Filing Flows

Filing Flows › Companies › NRG Energy › Cash flow

NRG Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$779M in Q2 2026 · $348M over twelve months

Operating cash flow$1.1B
Capital spending−$338M
Free cash flow+$779M
Cash / net income2.2×
Cash conversion cycle14 days

Analysis

In Q2 2026, NRG Energy generated $1.1B of operating cash flow and spent $338M on capital projects, leaving free cash flow of $779M. That is $706M more than in Q2 2025 ($73.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.6B; the largest uses were other investing ($7.1B), buybacks ($1.6B), capital spending ($1.2B); besides operations, cash came from other financing ($6.9B), net borrowing (+) / repaid (−) ($1.3B); the cash balance fell by $264M.

Operating cash flow was $1.1B against net income of $506M — 2.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$325M, prepaid and other assets −$245M, payables +$130M.

Its cash conversion cycle was 14 days (receivables 44 + inventory 12 − payables 42).

Free cash flow

NRG Energy: free cash flow by quarterNRG Energy: free cash flow by quarter−$83.0MQ3 2024$766MQ4 2024$638MQ1 2025$73.0MQ2 2025$230MQ3 2025−$175MQ4 2025−$486MQ1 2026$779MQ2 2026
Operating cash flow less capital spending.
NRG Energy: operating cash flow against capital spendingNRG Energy: operating cash flow against capital spendingOperating cash flowCapital spending$31.0M$114MQ3 2024$952M$186MQ4 2024$855M$217MQ1 2025$451M$378MQ2 2025$484M$254MQ3 2025$123M$298MQ4 2025−$169M$317MQ1 2026$1.1B$338MQ2 2026
Latest (Q2 2026): Operating cash flow $1.1B, Capital spending $338M.

Capital allocation, year by year

NRG Energy: where the cash came from (up) and went (down), by fiscal yearNRG Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $493MFY2021: Net borrowing −$855MFY2021: Shares issued $1.0MFY2021: Capital spending −$269MFY2021: Buybacks −$48.0MFY2021: Dividends −$319M$494MFY2021FY2022: Operating cash flow $360MFY2022: Net borrowing −$2.0BFY2022: Capital spending −$367MFY2022: Buybacks −$600MFY2022: Dividends −$332M$360MFY2022FY2023: Operating cash flow −$221MFY2023: Net borrowing $724MFY2023: Shares issued $635MFY2023: Capital spending −$598MFY2023: Buybacks −$1.1BFY2023: Dividends −$381M$1.4BFY2023FY2024: Operating cash flow $2.3BFY2024: Net borrowing $3.2BFY2024: Capital spending −$472MFY2024: Buybacks −$935MFY2024: Dividends −$405M$5.5BFY2024FY2025: Operating cash flow $1.9BFY2025: Net borrowing $6.7BFY2025: Capital spending −$1.1BFY2025: Buybacks −$1.3BFY2025: Dividends −$411M$8.6BFY2025
Over these 5 years operating cash flow totalled $4.9B; the largest uses were buybacks ($4.0B) and capital spending ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$162M
Debt$23.4B
Net debt$23.2B
Due within a year$31.0M

NRG Energy funds itself: free cash flow was $348M over the last twelve months, and $162M of cash and investments stands against $23.4B of debt ($31.0M due within a year, 5.2× covered by cash).

NRG Energy: debt maturities by year (FY2025)NRG Energy: debt maturities by year (FY2025)$31.0MYear 1$930MYear 2$907MYear 3$2.6BYear 4$663MYear 5$11.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $162M of cash and investments now.

Where the cash came from and went

NRG Energy: sources (+) and uses (−) of cash, Q2 2026NRG Energy: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$1.7BOther financing−$1.7BOperating cash flow$1.1BBuybacks−$450MCapital spending−$338MOther investing−$299MDividends−$100MCash drawn (+) / kept (−)$32.0MTaxes on employees’ shares−$20.0M
NRG Energy: sources (+) and uses (−) of cash, TTM to Q2 2026NRG Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$7.1BOther financing$6.9BBuybacks−$1.6BOperating cash flow$1.6BNet borrowing (+) / repaid (−)$1.3BCapital spending−$1.2BCash drawn (+) / kept (−)$264MTaxes on employees’ shares−$114MExchange rates$5.0M

From profit to cash

NRG Energy: net income to operating cash flow, Q2 2026NRG Energy: net income to operating cash flow, Q2 2026Net income$506MDepreciation & amortization$325MStock-based pay$31.0MReceivables$101MInventory−$127MPayables$130MPrepaid and other assets−$245MIncome taxes payable$23.0MOther operating capital$109MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202644124214
Q1 20263462713
Q4 20254473713
Q3 20254173611
Q2 20254774014
Q1 2025376339
Q4 202446104313
Q3 20244272624

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$1.1B−$338M—−$450M−$100M$1.7B$32.0M$779M
Q1 2026−$169M−$317M—−$481M−$135M$3.4B$4.6B−$486M
Q4 2025$123M−$298M—−$353M——−$3.9B−$175M
Q3 2025$484M−$254M—−$355M−$119M$1.2B−$442M$230M
Q2 2025$451M−$378M—−$289M−$86.0M$135M$795M$73.0M
Q1 2025$855M−$217M—−$314M−$121M—−$265M$638M
Q4 2024$952M−$186M—−$619M——−$47.0M$766M
Q3 2024$31.0M−$114M−$1.0M−$226M−$118M—−$46.0M−$83.0M

NRG Energy: income statement and cash flow

NRG Energy, Q2 2026: revenue $7.5B (+11% year over year), operating margin 13.0%. The chart follows the revenue to costs, profit and cash.

NRG Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.