On February 26, 2025, NRG Energy, Inc. reported full year 2024 GAAP Net Income of $1.1 billion, with GAAP EPS — basic of $5.14. The company achieved Adjusted Net Income of $1.4 billion, Adjusted EPS of $6.83, Adjusted EBITDA of $3.8 billion, and Free Cash Flow before Growth (FCFbG) of $2.1 billion, with Adjusted EPS exceeding the top end of its raised guidance.
NRG reaffirmed its 2025 guidance ranges, projecting Adjusted EPS of $6.75 - $7.75 and FCFbG of $1,975 - $2,225 million. The company also highlighted its capital allocation success in 2024, returning $1.263 billion to shareholders through $925 million in share repurchases and $338 million in dividends, while achieving its target credit metrics a full year early.
Strategic developments include a new Project Development Agreement with GE Vernova and Kiewit to develop up to 5.4 GW of new gas-fired generation projects, with 1.2 GW of 7HA gas turbines secured for operation by 2029. NRG also entered Letters of Intent for 400 MW of retail supply for data centers, with potential to scale to 6.5 GW, and is advancing 1.5 GW of Texas brownfield natural gas plants through the Texas Energy Fund process.
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