NRG Energy, Inc. earnings overview

NRG FY2026 Q1 · Calendar Q2 2026

NRG Energy, Inc.

NRG Energy entered FY2026 with a transformed portfolio after closing the LS Power acquisition, doubling its generation fleet to 25 GW and shifting to over 75% natural gas. Q1 results reflected transitional friction: mild Texas weather and higher supply costs produced a 16% EPS miss, yet revenue beat consensus by 22% and adjusted EBITDA stayed above $1 billion. Management reaffirmed full-year guidance, underscoring confidence in AI-driven data-center power demand, the Texas Energy Fund buildout, and disciplined capital return. The market was unpersuaded in the near term—the stock fell 5.7% on an abnormal basis the session of the report and drifted 11.5% lower subsequently—suggesting investors are weighing weather-driven softness and integration risk against the longer-term contracted-growth narrative.