Jun 2026 (Q2 FY26) — Aug 4, 2026
NRG Energy Q2 FY26 — Advancing 1.2 GW Data Center Project with Hyperscaler
Read the full callNRG Energy (NRG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
NRG Energy earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,481 | +11.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.1 | +13.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 506 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 31 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| T.H. Wharton Texas Energy Fund project completion | commercial operations in 2026 | Dec 2024 | Our 1.5 gigawatt Texas Energy Fund portfolio remains on track, including T.H. Wharton, which we delivered on time and on budget | Achieved |
| Launch of a virtual power plant program in the East | launch in the East in early second quarter 2026 | Sep 2025 | Ghosted | |
| Debt reduction following the LS Power acquisition | $3.7 billion within 24 to 36 months after closing | Mar 2025 | The remaining $681 million is the incremental change to the plan and will be funded through lower liability management, resulting in less net debt reduction in 2026 than previously planned | Diluted |
1 of NRG ENERGY, INC.'s 45 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 42 more targets are in the full ledger.
Claimed
- Secured principal commercial terms for a 1.2 GW "Bring Your Own Power" (BYOP) project in Texas with a leading global cloud and AI hyperscaler, with potential to expand to 2.4 GW.
- Reaffirmed 2026 financial guidance ranges despite Q2 headwinds, demonstrating confidence in portfolio management.
- Adjusted EBITDA increased by $308 million (34%) year-over-year to $1.2 billion, driven by acquired portfolio and PJM capacity values.
- Smart Home segment grew customers by 8% year-over-year to 2.45 million, exceeding long-term outlook pace.
- Completed $921 million in share repurchases in H1 FY26, on track for $1 billion annual commitment.
Qualified
- Texas adjusted EBITDA declined $131 million year-over-year due to lower load and power prices (ERCOT Houston averaged $33/MWh, 8% lower YoY).
- Adjusted net income and EPS were modestly lower year-over-year due to acquisition-related interest expense and D&A.
- Virginia rejoining RGGI creates an estimated $70 million of incremental cost in 2026, not included in underwriting.
- Softer load and power prices in Texas and higher regional power supply costs from Winter Storm Fern caused H1 FY26 results to track below the midpoint of guidance ranges.
Price
$99.38 −4.21% · −$4.37
Performance −41.1% 1Y
1Y: $168.74 on 17 Oct 2025 → $99.38. High $184.03 (24 Feb 2026), low $95.23 (2 Oct 2026).
- Previous close
- $103.75
- 52-week range
- $95.23 – $184.03
- One year
- −40.49%
Overview
- Symbol
- NRG
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 14 judged targets kept · 31 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| T.H. Wharton Texas Energy Fund project completion | commercial operations in 2026 | Dec 2024 | Our 1.5 gigawatt Texas Energy Fund portfolio remains on track, including T.H. Wharton, which we delivered on time and on budget | Achieved |
| Launch of a virtual power plant program in the East | launch in the East in early second quarter 2026 | Sep 2025 | Ghosted | |
| Debt reduction following the LS Power acquisition | $3.7 billion within 24 to 36 months after closing | Mar 2025 | The remaining $681 million is the incremental change to the plan and will be funded through lower liability management, resulting in less net debt reduction in 2026 than previously planned | Diluted |
Claimed
- Secured principal commercial terms for a 1.2 GW "Bring Your Own Power" (BYOP) project in Texas with a leading global cloud and AI hyperscaler, with potential to expand to 2.4 GW.
- Reaffirmed 2026 financial guidance ranges despite Q2 headwinds, demonstrating confidence in portfolio management.
- Adjusted EBITDA increased by $308 million (34%) year-over-year to $1.2 billion, driven by acquired portfolio and PJM capacity values.
- Smart Home segment grew customers by 8% year-over-year to 2.45 million, exceeding long-term outlook pace.
- Completed $921 million in share repurchases in H1 FY26, on track for $1 billion annual commitment.
Qualified
- Texas adjusted EBITDA declined $131 million year-over-year due to lower load and power prices (ERCOT Houston averaged $33/MWh, 8% lower YoY).
- Adjusted net income and EPS were modestly lower year-over-year due to acquisition-related interest expense and D&A.
- Virginia rejoining RGGI creates an estimated $70 million of incremental cost in 2026, not included in underwriting.
- Softer load and power prices in Texas and higher regional power supply costs from Winter Storm Fern caused H1 FY26 results to track below the midpoint of guidance ranges.
