Talen Energy (TLN) Company Report

Talen Energy completed the acquisitions of the Freedom Generating Station and Guernsey Power Station on November 25, 2025, adding nearly 2.9 gigawatts of natural gas-fired PJM assets to its portfolio.
The total purchase price for these acquisitions was approximately $3.8 billion, with $1.5 billion for Freedom and $2.3 billion for Guernsey.
The acquisitions were funded through $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan B credit facility.
Additionally, the company increased its revolving credit facility to $900 million and its letter of credit facility to $1.1 billion.

Nov 25, 2025, 9:07 PM

8-K

Talen Reports Q3 2025 Results and Provides Business Updates

TLN

Earnings

Guidance Update

M&A

Talen reported $363 million in adjusted EBITDA and $223 million in adjusted free cash flow for Q3 2025. Year-to-date (nine months ended 2025), adjusted EBITDA was $653 million and adjusted free cash flow was $232 million.
The company is narrowing its 2025 adjusted EBITDA guidance to the low end of the range, while reaffirming its 2026 guidance for both adjusted EBITDA and adjusted free cash flow.
The acquisition of Freedom and Guernsey is expected to close potentially in Q1 2026, with the HSR application refiled and a 30-day timeline running through November 17th. Financing for these acquisitions, including $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan, has been successfully executed.
Talen has an upsizing share repurchase program with $2 billion of capacity remaining through year-end 2028 post-acquisitions, targeting $500 million in annual share repurchases during the deleveraging period. The forecasted 2025 year-end net leverage ratio is approximately 2.6 times, with a pro forma target below 3.5 times by year-end 2026.
Demand for power from AI and data centers continues to expand, with Amazon expecting to double its overall capacity by 2027, adding over 10 gigawatts in North America alone.

Nov 5, 2025, 9:15 PM

Transcript

Talen Energy Reports Q3 2025 Results, Updates Guidance, and Secures Acquisition Financing

TLN

Earnings

Guidance Update

M&A

Talen Energy reported $363 million in Adjusted EBITDA and $223 million in Adjusted Free Cash Flow for Q3 2025. The company is narrowing its 2025 Adjusted EBITDA guidance to $975 – $1,000 million and affirming its 2026 guidance.
The company secured financing for the Freedom and Guernsey acquisitions, raising $1.2 billion in Senior Secured Term Loan B and $2.7 billion in Senior Unsecured Notes, with regulatory approvals currently in progress.
Talen Energy increased its Share Repurchase Program, with $2 billion remaining through 2028, and has repurchased approximately 14 million shares since the start of 2024.

Nov 5, 2025, 9:15 PM

Presentation

Talen Energy Reports Q3 2025 Results, Updates on Acquisitions and Guidance

TLN

Earnings

Guidance Update

M&A

Talen Energy reported Adjusted EBITDA of $363 million and Adjusted Free Cash Flow of $223 million for Q3 2025.
The company is narrowing its 2025 adjusted EBITDA guidance towards the low end of the range, while 2025 adjusted free cash flow remains near the middle of the original range; 2026 guidance for both metrics is reaffirmed.
The HSR application for the Freedom and Guernsey acquisitions was refiled, with the 30-day timeline running through November 17th, and closing is now expected to potentially extend into Q1 2026. Financing for these acquisitions, including $2.7 billion of senior unsecured notes and a $1.2 billion senior secured term loan, has been successfully executed.
Talen's share repurchase program was upsized, with $2 billion of capacity remaining through year-end 2028 post-acquisitions, targeting $500 million in annual repurchases during the deleveraging period.

Nov 5, 2025, 9:15 PM

Transcript

Talen Energy Reports Q3 2025 Results, Updates on Acquisitions and Capital Allocation

TLN

Earnings

Guidance Update

M&A

Talen Energy reported Adjusted EBITDA of $363 million and adjusted free cash flow of $223 million for Q3 2025. Year-to-date 2025, these figures stand at $653 million and $232 million, respectively. The company is narrowing its 2025 Adjusted EBITDA guidance to the lower end of its range and reaffirming its 2026 guidance.
The company refiled its HSR application for the Freedom and Guernsey acquisitions, with the 30-day timeline running through November 17th. While closing might extend into Q1 2026, it could potentially happen as early as late this year. Financing for these acquisitions was successfully completed, including $2.7 billion in senior unsecured notes and a $1.2 billion senior secured term loan.
Talen Energy is committed to returning capital to shareholders, with $2 billion remaining in its share repurchase program through year-end 2028 and a target of $500 million in annual share repurchases during the post-acquisition deleveraging period. The forecasted 2025 year-end net leverage ratio is approximately 2.6x, with a commitment to return to 3.5x by the end of 2026.
Strategic developments include signing an MOU with EOS Energy to partner on battery development in Pennsylvania and continued execution under existing agreements with AWS, with the Susquehanna site being built and electrified. The company also monetized nuclear PTCs for approximately $190 million.

