Jun 2026 (Q2 FY26) — Aug 5, 2026
Talen Energy Q2 FY26 — Strong Financials, Raised Guidance, and Strategic Data Center Focus
Read the full callTalen Energy (TLN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Talen Energy earnings: last reported Wed, 5 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 | 747 | +18.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -9.6 | −20.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -92.0 | −227.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cornerstone acquisition closing | close the Cornerstone acquisition as soon as this summer | Dec 2025 | In June, we closed on the Waterford, Darby and Lawrenceburg plants, bringing over 2.5 gigawatts of efficient natural gas-fired generation assets into our portfolio just in time for the peak summer demand. | Achieved |
| FY26 Adjusted EBITDA guidance | $1.75 billion to $2.05 billion | Dec 2025 | now that the Cornerstone acquisition has closed, we are raising our 2026 guidance ranges, as shown on Slide 8. Our adjusted EBITDA range for 2026 has increased to $2.025 billion to $2.225 billion | Revised Up |
| Capital return to shareholders (share of adjusted free cash flow) | 70% of adjusted free cash flow | Sep 2024 | we are committed to our target of returning 70% of adjusted free cash flow to shareholders through the SRP. | On Track |
10 of Talen Energy Corp's 14 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
- Reported $374 million of adjusted EBITDA and $212 million of adjusted free cash flow for the quarter.
- Achieved year-to-date adjusted EBITDA of $847 million and adjusted free cash flow of $562 million.
- Raised 2026 adjusted EBITDA guidance to $2.025 billion to $2.225 billion and adjusted free cash flow to $1.2 billion to $1.35 billion.
- Increased 2027 free cash flow outlook to $37 per share and 2028 to $48 per share (after buybacks).
- Closed the Cornerstone acquisition, adding over 2.5 gigawatts of natural gas-fired generation assets.
Qualified
- PPL power price discount to PJM West Hub widened to approximately $20 per megawatt-hour, driven by transmission outages.
- Regulatory noise around PJM rule-making (RBP, IRAS) creates uncertainty regarding future market structures.
- Bilateral market for long-term capacity contracts in the out years is thinly traded, despite strong bids.
Price
$351.22 −1.01% · −$3.59
Performance −13.6% 1Y
1Y: $406.45 on 17 Oct 2025 → $351.22. High $438.12 (22 Jun 2026), low $282.15 (15 Sept 2026).
- Previous close
- $354.81
- 52-week range
- $282.15 – $438.12
- One year
- −13.67%
Overview
- Symbol
- TLN
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cornerstone acquisition closing | close the Cornerstone acquisition as soon as this summer | Dec 2025 | In June, we closed on the Waterford, Darby and Lawrenceburg plants, bringing over 2.5 gigawatts of efficient natural gas-fired generation assets into our portfolio just in time for the peak summer demand. | Achieved |
| FY26 Adjusted EBITDA guidance | $1.75 billion to $2.05 billion | Dec 2025 | now that the Cornerstone acquisition has closed, we are raising our 2026 guidance ranges, as shown on Slide 8. Our adjusted EBITDA range for 2026 has increased to $2.025 billion to $2.225 billion | Revised Up |
| Capital return to shareholders (share of adjusted free cash flow) | 70% of adjusted free cash flow | Sep 2024 | we are committed to our target of returning 70% of adjusted free cash flow to shareholders through the SRP. | On Track |
Claimed
- Reported $374 million of adjusted EBITDA and $212 million of adjusted free cash flow for the quarter.
- Achieved year-to-date adjusted EBITDA of $847 million and adjusted free cash flow of $562 million.
- Raised 2026 adjusted EBITDA guidance to $2.025 billion to $2.225 billion and adjusted free cash flow to $1.2 billion to $1.35 billion.
- Increased 2027 free cash flow outlook to $37 per share and 2028 to $48 per share (after buybacks).
- Closed the Cornerstone acquisition, adding over 2.5 gigawatts of natural gas-fired generation assets.
Qualified
- PPL power price discount to PJM West Hub widened to approximately $20 per megawatt-hour, driven by transmission outages.