The full ledger
Open NRG ENERGY, INC.’s full ledger
A free account opens 5 company ledgers a month. All 45 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
NRG Energy, Inc. Q1 FY26 — Reaffirming Guidance Amidst Shifting Power Demand Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
NRG Energy, Inc. Q4 FY25 — Exceeds Guidance, Reaffirms Long-Term Growth, and Integrates LS Power
Read the full callEvery analysed call
NRG Energy earnings calls (NRG)
Financials
What the filings say
Net profit, year on year: +587% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 7,223 | 6,819 | 8,585 | 6,740 | 7,635 | 7,753 | 10,256 | 7,481 |
| Expenses | 8,243 | 5,864 | 7,444 | 6,740 | 7,221 | 7,438 | 9,928 | 6,542 |
| Operating profit | -812 | 954 | 1,134 | 0 | 414 | 297 | 328 | 976 |
| Operating margin | −11.2% | 14.0% | 13.2% | 0.0% | 5.4% | 3.8% | 3.2% | 13.1% |
| Other income | -202 | -239 | -149 | -153 | -176 | -233 | -245 | -313 |
| Interest | 213 | 123 | 163 | 148 | 187 | 243 | 285 | 310 |
| Profit before tax | -1,014 | 715 | 985 | -153 | 238 | 64 | 83 | 663 |
| Tax rate | 24.4% | 10.1% | 23.9% | 32.0% | 36.1% | −3.1% | −50.6% | 23.7% |
| Net profit | -767 | 643 | 750 | -104 | 152 | 66 | 125 | 506 |
| EPS ($ per share) | -3.79 | — | 3.70 | -0.62 | 0.70 | — | 0.52 | 2.32 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 4 | 4 | 3 | 2 | 2 |
| Reserves | -6,022 | -1,616 | -1,403 | 464 | 1,408 | 820 | 1,535 | 1,982 |
| Total liabilities | 11,843 | 10,853 | 13,222 | 19,582 | 25,318 | 23,132 | 21,544 | 27,459 |
| Fixed assets | 3,048 | 2,593 | — | — | — | — | — | — |
| Total assets | 10,628 | 12,531 | 14,902 | 23,182 | 29,146 | 26,038 | 24,022 | 29,140 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,377 | 1,413 | 1,837 | 493 | 360 | -221 | 2,306 | 1,913 |
| Cash from investing | -205 | 556 | -494 | -3,039 | -332 | -910 | -24 | -1,638 |
| Cash from financing | -1,526 | -2,148 | 2,204 | -272 | 1,043 | -400 | -1,755 | 3,546 |
| Net cash flow | -473 | -228 | 3,545 | -2,820 | 1,068 | -1,529 | 524 | 3,825 |
| Capital expenditure | -388 | -228 | -230 | -269 | -367 | -598 | -472 | -1,147 |
| Free cash flow | 989 | 1,185 | 1,607 | 224 | -7 | -819 | 1,834 | 766 |
NRG revenue by segment
East grew from 36% to 47% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| East | 36% | 44% | 53% | 41% | 39% | 50% | 63% | 47% | +29.9% |
| Texas | 46% | 36% | 28% | 42% | 45% | 33% | 23% | 37% | -3.1% |
| West and Other | — | — | — | — | — | — | 8% | 9% | — |
| Vivint Smart Home | 7% | — | 6% | 8% | 7% | — | 6% | 8% | +16.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NRG operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|---|
| Customer retention rate Smart Home | <90%The business generated excellent results with a 5% increase in net subscriber count, an improved recurring monthly service margin of 83% and nearly 90% customer retention, which marks an all-time high for the business.Source: earnings call transcript | 90%+The segment continues to see consistent customer growth, expansion to its recurring service margins and record customer retention at over 90%.Source: earnings call transcript | — | — | — |
| Employees | — | — | 18KI'd like to pause to congratulate all 18,000 of our employees for that achievement.Source: earnings call transcript | 18KAs I approach the conclusion of my time as CEO, I want to thank all of our 18,000 employees for their incredible work and commitment, our customers for their trust and our shareholders for their support.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
141 filings between Nov 3, 2025 and Sep 8, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$5.33B
15 sales by 7 insiders
73% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 82
- Award — granted as compensation
- 14
- Option exercise — converted options into shares
- 30
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nanus David | — | $2.65B | Mar 4, 2026 |
| LS Power Equity Advisors, LLC | — | $2.65B | Mar 4, 2026 |
