NRG Energy, Inc. (NRG) Income Statement
NRG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNRG revenue and net income
Where NRG's revenue goes
2025Each bar shows an amount and its share of revenue. NRG kept 2.8% of revenue as net income.
NRG profit margins
NRG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.2% | −0.9% | +27.6% | +9.6% |
| Gross profit | +11.3% | +17.8% | +21.3% | +7.3% |
| Operating income | −23.7% | −2.9% | +10.9% | — |
| Net income | −23.2% | −10.9% | +11.1% | — |
| EPS (diluted) | −9.1% | +37.9% | +19.4% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NRG quarterly EPS vs estimates
NRG Energy beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $3.48).
NRG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.71B | $28.13B | $28.82B | $31.54B | $26.99B | $9.09B | $9.82B | $9.48B | $9.07B | $8.91B |
| Cost of revenue | $24.00B | $22.10B | $26.53B | $27.44B | $20.48B | $6.54B | $7.30B | $7.11B | $6.89B | $6.68B |
| Gross profit | $6.71B | $6.03B | $2.30B | $4.10B | $6.51B | $2.55B | $2.52B | $2.37B | $2.19B | $2.24B |
| Research & development | — | — | — | — | — | $8.0M | $7.0M | $11.0M | $22.0M | $48.0M |
| Sales, general & admin | $2.60B | $2.35B | $1.78B | $1.16B | $1.29B | $933.0M | $827.0M | $799.0M | $907.0M | $1.10B |
| Total operating expenses | $4.86B | $3.61B | $1.91B | $2.08B | $3.17B | $1.45B | $1.23B | $1.39B | $2.93B | $2.21B |
| Operating income | $1.85B | $2.42B | $384.0M | $2.02B | $3.34B | $1.10B | $1.29B | $982.0M | −$741.0M | $33.0M |
| Interest income | $730.0M | $631.0M | $651.0M | $411.0M | $468.0M | $384.0M | $411.0M | $474.0M | $571.0M | $601.0M |
| Interest expense | $772.0M | $651.0M | $667.0M | $417.0M | $485.0M | $401.0M | $413.0M | $483.0M | $557.0M | $583.0M |
| Income before taxes | $1.08B | $1.45B | −$213.0M | $1.66B | $2.86B | $761.0M | $786.0M | $467.0M | −$1.39B | −$931.0M |
| Income taxes | $214.0M | $323.0M | −$11.0M | $442.0M | $672.0M | $251.0M | −$3.33B | $7.0M | −$44.0M | $25.0M |
| Net income | $864.0M | $1.12B | −$202.0M | $1.22B | $2.19B | $510.0M | $4.44B | $268.0M | −$2.15B | −$774.0M |
| EBITDA | $3.29B | $3.17B | $1.79B | $2.77B | $4.18B | $1.72B | $1.70B | $1.49B | −$131.0M | $541.0M |
| EPS (diluted) | $8.23 | $9.05 | $5.01 | $3.14 | $7.58 | $3.39 | $3.96 | $2.78 | $1.28 | $1.68 |
| Gross margin | 21.8% | 21.4% | 8.0% | 13.0% | 24.1% | 28.1% | 25.6% | 25.0% | 24.1% | 25.1% |
| Operating margin | 6.0% | 8.6% | 1.3% | 6.4% | 12.4% | 12.2% | 13.1% | 10.4% | −8.2% | 0.4% |
| Net margin | 2.8% | 4.0% | −0.7% | 3.9% | 8.1% | 5.6% | 45.2% | 2.8% | −23.7% | −8.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.48B | $10.30B | $7.75B | $7.63B | $6.74B | $8.59B | $6.82B | $7.22B | $6.66B | $7.43B | $6.81B | $7.95B |
| Cost of revenue | $5.47B | $9.45B | $5.21B | $6.60B | $5.63B | $6.56B | $4.87B | $7.24B | $4.33B | $5.66B | $6.37B | $6.41B |
| Gross profit | $2.01B | $850.0M | $2.54B | $1.03B | $1.11B | $2.02B | $1.95B | −$16.0M | $2.33B | $1.77B | $442.0M | $1.54B |
| Sales, general & admin | $562.0M | $593.0M | $717.0M | $612.0M | $724.0M | $549.0M | $507.0M | $645.0M | $592.0M | $591.0M | $448.0M | $638.0M |
