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Sep 30, 2025
CF Industries Q3 2025 Earnings Report
Talen Energy delivered strong Q3 2025 results with higher net income, improved adjusted EBITDA, and doubled free cash flow year-over-year.
Key Takeaways
In Q3 2025, Talen Energy posted $207M in net income and $363M in adjusted EBITDA. The company generated $223M in adjusted free cash flow and reaffirmed its 2026 guidance, while narrowing its 2025 outlook.
GAAP net income attributable to stockholders reached $207M for Q3 2025.
Adjusted EBITDA increased to $363M, up from $230M in Q3 2024.
Adjusted Free Cash Flow surged to $223M from $97M in the prior year quarter.
Talen reaffirmed its 2026 guidance and reported hedging 100% of 2025 expected generation.
Revenue by Geographic Location
Forward Guidance
Talen narrowed its 2025 financial guidance while maintaining 2026 projections, citing stability in operations and successful financing of recent acquisitions.
Positive Outlook
- 2025 adjusted EBITDA forecast narrowed to $975M–$1B
- 2025 adjusted free cash flow outlook guided to $470M–$490M
- 2026 adjusted EBITDA expected to rise to $1.75B–$2.05B
- 2026 adjusted free cash flow projected at $980M–$1.18B
- Liquidity remains strong at $1.2B, with net leverage at 2.6x
Challenges Ahead
- Carbon-free generation dipped slightly YoY to 42%
- Q3 capital expenditures impacted by Susquehanna refueling outage
- Unrealized losses on commodity derivatives muted some gains
- Operating costs (O&M and G&A) remained flat YoY, limiting margin expansion
Historical Earnings Impact
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Avg. Return Before/After Earnings
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