NRG Energy, Inc. (NRG)

NRG Energy said on October 26, 2026 that it plans to report third-quarter results on Monday, November 9, 2026 7. Its board declared a quarterly dividend of $0.475 per share on October 19, payable November 16 6.

Franklin Templeton reported owning 15,516,801 NRG shares, or 7.4 percent of the class, as of September 30, 2026 11.

The newest results on file, for the quarter that ended June 30, 2026, show GAAP net income of $506 million, against a loss of $104 million a year earlier 1.

The company said the gain came from the assets bought from LS Power and higher capacity prices in the East, partly offset by milder weather and higher supply costs 1. Adjusted net income, which leaves out fair value changes on derivatives, was $315 million, $24 million lower than a year before 1.

On August 4 NRG also said it had agreed principal commercial terms with an unnamed hyperscaler for a 1.2 GW gas plant in Texas, still subject to final documents and approvals 1. POWER reported a build cost of $3.2 billion and a target of late 2029 9. The open question is whether that deal is signed and whether Texas data center reviews slow it 8.

Revenue was $9.09 billion in 2020 and $26.99 billion in 2021 4. The jump came from Direct Energy, bought on January 5, 2021, which the company said doubled the size of its retail portfolio and added over 3 million customers 4.

That year also brought Winter Storm Uri, whose pre-tax effect was a loss of $380 million after a recovery of $689 million of costs through a Texas securitization 4. On December 1, 2021, NRG sold about 4,850 MW of fossil plants in the East and West to Generation Bridge, an affiliate of ArcLight Capital Partners 4.

Revenue peaked at $31.54 billion in 2022 with net income of $1.22 billion, then fell to $28.82 billion in 2023 with a net loss of $202 million 5. In 2023 the cost of marking power hedges to market was $3,007 million, against a gain of $1,331 million in 2022, and a $1,578 million gain on asset sales helped offset it 5.

NRG sold its 44 percent interest in the South Texas Project nuclear plant on November 1, 2023 3. On March 10, 2023, it completed the purchase of Vivint Smart Home for $12 per share, about $2.6 billion in cash, which brought about two million subscribers 3.

In 2024 revenue was $28.13 billion and net income $1.13 billion; in 2025 revenue rose $2,583 million to $30.71 billion while net income fell to $864 million 3. Retail revenue rose $2,394 million, but the cost of operations rose $2,661 million, and hedge accounting swung from a $209 million gain to a $358 million cost 3.

The company's annual report ties part of that year's higher costs to natural gas: the average Henry Hub price rose 51 percent to $3.43 per MMBtu, and retail rates adjust with a lag 3. On April 10, 2025, NRG bought six Texas gas plants from Rockland Capital, adding 738 MW for $560 million 3.

On January 30, 2026, NRG closed the purchase of 18 gas and dual-fuel plants of about 13 GW across nine states, plus the CPower demand response business, from LS Power 2. It paid 24.25 million NRG shares and $6.4 billion in cash, funded by $4.4 billion of new notes and $2.5 billion drawn on its revolving credit line 2.

Lawrence Coben, chief executive and board chair, handed the chief executive role to Robert Gaudette, a 25-year NRG veteran, effective April 30, 2026 12. The first Texas Energy Fund plant, the 415 MW T.H. Wharton peaker, began commercial operation on May 26, 2026 1.

What NRG sells and where

NRG sells electricity, natural gas and smart home services to about 8 million residential customers, 6 million for energy and 2 million for smart home, plus large business, data center and wholesale buyers 2. It has four reported segments: Texas, East, West/Other and Vivint Smart Home 2.

Texas and East retail power

The company says it sold 154 TWhs of electricity and 1,857 MMDth of natural gas in 2025, and that its retail brands have the largest share of competitively served residential electric customers in Texas 3. Revenue in 2025 was $11,139 million in Texas and $14,263 million in the East 3.

Its home customer count ended 2025 at 5,632 thousand, with 2,860 thousand in Texas and 2,122 thousand in the East 3. In the second quarter of 2026, Texas adjusted EBITDA was $381 million, down $131 million, and East was $469 million, up $370 million 1.

The Texas drop came from higher supply costs, mild winter weather and the cost of new plants, according to the company 1. The East rise came from the LS Power plants, CPower and higher capacity prices 1.

Vivint Smart Home

Vivint sells smart home security and automation, with its own hardware, software, installation and professional monitoring, and ended 2025 with 2,419 thousand customers on a segment revenue of $2,144 million 3. Its second-quarter 2026 adjusted EBITDA was $301 million, $42 million higher, on more new customers and a higher monthly margin per customer 1.

SafeWise, which rates Vivint 4.5 out of 5, calls it "high-end security with a price to match" and lists monitoring from $24.99 per month with a 3-year contract 15. NerdWallet says its "custom home security systems are pricey, but its professional services are top-notch" 16.

Generation and the Texas Energy Fund

The 10-Q puts the fleet at about 25 GW of competitive generation, including about 13 GW from the LS Power portfolio 2. At the end of 2025, before that deal, the fleet was 13,824 MW rated, of which 9,523 MW was in Texas 3.

