NRG Energy earnings: third quarter 2026

NRG Energy, which generates and sells electricity in Texas and the eastern US, had a much bigger third quarter of 2026, mostly because of the power plants and the CPower business it bought this year. Its profit from running the business rose by about two thirds and cash came in faster, but the deals drained its cash and raised its interest bill. It kept its forecasts for 2026 and gave a first, provisional look at 2027. ¹

Against what analysts expected

Analysts' average forecast was $3.44 a share, as listed by Nasdaq's earnings calendar. That figure sits closer to NRG's reported profit per share of $2.59, so that is the one set against it: about 25% below. The company's own adjusted figure of $4.68 was well above the forecast. ¹²

The strong points

• NRG's adjusted operating profit (Adjusted EBITDA, its profit from running the business before some costs) rose to $2,013 million from $1,205 million a year earlier. ¹
• The company's own adjusted earnings per share, which leave out swings in the value of its energy contracts, rose to $4.68 from $2.78. ¹
• Cash from running the business more than doubled to $1,097 million in the quarter. ¹

The weak points

• After spending $7.1 billion on acquisitions this year, NRG's cash on hand fell from $4.7 billion to $148 million. ¹
• Interest costs rose to $302 million in the quarter from $187 million a year earlier. ¹
• Over the first nine months, cash from running the business grew much more slowly than profit, as interest paid roughly doubled. ¹

What the company expects

• NRG kept all its 2026 forecasts unchanged, including adjusted earnings per share of $7.90 to $9.90 and adjusted operating profit of $5,325 to $5,825 million. ¹
• For 2027 NRG expects adjusted operating profit of $5,500 to $6,000 million, above its 2026 range, and adjusted earnings per share of $8.05 to $10.05. ¹

Our verdict on the quarter

A mixed report. A quarter of strong growth from the newly bought plants and an unchanged forecast for the year, held back by reported profit per share well below what analysts expected and a cash pile run down by the deals.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. NRG Energy's results release, 9 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 9 November 2026. ↩