NRG ENERGY (NRG) Company Report

NRG delivered $2.78 adjusted EPS (+32% YoY), $1.205 billion adjusted EBITDA (+14%), $537 million adjusted net income, and $828 million free cash flow before growth in Q3; YTD adjusted EPS of $7.17 (+36%) and adjusted EBITDA >$3.2 billion (+12%).
Reaffirmed 2025 guidance: $7.55–$8.15 adjusted EPS, $3.875–$4.025 billion adjusted EBITDA, $2.1–$2.25 billion free cash flow before growth; introduced 2026 standalone guidance of $3.925–$4.175 billion adjusted EBITDA and $1.975–$2.225 billion free cash flow before growth.
LS Power acquisition on track to close in Q1 2026, fully accretive to key metrics with a 14% EPS CAGR through 2029 (standalone view) and financing completed on favorable terms.
Expanded data center power agreements to 445 MW contracted capacity, grew development pipeline to 5.4 GW, and raised new long-term data center pricing target above $80/MWh.
Executed $1.084 billion of planned share repurchases (85% of $1.3 billion target) at $125.35 avg. price through Oct. 31; board approved additional $3 billion buyback authorization through 2028, alongside 7–9% dividend growth in 2026 standalone plan.

Nov 6, 2025, 2:00 PM

Transcript

NRG reports Q3 2025 earnings

NRG

Earnings

Guidance Update

M&A

Q3 2025 Adjusted EPS rose 32% to $2.78, with Adjusted EBITDA of $1,205 M and Free Cash Flow before Growth of $828 M; year-to-date Adjusted EPS reached $7.17, prompting reaffirmation of 2025 guidance
Initiated standalone 2026 guidance targeting Adjusted EBITDA of $3,925–4,175 M and Free Cash Flow before Growth of $1,975–2,225 M
Data center power agreements expanded to 445 MW signed (vs 295 MW in 2Q25), with pricing above $80/MWh and an expected ~$100 M annual gross margin at 2033 run-rate
LS Power portfolio acquisition ($12 Bn EV) remains on track for a 1Q26 close, projected to add >$1.6 Bn Adjusted EBITDA and >$1.0 Bn Free Cash Flow before Growth
2026 priorities include returning at least $1.3 Bn of capital to shareholders and delivering 7–9% annual dividend growth

Nov 6, 2025, 2:00 PM

Presentation

NRG Energy reports Q3 2025 results and updates guidance

NRG

Earnings

Guidance Update

Share Buyback

Strong Q3 performance: adjusted EPS of $2.78, up 32% YoY, and adjusted EBITDA of $1.205 B, up 14% YoY.
Year-to-date through Q3: adjusted EPS of $7.17 and adjusted EBITDA of $3.2 B, up 36% and 12% YoY; free cash flow before growth of $2.035 B.
Raised full-year 2025 guidance by $100 M, reaffirming ranges of adjusted EPS $7.55–$8.15, adjusted EBITDA $3.875–$4.025 B, and free cash flow before growth $2.1–$2.25 B.
Introduced 2026 standalone guidance: adjusted EBITDA $3.925–$4.175 B and free cash flow before growth $1.975–$2.225 B, excluding LS Power acquisition impact.
Continued capital deployment: $1.084 B repurchased YTD (~85% of $1.3 B plan) at average $125.35 per share; $158 M unallocated capital to roll into 2026; data center agreements expanded to 445 MW contracted capacity and 5.4 GW pipeline.

Nov 6, 2025, 2:00 PM

Transcript

NRG Energy reports strong Q3 2025 results and raises guidance

NRG

Earnings

Guidance Update

Share Buyback

NRG expects to close the LS Power acquisition in Q1 2026, which is immediately accretive and will be followed by detailed pro forma guidance.
Q3 results: adjusted EPS of $2.78 (+32% Y/Y) and adjusted EBITDA of $1.205 billion (+14% Y/Y); YTD adjusted EPS of $7.17 (+36%) and EBITDA of $3.2 billion (+12%).
Raised 2025 guidance by $100 million, reaffirming the higher range, and initiated 2026 standalone guidance of $3.925–4.175 billion EBITDA and $1.975–2.225 billion free cash flow before growth.
Expanded data center capacity to 445 MW contracted with a 5.4 GW pipeline, and boosted new deal price targets to >$80/MWh.
Executed $1.084 billion of the $1.3 billion share repurchase program and secured a new $3 billion buyback authorization through 2028, alongside 7–9% dividend growth.

