Operating margins contracted to 3.2% in 2026Q1, reflecting the difficulty of managing commodity price exposure within the company's retail-integrated business model.
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Revenue | 32.38B | 30.71B | 28.13B | 28.82B | 31.54B | 26.99B | 9.09B | 9.82B | 9.48B | 9.07B | 8.91B | 12.33B | 15.87B | 11.29B | 8.42B | 9.08B | 8.85B | 8.95B | 6.88B | 5.99B | 5.58B | 2.4B | 2.1B | 1.71B | 1.69B | 2.08B | 1.81B | 500.02M | 182.13M | 118.25M |
| Revenue Growth % | 10.57% | 9.17% | -2.4% | -8.62% | 16.87% | 196.81% | -7.41% | 3.62% | 4.45% | 1.78% | -27.68% | -22.31% | 40.49% | 34.11% | -7.24% | 2.6% | -1.15% | 30.02% | 14.96% | 7.23% | 132.71% | 14.07% | 23.04% | 1.3% | -19.04% | 15.18% | 262.01% | 174.54% | 54.02% | - |
| Cost of Revenue | 17.44B | 24B | 22.1B | 26.53B | 27.44B | 20.48B | 6.54B | 7.3B | 7.11B | 6.89B | 6.68B | 9B | 11.81B | 8.13B | 6.14B | 6.75B | 6.07B | 5.32B | 3.6B | 3.38B | 3.27B | 1.83B | 0 | 1.55B | 1.51B | 1.86B | 1.06B | 269.9M | 52.41M | 46.72M |
| Gross Profit | 4.69B | 6.71B | 6.03B | 2.3B | 4.1B | 6.51B | 2.55B | 2.52B | 2.37B | 2.19B | 2.24B | 3.33B | 4.06B | 3.17B | 2.28B | 2.33B | 2.78B | 3.63B | 3.29B | 2.61B | 2.32B | 571M | 2.1B | 567.24M | 770.6M | 1.15B | 750.01M | 230.12M | 129.72M | 71.53M |
| Gross Margin % | 14.47% | 21.85% | 21.44% | 7.97% | 13% | 24.11% | 28.08% | 25.64% | 25.01% | 24.11% | 25.11% | 27% | 25.59% | 28.02% | 27.1% | 25.71% | 31.37% | 40.54% | 47.74% | 43.6% | 41.54% | 23.79% | 100% | 33.17% | 45.65% | 55.3% | 41.43% | 46.02% | 71.22% | 60.49% |
| Gross Profit Growth % | - | 11.28% | 162.52% | -43.98% | -36.99% | 154.88% | 1.39% | 6.24% | 8.32% | -2.28% | -32.72% | -18.03% | 28.28% | 38.69% | -2.23% | -15.92% | -23.51% | 10.4% | 25.89% | 12.54% | 306.3% | -72.86% | 270.92% | -26.39% | -33.17% | 53.73% | 225.92% | 77.4% | 81.33% | - |
| Operating Expenses | 4.56B | 4.86B | 3.61B | 1.91B | 2.08B | 3.17B | 1.45B | 1.23B | 1.39B | 2.93B | 2.21B | 7.38B | 2.79B | 2.82B | 1.93B | 1.7B | 1.47B | 1.47B | 1.01B | 1.05B | 902M | 346M | 1.71B | -2.95B | 2.77B | -485.45M | 266.34M | 120.6M | 72.7M | 53.43M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.1B | 3.81B | 3.83B | 1.68B | 2.74B | 4.18B | 1.66B | 1.79B | 1.52B | -40M | 922M | -2.5B | 2.9B | 1.68B | 1.49B | 1.74B | 2.19B | 3.17B | 2.69B | 2.12B | 1.58B | 437M | 699M | 3.38B | -2.3B | 927.32M | 606.62M | 72.49M | 73.33M | 28.42M |
| EBITDA Margin % | 9.59% | 12.39% | 13.6% | 5.83% | 8.68% | 15.48% | 18.3% | 18.2% | 16.06% | -0.44% | 10.34% | -20.31% | 18.3% | 14.91% | 17.63% | 19.13% | 24.75% | 35.37% | 39.08% | 35.45% | 28.33% | 18.21% | 33.22% | 197.72% | -136.34% | 44.48% | 33.51% | 14.5% | 40.26% | 24.03% |
| EBITDA Growth % | -23.93% | -0.57% | 127.93% | -38.68% | -34.45% | 151.02% | -6.88% | 17.41% | 3905% | -104.34% | 136.82% | -186.23% | 72.45% | 13.4% | -14.51% | -20.68% | -30.83% | 17.65% | 26.75% | 34.2% | 262.01% | -37.48% | -79.33% | 246.91% | -348.18% | 52.87% | 736.78% | -1.14% | 158.04% | - |
| Depreciation & Amortization | 2.06B | 1.96B | 1.4B | 1.29B | 720M | 836M | 559M | 497M | 540M | 701M | 889M | 1.55B | 1.63B | 1.34B | 1.14B | 1.1B | 882M | 1.01B | 418M | 563M | 164M | 212M | 309M | 269.74M | 286.62M | 212.49M | 122.95M | -37.03M | 16.32M | 10.31M |
| D&A / Revenue % | 6.36% | 6.37% | 4.99% | 4.49% | 2.28% | 3.1% | 6.15% | 5.06% | 5.7% | 7.73% | 9.97% | 12.55% | 10.29% | 11.87% | 13.48% | 12.14% | 9.97% | 11.25% | 6.07% | 9.4% | 2.94% | 8.83% | 14.69% | 15.77% | 16.98% | 10.19% | 6.79% | -7.4% | 8.96% | 8.72% |
| Operating Income (EBIT) | 1.04B | 1.85B | 2.42B | 384M | 2.02B | 3.34B | 1.1B | 1.29B | 982M | -741M | 33M | -4.05B | 1.27B | 343M | 350M | 635M | 1.31B | 2.16B | 2.27B | 1.56B | 1.42B | 225M | 390M | 3.11B | -2.59B | 714.82M | 483.66M | 109.52M | 57.01M | 18.11M |
