

$

208

$

(61

)

$

(578

)

$

646

$

3.28

$

3.18

Plus:

Interest expense, net

—

—

—

—

290

290

1.47

1.43

Income tax expense

—

—

—

—

186

186

0.94

0.92

Loss on debt extinguishment

—

—

—

—

10

10

0.05

0.05

Depreciation and amortization

176

73

18

381

22

670

3.40

3.30

ARO expense

18

2

—

—

—

20

0.10

0.10

Contract and emission credit amortization, net

4

27

2

—

—

33

0.17

0.16

Stock-based compensation1

18

7

2

28

—

55

0.28

0.27

Acquisition and divestiture integration and transaction costs1

—

—

—

1

50

51

0.26

0.25

Cost to achieve1

—

—

—

—

7

7

0.04

0.03

Deactivation costs

8

7

—

—

—

15

0.08

0.07

Loss on sale of assets

—

—

7

—

—

7

0.04

0.03

Other and non-recurring charges2

(99

)

(1

)

4

190

(1

)

93

0.47

0.46

Mark to market (MtM) (gain)/loss on economic hedges3

(32

)

99

(115

)

—

—

(48

)

(0.24

)

(0.24

)

Adjusted EBITDA

$

811

$

573

$

126

$

539

$

(14

)

$

2,035

$

10.33

$

10.02

Adjusted interest expense, net4

—

—

—

—

(276

)

(276

)

(1.40

)

(1.36

)

Depreciation and amortization

(176

)

(73

)

(18

)

(381

)

(22

)

(670

)

(3.40

)

(3.30

)

Adjusted Income before income taxes

635

500

108

158

(312

)

1,089

5.53

5.36

Adjusted income tax expense5

—

—

—

—

(185

)

(185

)

(0.94

)

(0.91

)

Adjusted Net Income before Preferred Stock dividends

635

500

108

158

(497

)

904

4.59

4.45

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(34

)

(34

)

(0.17

)

(0.17

)

Adjusted Net Income6

$

635

$

500

$

108

$

158

$

(531

)

$

870

$

4.42

$

4.29

1 Stock-based compensation of $6 million is reflected in acquisition and divestiture integration and transaction costs and $1 million is reflected in cost to achieve. Stock-based compensation includes employee stock purchase plan expense

2 Includes $(100) million of property insurance proceeds and $180 million of reserves for legal matters

3 Gain of $(48) million was primarily driven by unrealized non-cash mark-to-market gains on economic hedges in Texas due to increases in ERCOT power prices

4 Excludes mark-to-market loss on interest hedges of $14 million

5 Income tax calculated using Adjusted ETR on Adjusted Income before income taxes. Adjusted ETR includes impact of NRG’s tax credits as well as non-recurring tax items, using CAMT rate to accrue tax. Other adjustments are shown on pre-tax basis

6 Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'

7 Items may not sum due to rounding

8 Earnings per share amounts are based on weighted average number of common shares outstanding - basic of 197 million and on weighted average number of common shares outstanding - diluted of 203 million for the six months ended June 30, 2025

YTD Second Quarter 2025 condensed financial information by Operating Segment:

(In millions, except per share amounts)

Texas

East

West/

Other

Vivint

Smart

Home

Corp/

Elim

Total

Revenue1

$

5,281

$

7,336

$

1,714

$

1,033

$

(18

)

$

15,346

Cost of fuel, purchased power and other cost of sales2

3,544

6,227

1,451

91

(5

)

11,308

Economic gross margin

1,737

1,109

263

942

(13

)

4,038

Operations & maintenance and other cost of operations3

526

252

76

123

1

978

Selling, marketing, general & administrative4

400

288

67

280

—

1,035

Other

—

(4

)

(6

)

—

—

(10

)

Adjusted EBITDA

$

811

$

573

$

126

$

539

$

(14

)

$

2,035

Adjusted interest expense, net5

—

—

—

—

(276

)

(276

)

