financial statements

The full income statement, balance sheet, and cash-flow statement for NRG Energy Inc. (NRG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	30.3B YoY+9.4%	27.7B YoY-1.8%	28.3B YoY-10.3%	31.5B YoY+17.6%	26.8B YoY+208.1%
Selling, general & administrative	2.60B YoY+11.0%	2.35B YoY+12.0%	2.09B YoY+82.9%	1.15B YoY-11.4%	1.29B YoY+59.6%
Amortization of intangibles	673M YoY-23.2%	876M YoY-12.5%	1.00B YoY+104.3%	490M YoY-1.0%	495M YoY+194.6%
Provision for credit losses	272M YoY-13.4%	314M YoY+25.1%	251M YoY+2181.8%	11.0M YoY-98.4%	698M YoY+546.3%
Operating income	1.84B YoY-23.9%	2.42B YoY+531.3%	384M YoY-81.0%	2.02B YoY-39.6%	3.34B YoY+202.4%
Interest expense	741M YoY+13.8%	651M YoY-2.4%	667M YoY+60.0%	417M YoY-14.0%	485M YoY+20.9%
Other non-operating income	68.0M YoY+54.5%	44.0M YoY-6.4%	47.0M YoY-16.1%	56.0M YoY-11.1%	63.0M YoY-6.0%
Equity-method income	11.0M YoY-45.0%	20.0M YoY+25.0%	16.0M YoY+166.7%	6.00M YoY-64.7%	17.0M YoY+0.0%
Pre-tax income	1.13B YoY-21.7%	1.45B YoY+779.8%	-213M YoY-112.8%	1.66B YoY-41.8%	2.86B YoY+275.7%
Income tax	270M YoY-16.4%	323M YoY+3036.4%	-11.0M YoY-102.5%	442M YoY-34.2%	672M YoY+167.7%
	864M YoY-23.2%	1.13B YoY+656.9%	-202M YoY-116.5%	1.22B YoY-44.2%	2.19B YoY+328.8%
Net income to non-controlling interest	—	—	—	—	0.00
Net income to common	797M YoY-24.7%	1.06B YoY+513.3%	-256M YoY-121.0%	1.22B YoY-44.2%	2.19B
	$4.01 YoY-19.6%	$4.99 YoY+545.5%	-$1.12 YoY-121.7%	$5.17 YoY-42.1%	$8.93 YoY+331.4%
EPS (basic)	$4.09 YoY-20.4%	$5.14 YoY+558.9%	-$1.12 YoY-121.7%	$5.17 YoY-42.1%	$8.93 YoY+329.3%
Weighted-avg shares (basic)	195M YoY-5.3%	206M YoY-9.6%	228M YoY-3.4%	236M YoY-3.7%	245M YoY+0.0%
Weighted-avg shares (diluted)	199M YoY-6.1%	212M YoY-7.0%	228M YoY-3.4%	236M YoY-3.7%	245M YoY-0.4%
Dividends per share	$1.76 YoY+8.0%	$1.63	—	—	—
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	13.1B YoY+46.7%	8.96B YoY-7.8%	9.73B YoY-40.1%	16.2B YoY+49.7%	10.8B YoY+79.8%
Cash & equivalents	4.71B YoY+387.4%	966M YoY+78.6%	541M YoY+25.8%	430M YoY+72.0%	250M YoY-93.6%
Accounts receivable	4.07B YoY+16.5%	3.49B YoY-1.5%	3.54B YoY-25.8%	4.77B YoY+47.1%	3.25B YoY+259.0%
Inventory	461M YoY-3.6%	478M YoY-21.3%	607M YoY-19.2%	751M YoY+50.8%	498M YoY+52.3%
Prepaid expenses	1.07B YoY+28.8%	830M YoY+32.6%	626M YoY+63.4%	383M YoY-3.0%	395M YoY+53.7%
	29.1B YoY+21.3%	24.0B YoY-7.7%	26.0B YoY-10.7%	29.1B YoY+25.7%	23.2B YoY+55.6%
Property, plant & equipment	2.57B YoY+0.0%	2.57B YoY+0.0%	2.57B YoY+0.0%	2.57B YoY+0.0%	2.57B YoY+0.0%
Operating lease right-of-use	130M YoY-13.9%	151M YoY-15.6%	179M YoY-20.4%	225M YoY-17.0%	271M YoY-10.0%
Goodwill	5.02B YoY+0.1%	5.01B YoY-1.3%	5.08B YoY+207.8%	1.65B YoY-8.1%	1.79B YoY+210.0%
