NRG ENERGY, INC. (NRG) Form 10-Q — Aug 4, 2026

$NRGForm 10-QFiled Aug 4, 2026, 3:38 PM ET0001013871-26-000020Original filing

NRG Energy's Q2 2026 revenue rose 11% year over year to $7,481 million, and the company swung to net income of $506 million ($2.31 diluted EPS) from a $104 million loss in Q2 2025. Operating income reached $976 million versus roughly break-even a year earlier. The quarter reflects the first full periods of the LSP Portfolio acquired from LS Power on January 30, 2026 for $10.583 billion in cash and stock. The 18-plant, ~13 GW natural gas fleet plus the CPower demand response platform contributed $590 million of revenue and $12 million of pre-tax income in the quarter, and purchase accounting remains provisional with $3.8 billion of goodwill allocated.

Key figures

Eps: $2.31 diluted / $2.32 basic (Q2 2026) vs $(0.62) year-ago
Revenue: $7,481M (Q2 2026; $17,737M for six months)
Guidance: Targets 7%-9% annual dividend growth per share; annual dividend raised to $1.90 from $1.76
Net Income: $506M (Q2 2026) vs $(104)M (Q2 2025); $631M six months vs $646M year-ago
Total Debt: $23,256M carrying value ($1,512M current + $21,744M long-term) vs $16,443M at Dec 31, 2025
Revenue Yoy: +11.0% Q2 YoY (vs $6,740M); +15.7% six-month YoY (vs $15,325M)
Total Assets: $39,940M (vs $29,140M at Dec 31, 2025)
Cash Position: $162M at June 30, 2026 (vs $4,708M at Dec 31, 2025)
Shares Outstanding: 210210483
Lsp goodwill: $3,802M preliminary
Capex h1 2026: $655M
Quarterly dividend: $0.475/share declared July 22, 2026, payable Aug 17, 2026
Generation capacity: ~25 GW including ~13 GW LSP Portfolio
Interest expense q2: $310M (vs $148M Q2 2025)
Effective tax rate q2: 23.7%
Acquired ls power debt: $3.2B principal (7.250% notes/term loan; $1.495B notes tendered for $1.6B)
Operating cash flow h1: $948M (vs $1,306M H1 2025)
Senior notes outstanding: $12.0B
Net counterparty exposure: $1.1B
Share repurchases h1 2026: $931M paid including excise tax; $628M used under new $3.0B authorization through July 31, 2026
Lsp income before taxes q2: $12M
Lsp q2 revenue contribution: $590M ($1,071M six months)
First lien notes outstanding: $3.9B
Lsp acquisition consideration: $10,583M total ($6,855M cash incl. $483M adjustments + 24,250,000 shares valued $3,728M at $153.72)

Price after filing

1 day: +3.4%7 days: -10.6%30 days: -17.1%

Close on the filing date to close N calendar days later (from $133.97). Historical, not a forecast.

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