Depreciation and amortization

(176

)

(73

)

(18

)

(381

)

(22

)

(670

)

Adjusted Income before income taxes

635

500

108

158

(312

)

1,089

Adjusted income tax expense5

—

—

—

—

(185

)

(185

)

Adjusted Net Income before Preferred Stock dividends

635

500

108

158

(497

)

904

Cumulative dividends attributable to Series A Preferred Stock

—

—

—

—

(34

)

(34

)

Adjusted Net Income5

$

635

$

500

$

108

$

158

$

(531

)

$

870

Weighted average number of common shares outstanding - basic

197

Adjusted EPS

$

4.42

1 Excludes MtM loss of $16 million and contract amortization of $5 million

2 Includes TDSP expense, capacity and emission credits

3 Excludes ARO expense of $20 million, deactivation costs of $15 million, stock-based compensation of $4 million and other and non-recurring charges of $(99) million

4 Excludes other and non-recurring charges of $180 million, stock-based compensation of $51 million and cost to achieve of $7 million

5 See previous table for details

Appendix Table A-5: Three Months Ended June 30, 2026 and 2025 Free Cash Flow before Growth Investments (FCFbG)

The following table summarizes the calculation of FCFbG providing a reconciliation from Adjusted EBITDA and Cash provided by operating activities:

Three Months Ended

(In millions)

6/30/2026

6/30/2025

Adjusted EBITDA

$

1,217

$

909

Interest payments, net

(221

)

(103

)

Income tax payments

(44

)

(53

)

Gross capitalized contract costs

(387

)

(311

)

Collateral/working capital/other assets and liabilities

552

9

Cash provided by operating activities

1,117

451

Net (payments)/receipts from settlement of acquired derivatives that include financing elements

(3

)

13

Acquisition and divestiture integration and transaction costs1

38

29

Adjustment for change in collateral

(156

)

426

Other2

34

1

Adjusted cash provided by operating activities

1,030

920

Maintenance capital expenditures, net

(79

)

(67

)

Environmental capital expenditures

(8

)

(14

)

Cost of acquisition

82

75

Free Cash Flow before Growth Investments (FCFbG)

$

1,025

$

914

1 Three months ended 6/30/26 includes $16 million from acquisition and divestiture integration and transaction costs and $20 million cost to achieve payments (see Appendix table A-1), plus $2 million cash payments accrued in prior quarter; three months ended 6/30/25 includes $40 million from acquisition and divestiture integration and transaction costs and $4 million cost to achieve payments (see Appendix table A-2), less $15 million non-cash acquisition costs and non-cash stock-based compensation

2 Three months ended 6/30/26 includes a $15 million payment for a legal matter

Appendix Table A-6: Six Months Ended June 30, 2026 and 2025 Free Cash Flow before Growth Investments (FCFbG)

The following table summarizes the calculation of FCFbG providing a reconciliation from Adjusted EBITDA and Cash provided by operating activities:

Six Months Ended

(In millions)

6/30/2026

6/30/2025

Adjusted EBITDA

$

2,297

$

2,035

Interest payments, net

(403

)

(241

)

Income tax payments

(73

)

(60

)

Gross capitalized contract costs

(587

)

(486

)

Collateral/working capital/other assets and liabilities

(286

)

58

Cash provided by operating activities

948

1,306

Net receipts from settlement of acquired derivatives that include financing elements

16

38

Acquisition and divestiture integration and transaction costs1

90

41

Adjustment for change in collateral

(14

)

(197

)

Other2

13

4

Adjusted cash provided by operating activities

1,053

1,192

Maintenance capital expenditures, net3

(173

)

(52

)

Environmental capital expenditures

(13

)

(19

)

Cost of acquisition

92

86

Free Cash Flow before Growth Investments (FCFbG)