Nov 6, 2025, 2:00 PM

Transcript

NRG Energy reports Q3 2025 results and updates guidance

NRG

Earnings

Guidance Update

Share Buyback

Delivered solid third-quarter performance with GAAP Net Income of $152 million, Adjusted EPS of $2.78, Adjusted EBITDA of $1,205 million, and FCFbG of $828 million (Q3 2025).
Reaffirmed raised 2025 guidance to $1,470–$1,590 million Adjusted Net Income, $7.55–$8.15 Adjusted EPS, $3,875–$4,025 million Adjusted EBITDA, and $2,100–$2,250 million FCFbG.
Initiated standalone 2026 guidance of $3,925–$4,175 million Adjusted EBITDA and $1,975–$2,225 million FCFbG.
Approved a new $3 billion share repurchase authorization through 2028 (with $1 billion planned in 2026) and increased the annual dividend by 8% to $1.90 per share.
On track to close the LS Power portfolio acquisition in Q1 2026 and secured a TEF loan for the 689 MW Cedar Bayou CCGT facility.

Nov 6, 2025, 12:04 PM

Press Release

NRG Energy reports Q3 2025 results and updates guidance

NRG

Earnings

Guidance Update

Share Buyback

GAAP Net Income of $152 million and Adjusted EBITDA of $1,205 million; Free Cash Flow before Growth Investments of $828 million for Q3 2025.
Reaffirmed 2025 guidance with Adjusted EBITDA of $3,875–$4,025 million and FCFbG of $2,100–$2,250 million, and initiated 2026 standalone guidance of Adjusted EBITDA $3,925–$4,175 million and FCFbG $1,975–$2,225 million.
Board approved a new $3 billion share repurchase authorization through 2028 (with $1 billion expected in 2026) and repurchased $1.1 billion of shares through October 31, 2025.
Acquisition of LS Power portfolio remains on track to close in Q1 2026; secured a $562 million TEF loan for the 689 MW Cedar Bayou project.
Expanded data center retail power agreements to 445 MW across ERCOT and PJM, with initial powering expected in 2028.

Nov 6, 2025, 12:00 PM

8-K

NRG Energy furnishes indentures for debt issuance

NRG

Debt Issuance

NRG Energy filed an 8-K on October 8, 2025 to furnish its Base Indenture and Supplemental Indentures for newly issued senior secured first lien notes due 2030 and 2035 as well as senior notes due 2034 and 2036.
The exhibits include the forms of 4.734% Senior Secured First Lien Notes due 2030, 5.407% Senior Secured First Lien Notes due 2035, 5.750% Senior Notes due 2034, and 6.000% Senior Notes due 2036.
The unsecured notes offering comprises $1.25 billion of 5.750% Senior Notes due 2034 and $2.4 billion of 6.000% Senior Notes due 2036.

Oct 8, 2025, 8:21 PM

8-K

NRG Energy secures financing for Cedar Bayou 5 project credit facility

NRG

Debt Issuance

New Projects/Investments

On September 26, 2025, NRG Cedar Bayou 5 LLC, an indirect wholly-owned subsidiary of NRG Energy, entered into a $561.9 million credit agreement with Wilmington Trust as administrative agent and the Public Utility Commission of Texas as lender to finance approximately 60% of the costs to develop a 721 MW combined-cycle gas power plant in Chambers County, Texas (ERCOT).
Loans under the facility accrue interest at 3.00%, capitalized and added to principal quarterly, and mature on September 26, 2045.
NRG Energy also agreed to guarantee its subsidiary’s payment obligations under the facility, which includes customary covenants, negative covenants, mandatory prepayment triggers, and an event of default if commercial operation is not achieved by December 1, 2028.

Oct 1, 2025, 8:31 PM

8-K

NRG Energy announces pricing of senior secured and unsecured notes

NRG

Debt Issuance

M&A

NRG priced concurrent offerings of $625 million 4.734% senior secured first-lien notes due 2030; $625 million 5.407% senior secured first-lien notes due 2035; $1.25 billion 5.750% senior unsecured notes due 2034; and $2.4 billion 6.000% senior unsecured notes due 2036.
The secured notes are guaranteed by each of NRG’s current and future wholly-owned U.S. subsidiaries and secured by a first-priority lien on the same collateral as its credit-agreement term loans.
NRG will use part of the net proceeds to fund the cash portion of its Lightning Power LSP Acquisition and to repay in full $500 million of 2.000% secured notes maturing December 2, 2025.
The offerings are made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and the notes are not registered under the Securities Act.

Sep 24, 2025, 9:23 PM

8-K

NRG Energy launches $4.9B note offering for Lightning Power deal

NRG

Debt Issuance

M&A

Guidance Update

NRG Energy launched concurrent offerings of $4.9 billion in senior secured first-lien and senior unsecured notes due 2030, 2034, 2035 and 2036 to partly finance its acquisition of Lightning Power LLC.
Approximately $500 million of existing senior secured notes maturing in December 2025 will be repaid with proceeds from the new offerings.
The notes are offered exclusively to qualified institutional buyers and non-U.S. persons, are not registered for U.S. public resale, and will be guaranteed by NRG’s wholly-owned U.S. subsidiaries.
NRG has raised its 2025 financial guidance, citing strong performance and favorable weather; its market capitalization is about $32.4 billion and its stock is up 88% YTD.

Sep 24, 2025, 12:10 PM

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