Nov 5, 2025, 9:15 PM

Transcript

Talen Energy Reports Q3 2025 Results, Narrows 2025 Guidance, and Details Acquisitions Financing

TLN

Earnings

Guidance Update

M&A

Talen Energy reported GAAP Net Income Attributable to Stockholders of $207 million, Adjusted EBITDA of $363 million, and Adjusted Free Cash Flow of $223 million for the third quarter of 2025.
The company is narrowing its 2025 guidance for Adjusted EBITDA to $975 million - $1,000 million and Adjusted Free Cash Flow to $470 million - $490 million, while reaffirming its 2026 guidance.
Talen raised $3.9 billion through a $1.2 billion senior secured term loan B and $2.7 billion in senior unsecured notes to finance the Freedom and Guernsey acquisitions, which are expected to close in the first quarter of 2026 or sooner. The share repurchase program was also increased, with $2 billion remaining through 2028, contingent on the completion of these acquisitions.
As of October 31, 2025, Talen had $1.2 billion in total available liquidity and a projected net leverage ratio of approximately 2.6x.

Nov 5, 2025, 9:04 PM

8-K

Talen Energy Reports Third Quarter 2025 Results and Narrows 2025 Guidance

TLN

Earnings

Guidance Update

M&A

Talen Energy reported GAAP Net Income Attributable to Stockholders of $207 million, Adjusted EBITDA of $363 million, and Adjusted Free Cash Flow of $223 million for the third quarter ended September 30, 2025.
The company is narrowing its 2025 guidance for Adjusted EBITDA to $975 million - $1,000 million and Adjusted Free Cash Flow to $470 million - $490 million, while reaffirming its 2026 guidance.
Talen successfully raised $1.2 billion senior secured term loan B credit facility and issued $2.7 billion in senior unsecured notes to finance the Freedom and Guernsey acquisitions, which are expected to close in the first quarter of 2026 or sooner.
The share repurchase program was increased to an aggregate remaining capacity of $2 billion through 2028, contingent on the completion of the acquisitions.

Nov 5, 2025, 9:01 PM

Press Release

Talen Energy Supply, LLC Closes $2.69 Billion Senior Notes Offerings

TLN

Debt Issuance

New Projects/Investments

M&A

Talen Energy Supply, LLC (TES), a direct wholly owned subsidiary of Talen Energy Corporation, completed private offerings of $2.69 billion in senior notes on October 27, 2025.
The offerings included $1.40 billion in 6.250% senior notes due 2034 and $1.29 billion in 6.500% senior notes due 2036.
The net proceeds from these notes, combined with a new $1.2 billion senior secured term loan B credit facility, are intended to fund the acquisitions of the Freedom Energy Center and the Guernsey Power Station.
The notes feature mandatory redemption provisions if the planned acquisitions are not completed by the Outside Date of July 17, 2026, which can be extended to January 17, 2027.

Oct 27, 2025, 8:07 PM

8-K

Talen Energy completes senior notes offerings

TLN

Debt Issuance

New Projects/Investments

M&A

On October 27, 2025, Talen Energy Supply, LLC completed offerings of $1.40 billion in 6.250% senior notes due 2034 and $1.29 billion in 6.500% senior notes due 2036, totaling $2.69 billion.
The net proceeds from these offerings, along with a new $1.2 billion senior secured term loan B credit facility, are intended to fund the acquisitions of the 1,045 MW Freedom Energy Center and the 1,836 MW Guernsey Power Station.
The company is obligated to redeem specific amounts of the notes if one or both acquisitions are not completed by July 17, 2026, or potentially by January 17, 2027.

Oct 27, 2025, 8:05 PM

Press Release

Talen Energy and Eos Energy Announce Strategic Collaboration

TLN

New Projects/Investments

Talen Energy Corporation and Eos Energy Enterprises, Inc. have announced a strategic collaboration to develop energy storage capacity across Pennsylvania.
This partnership aims to meet the state's growing demand and support artificial intelligence (AI) infrastructure.
The collaboration will leverage Eos’ American-made Z3 battery technology and Talen’s extensive generation portfolio to enhance grid reliability and unlock greater capacity utilization.
The companies plan to jointly identify and develop multiple gigawatt-hours (GWh) of capacity at Talen’s existing assets, including potential sites at or near operating plants and retired fossil fuel plants in Pennsylvania.

Oct 21, 2025, 12:20 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Talen Energy.

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