Filing Flows › Clearway Energy (CWEN) › Q4 2025
Clearway Energy (CWEN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Clearway Energy (CWEN) reported revenue of $310M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -28% from the quarter before. Operating margin was -11.9%, net loss $199M (64.2% of revenue).
Clearway Energy, Q4 2025: revenue $310M (+21% year over year), operating margin -11.9%, net loss $199M, operating cash flow $177M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $310M | -28% | +21% |
| Operating profit | −$37.0M | -133% | — |
| Net earnings | −$199M | -186% | — |
| Operating cash flow | $177M | -21% | -8% |
| Free cash flow | $71.0M | -51% | -50% |
What changed
Revenue was $310.0M in Q4 2025, up 21% year over year and down 28% from the previous quarter.
Operating costs exceeded revenue by $37.0M, an operating margin of -11.9%. Total costs grew 18% against revenue growth of 21%. The fastest-growing cost line was Cost of revenue (+21%). The quarter ended with a net loss of $199.0M, after a profit of $60.0M the previous quarter. Minority interests bore $109.0M of it: to shareholders the quarter was a loss of $90.0M.
Operating cash flow was $177.0M (down 8% year over year). Non-cash charges added back $180.0M of depreciation and amortization. Working capital and other items added $196.0M. Capital expenditures of $106.0M left free cash flow of $71.0M.
Questions
What was Clearway Energy's revenue in the fourth quarter 2025?
Clearway Energy (CWEN) reported revenue of $310M for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and -28% from the quarter before.
Was Clearway Energy profitable in the fourth quarter 2025?
Operating loss was $37.0M (-11.9% of revenue) and net loss $199M.
Source: Clearway Energy 10-K on SEC EDGAR.