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Sep 30
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.
NRG Energy
NRG Energy
NRG Energy Revenue by Segment
NRG Energy Revenue by Geographic Location
Revenue by Segment
Texas Revenue
CapyFin.comEast Revenue
CapyFin.comWest/Services/Other Revenue
CapyFin.comVivint Smart Home Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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.
- No update on GAAP net income guidance due to mark-to-market volatility.