| Operating Margin % | 3.22% | 6.02% | 8.62% | 1.33% | 6.4% | 12.38% | 12.15% | 13.14% | 10.36% | -8.17% | 0.37% | -32.86% | 8.01% | 3.04% | 4.16% | 6.99% | 14.78% | 24.12% | 33.01% | 26.05% | 25.39% | 9.38% | 18.54% | 181.95% | -153.32% | 34.28% | 26.72% | 21.9% | 31.3% | 15.31% |
| Operating Income Growth % | - | -23.68% | 531.25% | -80.97% | -39.6% | 202.35% | -14.34% | 31.36% | 232.52% | -2345.45% | 100.81% | -418.73% | 270.55% | -2% | -44.88% | -51.45% | -39.42% | -5.02% | 45.71% | 10.01% | 530.22% | -42.31% | -87.47% | 220.22% | -462.05% | 47.79% | 341.62% | 92.1% | 214.83% | - |
| Interest Expense | 2M | 772M | 651M | 667M | 417M | 485M | 401M | 413M | 483M | 557M | 583M | 937M | 1.12B | 848M | 661M | 665M | 632M | 634M | 620M | 689M | 800M | 249M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.40x | 3.22x | 0.68x | 4.99x | 6.89x | 2.90x | 2.90x | 1.97x | -1.49x | -0.60x | -4.32x | 1.12x | 0.25x | 0.98x | 0.03x | 2.19x | 3.63x | 3.79x | 2.37x | 1.82x | 1.15x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.01% | 2.51% | 2.31% | 2.31% | 1.32% | 1.8% | 4.41% | 4.21% | 5.1% | 6.14% | 6.54% | 7.6% | 7.05% | 7.51% | 7.85% | 7.32% | 7.14% | 7.08% | 9.01% | 11.5% | 14.32% | 10.38% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -3M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 176M | 1.08B | 1.45B | -213M | 1.66B | 2.86B | 761M | 786M | 467M | -1.39B | -931M | -4.99B | 135M | -634M | -12M | -646M | 753M | 1.67B | 1.77B | 946M | 865M | 110M | 229M | 2.78B | -3.07B | 298.61M | 237.83M | 31.11M | 16.08M | -1.51M |
| Pretax Margin % | 0.54% | 3.51% | 5.15% | -0.74% | 5.27% | 10.59% | 8.37% | 8% | 4.93% | -15.31% | -10.44% | -40.44% | 0.85% | -5.61% | -0.14% | -7.12% | 8.51% | 18.64% | 25.65% | 15.8% | 15.49% | 4.58% | 10.88% | 162.41% | -182.05% | 14.32% | 13.14% | 6.22% | 8.83% | -1.28% |
| Income Tax | -63M | 214M | 323M | -11M | 442M | 672M | 251M | -3.33B | 7M | -44M | 25M | 1.34B | 3M | -282M | -327M | -843M | 277M | 728M | 713M | 377M | 322M | 42M | 74M | 15.97M | -165.38M | 33.4M | 86.9M | -26.08M | -25.65M | -23.49M |
| Effective Tax Rate % | -35.8% | 19.85% | 22.31% | 5.16% | 26.58% | 23.5% | 32.98% | -424.17% | 1.5% | 3.17% | -2.69% | -26.98% | 2.22% | 44.48% | 2725% | 130.5% | 36.79% | 43.62% | 40.37% | 39.85% | 37.23% | 38.18% | 32.31% | 0.58% | 5.38% | 11.19% | 36.54% | -83.82% | -159.56% | 1556.73% |
| Net Income | 239M | 864M | 1.13B | -202M | 1.22B | 2.19B | 510M | 4.44B | 268M | -2.15B | -774M | -6.38B | 134M | -386M | 295M | 197M | 477M | 942M | 1.23B | 586M | 621M | 84M | 186M | 2.78B | -3.46B | 265M | 182.94M | 57.2M | 41.73M | 21.98M |
| Net Margin % | 0.74% | 2.81% | 4% | -0.7% | 3.87% | 8.1% | 5.61% | 45.19% | 2.83% | -23.73% | -8.68% | -51.77% | 0.84% | -3.42% | 3.5% | 2.17% | 5.39% | 10.52% | 17.79% | 9.78% | 11.12% | 3.5% | 8.84% | 162.4% | -205.21% | 12.71% | 10.11% | 11.44% | 22.91% | 18.59% |
| Net Income Growth % | -82.48% | -23.2% | 656.93% | -116.54% | -44.17% | 328.82% | -88.51% | 1555.97% | 112.45% | -178.17% | 87.87% | -4862.69% | 134.72% | -230.85% | 49.75% | -58.7% | -49.36% | -23.1% | 109.04% | -5.64% | 639.29% | -54.84% | -93.3% | 180.17% | -1407.17% | 44.86% | 219.84% | 37.05% | 89.85% | - |
| EPS (Diluted) | 1.15 | 4.01 | 4.99 | -1.12 | 5.17 | 8.93 | 2.07 | 16.81 | 0.87 | -6.79 | -2.22 | -19.46 | 0.23 | -1.22 | 1.22 | 0.78 | 1.84 | 3.44 | 4.43 | 2.01 | 2.04 | 0.38 | 0.93 | 6.98 | -8.71 | 0.67 | 0.46 | 0.19 | 0.14 | 0.07 |
| EPS Growth % | -86.27% | -19.64% | 545.54% | -121.66% | -42.11% | 331.4% | -87.69% | 1832.18% | 112.81% | -205.86% | 88.59% | -8560.87% | 118.85% | -200% | 56.41% | -57.61% | -46.51% | -22.35% | 120.4% | -1.47% | 436.84% | -59.14% | -86.68% | 180.14% | -1400% | 45.65% | 142.11% | 34.41% | 89.85% | - |
