Talen Energy Corporation (TLN) Balance Sheet

NASDAQ: TLNAssets, liabilities, debt and equity over 7 years.

TLN balance sheet, 2025

December 31, 2025 · U.S. dollars

$10.90B assets = $9.81B liabilities + $1.09B equity

Both columns are drawn to the same scale: what TLN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TLN financial health

Current ratio1.28

Adequate · current assets cover current liabilities 1.28×

Debt / equity6.24

High leverage · $6.24 of debt for each $1 of equity

Equity / assets10.0%

Thin equity · of assets funded by shareholders

Cash / debt11.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TLN balance sheet trends, 2014–2025

Talen Energy Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$13.91B2014	$10.90B2025	−4.0%/yr
Total liabilities	$8.53B2014	$9.81B2025	+2.4%/yr
Shareholders’ equity	$5.38B2014	$1.09B2025	−23.3%/yr
Cash & short-term investments	$2.21B2014	$752.0M2025	−16.4%/yr
Total debt	$4.11B2014	$6.82B2025	+8.8%/yr
Net cash (debt)	−$1.90B2014	−$6.07B2025	−$4.2B
Working capital	$300.0M2014	$299.0M2025	−$1.0M
Book value per share	$41.862014	$23.922025	−8.9%/yr
Current ratio	1.102014	1.282025	+0.19
Debt / equity	0.762014	6.242025	+5.48
Shares outstanding	128.5M2014	45.7M2025	−15.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TLN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TLN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TLN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TLN balance sheet

Talen Energy Corporation annual balance sheet
	2025	2024	2023	2022	2021	2015	2014
Assets
Cash & short-term investments	$752.0M	$329.0M	$400.0M	$988.0M	$276.0M	$809.0M	$2.21B
Cash & equivalents	$752.0M	$329.0M	$400.0M	$988.0M	$276.0M	$247.0M	$1.08B
Short-term investments	—	—	—	—	—	$562.0M	$1.13B
Receivables	$196.0M	$123.0M	$137.0M	$408.0M	$115.0M	$427.0M	$610.0M
Inventory	$278.0M	$302.0M	$375.0M	$457.0M	$403.0M	$508.0M	$555.0M
Other current assets	$123.0M	$286.0M	$642.0M	$2.41B	$2.00B	$1.02B	$75.0M
Total current assets	$1.35B	$1.04B	$1.55B	$4.26B	$2.80B	$2.76B	$3.45B
Property, plant & equipment (net)	$7.55B	$3.15B	$3.84B	$4.63B	$4.66B	$8.59B	$7.55B
Goodwill & intangible assets	$0	$5.0M	$1.0M	$73.0M	$80.0M	$310.0M	$1.32B
Long-term investments	$1.90B	$1.72B	$1.57B	$0	$0	$0	$0
Other non-current assets	$110.0M	$188.0M	$152.0M	$1.75B	$2.52B	$1.17B	$1.60B
Total assets	$10.90B	$6.11B	$7.12B	$10.72B	$10.05B	$12.83B	$13.91B
Liabilities
Accounts payable	$281.0M	$266.0M	$344.0M	$454.0M	$280.0M	$291.0M	$361.0M
Short-term debt	$39.0M	$17.0M	$9.0M	$1.86B	$1.01B	$1.01B	$1.22B
Deferred revenue	—	—	—	—	—	$44.0M	—
Total current liabilities	$1.05B	$455.0M	$486.0M	$4.86B	$3.51B	$2.09B	$3.15B
Long-term debt	$6.78B	$2.99B	$2.81B	$2.49B	$3.73B	$0	$0
Other long-term liabilities	$1.98B	$1.28B	$1.29B	$3.85B	$2.08B	$6.43B	$5.38B
Total liabilities	$9.81B	$4.72B	$4.59B	$11.20B	$9.32B	$8.52B	$8.53B
Shareholders' equity
Common stock & paid-in capital	—	—	—	−$573.0M	—	—	—
Retained earnings (deficit)	−$612.0M	−$326.0M	$134.0M	−$2.97B	—	−$373.0M	—
Accumulated other comprehensive income	−$4.0M	−$12.0M	−$23.0M	—	—	−$26.0M	—
Minority interest	$0	$0	$77.0M	$0	—	—	—
Total shareholders' equity	$1.09B	$1.39B	$2.46B	−$573.0M	$733.0M	$4.30B	$5.38B
Key figures
Total debt	$6.82B	$3.00B	$2.82B	$4.35B	$4.74B	$4.81B	$4.11B
Net cash (debt)	−$6.07B	−$2.67B	−$2.42B	−$3.36B	−$4.47B	−$4.00B	−$1.90B
Working capital	$299.0M	$585.0M	$1.07B	−$598.0M	−$707.0M	$674.0M	$300.0M
Tangible book value	$1.09B	$1.38B	$2.46B	−$646.0M	$653.0M	$3.99B	$4.06B
Book value per share	$23.92	$24.55	$41.62	−$12.74	$16.30	$39.15	$41.86
Shares outstanding	45.7M	56.5M	59.0M	45.0M	45.0M	109.9M	128.5M
Current ratio	1.28	2.29	3.20	0.88	0.80	1.32	1.10
Quick ratio	0.90	0.99	1.10	0.29	0.11	0.59	0.90
Debt / equity	6.24	2.17	1.15	—	6.47	1.12	0.76
Equity / assets	10.0%	22.7%	34.5%	−5.3%	7.3%	33.5%	38.7%

