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Sep 30, 2025
Talen Energy Corp Q3 2025 Earnings Report
Talen Energy reported higher net income, adjusted EBITDA, and free cash flow in Q3 2025 compared to the prior year, driven by increased capacity and energy revenues.
Key Takeaways
Talen Energy delivered a strong Q3 2025 with $207M in net income and $363M in adjusted EBITDA. Improved earnings were supported by higher operating revenues and a notable increase in free cash flow. The company narrowed its 2025 guidance while reaffirming 2026 projections.
Q3 GAAP net income rose to $207M from $168M in Q3 2024.
Adjusted EBITDA increased to $363M, up from $230M in the prior year.
Adjusted Free Cash Flow more than doubled to $223M.
2025 guidance narrowed, while 2026 guidance was reaffirmed.
Revenue by Geographic Location
Forward Guidance
Talen narrowed its 2025 guidance and reaffirmed 2026 outlook, reflecting strong expected contributions from recent acquisitions and operating stability.
Positive Outlook
- Adjusted EBITDA for 2025 guided to $975M–$1B
- 2026 Adjusted EBITDA expected to grow to $1.75B–$2.05B
- Adjusted Free Cash Flow for 2025 forecasted at $470M–$490M
- 2026 Free Cash Flow projected to nearly double vs. 2025
- Balance sheet strength with projected net leverage of ~2.6x
Challenges Ahead
- Carbon-free generation declined slightly YoY
- Susquehanna outage increased capital expenditure
- Unrealized commodity derivative losses reduced reported gains
- Q3 G&A and O&M expenses remained elevated
Historical Earnings Impact
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Avg. Return Before/After Earnings
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