Earnings summaries and quarterly performance for NRG ENERGY.
Executive leadership at NRG ENERGY.
Lawrence S. Coben
Detailed
President and Chief Executive Officer
CEO
AS
Al Spencer
Detailed
Senior Vice President and Chief Accounting Officer
BC
Brian Curci
Detailed
Executive Vice President and General Counsel
BC
Bruce Chung
Detailed
Executive Vice President and Chief Financial Officer
DL
Dak Liyanearachchi
Detailed
Executive Vice President and Chief Technology Officer
GK
Gin Kirkland Kinney
Detailed
Executive Vice President and Chief Administrative Officer
RG
Robert Gaudette
Detailed
Executive Vice President, President of NRG Business and Wholesale Operations
Board of directors at NRG ENERGY.
AP
Alexander Pourbaix
Detailed
Director
AP
Alexandra Pruner
Detailed
Director
AC
Antonio Carrillo
Detailed
Lead Independent Director
ES
E. Spencer Abraham
Detailed
Director
EB
Elisabeth B. Donohue
Detailed
Director
HC
Heather Cox
Detailed
Director
KT
Kevin T. Howell
Detailed
Director
MF
Marwan Fawaz
Detailed
Director
MC
Matthew Carter, Jr.
Detailed
Director
MC
Marcie C. Zlotnik
Director
Research analysts who have asked questions during NRG ENERGY earnings calls.
DA
David Arcaro
Morgan Stanley
6 questions for NRG
Also covers: AEP, AES, ATO +32 more
Julien Dumoulin-Smith
Jefferies
6 questions for NRG
Also covers: AEE, AEP, AES +55 more
SP
Shahriar Pourreza
Guggenheim Partners
5 questions for NRG
Also covers: AEE, AEP, AVA +29 more
Carly Davenport
Goldman Sachs
4 questions for NRG
Also covers: AEE, AEP, D +14 more
Nicholas Campanella
Barclays
3 questions for NRG
Also covers: AEE, AEP, AES +32 more
AS
Agnieszka Storozynski
BofA Securities
2 questions for NRG
Also covers: AES, AGR, AWK +11 more
AW
Andrew Weisel
Scotiabank
2 questions for NRG
Also covers: AEP, BKH, CEG +13 more
Angie Storozynski
Seaport Research Partners
2 questions for NRG
Also covers: AGR, AWK, CEG +8 more
JW
James West
Evercore ISI
2 questions for NRG
Also covers: AMPS, BKR, BORR +12 more
RL
Ryan Levine
Citigroup
2 questions for NRG
Also covers: AEP, AES, ATO +17 more
AS
Angie Storozinski
Seaport
1 question for NRG
DC
Durgesh Chopra
Evercore ISI
1 question for NRG
Also covers: AEE, AEP, AES +22 more
Steven Fleishman
Wolfe Research
1 question for NRG
Also covers: AEP, CEG, CNP +18 more
Recent press releases and 8-K filings for NRG.
NRG Energy updates 2026 guidance post-LS Power acquisition
NRG
Guidance Update
M&A
- On February 2, 2026, NRG announced updated 2026 financial guidance following the closing of its LS Power asset portfolio acquisition on January 30, 2026.
- 2026 guidance includes Adjusted EBITDA of $5,325–$5,825 M, Adjusted EPS of $7.90–$9.90, and Free Cash Flow before Growth of $2,800–$3,300 M.
- The update reflects approximately 11 months (90%) of contribution from the acquired portfolio in 2026.
- NRG will report its Full Year and Q4 2025 results on February 24, 2026, with a conference call at 9:00 a.m. EST.
4 days ago
NRG Energy updates 2026 guidance and schedules Q4 2025 earnings call
NRG
Guidance Update
M&A
- NRG completed the acquisition of a portfolio from LS Power on January 30, 2026 and updated its 2026 guidance to reflect approximately 11 months of ownership of these assets.
- 2026 guidance ranges: Adjusted Net Income of $1,685 – $2,115 M (midpoint $1,900 M); Adjusted EPS of $7.90 – $9.90 ($8.90); Adjusted EBITDA of $5,325 – $5,825 M ($5,575 M); and FCFbG of $2,800 – $3,300 M ($3,050 M).
- The updated outlook incorporates approximately 90% of the acquired portfolio’s estimated full-year 2026 contribution, consistent with NRG’s long-term growth framework.
- NRG will report Full Year and Q4 2025 financial results on February 24, 2026, with a conference call/webcast at 9:00 a.m. EST.
4 days ago
NRG Energy completes acquisition transaction and enters into related agreements
NRG
M&A
Debt Issuance
- NRG Energy entered into a Registration Rights Agreement with the Selling Stockholders, granting customary piggy-back and shelf registration rights for the shares issued as Stock Consideration in the Transaction.
- The Selling Stockholders also executed a Voting Trust Agreement with Wilmington Savings Fund Society, FSB, as Trustee, limiting their voting power to below 10% of the Company’s common stock until July 30, 2026, to satisfy FERC requirements.
- Lightning Power (an indirect subsidiary) remains issuer of $1,500 million aggregate principal amount of 7.250% Senior Secured Notes due 2032, with interest payable semi-annually and specified redemption provisions through 2032.
- NRG issued a press release announcing the closing of the Transaction and will file the acquired businesses’ financial statements and pro forma financial information as amendments within 71 days.
7 days ago
NRG Energy completes acquisition of 13 GW power portfolio from LS Power
NRG
M&A
New Projects/Investments
- NRG Energy finalized the acquisition of 18 natural-gas-fired generation facilities totaling 13 GW of capacity, plus CPower’s commercial and industrial virtual power plant platform, from LS Power.
- The deal doubles NRG’s generation fleet to approximately 25 GW and expands its demand response and VPP capabilities.
- Aimed at bolstering reliability and affordability, the transaction enhances NRG’s ability to serve its eight million customers amid rising power demand.
7 days ago
NRG Energy receives all regulatory approvals for LS Power acquisition
NRG
M&A
- On January 23, 2026, NRG Energy obtained antitrust clearance from the DOJ, complementing prior FERC and NYSPSC approvals, securing all regulatory clearances for the LS Power acquisition.
- The deal includes 18 natural gas generation facilities and a commercial & industrial virtual power plant platform from LS Power.
- Upon closing, NRG will add 13 GW of quick-start natural gas-fired capacity and 6 GW of VPP capability, enhancing its scale and reliability across the Northeast and Texas.
- The transaction is expected to close shortly, subject to customary closing conditions.
Jan 26, 2026, 7:05 PM
NRG Energy names Robert Gaudette CEO
NRG
CEO Change
Management Change
- NRG Energy appointed Robert J. Gaudette as president effective Jan. 7, 2026, and will promote him to CEO at the annual meeting on April 30, 2026.
- Lawrence Coben steps down as president immediately, remains chair and CEO through April 30, then serves as an advisor for the rest of 2026.
- The board selected Antonio Carrillo to succeed Coben as chair and will nominate him for election at the AGM.
- Gaudette is a 25-year NRG veteran, former SVP of Business Solutions (2013–22), holds an MBA from Rice and served as an Army officer.
- The leadership change occurs amid strengthened power demand, a sharp share-price rise, and investor scrutiny of the new CEO’s strategic direction and upcoming compensation filing.
Jan 7, 2026, 12:47 PM
NRG posts strong Q3 2025 results and raises guidance
NRG
Earnings
Guidance Update
M&A
- 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
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
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
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
Quarterly earnings call transcripts for NRG ENERGY.
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