NRG Energy Inc
nrg.comWhat Do They Do?
Sells electricity and natural gas to households, businesses and wholesale buyers, and smart-home products and services to households.
10-K for FY2025, filed Feb 24, 2026
How Do They Make Money?
In East, NRG earns from energy delivered to retail customers and from capacity made available to wholesale buyers. Retail energy is billed as customers take the product; capacity is billed for availability, while Vivint service fees are due monthly in advance and product fees at sale.
10-K for FY2025, filed Feb 24, 2026Gross revenues for energy sales and services to retail customers are recognized as the Company transfers the promised goods and services to…View ↗
Vivint Smart Home offers its customers combinations of smart home products and services, which together create an integrated smart home…View ↗
The Company's largest sources of capacity revenues are capacity auctions in PJM and NYISO. Capacity revenues also include revenues billed…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by reportable segment ↗
$30.7B
-
10-K for FY2025, filed Feb 24, 2026
$30.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Texas
Usage-based
10-K for FY2025, filed Feb 24, 2026 |
36%
FY2022: 32%
|
Texas, FY2025
$11.1B Sources
|
Usage-based |
|
East
Recurring
10-K for FY2025, filed Feb 24, 2026 |
46%
FY2022: 53%
|
East, FY2025
$14.3B Sources
|
Recurring |
|
West/Other
Usage-based
10-K for FY2025, filed Feb 24, 2026 |
10%
FY2022: 15%
|
West/Other, FY2025
$3.2B Sources
|
Usage-based |
|
Vivint Smart Home
Mix
|
7.0% |
Vivint Smart Home, FY2025
$2.1B Sources
|
Mix |
Who Are Their Customers?
Households and business customers buy energy through NRG's direct sales, websites, call centers, brokers and other sales channels; some East-region retail sales go through municipal aggregations. Utilities and other intermediaries buy wholesale power.
10-K for FY2025, filed Feb 24, 2026Customer Operations is responsible for growing and retaining the customer base and delivering an outstanding customer experience. This…View ↗
While most of the states in the East region of the U.S. have introduced some level of retail consumer choice for electricity and/or natural…View ↗
NRG sells to a wide variety of customers, primarily end-use customers in the residential, commercial and industrial, and wholesale sectors.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$1.8BView ↗
10-K for FY2025, filed Feb 24, 2026
$864MView ↗
10-K for FY2025, filed Feb 24, 2026
$766MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$506MView ↗
- ▲ Now profitable
- vs −$104M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
-
Aug 4, 2026
Reaffirmed 2026 guidance and advanced a proposed data-center power project
NRG aligned on principal terms with a cloud and AI company for a Texas generation project, subject to final documents and approvals.
Sources
8-K, filed Aug 4, 2026
NRG Energy Reports Second Quarter 2026 Results and Reaffirms 2026 Financial GuidanceView ↗
Growing. Revenue grew 14% in 4 years, from $27B in FY2021 to $30.7B in FY2025, about 3% a year.
Smart home becomes a separate segment
NRG's earlier report described the Vivint purchase as planned and grouped services businesses within West/Services/Other; the latest report calls smart home a core business and reports Vivint Smart Home separately.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 24, 2026
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