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NRG Energy

NRG Q3 2025 Earnings

Reported Nov 6, 2025 at 7:00 AM ET · SEC Source

Q3 25 EPS

$2.78

BEAT +30.52%

Est. $2.13

Q3 25 Revenue

$7.64B

BEAT +2.41%

Est. $7.46B

vs S&P Since Q3 25

-24.4%

TRAILING MARKET

NRG -15.2% vs S&P +9.3%

Market Reaction

Did NRG Beat Earnings? Q3 2025 Results

NRG Energy delivered a standout third quarter for fiscal 2025, posting earnings per share of $2.78 against a consensus estimate of $2.14, a beat of nearly 30%, while revenue of $7.63 billion edged past expectations by 2.41% and grew 5.7% from the yea… Read more NRG Energy delivered a standout third quarter for fiscal 2025, posting earnings per share of $2.78 against a consensus estimate of $2.14, a beat of nearly 30%, while revenue of $7.63 billion edged past expectations by 2.41% and grew 5.7% from the year-ago period's $7.22 billion. The primary engine behind the strong results was the company's Texas segment, which generated $807 million in Adjusted EBITDA, a $223 million year-over-year improvement driven by improved margins and supply cost optimization. GAAP net income swung to $152 million from a loss of $767 million a year ago, and Adjusted EBITDA climbed to $1.21 billion from $1.05 billion. Looking ahead, NRG reaffirmed its raised 2025 guidance for Adjusted EBITDA of $3.88 billion to $4.03 billion and Adjusted EPS of $7.55 to $8.15, while also initiating 2026 standalone guidance with Adjusted EBITDA of $3.93 billion to $4.18 billion, signaling confidence that its pending $19 GW LS Power acquisition and expanding data center agreements will sustain momentum into the next fiscal year.

Key Takeaways

  • • Improved margins and supply cost optimization in Texas segment
  • • Strong operational performance in ERCOT market
  • • Record new customer additions and strong retention at Vivint Smart Home
  • • Higher monthly recurring service margin per customer at Vivint Smart Home
  • • Lower unrealized non-cash mark-to-market losses compared to prior year
24/7 Wall St

NRG YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

NRG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“NRG again delivered strong quarterly results demonstrating the strength of our platform. Our customer-focused strategy drives robust results, as we continue to advance our growth initiatives and capitalize on emerging opportunities. As the demand supercycle accelerates, NRG is generating substantial long-term value for shareholders while providing affordable options for the customers and communities we serve.”

— Larry Coben, Q3 2025 Earnings Press Release

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