Operating margins remain under pressure, evidenced by a -46.0% net margin in 2026Q1, as high depreciation and amortization expenses consistently exceed $200 million per quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Revenue | 1.49B | 1.43B | 1.37B | 1.31B | 1.19B | 1.29B | 1.2B | 1.03B | 1.05B | 1.01B | 1.02B | 953M | 689M | 313M | 175M | 164M |
| Revenue Growth % | 5.62% | 4.23% | 4.34% | 10.42% | -7.46% | 7.26% | 16.18% | -1.99% | 4.36% | -1.18% | 7.14% | 38.32% | 120.13% | 78.86% | 6.71% | - |
| Cost of Revenue | 722M | 1.21B | 501M | 473M | 435M | 451M | 366M | 337M | 332M | 326M | 306M | 321M | 239M | 127M | 106M | 103M |
| Gross Profit | 763M | 217M | 870M | 841M | 755M | 835M | 833M | 695M | 721M | 683M | 715M | 632M | 450M | 186M | 69M | 61M |
| Gross Margin % | 51.38% | 15.19% | 63.46% | 64% | 63.45% | 64.93% | 69.47% | 67.34% | 68.47% | 67.69% | 70.03% | 66.32% | 65.31% | 59.42% | 39.43% | 37.2% |
| Gross Profit Growth % | - | -75.06% | 3.45% | 11.39% | -9.58% | 0.24% | 19.86% | -3.61% | 5.56% | -4.48% | 13.13% | 40.44% | 141.94% | 169.57% | 13.11% | - |
| Operating Expenses | 568M | 41M | 674M | 578M | -715M | 568M | 500M | 471M | 354M | 353M | 313M | 309M | 174M | 58M | 38M | 33M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 1.09B | 1.06B | 1B | 974M | 2.15B | 922M | 851M | 696M | 748M | 687M | 597M | 673M | 465M | 180M | 56M | 51M |
| EBITDA Margin % | 73.6% | 74.25% | 73.3% | 74.12% | 181.01% | 71.7% | 70.98% | 67.44% | 71.04% | 68.09% | 58.47% | 70.62% | 67.49% | 57.51% | 32% | 31.1% |
| EBITDA Growth % | 4.79% | 5.57% | 3.18% | -54.78% | 133.62% | 8.34% | 22.27% | -6.95% | 8.88% | 15.08% | -11.29% | 44.73% | 158.33% | 221.43% | 9.8% | - |
| Depreciation & Amortization | 898M | 885M | 809M | 711M | 684M | 655M | 518M | 472M | 401M | 404M | 379M | 353M | 193M | 52M | 25M | 23M |
| D&A / Revenue % | 60.47% | 61.93% | 59.01% | 54.11% | 57.48% | 50.93% | 43.2% | 45.74% | 38.08% | 40.04% | 37.12% | 37.04% | 28.01% | 16.61% | 14.29% | 14.02% |
| Operating Income (EBIT) | 195M | 176M | 196M | 263M | 1.47B | 267M | 333M | 224M | 347M | 283M | 218M | 320M | 272M | 128M | 31M | 28M |
| Operating Margin % | 13.13% | 12.32% | 14.3% | 20.02% | 123.53% | 20.76% | 27.77% | 21.71% | 32.95% | 28.05% | 21.35% | 33.58% | 39.48% | 40.89% | 17.71% | 17.07% |
| Operating Income Growth % | - | -10.2% | -25.48% | -82.11% | 450.56% | -19.82% | 48.66% | -35.45% | 22.61% | 29.82% | -31.87% | 17.65% | 112.5% | 312.9% | 10.71% | - |
| Interest Expense | 4M | 387M | 307M | 337M | 232M | 312M | 415M | 404M | 306M | 306M | 284M | 267M | 216M | 35M | 28M | 19M |
| Interest Coverage | - | 0.55x | 0.89x | 0.95x | 6.53x | 0.80x | 0.87x | 0.74x | 1.38x | 1.16x | 1.00x | 1.39x | 1.52x | 4.34x | 1.79x | 2.37x |
| Interest / Revenue % | 0.27% | 27.08% | 22.39% | 25.65% | 19.5% | 24.26% | 34.61% | 39.15% | 29.06% | 30.33% | 27.82% | 28.02% | 31.35% | 11.18% | 16% | 11.59% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | -141M | -175M | -33M | -16M | 1.28B | -63M | -54M | -104M | 116M | 49M | -16M | 77M | 116M | 117M | 23M | 24M |
| Pretax Margin % | -9.49% | -12.25% | -2.41% | -1.22% | 107.73% | -4.9% | -4.5% | -10.08% | 11.02% | 4.86% | -1.57% | 8.08% | 16.84% | 37.38% | 13.14% | 14.63% |
| Income Tax | 54M | 56M | 30M | -2M | 222M | 12M | 8M | -8M | 62M | 72M | -1M | 12M | 4M | 8M | 10M | 9M |
| Effective Tax Rate % | -38.3% | -32% | -90.91% | 12.5% | 17.32% | -19.05% | -14.81% | 7.69% | 53.45% | 146.94% | 6.25% | 15.58% | 3.45% | 6.84% | 43.48% | 37.5% |
| Net Income | 2M | 169M | 88M | 79M | 582M | 51M | 25M | -11M | 48M | -16M | 57M | 33M | 16M | 13M | 13M | 15M |
| Net Margin % | 0.13% | 11.83% | 6.42% | 6.01% | 48.91% | 3.97% | 2.09% | -1.07% | 4.56% | -1.59% | 5.58% | 3.46% | 2.32% | 4.15% | 7.43% | 9.15% |
| Net Income Growth % | -97.87% | 92.05% | 11.39% | -86.43% | 1041.18% | 104% | 327.27% | -122.92% | 400% | -128.07% | 72.73% | 106.25% | 23.08% | 0% | -13.33% | - |
| EPS (Diluted) | 0.02 | 1.42 | 0.75 | 0.67 | 4.99 | 0.44 | 0.22 | -0.10 | 0.46 | -0.16 | 0.58 | 0.40 | 0.29 | 0.28 | 0.18 | 0.23 |
| EPS Growth % | -94.97% | 89.33% | 11.94% | -86.57% | 1034.09% | 100% | 320% | -121.74% | 387.5% | -127.59% | 45% | 37.93% | 3.57% | 55.56% | -21.74% | - |
| EPS (Basic) | - | 1.42 | 0.75 | 0.67 | 4.99 | 0.44 | 0.22 | -0.10 | 0.46 | -0.16 | 0.58 | 0.40 | 0.29 | 0.28 | 0.18 | 0.23 |
| Diluted Shares Outstanding | 119M | 119M | 118M | 117M | 117M | 117M | 116M | 109M | 104M | 99M | 98M | 84M | 56M | 46M | 65.25M | 65.25M |
High volatility in net income driven by non-cash accounting adjustments and seasonal resource variance.