- Regulatory noise around PJM rule-making (RBP, IRAS) creates uncertainty regarding future market structures.
- Bilateral market for long-term capacity contracts in the out years is thinly traded, despite strong bids.
The full ledger
Open Talen Energy Corp’s full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Talen Energy Q1 FY26 — Strong Operational and Financial Results, Reaffirmed Guidance, and Strategic Growth Initiatives
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Talen Energy Q4 FY25 — Strong Performance, Reaffirmed 2026 Guidance, and Data Center Growth
Read the full callEvery analysed call
Talen Energy earnings calls (TLN)
Financials
What the filings say
Net profit, year on year: −228% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 650 | 467 | 390 | 630 | 812 | 749 | 1,129 | 747 |
| Operating profit | 158 | 16 | -106 | 66 | 263 | -313 | 210 | -72 |
| Operating margin | 24.3% | 3.4% | −27.2% | 10.5% | 32.4% | −41.8% | 18.6% | −9.6% |
| Profit before tax | 179 | -26 | -187 | 97 | 304 | -380 | 81 | -129 |
| Tax rate | 6.2% | 361.5% | 27.8% | 25.8% | 31.9% | 4.5% | 22.2% | 28.7% |
| Net profit | 168 | 82 | -135 | 72 | 207 | -363 | — | -92 |
| EPS ($ per share) | 3.30 | — | -2.94 | 1.58 | 4.52 | — | 1.38 | -2 |
| Line item | Dec 2022 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Equity capital | — | 0 | 0 |
| Reserves | — | -326 | -612 |
| Total liabilities | — | 4,719 | 9,812 |
| Fixed assets | — | 3,154 | 7,546 |
| Total assets | — | 6,106 | 10,905 |
| Line item | Dec 2022 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash from operations | 187 | 256 | 704 |
| Cash from investing | -368 | 1,171 | -4,003 |
| Cash from financing | 426 | -1,963 | 3,686 |
| Net cash flow | 245 | -536 | 387 |
| Capital expenditure | -232 | -85 | -98 |
| Free cash flow | -45 | 171 | 606 |
TLN revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| PJM | 90% | 88% | 94% | 101% | 93% | 96% | 98% | 99% | +16.0% |
| All Other Segments | 12% | 15% | 11% | 0% | 9% | 6% | 2% | 2% | — |
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
Insider filings
44 filings between May 22, 2026 and Jul 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$988.0K
1 sale by 1 insider
Compensation
not trading decisions- 26
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 dispositions to the issuer, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ABBAS GIZMAN I | — | $988.0K | Jun 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 15, 2026 | Nutt Terry L President | Tax withheld | 3,271 | $1.26M |
| Jul 15, 2026 | Nutt Terry L President | Option exercise | 8,312 | — |
| Jun 15, 2026 | ABBAS GIZMAN I Director | Sale | 2,600 | $988.0K |
| Jun 8, 2026 | McFarland Mark Allen Chief Executive Officer | Other | 260,335 | $0 |
| Jun 8, 2026 | McFarland Mark Allen Chief Executive Officer | Other | 260,335 | $0 |
| May 22, 2026 | Hyde Karen T Director | Disposition to issuer | 1,530 | $496.0K |
| May 22, 2026 | Muller Cole Chief Financial Officer | Tax withheld | 27,339 | $8.86M |
| May 22, 2026 | Horton Anthony R Director | Option exercise | 4,133 | — |
| May 22, 2026 | ABBAS GIZMAN I Director | Option exercise | 4,133 | — |
| May 22, 2026 | ABBAS GIZMAN I Director | Disposition to issuer | 1,530 | $496.0K |
| May 22, 2026 | SCHAEFER STEPHEN Director | Option exercise | 18,349 | — |
| May 22, 2026 | SCHAEFER STEPHEN Director | Disposition to issuer | 6,789 | $2.20M |
