Short answer
NRG Energy (NRG) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $30.3B (+9.4% year over year) and net income of $864M.
- Top risk flagged: LSP Portfolio acquisition (Jan 2026) added ~$9.6B total consideration plus $3.2B assumed debt, pushing NRG to sub-investment-grade BB/Ba1 ratings
FY2025 key financial metrics · XBRL
- Revenue
- $30.3B
- +9.4% YoY
- Net income
- $864M
- −23.2% YoY
- Operating margin
- 6.1%
- −2.7 pp YoY
- EPS (diluted)
- $4.01
- −19.6% YoY
- ROE
- 51.4%
- +6.0 pp YoY
- Operating cash flow
- $1.9B
- −17.0% YoY
Source: XBRL data from the NRG Energy (NRG) FY2025 10-K on SEC EDGAR. USD.
NRG Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Section 'business' was empty or not found.
Management Discussion & Analysis
- Revenue $30.7B in 2025, up $2.6B (+9.2% YoY) from $28.1B; retail revenue led at $29.5B vs $27.1B
- Operating income $1.85B vs $2.42B in 2024; operating margin 6.0% vs 8.6%: decline driven by higher purchased energy costs (+$1.8B) and SG&A (+$257M)
- Best segment: East economic gross margin $2.1B vs $2.0B; worst: West/Other economic gross margin fell $198M YoY driven by Cottonwood lease expiration and Services business dispositions
- Operating cash flow $1.9B vs $2.3B; capex $1.4B total; $1.3B share repurchases at avg $129.23/share; dividends $350M at $1.76/share; new $3.0B buyback authorized through 2028
- Post-period LSP Portfolio acquisition ($6.4B cash + 24.25M shares + $3.2B assumed debt) doubles generation to ~25 GW; 5.4 GW new gas-fired development planned with GE Vernova; tariff and affordability pressures flagged as emerging risks
Risk Factors
- LSP Portfolio acquisition (Jan 2026) added ~$9.6B total consideration plus $3.2B assumed debt, pushing NRG to sub-investment-grade BB/Ba1 ratings
- Natural gas price spike 51% YoY to $3.43/MMBtu at Henry Hub creates retail margin lag risk on term/month-to-month contracts
- ERCOT concentration risk: ~12 GW generation primarily Texas, peak demand forecast to surge from 86 GW (2024) to 139 GW (2030) straining infrastructure
- ELG (Effluent Limitations Guidelines) compliance driving ~$34M environmental capex 2026-2029 for coal units in Texas
- $16.6B total debt with $2.8B Revolving Credit Facility drawn post-LSP close; liquidity dropped from $9.6B (Dec 2025) to $3.0B (Jan 2026)
Generated from the filing text; verify against the original. How to read a 10-K
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