NRG Energy earnings date
NRG Energy (NRG) Q3 2026 Earnings Report
MX:NRG Q3 2026 EPS Results
- Actual EPS
- MXN 87.05
- Consensus EPS
- MXN 62.23
- Beat/Miss
- Beat by +MXN 24.81
- One Year Ago EPS
- MXN 51.71
MX:NRG Q3 2026 Revenue Results
- Actual Revenue
- MXN 176.55B
- Expected Revenue
- MXN 156.67B
- Beat/Miss
- Beat by +MXN 19.88B
- YoY Revenue Growth
- +25.24%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- Before Open
- Conference Call
- Monday, November 9, 2026
NRG Energy's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. NRG reported substantial year-over-year growth, reaffirmed 2026 guidance despite significantly lower-than-planned ERCOT prices, introduced a solid 2027 outlook, announced a $4 billion asset sale, accelerated share repurchases and debt reduction, and described meaningful contracted generation and data center opportunities. The principal challenges were depressed ERCOT prices, wholesale price pressure, higher RGGI costs, limited near-term benefit from PJM hedges and modest adjusted EPS growth, but management presented these issues as incorporated into the outlook and maintained confidence in the long-term plan.
NRG reaffirmed 2026 guidance across all 4 financial metrics and expects to finish 2026 slightly below the midpoint of its adjusted EBITDA guidance range; the 2026 base allocation plan reflects $3.05 billion of free cash flow before growth at the midpoint of guidance, while 2027 guidance has a midpoint of $5.75 billion in adjusted EBITDA, $3.15 billion in free cash flow before growth and $9.05 in adjusted EPS, excluding the impact of the announced generation asset sale, which is currently anticipated to close in the second quarter of 2027. Free cash flow before growth per share is expected to increase 8% in 2027 from $14.50 at the midpoint of the original 2026 guidance to $15.60, while adjusted EPS is expected to increase from $8.90 to $9.05. NRG reaffirmed its expectation for more than 14% compound annual growth in both adjusted EPS and free cash flow before growth per share through 2030, with that growth rate applying with or without the impact of the announced generation asset sale and not representing a minimum growth rate in any individual year; it also remains committed to targeting at least 14% annual growth in adjusted earnings per share and free cash flow before growth per share through 2030.
- Strategic Asset Sale at Attractive ValuationNRG agreed to sell six generation facilities totaling just under 4.9 gigawatts across New York, Texas and New England to LS Power for $4 billion, representing 8.0x expected 2027 adjusted EBITDA. Management said the transaction allows NRG to focus its portfolio and redeploy capital while retaining its entire PJM generation portfolio and CPower.
- Accelerated Share Repurchases and Debt ReductionNRG increased planned share repurchases by $1 billion, bringing total planned repurchases across 2026 and 2027 to $3 billion. The company intends to begin the incremental $1 billion repurchase in 2026 and plans to reduce debt by $2 billion upon closing of the asset sale. The remaining $1 billion of proceeds will be retained for contracted growth opportunities or further debt reduction.
- Strong Third-Quarter Financial PerformanceAll four key financial metrics increased at least 50% year-over-year in the third quarter. Adjusted EBITDA was $2 billion, free cash flow before growth was $1.2 billion, and adjusted EPS was $4.68. Results reflected contributions from the LS Power portfolio, higher capacity revenues and continued growth across consumer businesses.
- Resilient 2026 Outlook Despite ERCOT ConditionsNRG reaffirmed full-year guidance across all four financial metrics and expects to finish 2026 slightly below the midpoint of its adjusted EBITDA guidance range, despite ERCOT power prices averaging nearly 40% below the original planning assumption year-to-date.
- Smart Home and Consumer Business GrowthSmart Home adjusted EBITDA increased 14% year-over-year, supported by strong customer growth and higher monthly recurring service margin per customer. Home Energy benefited from higher retail margins and favorable weather in Texas.
- 2027 Financial Guidance IntroducedNRG introduced 2027 guidance with a midpoint of $5.75 billion of adjusted EBITDA, $3.15 billion of free cash flow before growth and $9.05 of adjusted EPS. The outlook reflects the existing portfolio and excludes the impact of the announced generation asset sale.
- Long-Term Growth Outlook ReaffirmedNRG reaffirmed expectations for more than 14% compound annual growth in both adjusted EPS and free cash flow before growth per share through 2030, with or without the impact of the asset sale. Identified drivers include organic growth, Texas Energy Fund projects, greater PJM power-price exposure and continued share repurchases.
- Texas Data Center Project AdvancingThe 1.2-gigawatt Texas data center project is on track, with approved agreements and an announcement expected by year-end. Management said the project has a long-term customer commitment, is designed to pair new dispatchable generation with new demand, and that additional opportunities with the same customer are being pursued beyond the initial 1.2 gigawatts.
- Growing Data Center and Contracted Generation PipelineNRG said its pipeline of opportunities exceeds the turbine allocations and EPC capacity under its original development agreement with GE Vernova and Kiewit. The company is also in discussions with financing partners for the initial project and broader pipeline, with partnership funding expected to provide additional capital diversity and flexibility.
- Texas Energy Fund ExecutionNRG's first Texas Energy Fund plant came online in May, on time and on budget, and is operating today. The two remaining plants are expected to add a further 4 terawatt hours of annual generation in 2028 and remain on budget and on schedule.
- Portfolio Hedging and Market PositionFor 2027, NRG is 75% hedged in ERCOT and 90% hedged in PJM. Management said the approach provides greater visibility into near-term earnings and margins while preserving flexibility to support customer growth and participate in wholesale market opportunities. NRG remains significantly long generation relative to residential demand in PJM and maintains a substantial Texas generation fleet supporting its retail business.
- Broad Customer Base and Commercial GrowthNRG serves 8 million Energy and Smart Home customers, with the customer base continuing to grow. More than 80% of Texas residential customers are on term plans averaging approximately two years, while the commercial and industrial business has delivered double-digit EBITDA growth since 2022.
- Community and Operating RecognitionNRG said its WA Parish team earned a Top Plant Water Award and Jewett received a Federal Good Neighbor Award for community work. Management also emphasized that projects will only be pursued in communities that want the investment and that the company is focused on reliable power, job creation and economic opportunity.
MX:NRG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 32.25- | 19.16 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 62.2387.05 | 51.71 | 68.35% (+35.34) | |
| Aug 04, 2026 | 2026 (Q2) | 31.5127.71 | 31.25 | -11.31% (-3.53) | |
| May 06, 2026 | 2026 (Q1) | 32.9427.71 | 49.85 | -44.40% (-22.13) | |
| Feb 24, 2026 | 2025 (Q4) | 18.2519.16 | 28.27 | -32.24% (-9.11) | |
| Nov 06, 2025 | 2025 (Q3) | 39.8051.71 | -70.49 | 173.35% (+122.20) | |
| Aug 06, 2025 | 2025 (Q2) | 32.3131.25 | 64.54 | -51.59% (-33.29) | |
| May 12, 2025 | 2025 (Q1) | 31.7749.85 | 42.97 | 16.02% (+6.88) | |
| Feb 26, 2025 | 2024 (Q4) | 37.2028.27 | 41.64 | -32.11% (-13.37) | |
| Nov 08, 2024 | 2024 (Q3) | 36.20-70.49 | 22.38 | -415.05% (-92.87) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