| Total operating expenses | $1.03B | $593.0M | $2.29B | $612.0M | $1.07B | $890.0M | $994.0M | $796.0M | $921.0M | $895.0M | −$395.0M | $979.0M |
| Operating income | $976.0M | $257.0M | $251.0M | $422.0M | $43.0M | $1.13B | $954.0M | −$812.0M | $1.41B | $872.0M | $837.0M | $561.0M |
| Interest income | — | — | $236.0M | $186.0M | $147.0M | $161.0M | $116.0M | $207.0M | — | — | — | $167.0M |
| Interest expense | $310.0M | $285.0M | $278.0M | $188.0M | $143.0M | $163.0M | $123.0M | $213.0M | $163.0M | $152.0M | $195.0M | $173.0M |
| Income before taxes | $663.0M | $83.0M | $8.0M | $238.0M | −$153.0M | $985.0M | $715.0M | −$1.01B | $1.05B | $695.0M | $653.0M | $408.0M |
| Income taxes | $157.0M | −$42.0M | −$58.0M | $86.0M | −$49.0M | $235.0M | $72.0M | −$247.0M | $314.0M | $184.0M | $171.0M | $65.0M |
| Net income | $506.0M | $125.0M | $66.0M | $152.0M | −$104.0M | $750.0M | $643.0M | −$767.0M | $738.0M | $511.0M | $482.0M | $343.0M |
| EBITDA | $1.47B | $230.0M | $669.0M | $788.0M | $339.0M | $1.47B | $1.20B | −$449.0M | $1.57B | $1.18B | $1.17B | $1.03B |
| EPS (diluted) | $1.49 | $1.49 | $1.04 | $2.78 | $1.73 | $2.68 | $1.52 | $1.85 | $3.37 | $2.31 | $1.64 | $1.41 |
| Gross margin | 26.9% | 8.3% | 32.8% | 13.5% | 16.5% | 23.6% | 28.6% | −0.2% | 35.0% | 23.8% | 6.5% | 19.4% |
| Operating margin | 13.0% | 2.5% | 3.2% | 5.5% | 0.6% | 13.2% | 14.0% | −11.2% | 21.2% | 11.7% | 12.3% | 7.1% |
| Net margin | 6.8% | 1.2% | 0.9% | 2.0% | −1.5% | 8.7% | 9.4% | −10.6% | 11.1% | 6.9% | 7.1% | 4.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NRG's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NRG financial results
In fiscal year 2025 (ended December 31, 2025), NRG Energy reported revenue of $30.7 billion, up 9.2% from the year before. It had net income of $864.0 million (down 23.2%), a net profit margin of 2.8%. Diluted earnings per share came to $8.23. Over five years revenue grew at an average rate of 27.6% a year.
See the NRG stock overview for the latest quote and news, or the NRG chart for price history and technical indicators.
NRG income statement FAQ
What is NRG Energy's annual revenue?
NRG Energy reported total revenue of $30.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.2% from $28.1 billion the previous year.
Is NRG Energy profitable?
Yes. NRG Energy reported net income of $864.0 million in fiscal 2025, a net profit margin of 2.8%; its operating margin was 6.0%.
What is NRG Energy's gross margin?
NRG Energy's gross margin was 21.8% in fiscal 2025: for every $100 of revenue, NRG Energy kept $22 after the direct cost of its products and services.
How fast is NRG Energy growing?
Revenue grew 27.6% a year on average over the last five fiscal years, from $9.1 billion to $30.7 billion.
What are NRG Energy's earnings per share?
NRG Energy earned $8.23 per diluted share in fiscal 2025, compared with $9.05 a year earlier.
When will NRG Energy report its next earnings?
NRG Energy is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does NRG Energy's fiscal year end?
NRG Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.