| May 22, 2026 | Olagues Darren J Chief Development Officer | Option exercise | 7,395 | — |
| May 22, 2026 | Olagues Darren J Chief Development Officer | Tax withheld | 2,911 | $943.8K |
| May 22, 2026 | Nutt Terry L President | Option exercise | 90,826 | — |
| May 22, 2026 | Nutt Terry L President | Tax withheld | 35,741 | $11.59M |
| May 22, 2026 | Plagens Anthony J SVP & Chief Accounting Officer | Option exercise | 2,267 | — |
| May 22, 2026 | Plagens Anthony J SVP & Chief Accounting Officer | Option exercise | 3,401 | — |
| May 22, 2026 | Plagens Anthony J SVP & Chief Accounting Officer | Tax withheld | 2,231 | $723.3K |
| May 22, 2026 | Casulli Edward T. SVP & Chief Nuclear Officer | Option exercise | 2,550 | — |
| May 22, 2026 | Casulli Edward T. SVP & Chief Nuclear Officer | Option exercise | 3,826 | — |
| May 22, 2026 | Casulli Edward T. SVP & Chief Nuclear Officer | Tax withheld | 2,774 | $899.4K |
| May 22, 2026 | Morice Christopher E Chief Commercial Officer | Option exercise | 5,620 | — |
| May 22, 2026 | Morice Christopher E Chief Commercial Officer | Option exercise | 61,411 | — |
| May 22, 2026 | Morice Christopher E Chief Commercial Officer | Tax withheld | 26,378 | $8.55M |
| May 22, 2026 | Muller Cole Chief Financial Officer | Option exercise | 5,270 | — |
| May 22, 2026 | Muller Cole Chief Financial Officer | Option exercise | 57,592 | — |
| May 22, 2026 | Lebsack Dale E Jr. Chief Asset Dev. Officer | Option exercise | 7,178 | — |
| May 22, 2026 | Lebsack Dale E Jr. Chief Asset Dev. Officer | Option exercise | 78,440 | — |
| May 22, 2026 | Lebsack Dale E Jr. Chief Asset Dev. Officer | Tax withheld | 33,692 | $10.92M |
| May 22, 2026 | Wright Andrew M Chief Administrative Officer | Option exercise | 8,010 | — |
| May 22, 2026 | Wright Andrew M Chief Administrative Officer | Option exercise | 87,523 | — |
| May 22, 2026 | Wright Andrew M Chief Administrative Officer | Tax withheld | 37,594 | $12.19M |
| May 22, 2026 | Berryman Brad Chief Operating Officer | Option exercise | 8,312 | — |
| May 22, 2026 | Berryman Brad Chief Operating Officer | Option exercise | 90,826 | — |
| May 22, 2026 | Berryman Brad Chief Operating Officer | Tax withheld | 43,047 | $13.96M |
| May 22, 2026 | McFarland Mark Allen Chief Executive Officer | Option exercise | 29,752 | — |
| May 22, 2026 | McFarland Mark Allen Chief Executive Officer | Option exercise | 325,113 | — |
| May 22, 2026 | McFarland Mark Allen Chief Executive Officer | Tax withheld | 139,641 | $45.27M |
| May 22, 2026 | SCHAEFER STEPHEN Director | Option exercise | 4,133 | — |
| May 22, 2026 | Schwartzstein Christine Benson Director | Option exercise | 4,133 | — |
| May 22, 2026 | Nigro Joseph Director | Option exercise | 4,133 | — |
| May 22, 2026 | Nigro Joseph Director | Disposition to issuer | 1,530 | $496.0K |
| May 22, 2026 | Hyde Karen T Director | Option exercise | 4,133 | — |
| Jul 18, 2025 | Nutt Terry L CFO | Option exercise | 20,779 | — |
| Jul 18, 2025 | Nutt Terry L CFO | Tax withheld | 8,177 | $2.19M |
| Jun 27, 2025 | Wander John C Gen. Counsel & Corp. Secretary | Option exercise | 20,779 | — |
| Jun 27, 2025 | Wander John C Gen. Counsel & Corp. Secretary | Tax withheld | 8,177 | $2.36M |
| Jun 27, 2025 | Rubric Capital Management LP 10% owner | Other | 1,281,839 | — |
| Jun 27, 2025 | Rubric Capital Management LP 10% owner | Sale | 1,137 | $339.0K |
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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