Filing Flows › NRG Energy (NRG) › Q4 2025
NRG Energy (NRG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
NRG Energy (NRG) reported revenue of $7.8B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +2% from the quarter before. Operating margin was 3.8%, net earnings $66.0M (0.9% of revenue).
NRG Energy, Q4 2025: revenue $7.8B (+14% year over year), operating margin 3.8%, net earnings $66.0M, operating cash flow $123M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.8B | +2% | +14% |
| Operating profit | $297M | -28% | -69% |
| Net earnings | $66.0M | -57% | -90% |
| Operating cash flow | $123M | -75% | -87% |
What changed
Revenue was $7.8B in Q4 2025, up 14% year over year and up 2% from the previous quarter.
Operating profit was $0.30B, a 3.8% margin (down 10.2 points year over year). Operating profit fell $0.66B even though revenue rose $0.93B versus Q4 2024, so costs grew faster than sales. Total costs grew 27% against revenue growth of 14%. The fastest-growing cost line was Cost of revenue (+30%). Net earnings were $0.07B, down 90% year over year. The effective tax rate was -3.1%.
Operating cash flow was $0.12B (down 87% year over year), 186% of net earnings. Non-cash charges added back $0.23B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.22B. Capital expenditures of $0.30B exceeded it, leaving free cash flow of −$0.17B.
Questions
What was NRG Energy's revenue in the fourth quarter 2025?
NRG Energy (NRG) reported revenue of $7.8B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +2% from the quarter before.
Was NRG Energy profitable in the fourth quarter 2025?
Operating profit was $297M (3.8% of revenue) and net earnings $66.0M.
Source: NRG Energy 10-K on SEC EDGAR.