Intangible assets	2.31B YoY-20.6%	2.91B YoY-25.9%	3.93B YoY+84.2%	2.13B YoY-15.1%	2.51B YoY+275.9%
Deferred tax assets	1.84B YoY-10.8%	2.07B YoY-8.2%	2.25B YoY+19.7%	1.88B YoY-12.7%	2.15B YoY-29.7%
Other non-current assets	1.49B YoY+30.5%	1.15B YoY+47.4%	777M YoY+203.5%	256M YoY+11.8%	229M YoY+6.0%
Total non-current assets	3.73B YoY+0.0%	3.73B YoY+0.0%	3.73B YoY+0.0%	3.73B YoY+0.0%	3.73B YoY+0.0%
	8.03B YoY-8.9%	8.81B YoY-7.2%	9.50B YoY-26.8%	13.0B YoY+64.0%	7.92B YoY+313.3%
Accounts payable	2.83B YoY+12.8%	2.51B YoY+8.1%	2.33B YoY-36.2%	3.64B YoY+60.2%	2.27B YoY+250.4%
Accrued liabilities	1.86B YoY-8.2%	2.03B YoY+23.7%	1.64B	—	—
Deferred revenue	748M YoY+5.2%	711M YoY-1.3%	720M YoY+309.1%	176M	—
Short-term & current debt	31.0M YoY-96.9%	996M YoY+60.6%	620M YoY+884.1%	63.0M YoY+1475.0%	4.00M YoY+300.0%
Current lease liability	35.0M YoY-47.0%	66.0M YoY-26.7%	90.0M YoY+8.4%	83.0M YoY+2.5%	81.0M YoY+17.4%
Other current liabilities	1.18B YoY+0.0%	1.18B YoY+0.0%	1.18B YoY+0.0%	1.18B YoY+0.0%	1.18B YoY+0.0%
	27.5B YoY+27.5%	21.5B YoY-6.9%	23.1B YoY-8.6%	25.3B YoY+29.3%	19.6B YoY+48.1%
Long-term debt	16.4B YoY+67.3%	9.81B YoY-3.2%	10.1B YoY+27.0%	7.98B YoY+0.1%	7.97B YoY-8.3%
Deferred revenue (non-current)	895M YoY+3.8%	862M YoY-5.7%	914M YoY+9040.0%	10.0M	—
Non-current lease liability	144M YoY+23.1%	117M YoY-8.6%	128M YoY-28.9%	180M YoY-23.7%	236M YoY-15.1%
Deferred tax liabilities	15.0M YoY+25.0%	12.0M YoY-45.5%	22.0M YoY-83.6%	134M YoY+83.6%	73.0M YoY+284.2%
Other non-current liabilities	861M YoY+4.9%	821M YoY-13.3%	947M YoY-2.7%	973M YoY-2.0%	993M YoY-6.8%
Total non-current liabilities	19.4B YoY+52.6%	12.7B YoY-6.6%	13.6B YoY+10.5%	12.3B YoY+5.7%	11.7B YoY+3.2%
	1.68B YoY-32.2%	2.48B YoY-14.7%	2.91B YoY-24.1%	3.83B YoY+6.3%	3.60B YoY+114.3%
Preferred stock	650M YoY+0.0%	650M YoY+0.0%	650M	0.00 YoY-100.0%	406M YoY+0.0%
Common stock	2.00M YoY+0.0%	2.00M YoY-33.3%	3.00M YoY-25.0%	4.00M YoY+0.0%	4.00M YoY+0.0%
Additional paid-in capital	215M YoY-69.5%	705M YoY-79.4%	3.42B YoY-59.6%	8.46B YoY-0.9%	8.53B YoY+0.2%
Retained earnings	1.98B YoY+29.1%	1.53B YoY+87.2%	820M YoY-41.8%	1.41B YoY+203.4%	464M YoY+133.1%
Treasury stock	1.09B YoY+266.0%	297M YoY-84.3%	1.89B YoY-67.7%	5.86B YoY+11.2%	5.27B YoY+0.8%
Accumulated other comprehensive income	-81.0M YoY+30.8%	-117M YoY-28.6%	-91.0M YoY+48.6%	-177M YoY-40.5%	-126M YoY+38.8%
Non-controlling interest	0.00	0.00	0.00	0.00	0.00
Total equity incl. non-controlling	1.68B YoY-32.2%	2.48B YoY-14.7%	2.91B YoY-24.1%	3.83B YoY+6.3%	3.60B YoY+114.3%
Total liabilities & equity	29.1B YoY+21.3%	24.0B YoY-7.7%	26.0B YoY-10.7%	29.1B YoY+25.7%	23.2B YoY+55.6%
Common shares issued	200M YoY-2.6%	205M YoY-23.3%	267M YoY-36.9%	424M YoY+0.1%	424M YoY+0.1%
