NRG Financials NRG Energy

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:19 UTC Overview →

Growth & profitability

Revenue has grown 28.4% per year over the past 5 years.
Net income has grown slower than revenue (11.1% vs 28.4% per year).
Operating margin has contracted, at 6.1% in the latest year.
Free cash flow has declined 13.8% per year over the past 5 years.

Financial health

Total debt ($16.6B) exceeds cash ($4.7B); net debt is $11.9B.
Total debt has grown slower than revenue (13.4% vs 28.4% per year).
Operating income covered interest expense 2.5× in the latest year.
Total debt is 5.1× EBITDA.

Shareholder returns

Dividends have been paid for 12 consecutive years, consuming 47.6% of earnings and 53.7% of free cash flow.
The dividend has grown 6.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$30.3B	$864M	0.0%	6.1%	51.4%	3.0%	$766M	$16.6B	$4.7B
2024	$27.7B	$1.1B	0.0%	8.7%	45.4%	4.7%	$1.8B	$10.9B	$966M
2023	$28.3B	-$202M	0.0%	1.4%	-7.0%	-0.8%	-$819M	$10.9B	$541M
2022	$31.5B	$1.2B	0.0%	6.4%	31.9%	4.2%	-$7M	$8.1B	$430M
2021	$26.8B	$2.2B	0.0%	12.5%	60.8%	9.4%	$224M	$8.1B	$250M
2020	$8.7B	$510M	24.7%	12.7%	30.4%	3.4%	$1.6B	$8.9B	$3.9B
2019	$8.0B	$4.4B	8.6%	16.1%	267.7%	35.4%	$1.2B	$6.0B	$345M
2018	$8.1B	$268M	12.8%	12.1%	-21.7%	2.5%	$989M	$6.7B	$563M
2017	—	-$2.2B	—	—	-109.4%	-9.2%	$1.4B	$9.5B	$770M
2016	—	-$774M	—	—	-17.4%	-2.5%	$1.4B	$16.7B	$591M
2015	—	-$6.4B	—	—	-117.4%	-19.4%	$320M	$19.6B	$853M
2014	—	$134M	—	—	1.1%	0.3%	$601M	$20.4B	$2.1B
2013	—	-$386M	—	—	-3.7%	-1.1%	-$717M	$16.8B	$2.3B
2012	—	$295M	—	—	2.9%	0.8%	-$2.2B	$15.9B	$2.1B
2011	—	$197M	—	—	2.6%	0.7%	-$1.1B	$9.7B	$1.1B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$7.3B	$506M	0.0%	13.3%	10.4%	1.3%	$779M	$23.4B	$162M
Mar '26	$10.1B	$125M	0.0%	3.2%	2.6%	0.3%	-$486M	$23.2B	$178M
Dec '25	$7.7B	$66M	0.0%	3.9%	3.9%	0.2%	-$175M	$16.6B	$4.7B
Sep '25	$7.5B	$152M	0.0%	5.5%	7.7%	0.6%	$230M	$11.9B	$732M
Jun '25	$6.7B	-$104M	0.0%	0.0%	-4.5%	-0.4%	$73M	$10.9B	$180M
Mar '25	$8.5B	$750M	0.0%	13.4%	27.0%	3.0%	$638M	$10.8B	$693M
Dec '24	$6.8B	$643M	0.0%	14.1%	25.9%	2.7%	$766M	$10.9B	$966M
Sep '24	$7.1B	-$767M	0.0%	-11.4%	-30.4%	-3.2%	-$83M	$10.9B	$1.1B
Jun '24	$6.5B	$738M	0.0%	21.8%	20.4%	2.9%	$953M	$10.9B	$376M
Mar '24	$7.4B	$511M	0.0%	11.8%	15.5%	2.0%	$198M	$10.8B	$278M
Dec '23	$6.7B	$482M	0.0%	12.6%	16.6%	1.9%	$136M	$10.9B	$541M
Sep '23	$7.9B	$343M	0.0%	7.1%	9.7%	1.2%	$397M	$11.9B	$401M
Jun '23	$6.2B	$308M	0.0%	8.5%	9.2%	1.1%	$388M	$12.3B	$422M
Mar '23	$7.5B	-$1.3B	0.0%	-20.5%	-43.3%	-4.5%	-$1.7B	$12.5B	$407M
Dec '22	$7.7B	-$1.1B	0.0%	-17.2%	-28.6%	-3.8%	-$1.5B	$8.1B	$430M
Sep '22	$8.4B	$67M	0.0%	1.9%	1.3%	0.2%	-$1.5B	$8.0B	$333M
Jun '22	$7.5B	$513M	0.0%	10.1%	9.7%	1.5%	$1.4B	$8.0B	$580M
Mar '22	$8.0B	$1.7B	0.0%	30.4%	34.5%	5.9%	$1.6B	$8.0B	$387M
Dec '21	$7.1B	-$427M	0.0%	-6.8%	-11.9%	-1.8%	-$1.4B	$8.1B	$250M
Sep '21	$6.5B	$1.6B	0.0%	35.7%	39.7%	5.8%	$1.4B	$8.5B	$259M

Valuation over time

How the market has priced NRG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 5.9× (Mar '23) to 23.0× (Nov '26).
The price-to-sales ratio has risen from 0.2× (Mar '23) to 0.7× (Nov '26).
The dividend yield has fallen from 4.6% (Mar '23) to 2.1% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NRG growing its revenue and profit?

Over the past 5 years, NRG Energy's revenue has grown 28.4% per year, and net income grown 11.1% per year. These are computed facts, not advice.

How much debt does NRG have?

As of FY2025, NRG Energy reported $16.6B of total debt against $4.7B of cash; operating income covered interest expense 2.5×.

What is NRG's profit margin?

In FY2025, gross margin was —, operating margin 6.1%, and net margin 2.8%.

What is NRG's P/E ratio?

NRG Energy's P/E (TTM) is 23.43 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the NRG stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.0× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.