NRG Energy (NRG): financials, SEC filings and peers
NRG Energy (NRG) is an independent power producers & energy traders company in the Utilities sector of the S&P 500, headquartered in Houston, Texas.
It was founded in 1992 and joined the S&P 500 on January 29, 2010.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Electric Services”.
NRG Energy at a glance
- Revenue (12 months)
- $35.0B
- Revenue growth
- +17.4%
- Operating margin
- 7.7%
- Net income (12 months)
- $1.3B
- Free cash flow (12 months)
- $689M
- Cash
- $148M
- Debt
- $23.1B
- Diluted EPS (12 months)
- $5.71
Twelve months to September 30, 2026, from the 10-Q filed November 9, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, NRG Energy reported revenue of $35.0 billion, up 17.4% from a year earlier.
Its operating margin was 7.7%: for every $100 of sales, about $8 was left as operating profit.
Net income was $1.3 billion (3.6% of revenue), 12.7% lower than a year earlier.
Profit fell while sales grew, which usually points to higher costs, heavier investment or one-time items. The filings explain which.
Operating cash flow was $2.2 billion and capital spending $1.5 billion, leaving free cash flow of $689 million (2.0% of revenue).
At the end of the period it held $148 million in cash and $23.1 billion in debt, a net debt position of $22.9 billion.
The diluted share count rose 7.7% in a year, which dilutes existing shareholders.
Five-year trend
- Revenue went from $9.1 billion in fiscal 2020 to $30.7 billion in fiscal 2025, about 27.6% a year.
- Operating margin narrowed from 12.2% to 6.0% over the same years.
- Free cash flow was negative in 2 of the last 6 fiscal years.
- NRG Energy reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27.0B | $31.5B | $28.8B | $28.1B | $30.7B |
| Revenue growth | 196.8% | 16.9% | -8.6% | -2.4% | 9.2% |
| Operating margin | 12.4% | 6.4% | 1.3% | 8.6% | 6.0% |
| Net income | $2.2B | $1.2B | −$202M | $1.1B | $864M |
| Free cash flow | $224M | −$7M | −$819M | $1.8B | $766M |
| Diluted EPS | $8.93 | $5.17 | $-1.12 | $4.99 | $4.01 |
Fiscal years as reported in NRG Energy’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed November 9, 2026 — quarterly report
- 8-K filed November 9, 2026 — Regulation FD disclosure
- 8-K filed November 9, 2026 — Earnings results
- 10-Q filed August 4, 2026 — quarterly report
- 8-K filed August 4, 2026 — Earnings results
- 8-K filed July 15, 2026 — Other event
- 8-K filed May 21, 2026 — Executive or director change; Regulation FD disclosure
- 10-Q filed May 6, 2026 — quarterly report
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Questions about NRG Energy
Is NRG Energy's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $35.0 billion, up 17.4% from a year earlier, according to its SEC filings.
Is NRG Energy profitable?
Yes. It earned $1.3 billion in net income over the twelve months to September 30, 2026, a net margin of 3.6%.
Does NRG Energy have more cash or more debt?
At September 30, 2026 it had $148 million in cash and $23.1 billion in debt, so more debt than cash.
When did NRG Energy last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 9, 2026.
Which companies are similar to NRG Energy?
In the S&P 500, NRG Energy is grouped in Independent Power Producers & Energy Traders within the Utilities sector. AES Corporation (AES) are in the same group.
Understand the numbers
Source: NRG Energy’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.