| Curci Brian | — | $17.26M | Jan 6, 2026 |
| Kinney Virginia | — | $8.18M | Jul 15, 2026 |
| Gaudette Robert J | — | $7.14M | Jan 6, 2026 |
| Chung Bruce | — | $3.15M | Jan 7, 2026 |
| Spencer Gerald Alfred | — | $191.1K | Sep 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 8, 2026 | Spencer Gerald Alfred SVP & Chief Accounting Officer | Sale 10b5-1 plan | 1,580 | $191.1K |
| Aug 4, 2026 | Bentley Brad Exec VP, Pres NRG Consumer | Tax withheld | 1,570 | $0 |
| Aug 4, 2026 | Bentley Brad Exec VP, Pres NRG Consumer | Tax withheld | 3,401 | $0 |
| Aug 3, 2026 | Bentley Brad Exec VP, Pres NRG Consumer | Award | 112 | $0 |
| Aug 3, 2026 | Kapoor Sanjay Director | Award | 13 | $0 |
| Aug 3, 2026 | Carrillo Antonio Director | Award | 65 | $0 |
| Aug 3, 2026 | Liyanearachchi Dak Exec VP, Chief Technology Ofc. | Award | 24 | $0 |
| Aug 3, 2026 | Pruner Alexandra Director | Award | 112 | $0 |
| Aug 3, 2026 | Carter Matthew Jr Director | Award | 149 | $0 |
| Aug 3, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Award | 27 | $0 |
| Aug 3, 2026 | ZLOTNIK MARCIE Director | Award | 29 | $0 |
| Aug 3, 2026 | Spencer Gerald Alfred SVP & Chief Accounting Officer | Award | 14 | $0 |
| Aug 3, 2026 | Cox Heather Director | Award | 68 | $0 |
| Aug 3, 2026 | Donohue Elisabeth B Director | Award | 81 | $0 |
| Aug 3, 2026 | Chung Bruce EVP & CFO | Award | 55 | $0 |
| Aug 3, 2026 | Pourbaix Alexander J Director | Award | 44 | $0 |
| Aug 3, 2026 | Gaudette Robert J President & CEO | Award | 53 | $0 |
| Aug 3, 2026 | Curci Brian Exec VP & General Counsel | Award | 44 | $0 |
| Jul 15, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Sale 10b5-1 plan | 11,145 | $1.57M |
| Jun 15, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Sale 10b5-1 plan | 20,000 | $2.55M |
| Jun 5, 2026 | Chung Bruce EVP & CFO | Option exercise | 22,328 | $0 |
| Jun 5, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Option exercise | 15,948 | $0 |
| Jun 5, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Tax withheld | 6,672 | $862.0K |
| Jun 5, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Tax withheld | 697 | $90.1K |
| Jun 5, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Option exercise | 1,007 | $130.1K |
| Jun 5, 2026 | Chung Bruce EVP & CFO | Tax withheld | 12,142 | $1.57M |
| Jun 5, 2026 | Chung Bruce EVP & CFO | Tax withheld | 1,267 | $163.7K |
| Jun 5, 2026 | Chung Bruce EVP & CFO | Option exercise | 1,410 | $182.2K |
| Jun 1, 2026 | Fawaz Marwan Director | Award | 1,422 | $0 |
| Jun 1, 2026 | Cox Heather Director | Award | 1,422 | $0 |
| Jun 1, 2026 | Carter Matthew Jr Director | Award | 1,499 | $0 |
| Jun 1, 2026 | Kapoor Sanjay Director | Award | 2,464 | $0 |
| Jun 1, 2026 | Wright Glenn Tracy Director | Award | 1,422 | $0 |
| Jun 1, 2026 | Donohue Elisabeth B Director | Award | 1,499 | $0 |
| Jun 1, 2026 | Pruner Alexandra Director | Award | 1,557 | $0 |
| Jun 1, 2026 | Pourbaix Alexander J Director | Award | 2,619 | $0 |
| Jun 1, 2026 | Carrillo Antonio Director | Award | 2,318 | $0 |
| Jun 1, 2026 | ZLOTNIK MARCIE Director | Award | 1,422 | $0 |
| May 1, 2026 | Spencer Gerald Alfred SVP & Chief Accounting Officer | Award | 13 | — |
| May 1, 2026 | Bentley Brad Exec VP, Pres NRG Consumer | Award | 100 | — |
| May 1, 2026 | Curci Brian Exec VP & General Counsel | Award | 40 | — |
| May 1, 2026 | Liyanearachchi Dak Exec VP, Chief Technology Ofc. | Award | 22 | — |
| May 1, 2026 | Carrillo Antonio Director | Award | 58 | — |
| May 1, 2026 | Carter Matthew Jr Director | Award | 129 | — |
| May 1, 2026 | Cox Heather Director | Award | 79 | — |
| May 1, 2026 | Kinney Virginia Exec VP, Chief Admin Officer | Award | 30 | — |
| May 1, 2026 | Donohue Elisabeth B Director | Award | 73 | — |
| May 1, 2026 | Kapoor Sanjay Director | Award | 4 | — |
| May 1, 2026 | Pruner Alexandra Director | Award | 96 | — |
| May 1, 2026 | ZLOTNIK MARCIE Director | Award | 22 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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