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NRG Energy (NRG) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 4, 2026 · NRG Energy (NRG) Q2 2026 earnings results →
Q2 2026 Revenue up 11% year over year to $7.5B · 7¢ of every $1 of revenue kept as net profit · operating margin 13.0%
NRG Energy made $7.5B in Q2 2026 (+11% Y/Y). Operating margin 13.0%, net earnings $506M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $7.5B in Q2 2026, up 11% year over year and down 27% from the previous quarter.
Operating profit was $1.0B, a 13.0% margin (up 13.0 points year over year). Total costs fell 3% while revenue rose 11%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $0.51B. The effective tax rate was 23.7%.
Operating cash flow was $1.1B (up 148% year over year), 221% of net earnings. Non-cash charges added back $0.33B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.26B. Capital expenditures of $0.34B left free cash flow of $0.78B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 4, 2026 | $7.5B | +11% | 13.0% | $506M | $1.1B |
| Q1 2026 | 10-Q | May 6, 2026 | $10.3B | +20% | 3.2% | $125M | −$169M |
| Q4 2025 | 10-K | Feb 24, 2026 | $7.8B | +14% | 3.8% | $66.0M | $123M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $7.6B | +6% | 5.4% | $152M | $484M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $6.7B | +1% | 0.0% | −$104M | $451M |
| Q1 2025 | 10-Q | May 12, 2025 | $8.6B | +16% | 13.2% | $750M | $855M |
| Q4 2024 | 10-K | Feb 26, 2025 | $6.8B | +0.2% | 14.0% | $643M | $952M |
Charts
In supply chains and themes
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
- Oncor Electric Delivery Co LLC — 25% of the supplier’s revenue · Stated in 10-K (sentence) · source
About NRG Energy
NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers. Across North America, NRG is redefining customers’ experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of December 31, 2025, the Company’s core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually.
In its own words, from its 10-K, filed Feb 24, 2026.
NRG Energy against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +13%. Operating margin: 13.0% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
| AEP American Electric Power | Q2 2026 | $5.4B | +7% | 22.9% |
Source: NRG Energy 10-Q on SEC EDGAR · CIK 1013871 · Electric Services
Guidance and outlook
13F: who owns NRG and who is buying
More on NRG
- How NRG Energy makes money: revenue by segment
- NRG Energy next earnings date and what analysts expect
- NRG Energy stock forecast, price target and fair value
- Who owns NRG Energy stock: holders, funds and Congress trades
- NRG Energy guidance and outlook
- Is NRG Energy a takeover target? LBO and rumors
- NRG Energy recalls, complaints and regulation
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results