On August 6, 2025, NRG Energy, Inc. reported a GAAP Net Loss of $(104) million for the second quarter of 2025, with Adjusted Net Income of $339 million and Adjusted EPS of $1.73. Adjusted EBITDA was $909 million, and Free Cash Flow before Growth Investments (FCFbG) was $914 million. The GAAP net loss was primarily due to unrealized non-cash losses on mark-to-market economic hedges and increased legal reserves.
NRG reaffirmed its 2025 guidance ranges for Adjusted Net Income ($1,330 - $1,530 million), Adjusted EPS ($6.75 - $7.75), Adjusted EBITDA ($3,725 - $3,975 million), and FCFbG ($1,975 - $2,225 million), noting it is trending at the upper end of these ranges. The company also detailed its capital allocation, including $1.3 billion in share repurchases and $345 million in dividends for 2025, having completed $768 million in repurchases and $173 million in dividends through July 31, 2025.
Strategic developments include signing 295 MW of long-term retail agreements to power data centers on two Texas sites, with potential to expand up to 1 GW. NRG also closed a $1.0 billion upsize to its Term Loan B and secured a $216 million loan from the Texas Energy Fund for its T.H. Wharton facility. The 2025 Texas Residential Virtual Power Plant target was raised to 150 MW, up from 20 MW, and the LS Power acquisition remains on track to close in Q1 2026.
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