| EPS (Basic) | - | 4.09 | 5.14 | -1.12 | 5.17 | 8.93 | 2.08 | 16.94 | 0.88 | -6.79 | -2.22 | -19.46 | 0.23 | -1.22 | 1.23 | 0.78 | 1.86 | 3.70 | 4.98 | 2.21 | 2.21 | 0.38 | 0.93 | 6.98 | -8.71 | 0.67 | 0.46 | 0.19 | 0.14 | 0.07 |
| Diluted Shares Outstanding | 208M | 199M | 212M | 228M | 236M | 245M | 246M | 264M | 308M | 317M | 316M | 329M | 339M | 323M | 234M | 241M | 254M | 271M | 275M | 288M | 301M | 171M | 201.08M | 200M | 397.21M | 390.9M | 324.48M | 295.21M | 295.21M | 295.21M |
High exposure to commodity volatility and ERCOT regulatory shifts
According to recent financial filings, NRG reported quarterly revenue of $10.3 billion in 2026Q1, representing a 19.5% growth rate, yet this top-line expansion appears heavily influenced by seasonal retail demand and commodity price fluctuations rather than consistent, durable growth in the underlying regulated rate base.
The revenue trajectory remains highly sensitive to weather-normalized volumetric trends in the Texas market, which complicates the assessment of long-term growth. Investors should monitor whether the recent revenue spike translates into sustainable earnings or if it is merely a reflection of pass-through commodity costs that fail to enhance long-term shareholder value.
As reported in financial statements, NRG's operating margin contracted to 3.2% in 2026Q1, highlighting the inherent difficulty in managing a high-variable cost structure where fuel and purchased power costs are not always perfectly offset by retail pricing adjustments during periods of extreme market volatility.
The reliance on wholesale power markets to satisfy retail obligations creates a structural mismatch that frequently pressures operating margins. This suggests that the company's ability to recover costs is subject to significant regulatory lag and market design risks within the ERCOT jurisdiction, potentially limiting earnings predictability.
Based on NRG's reported figures, EPS experienced a sharp decline to $0.52 in 2026Q1 from $3.61 in 2025Q1, illustrating that headline earnings are frequently distorted by non-recurring items and mark-to-market accounting adjustments on commodity hedges that do not reflect the core regulated earnings power of the business.
The wide swings in quarterly net income suggest that investors should focus on adjusted metrics to strip away the noise of derivative instruments. The current earnings profile appears heavily dependent on the timing of commodity settlements, which warrants further investigation into the sustainability of the company's dividend and buyback capacity.
Financial disclosures suggest that the aggressive pivot toward home services through the Vivint acquisition may be masking underlying operational challenges, as the company's interest coverage ratio dropped to 1.15 in 2026Q1, signaling potential strain on the balance sheet during periods of high interest rate sensitivity.
The income statement fails to fully capture the long-term decommissioning liabilities and the potential for regulatory pushback against current retail pricing models. Investors should remain skeptical of the 'sticky' nature of the new home services segment, as rising customer acquisition costs may eventually compress margins below historical levels.
Quick answers to the most common questions about buying NRG stock.
For fiscal year 2025, NRG Energy, Inc. (NRG) reported total revenue of $30.71B. This represents a 25870.0% increase compared to $118.3M in 1997.
NRG Energy, Inc. (NRG) is profitable, generating $864.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
NRG Energy, Inc. (NRG) reported an operating income of $1.85B, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
NRG Energy, Inc. (NRG) generated $6.71B in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.