Filing Flows › NRG Energy (NRG) › Q1 2026 › vs Q1 2025
NRG Energy (NRG) Q1 2026 vs Q1 2025 (year over year)
NRG Energy's revenue rose $1.7B (+19%) from $8.6B in Q1 2025 to $10.3B in Q1 2026. The biggest changes: Retail revenue +$1.3B (+16%); Energy revenue +$230M (+94%); Capacity revenue +$192M (+409%). Operating margin 3.2% against 13.2% (-10.0 pts).
NRG Energy, Q1 2026: revenue $10.3B (+20% year over year), operating margin 3.2%, net earnings $125M, operating cash flow −$169M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.2% | 13.2% | -10.0 pts |
| Net margin | 1.2% | 8.7% | -7.5 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Retail revenue | $9.5B | $8.2B | $1.3B | +16% |
| Energy revenue | $475M | $245M | $230M | +94% |
| Capacity revenue | $239M | $47.0M | $192M | +409% |
| Other revenue | $78.0M | $97.0M | −$19.0M | -20% |
| Revenue | $10.3B | $8.6B | $1.7B | +19% |
| Operating profit | $328M | $1.1B | −$806M | -71% |
| Costs & expenses | $9.9B | $7.5B | $2.5B | +33% |
| Pre-tax earnings | $83.0M | $985M | −$902M | -92% |
| Other expense, net | $245M | $149M | $96.0M | +64% |
| Cost of revenue | $8.9B | $6.6B | $2.3B | +35% |
| SG&A | $593M | $549M | $44.0M | +8% |
| Other operating costs | $477M | $341M | $136M | +40% |
| Income tax benefit | $42.0M | −$235M | $277M | — |
| Net earnings | $125M | $750M | −$625M | -83% |
| Operating cash sources | $612M | $142M | $470M | +331% |
| Depreciation & amortization | $277M | $218M | $59.0M | +27% |
| Share-based compensation | $41.0M | $29.0M | $12.0M | +41% |
| Cash used in operations | $169M | −$855M | $1.0B | — |
| Working capital & other | $612M | $142M | $470M | +331% |
Questions
How much did NRG Energy's revenue grow year over year in Q1 2026?
NRG Energy's revenue rose $1.7B (+19%) from $8.6B in Q1 2025 to $10.3B in Q1 2026.
What drove NRG Energy's revenue change in Q1 2026?
Retail revenue +$1.3B (+16%); Energy revenue +$230M (+94%); Capacity revenue +$192M (+409%).