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Sep 30, 2025
NRG Energy Q3 2025 Earnings Report
NRG Energy reported strong third-quarter results with significant improvements in profitability and reaffirmed its raised 2025 financial guidance.
Key Takeaways
NRG Energy delivered a solid Q3 2025 performance driven by operational strength in its Texas segment and improved cost management. The company reported a return to profitability with $152 million in net income and raised its full-year guidance in September, which it reaffirmed in this report.
Returned to profitability with $152 million in GAAP Net Income versus a loss of $767 million in Q3 2024.
Strong operational performance in the Texas segment led to a $223 million increase in Adjusted EBITDA.
Adjusted EPS rose to $2.78 from $2.10 year-over-year.
Reaffirmed recently raised 2025 guidance and introduced 2026 standalone outlook aligned with long-term goals.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NRG reaffirmed its raised 2025 guidance and introduced 2026 standalone guidance aligned with its long-term financial targets.
Positive Outlook
- 2025 Adjusted Net Income guided at $1.47–$1.59 billion.
- 2025 Adjusted EPS guided at $7.55–$8.15.
- 2025 Adjusted EBITDA guided at $3.875–$4.025 billion.
- 2025 FCFbG guided at $2.1–$2.25 billion.
- 2026 standalone guidance for Adjusted EBITDA set at $3.925–$4.175 billion.
Challenges Ahead
- East and West/Services segments saw YoY declines in Adjusted EBITDA.
- Increased income tax expense reduced GAAP earnings impact.
- Termination of Cottonwood lease and sale of Airtron lowered segment earnings.
- Elevated capital expenditures expected to continue into 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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