Common shares outstanding	190M YoY-4.1%	199M YoY-4.6%	208M YoY-9.3%	230M YoY-5.8%	244M YoY-0.2%
Shares outstanding (cover)	192M YoY-5.4%	203M YoY-10.3%	226M YoY-2.0%	230M YoY-5.9%	245M YoY+0.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.91B YoY-17.0%	2.31B YoY+1143.4%	-221M YoY-161.4%	360M YoY-27.0%	493M YoY-73.2%
Depreciation & amortization	1.41B YoY+0.2%	1.40B YoY+8.3%	1.29B YoY+79.9%	720M YoY-8.3%	785M YoY+80.5%
Share-based compensation	134M YoY+31.4%	102M YoY+1.0%	101M YoY+260.7%	28.0M YoY+33.3%	21.0M YoY-4.5%
Deferred income taxes	222M YoY+22.7%	181M YoY+266.1%	-109M YoY-129.4%	371M YoY-40.3%	621M YoY+176.0%
Change in receivables	760M YoY+107.7%	366M YoY+136.5%	-1.00B YoY-164.4%	1.56B YoY+26.6%	1.23B
Change in inventory	-30.0M YoY+73.0%	-111M YoY+41.3%	-189M YoY-175.0%	252M YoY+313.1%	61.0M YoY+325.9%
Change in payables	192M YoY+12.9%	170M YoY+111.7%	-1.46B YoY-212.4%	1.29B YoY+172.1%	476M YoY+950.0%
	-1.64B YoY-6725.0%	-24.0M YoY+97.4%	-910M YoY-174.1%	-332M YoY+89.1%	-3.04B YoY-515.2%
Capital expenditure	1.15B YoY+143.0%	472M YoY-21.1%	598M YoY+62.9%	367M YoY+36.4%	269M YoY+17.0%
Other investing activities	—	—	—	—	0.00
	3.55B YoY+302.1%	-1.75B YoY-338.8%	-400M YoY-138.4%	1.04B YoY+483.5%	-272M YoY-112.3%
Common stock issued	—	—	0.00	0.00 YoY-100.0%	1.00M YoY+0.0%
Common stock repurchased	1.31B YoY+40.2%	935M YoY-18.7%	1.15B YoY+91.7%	600M YoY+1150.0%	48.0M YoY-79.0%
Dividends paid	411M YoY+1.5%	405M YoY+6.3%	381M YoY+14.8%	332M YoY+4.1%	319M YoY+8.1%
FX effect on cash	4.00M YoY+233.3%	-3.00M YoY-250.0%	2.00M YoY+166.7%	-3.00M YoY-50.0%	-2.00M YoY+0.0%
Net change in cash	3.83B YoY+630.0%	524M YoY+134.3%	-1.53B YoY-243.2%	1.07B YoY+137.9%	-2.82B YoY-179.5%
Interest paid	572M YoY-8.6%	626M YoY+14.2%	548M YoY+43.1%	383M YoY-11.5%	433M YoY+27.4%
Income taxes paid	67.0M YoY-63.2%	182M YoY+279.2%	48.0M YoY-27.3%	66.0M YoY+106.3%	32.0M YoY+33.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	30.5B YoY+67.0%	18.3B YoY+56.6%	11.7B YoY+59.2%	7.33B YoY-30.5%	10.5B YoY+15.0%
P/E	35.3× YoY+117.4%	16.2×	—	4.0× YoY-17.9%	4.8× YoY-73.2%
P/S	1.0× YoY+52.7%	0.7× YoY+62.7%	0.4× YoY+67.3%	0.2× YoY-38.6%	0.4× YoY-62.7%
P/B	18.2× YoY+146.2%	7.4× YoY+119.0%	3.4× YoY+130.9%	1.5× YoY-50.2%	2.9× YoY-46.3%
P/FCF	39.8× YoY+299.8%	10.0×	—	77.9× YoY+65.5%	47.1× YoY+725.1%
Earnings yield	2.8% YoY-54.0%	6.2%	—	25.2% YoY+21.8%	20.7% YoY+272.8%
FCF yield	2.5% YoY-75.0%	10.0%	—	1.3% YoY-39.6%	2.1% YoY-87.9%
Dividend yield	1.1% YoY-38.8%	1.8%	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NRG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NRG filings on SEC EDGAR → Not investment advice.

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financial statements