$NRG · NRG ENERGY, INC.
NRG Energy filed an 8-K reporting Q3 2026 results: GAAP Net Income of $561 million, Adjusted Net Income of $983 million, Adjusted EPS of $4.68, Adjusted EBITDA of $2,013 million, and FCFbG of $1,242 million. Revenue was $9.466 billion versus $7.635 billion a year ago. The company reaffirmed 2026 guidance and initiated 2027 guidance (Adjusted EPS $8.05-$10.05, Adjusted EBITDA $5.5-$6.0 billion). It also announced a $4 billion sale of six natural-gas assets (4.9 GW) to LS Power, closing expected Q2 2027.
- Q3 Adjusted EPS of $4.68, up $1.90 from $2.78 a year earlier.
- Adjusted EBITDA of $2,013 million, up from $1,205 million in Q3 2025.
- GAAP Net Income of $561 million, up $409 million year over year.
- $4 billion sale of 4.9 GW of gas generation to LS Power, closing expected Q2 2027.
- 2027 capital plan: $1B debt reduction, $1B buybacks, 8% dividend hike to $2.05/share.
Extended-hours last trade $94.16, up 6.65% vs the $88.29 regular close, signaling a positive after-hours reaction to the earnings beat and $4B asset sale.
A large earnings beat paired with a $4 billion asset sale and expanded buyback/dividend plan signals a major capital-return pivot for NRG.
The $4B divestiture of 4.9 GW of gas generation while retaining the PJM portfolio and CPower reflects NRG's shift toward customer-facing and data-center load growth, echoing broader utility/IPP repositioning around electrification demand.
The asset sale is subject to HSR, FERC, and NYSPSC approvals and may not close on anticipated terms or timing. 2027 guidance excludes the expected impacts of the announced 4.9 GW sale, so results could shift materially post-close.