$

959

$

1,207

1 Six months ended 6/30/26 includes from Table A-3 $61 million acquisition and divestiture integration and transaction costs, $29 million cost to achieve payments; Six months ended 6/30/25 includes from Table A-4 $51 million acquisition and divestiture integration and transaction costs, $7 million cost to achieve payments, excludes $17 million non-cash acquisition costs and non-cash stock-based compensation

2 Six months ended 6/30/26 includes a $15 million payment for a legal matter

3 Six months ended 6/30/25 is presented net of W.A. Parish Unit 8 insurance recoveries related to property, plant and equipment of $100 million

Appendix Table A-7: Six Months Ended June 30, 2026 Sources and Uses of Liquidity

The following table summarizes the sources and uses of liquidity for the six months ended June 30, 2026:

(In millions)

Six months ended June 30, 2026

Sources:

Adjusted cash provided by operating activities

$

1,053

Proceeds from credit facilities

8,675

Proceeds from issuance of long-term debt

3,652

Change in availability under revolving credit facility and collective collateral facilities

178

Cash collateral paid in support of energy risk management activities

108

Proceeds from sales of assets, net

44

Sales of emissions allowances

44

Uses:

Repayments to credit facilities

(7,226

)

Payments for acquisitions of businesses and assets, net of cash acquired

(7,101

)

Repayments of long-term debt and finance leases

(1,619

)

Payments for share repurchase activity and excise tax

(931

)

Investments and integration capital expenditures

(469

)

Payments of dividends to preferred and common stockholders

(235

)

Maintenance and environmental capital expenditures

(186

)

Equivalent shares purchased in lieu of tax withholdings

(99

)

Acquisition and divestiture integration and transaction costs1

(90

)

Payments of deferred financing costs

(84

)

Purchases of emissions allowances

(41

)

Payments for debt extinguishment costs

(9

)

Other

(12

)

Change in Total Liquidity

(4,348

)

1 Six months ended 6/30/26 includes from Table A-3 $61 million acquisition and divestiture integration and transaction costs, $29 million cost to achieve payments

Appendix Table A-8: 2026 Guidance Reconciliation

The following table summarizes the 2026 Guidance calculations of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS and provides a reconciliation from Net Income:

2026

(In millions, except per share amounts)

Guidance8,9

Net Income1

$1,325 - $1,755

Interest expense, net

1,195

Income tax expense2

490 - 560

Depreciation and amortization3

1,955

ARO expense

30

Stock-based compensation

120

Acquisition and divestiture integration and transaction costs

110

Other4

100

Adjusted EBITDA

$5,325 - $5,825

Adjusted interest expense, net5

(1,195)

Depreciation and amortization3

(1,955)

Adjusted Income before income taxes

$2,175 - $2,675

Adjusted income tax expense6

(423) - (493)

Adjusted Net Income before Preferred Stock dividends

$1,752 - $2,182

Cumulative dividends attributable to Series A Preferred Stock

(67)

Adjusted Net Income7

$1,685 - $2,115

Weighted average number of common shares outstanding - basic

214

Adjusted EPS

$7.90 - $9.90

1 The Company does not guide to Net Income due to the impact of fair value adjustments related to derivatives in a given year. For purposes of guidance, fair value adjustments related to derivatives are assumed to be zero

2 Represents anticipated GAAP income tax

3 Estimates for the acquired LS Power assets are provisional and subject to revisions until evaluations are completed to assess the fair value of long-lived assets

4 Includes adjustments for sale of assets, deactivation costs, and other and non-recurring charges

5 Excludes mark-to-market gains/losses on interest hedges

6 Income tax calculated using Adjusted ETR on Adjusted Income before income taxes. Adjusted ETR includes impact of NRG’s tax credits as well as non-recurring tax items, using CAMT rate to accrue tax. Other adjustments are shown on pre-tax basis

7 Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'

8 Items may not sum due to rounding

9 Includes 11 months of ownership of the portfolio acquired from LS Power

Appendix Table A-9: 2026 Guidance Reconciliation

The following table summarizes the calculation of FCFbG providing a reconciliation from Adjusted EBITDA and Cash provided by operating activities:

