Filing Flows › NRG Energy (NRG) › Q1 2026
NRG Energy (NRG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
NRG Energy (NRG) reported revenue of $10.3B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +32% from the quarter before. Operating margin was 3.2%, net earnings $125M (1.2% of revenue).
NRG Energy, Q1 2026: revenue $10.3B (+20% year over year), operating margin 3.2%, net earnings $125M, operating cash flow −$169M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.3B | +32% | +19% |
| Operating profit | $328M | +10% | -71% |
| Net earnings | $125M | +89% | -83% |
| Operating cash flow | −$169M | -237% | -120% |
What changed
Revenue was $10.3B in Q1 2026, up 19% year over year and up 32% from the previous quarter. Retail revenue was the largest line at 93% of revenue. Retail revenue added $1.3B year over year (up 16%), 77% of the total change. Other revenue declined 20%.
Operating profit was $0.33B, a 3.2% margin (down 10.0 points year over year). Operating profit fell $0.81B even though revenue rose $1.7B versus Q1 2025, so costs grew faster than sales. Total costs grew 33% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+40%). Net earnings were $0.12B, down 83% year over year. The effective tax rate was -50.6%.
Operating cash flow was −$0.17B. Non-cash charges added back $0.28B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.61B. Capital expenditures of $0.32B exceeded it, leaving free cash flow of −$0.49B.
Questions
What was NRG Energy's revenue in the first quarter 2026?
NRG Energy (NRG) reported revenue of $10.3B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +32% from the quarter before.
Was NRG Energy profitable in the first quarter 2026?
Operating profit was $328M (3.2% of revenue) and net earnings $125M.
Source: NRG Energy 10-Q on SEC EDGAR.