As reported in recent financial filings, Clearway Energy's revenue growth has exhibited significant quarterly variance, ranging from a 31% increase in 2024Q3 to a 11.7% contraction in 2025Q3, suggesting that top-line performance is heavily influenced by seasonal resource availability rather than consistent, organic rate base expansion.
The revenue trajectory appears highly sensitive to wind and solar irradiation levels, which complicates the assessment of long-term growth durability. Investors should monitor whether the current revenue fluctuations are merely timing differences or if they indicate a structural shift in the firm's ability to capture value from its PPA-backed portfolio.
Based on the company's reported figures, net income has experienced extreme volatility, including a $163 million loss in 2026Q1, which suggests that GAAP earnings are heavily distorted by non-cash items such as HLBV accounting and the amortization of intangible assets related to historical business combinations.
The wide gap between operating income and net income implies that traditional margin analysis may be misleading for this entity. Analysts should prioritize Cash Available for Distribution (CAFD) over GAAP net income to better understand the underlying earnings power of the renewable and conventional generation assets.
According to the income statement data, depreciation and amortization expenses consistently exceed $200 million per quarter, which appears to be the primary driver of the compressed operating margins that dipped as low as -14.5% in 2024Q4, reflecting the capital-intensive nature of the renewable fleet.
The high fixed-cost structure suggests that the company lacks the operational leverage typically seen in traditional utilities, as maintenance and depreciation costs remain elevated regardless of revenue fluctuations. This cost profile may create working capital strain if revenue growth fails to outpace the rising costs of fleet maintenance.
As indicated by the reported EPS figures, which swung from a $2.00 gain in 2025Q3 to a $1.37 loss in 2026Q1, the company's earnings quality appears highly susceptible to non-recurring accounting adjustments that obscure the core regulated earnings power of the underlying generation assets.
The extreme EPS volatility warrants further investigation into the specific tax-equity partnership structures that drive these fluctuations. Investors should be cautious about relying on headline EPS as a proxy for sustainable dividend-paying capacity, given the potential for significant non-cash impacts on the bottom line.
Based on the provided financial data, the persistent level of depreciation and amortization relative to revenue suggests that the current CAPEX cycle is heavily focused on maintaining existing assets rather than driving significant incremental earnings growth, potentially limiting the company's ability to expand margins over time.
The relationship between capital expenditure and earnings growth appears strained, as the company must continuously reinvest to preserve its asset base. This suggests that future growth may be dependent on external acquisitions from the sponsor pipeline rather than organic improvements in the existing portfolio's profitability.
As noted in historical financial statements, the 2022 divestiture of the Thermal business represents a critical inflection point that shifted the company's profile toward a pure-play renewable and gas-firming model, fundamentally altering the risk and return characteristics of the consolidated income statement.
This strategic shift appears to have been intended to recycle capital into higher-growth areas, yet the subsequent volatility in net income suggests that the transition has introduced new complexities. The market's interpretation of this shift remains a key factor in the company's valuation relative to its peers.
Based on an analysis of the reported figures, the income statement may be masking long-term liabilities such as future decommissioning costs for aging wind and solar assets, which are not yet fully reflected in the current P&L but could compress future margins significantly.
The reliance on sponsor-led drop-down acquisitions may also hide the true cost of growth, as the pricing of these assets is not always transparent. Investors should monitor whether the current dividend payout is sustainable without continued access to capital markets, given the potential for rising O&M costs.
Quick answers to the most common questions about buying CWEN stock.
For fiscal year 2025, Clearway Energy, Inc. (CWEN) reported total revenue of $1.43B. This represents a 771.3% increase compared to $164.0M in 2011.
Clearway Energy, Inc. (CWEN) is profitable, generating $169.0M in net income for the fiscal year ending 2025 with a net profit margin of 11.8%.
Clearway Energy, Inc. (CWEN) reported an operating income of $176.0M, resulting in an operating profit margin of 12.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Clearway Energy, Inc. (CWEN) generated $217.0M in gross profit for the year, representing a gross profit margin of 15.2%. This demonstrates the company's core pricing power and production efficiency.