Talen Energy Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$231.0M	$1.03B	$752.0M	$497.0M	$122.0M	$295.0M	$328.0M	$648.0M	$632.0M	$597.0M	$400.0M	$764.0M
Cash & equivalents	$231.0M	$1.03B	$752.0M	$497.0M	$122.0M	$295.0M	$328.0M	$648.0M	$632.0M	$597.0M	$400.0M	$764.0M
Receivables	$294.0M	$158.0M	$196.0M	$180.0M	$226.0M	$100.0M	$123.0M	$97.0M	$151.0M	$45.0M	$137.0M	$168.0M
Inventory	$298.0M	$244.0M	$278.0M	$263.0M	$224.0M	$219.0M	$302.0M	$297.0M	$280.0M	$279.0M	$375.0M	$298.0M
Other current assets	$205.0M	$80.0M	$123.0M	$108.0M	$258.0M	$232.0M	$287.0M	$631.0M	$890.0M	$1.18B	$642.0M	$199.0M
Total current assets	$1.03B	$1.51B	$1.35B	$1.05B	$830.0M	$846.0M	$1.04B	$1.67B	$1.95B	$2.10B	$1.55B	$1.43B
Property, plant & equipment (net)	$11.93B	$7.50B	$7.55B	$3.08B	$3.09B	$3.14B	$3.15B	$3.23B	$3.25B	$3.36B	$3.84B	$3.85B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$1.0M	$59.0M	$0	$0
Long-term investments	$2.00B	$1.87B	$1.90B	$1.87B	$1.79B	$1.72B	$1.72B	$1.74B	$1.66B	$0	$0	$0
Other non-current assets	$115.0M	$116.0M	$110.0M	$104.0M	$118.0M	$164.0M	$188.0M	$210.0M	$220.0M	$1.75B	$1.73B	$1.62B
Total assets	$15.07B	$10.99B	$10.90B	$6.10B	$5.83B	$5.87B	$6.11B	$6.85B	$7.08B	$7.26B	$7.12B	$6.89B
Liabilities
Accounts payable	$347.0M	$248.0M	$281.0M	$192.0M	$226.0M	$203.0M	$266.0M	$210.0M	$212.0M	$177.0M	$344.0M	$289.0M
Short-term debt	$29.0M	$29.0M	$39.0M	$17.0M	$87.0M	$17.0M	$17.0M	$9.0M	$9.0M	$9.0M	$9.0M	$23.0M
Total current liabilities	$1.32B	$1.21B	$1.05B	$457.0M	$452.0M	$522.0M	$455.0M	$408.0M	$433.0M	$460.0M	$486.0M	$524.0M
Long-term debt	$9.54B	$6.78B	$6.78B	$2.97B	$2.97B	$2.98B	$2.99B	$2.62B	$2.62B	$0	$0	$0
Other long-term liabilities	$2.57B	$1.93B	$1.98B	$1.20B	$1.16B	$1.19B	$1.28B	$1.38B	$1.46B	$4.04B	$4.10B	$4.01B
Total liabilities	$13.43B	$9.92B	$9.81B	$4.63B	$4.58B	$4.68B	$4.72B	$4.40B	$4.51B	$4.50B	$4.59B	$4.53B
Shareholders' equity
Retained earnings (deficit)	−$905.0M	−$638.0M	−$612.0M	−$249.0M	−$456.0M	−$528.0M	−$326.0M	$412.0M	$448.0M	$428.0M	$134.0M	−$48.0M
Accumulated other comprehensive income	−$12.0M	−$11.0M	−$4.0M	−$8.0M	−$9.0M	−$10.0M	−$12.0M	−$5.0M	−$29.0M	−$27.0M	−$23.0M	−$12.0M
Minority interest	$23.0M	—	$0	$0	$0	—	—	—	—	—	—	—
Total shareholders' equity	$1.62B	$1.07B	$1.09B	$1.47B	$1.25B	$1.18B	$1.39B	$2.39B	$2.51B	$2.70B	$2.46B	$2.28B
Key figures