Its largest Texas plants are W.A. Parish, with 2,514 MW of coal and 1,118 MW of gas, Limestone, with 1,688 MW of coal, and Cedar Bayou, with 1,495 MW of gas 3. Powerton in Illinois, 1,538 MW of coal, is projected to close by December 31, 2029 to meet environmental rules 3.

Three Texas Energy Fund loans back new plants: T.H. Wharton at 415 MW, Cedar Bayou 5 at 689 MW and Greens Bayou 6 at 443 MW 2. The state loans carry a 3 percent rate, and T.H. Wharton qualified for a completion bonus grant of up to $54.72 million paid over ten annual installments 2.

CPower and demand response

CPower, bought with the LS Power assets, is a demand response platform that operates in all the country's deregulated energy markets and has more than 2,000 commercial and industrial customers 2. Demand response pays customers to cut power use at tight moments, and NRG groups it with the East segment 2.

People and workforce

Robert Gaudette is president and chief executive, and Bruce Chung is chief financial officer 8. NRG and its subsidiaries had 16,702 employees at the end of 2025, including 7,929 smart home direct sales and installation staff, who are largely seasonal 3.

Rivals

The annual report names kinds of rivals, not companies: incumbent utilities and other retail providers in retail power, regulated utilities, municipalities, cooperatives and other independent power producers in generation 3. In smart home it lists large technology firms selling do-it-yourself devices, security providers, and industrial and telecom companies 3.

Current problems

On May 15, 2026, a federal appeals court sided in part with a challenge by NRG's Green Mountain Energy to Maryland's retail energy law, but the price cap and billing rules remain in effect 2. Virginia's return to the Regional Greenhouse Gas Initiative will cost NRG about $70 million this year, its finance chief said 8.

Texas Governor Greg Abbott announced a pause on new data center grid connections the day before NRG's August 4, 2026 earnings call, and Utility Dive reported that ERCOT delayed its Batch Zero study in response 8. The CEO said on August 4 that he thought the company was "OK" 8.

The umbrella, in words

NRG sells under the brands NRG, Reliant, Direct Energy, Green Mountain Energy and Vivint 3. Exhibit 21.1 of the annual report lists its subsidiaries, among them Direct Energy, LP, Reliant Energy Retail Services, LLC, Green Mountain Energy Company and APX Group LLC 13.

NRG owns 37.5 percent of the Gladstone coal plant in Australia, 54.5 percent of the Ivanpah solar plant in California and 50 percent of the Midway-Sunset gas plant, as of the end of 2025 3. It sold its 44 percent South Texas Project stake on November 1, 2023 3.

The company leases its operating headquarters in Houston, its finance and commercial offices in Princeton, New Jersey, and its smart home offices in Provo and Lehi, Utah 3.

On control, the 2026 proxy statement shows Lightning Power Holdings, the LS Power group, with 24,250,000 shares, or 11.3 percent 12. That rests on a Schedule 13G filed on February 6, 2026, as of January 30, 2026 12. It lists Vanguard at 13.2 percent as of September 30, 2024 12.

It also lists BlackRock at 7.3 percent as of March 31, 2025, and Putnam at 7.1 percent as of December 31, 2023 12. State Street is at 6.5 percent as of December 31, 2023, and FMR at 6.8 percent as of September 30, 2025 12. Franklin Templeton's 7.4 percent, as of September 30, 2026, came later 11.

NRG reaffirmed its 2026 guidance on August 4 1. It gave adjusted net income of $1,685 million to $2,115 million and adjusted EPS of $7.90 to $9.90 1. Adjusted EBITDA is $5,325 million to $5,825 million, and free cash flow before growth investments $2,800 million to $3,300 million 1.

The company plans to return $1.0 billion through share repurchases and about $407 million through dividends in 2026, and has completed $932 million of repurchases through July 31 1. It targets annual dividend growth of 7 to 9 percent per share 2.

NRG plans to report third-quarter results on November 9, 2026, with a conference call and webcast that morning 7. The dividend of $0.475 per share is payable on November 16 to holders of record on November 2 6.

On Texas building, NRG says it plans 1.5 GW of new generation by mid-2028 through the Texas Energy Fund 1. Cedar Bayou 5 and Greens Bayou 6 are under construction, and the annual report expects both in mid-2028 3.

For the hyperscaler plant, NRG aims for operation in late 2029 and said it could double to 2.4 GW later 8. POWER reported a final investment decision still depends on internal approvals and remaining land matters 9.

A February 13, 2025 agreement with GE Vernova and Kiewit's subsidiary TIC covers up to 5.4 GW of new gas-fired combined cycle projects, with the first expected to start operating by the end of 2029 3. NRG also reserved slots for 3.6 GW of 7HA gas turbines 3.

In PJM, the regional grid operator, NRG cleared 6,839 MW at $325 per MW-day for the 2028-2029 delivery year, and expects about $811 million of capacity revenue from it 142. FERC accepted PJM's backstop procurement on September 29 but suspended it to an effective date of February 28, 2027 10.