2026

(In millions)

Guidance4,5

Adjusted EBITDA

$5,325 - $5,825

Interest payments, net1

(1,100)

Income tax payments

(70) - (90)

Gross capitalized contract costs

(1,020)

Working capital/other assets and liabilities2

(135)

Cash provided by operating activities3

$3,000 - $3,480

Acquisition and other costs2

110

Adjusted cash provided by operating activities

$3,110 - $3,590

Maintenance capital expenditures

(450) - (480)

Environmental capital expenditures

(10) - (20)

Cost of acquisition

180

Free Cash Flow before Growth Investments (FCFbG)

$2,800 - $3,300

1 Interest payments, net represents Interest expense, net of $(1,195) million on Appendix table A-8 plus $95 million accrued interest expense not yet paid

2 Working capital/other assets and liabilities includes payments for Acquisition and divestiture integration and transaction costs, which is adjusted in Acquisition and other costs, and includes net deferred revenues

3 Excludes fair value adjustments related to derivatives and changes in collateral deposits in support of risk management activities

4 Items may not sum due to rounding

5 Includes 11 months of ownership of the portfolio acquired from LS Power

Non-GAAP Financial Measures

NRG reports its financial results in accordance with the accounting principles generally accepted in the United States (GAAP) and supplements with certain non-GAAP financial measures. These measures are not recognized in accordance with GAAP and should not be viewed in isolation or as an alternative to GAAP measures of performance. In addition, other companies may calculate non-GAAP financial measures differently than NRG does, limiting their usefulness as a comparative measure.

NRG uses the following non-GAAP measures to provide additional insight into financial performance:

Adjusted EBITDA: Defined as EBITDA (earnings before interest, taxes, depreciation, and amortization, impact of asset retirement obligation expenses and contract amortization consisting of amortization of power and fuel contracts and amortization of emission allowances) with further adjustments for stock-based compensation, impairment losses, deactivation costs, gains or losses on sales, dispositions or retirements of assets, any mark-to-market gains or losses from forward position of economic hedges, gains or losses on the repurchase, modification or extinguishment of debt, restructuring costs, and other non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments or non-controlling interests. Adjusted EBITDA is intended to facilitate period-to-period comparisons and is widely used by investors for performance assessment. Adjusted Net Income: Defined as net income available to common shareholders excluding the impact of asset retirement obligation expenses, contract amortization consisting of amortization of power and fuel contracts and amortization of emission allowances, stock-based compensation, impairment losses, deactivation costs, gains or losses on sales, dispositions or retirements of assets, any mark-to-market gains or losses from forward position of economic hedges, gains or losses on the repurchase, modification or extinguishment of debt, the impact of restructuring and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments and non-controlling interests. Adjusted Earnings per Share (EPS): Defined as Adjusted Net Income, divided by the average basic common shares outstanding. Adjusted Cash Provided/(Used) by Operating Activities: Defined as cash provided/(used) by operating activities with the reclassification of net payments of derivative contracts acquired in business combinations from financing to operating cash flow, as well as the add back of merger, integration, related restructuring costs, adjustment for change in collateral, and the impact of extraordinary, unusual or non-recurring items. Free Cash Flow before Growth Investments: Defined as Adjusted Cash provided/(used) by operating activities less maintenance and environmental capital expenditures, net of funding and insurance recoveries related to property, plant and equipment, and adjustments to exclude cost of acquisition related to growth. Management believes these non-GAAP financial measures are useful to investors and other users of NRG's financial statements in evaluating the Company’s operating performance and growth, as well as the impact of the Company’s capital allocation program. They provide an additional tool to compare business performance across periods and adjust for items that management does not consider indicative of NRG’s future operating performance. Management uses these non-GAAP financial measures to assist in comparing financial performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations, and for evaluating actual results against such expectations, and in communications with NRG's Board of Directors, shareholders, creditors, analysts and investors concerning its financial performance.

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