NRG Energy (NRG) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 30, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

2.6

Last Year’s EPS

2.68

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 9 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 24, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong, broad-based operational and financial momentum: record 2025 results, a successful LS Power close that materially expands and rebalances generation capacity, reaffirmed 2026 guidance, and an ambitious but de-risked multi-year growth and capital return plan. Key challenges include segment-specific EBITDA declines, one-time integration costs, sensitivity to weather and market prices, regulatory timing in PJM, and analyst concern about long-lived gas asset economics versus contract lengths. On balance the positives — meaningful earnings and cash-flow upside, accretive acquisition integration, clear capital allocation, and concrete pathways to serve growing data-center demand — materially outweigh the manageable risks called out on the call.

Company Guidance

NRG reaffirmed its 2026 guidance (reflecting 11 months of LS Power) and rolled forward its long‑term outlook after record 2025 results—adjusted EPS $8.24, adjusted EBITDA $4.087B and free cash flow before growth (FCFbG) $2.21B ($11.63/share), returning $1.6B to shareholders and raising the dividend 8%. For 2026 management reiterated midpoints of adjusted EBITDA $5.575B, adjusted net income $1.9B, adjusted EPS $8.90 and FCFbG $3.05B, with $3.05B cash available for allocation, ~ $1B of planned debt paydown, $123M of one‑time integration costs, at least $1.4B to be returned to shareholders and $310M allocated to growth. The company continues to target ≥14% annual growth in adjusted EPS and FCFbG per share from 2026–2030 (forecasting adjusted EPS >$14 and FCFbG >$22/share by 2030) assuming flat power and capacity prices (PGM capacity cap assumed at $325/MW‑day for the next two auctions), and projects $18.3B total capital available through 2030 with $13.2B of return of capital (≈$11B buybacks + $2.2B dividends) and $2.9B of debt reduction to reach ~3x net debt/EBITDA. Management also highlighted LS Power’s immediate contribution—generation doubled to ~25GW (18 natural gas assets, >75% gas), 445MW of signed long‑term data center PPAs, 5.4GW reserved via GEV/Kiewit plus ~1GW uprate potential—and reiterated the ability to support >6GW of BYOP deals that could add >$2.5B of recurring adjusted EBITDA on up to 20‑year contracts and a target of at least 1GW of signed BYOP in 2026.

Record 2025 Financial Performance

Full-year 2025 adjusted EPS of $8.24 (+21% YoY) and adjusted EBITDA of $4.087 billion (+8% YoY), both above the high end of raised guidance; adjusted net income of $1.606 billion; free cash flow before growth (FCFbG) of $2.21 billion ($11.63 per share), up 7% YoY.

Raised and Reaffirmed Multi-Year Growth Target

Rolled forward long-term outlook and reiterated a target of at least 14% annual growth in adjusted EPS and FCFbG per share from 2026 through 2030, while forecasting adjusted EPS > $14 and FCFbG > $22 per share by 2030 (assumes flat power and capacity prices).

Successful Close and Integration of LS Power Assets

Closed LS Power at end of January; generation fleet doubled to ~25 GW (about 100% increase) and now ~75% natural gas; LS Power integration already exceeding underwriting assumptions and is immediately accretive with favorable capacity and energy pricing and 100% bonus depreciation enhancing after-tax returns.

Strong 2026 Guidance and Near-Term Cash Profile

Reaffirmed 2026 guidance midpoints including adjusted EBITDA $5.575 billion, adjusted net income $1.9 billion, adjusted EPS $8.90, and FCFbG $3.05 billion (includes 11 months of LS Power contributions).

Robust Capital Return and Allocation Plan

Returned $1.6 billion to shareholders in 2025 and increased the dividend 8% (sixth consecutive increase); 2026 plan to return at least $1.4 billion; rolled forward 2026–2030 capital allocation totaling $18.3 billion available with $13.2 billion allocated to return of capital (including $11 billion share repurchases and $2.2 billion dividends).

Operational and Safety Achievements

Achieved top-decile safety performance for the 10th consecutive year; Texas fleet delivered 97% in-the-money availability during Winter Storm Fern, reflecting recent plant investments and operational readiness.

Growth in Customer Contracts and Platforms

Signed 445 MW of long-term data center PPAs; secured Texas Energy Fund loans for 1.5 GW of new capacity (construction on budget/schedule); launched Texas residential virtual power plant (VPP) and ended year at nearly 10x original objective; Smart Home business generated record adjusted EBITDA of $1.092 billion driven by record new customer adds and high retention.

Visible Opportunity to Support Large Data Center Demand

Company can support more than 6 GW of long-term power agreements (including 5.4 GW via GEV/Kiewit and ~1 GW upgrade potential from LS assets), representing potential upside of ~ $2.5 billion recurring annual adjusted EBITDA under certain contracting scenarios.

NRG Energy (NRG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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NRG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2026	2026 (Q1)	2.60 / -	2.68	―	―	―
Feb 24, 2026	2025 (Q4)	0.98 / 1.03	1.52	-32.24% (-0.49)
Nov 06, 2025	2025 (Q3)	2.14 / 2.78	-3.79	173.35% (+6.57)
Aug 06, 2025	2025 (Q2)	1.74 / 1.68	3.47	-51.59% (-1.79)
May 12, 2025	2025 (Q1)	1.71 / 2.68	2.31	16.02% (+0.37)
Feb 26, 2025	2024 (Q4)	2.00 / 1.52	2.239	-32.11% (-0.72)
Nov 08, 2024	2024 (Q3)	1.95 / -3.79	1.203	-415.05% (-4.99)
Aug 08, 2024	2024 (Q2)	1.55 / 3.47	1.056	228.60% (+2.41)
May 07, 2024	2024 (Q1)	0.66 / 2.31	-6.672	134.62% (+8.98)
Feb 28, 2024	2023 (Q4)	4.97 / 2.24	0.91	146.04% (+1.33)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NRG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 24, 2026	$176.52	$184.03	+4.25%
Nov 06, 2025	$172.65	$169.57	-1.78%
Aug 06, 2025	$170.99	$147.72	-13.61%
May 12, 2025	$118.34	$149.36	+26.21%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Nrg Energy (NRG) report earnings?

Nrg Energy (NRG) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).

What is Nrg Energy (NRG) earnings time?

Nrg Energy (NRG) earnings time is at Apr 30, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

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What is NRG EPS forecast?

NRG EPS forecast for the fiscal quarter 2026 (Q1) is 2.6.