NRG Q2 2025

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Earnings

NRG Energy delivered a modest beat on both the top and bottom lines in the second quarter of 2025, though the headline numbers masked a sharp GAAP-level loss that rattled investors. On an adjusted basis, the company posted EPS of $1.73, edging past t… Read more NRG Energy delivered a modest beat on both the top and bottom lines in the second quarter of 2025, though the headline numbers masked a sharp GAAP-level loss that rattled investors. On an adjusted basis, the company posted EPS of $1.73, edging past the $1.72 consensus estimate by 0.70%, while revenue of $6.74 billion topped expectations by 4.46% and rose 1.2% year-over-year. The GAAP picture was considerably murkier, with NRG swinging to a net loss of $104 million compared to net income of $738 million a year ago, driven largely by $283 million in unrealized mark-to-market losses on economic hedges and $163 million in legal reserves. Texas remained the operational engine, generating $512 million in Adjusted EBITDA, up $60 million year-over-year on stronger retail margins, though the East segment fell sharply to $99 million from $209 million on higher supply costs. The company reaffirmed full-year Adjusted EBITDA guidance of $3.73 billion to $3.98 billion and noted it is trending toward the upper end of its ranges, even as investors appeared underwhelmed by a newly announced 295 MW data center power agreement in Texas.