NRG Energy (NRG) FY2025 10-K Annual Report
NRG Energy (NRG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NRG Energy FY2025 10-K Analysis
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)
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
NRG Energy FY2025 Key Financial MetricsXBRL
Revenue
$30.3B
▲ +9.4% YoY
Net Income
$864M
▼ -23.2% YoY
Operating Margin
6.1%
▼ -266bp YoY
Net Margin
2.8%
▼ -121bp YoY
ROE
51.4%
▲ +600bp YoY
Total Assets
$29.1B
▲ +21.3% YoY
EPS (Diluted)
$4.01
▼ -19.6% YoY
Operating Cash Flow
$1.9B
▼ -17.0% YoY
Source: XBRL data from NRG Energy FY2025 10-K filing on SEC EDGAR. All figures in USD.
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