Total debt	$9.57B	$6.81B	$6.82B	$2.99B	$3.06B	$2.99B	$3.00B	$2.62B	$2.63B	$2.63B	$2.82B	$2.85B
Net cash (debt)	−$9.34B	−$5.78B	−$6.07B	−$2.49B	−$2.94B	−$2.70B	−$2.68B	−$1.98B	−$1.99B	−$2.03B	−$2.42B	−$2.08B
Working capital	−$288.0M	$299.0M	$299.0M	$591.0M	$378.0M	$324.0M	$585.0M	$1.26B	$1.52B	$1.64B	$1.07B	$905.0M
Tangible book value	$1.62B	$1.07B	$1.09B	$1.47B	$1.25B	$1.18B	$1.39B	$2.39B	$2.51B	$2.64B	$2.46B	$2.28B
Book value per share	$35.20	$22.62	$23.19	$30.24	$26.01	$25.74	$30.18	$44.89	$42.01	$44.49	$41.62	$38.57
Shares outstanding	45.9M	47.4M	47.1M	48.6M	47.9M	45.8M	46.0M	53.2M	59.8M	60.7M	59.0M	59.0M
Current ratio	0.78	1.25	1.28	2.29	1.84	1.62	2.29	4.10	4.51	4.56	3.20	2.73
Quick ratio	0.40	0.98	0.90	1.48	0.77	0.76	0.99	1.83	1.81	1.40	1.10	1.78
Debt / equity	5.92	6.34	6.24	2.03	2.46	2.54	2.17	1.10	1.05	0.97	1.15	1.25
Equity / assets	10.7%	9.8%	10.0%	24.1%	21.4%	20.1%	22.7%	34.9%	35.5%	37.2%	34.5%	33.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

TLN financial position

At the end of fiscal 2025 (December 31, 2025), Talen Energy had total assets of $10.9 billion (up 78.6% from a year earlier), total liabilities of $9.8 billion and shareholders' equity of $1.1 billion. It held $752.0 million in cash and short-term investments against $6.8 billion of debt, net debt of $6.1 billion. Its current ratio was 1.28. In the latest quarter (ended June 30, 2026) total assets were $15.1 billion and equity $1.6 billion.

Related: TLN income statement, TLN cash flow statement, TLN key metrics. See the TLN stock overview for the latest quote and news.

TLN balance sheet FAQ

What are Talen Energy's total assets?

Talen Energy reported total assets of $10.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.1 billion a year earlier.

How much debt does Talen Energy have?

Talen Energy had $6.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 6.24.

How much cash does Talen Energy have?

Talen Energy held $752.0 million in cash and short-term investments at the end of fiscal 2025; with $6.8 billion of debt that is net debt of $6.1 billion.

What is Talen Energy's book value?

Talen Energy's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $23.92 per share.

What is Talen Energy's current ratio?

Talen Energy had current assets of $1.3 billion and current liabilities of $1.1 billion, a current ratio of 1.28 (it can cover its short-term obligations).