NRG

EX-99

2 nrgq12026ex991.htm

EX-99

Document

Exhibit 99.1

NRG Energy Reports First Quarter 2026 Results and Reaffirms 2026 Financial Guidance

•Reaffirming 2026 guidance ranges and capital allocation

•Delivered exceptional fleet reliability performance through Winter Storm Fern; 94% ERCOT fleet in-the-money availability

•Commercial operations at 415 MW T.H. Wharton facility expected by the end of May 2026; all three Texas Energy Fund projects on time and on budget

•Texas residential VPP program surpassed 200 MW; on track for 1 GW by 2035

HOUSTON—May 6, 2026—NRG Energy, Inc. (NYSE: NRG) today announced financial results for the first quarter ended March 31, 2026, and reports GAAP Net Income of $125 million, GAAP Earnings per Share (EPS) — basic of $0.52, and GAAP Cash Used by Operating Activities of $(169) million. The Company's non-GAAP metrics are Adjusted Net Income of $308 million, Adjusted EPS of $1.49, Adjusted EBITDA of $1,080 million, and Free Cash Flow before Growth Investments (FCFbG) of $(66) million for the first quarter of 2026.

"Our team executed well this quarter. The fleet performed, and our retail and commercial businesses delivered affordable, reliable power to the customers and communities that count on us,” said Robert Gaudette, President & CEO. “Demand for our product continues to grow, and NRG has the platform, the people and the assets to capitalize on the opportunity ahead. We have momentum across the business and are well-positioned heading into summer. I am grateful to Larry for his leadership, proud of this team and focused on deploying capital with discipline to create durable, long-term value.”

Consolidated Financial Results

Table 1:

Three Months Ended

(In millions, except per share amounts)3/31/20263/31/2025

GAAP Net Income$125 $750

Adjusted Net Incomea b $308 $531

GAAP EPS — basicc

$0.52 $3.70

Adjusted EPSa d $1.49 $2.68

Adjusted EBITDAa $1,080 $1,126

GAAP Cash (Used)/Provided by Operating Activities$(169)$855

Free Cash Flow Before Growth Investments (FCFbG)a $(66)$293

a Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and FCFbG are non-GAAP financial measures; see Appendix tables A-1 through A-3 for GAAP reconciliations. Adjusted EPS, Adjusted Net Income, and Adjusted EBITDA exclude fair value adjustments related to derivatives

b Adjusted Net Income as shown here is 'Adjusted Net Income available for common stockholders'; see Appendix tables A-1 and A-2

c GAAP Net Income per Weighted Average Common Share - Basic

d Adjusted EPS calculated based on Adjusted Net Income divided by weighted average number of common shares outstanding - basic

1

NRG reported a GAAP Net Income of $125 million, a decrease of $625 million for the first quarter of 2026 compared to the same period in 2025. This decrease was primarily due to unrealized non-cash losses from mark-to-market economic hedges, driven by a decrease in natural gas prices, as compared to prior year which saw gains. Certain economic hedge positions are required to be marked-to-market each period, while the associated customer contracts are not. This accounting treatment can result in temporary unrealized gains or losses that do not reflect the expected economics at settlement. Results were further impacted by mild weather in Texas and increased supply costs in the East, as reflected in the Adjusted EBITDA results below, along with receipt of W.A. Parish insurance proceeds in the first quarter of 2025.

Adjusted Net Income for the first quarter 2026 is $308 million, $223 million lower than prior year, primarily driven by a $46 million decrease in Adjusted EBITDA, which includes the financial impacts described in the segment results below, in addition to higher interest expense and depreciation and amortization related to the completed acquisition of generation assets and CPower from LS Power. Adjusted EPS is $1.49 for the first quarter 2026, $1.19 lower than prior year. The first quarter 2026 Adjusted EPS results include the financial impacts from Adjusted Net Income and impacts of shares issued as part of the completed acquisition of generation assets and CPower from LS Power.

Reaffirming 2026 Guidance

NRG is reaffirming its guidance for 2026 as set forth below.

Table 2: Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and FCFbG Guidance for 2026a

2026

(In millions, except per share amounts)Guidance

Adjusted Net Income$1,685 - $2,115

Adjusted EPS$7.90 - $9.90

Adjusted EBITDA$5,325 - $5,825

FCFbG$2,800 - $3,300

a Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, and FCFbG are non-GAAP financial measures; see Appendix tables A-5 and A-6 for GAAP reconciliations. Adjusted Net Income, Adjusted EPS, and Adjusted EBITDA exclude fair value adjustments related to derivatives. The Company does not guide to GAAP Net Income due to the impact of such fair value adjustments related to derivatives in a given year.

2026 Capital Allocation

The Company plans to return $1.0 billion to shareholders through sha

nrg-202602240001013871false00010138712026-02-242026-02-240001013871exch:XNYS2026-02-242026-02-240001013871nrg:NYSETexasMember2026-02-242026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

February 24, 2026 Date of Report (date of earliest event reported)

NRG ENERGY, INC.

(Exact name of registrant as specified in its charter) Delaware 001-1589141-1724239

(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)

1301 McKinney Street HoustonTexas 77010

(Address of Principal Executive Offices) (Zip Code)

(713) 537-3000 Registrant's telephone number, including area code N/A (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.01NRGNew York Stock Exchange Common Stock, par value $0.01NRGNYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition

On February 24, 2026, NRG Energy, Inc. issued a press release announcing its financial results for the full year and quarter ended December 31, 2025.  A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K and is hereby incorporated by reference.

Item 9.01     Financial Statements and Exhibits Exhibits Exhibit Number

Document

99.1Press Release, dated February 24, 2026.

104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NRG Energy, Inc. (Registrant)

By:    /s/ Christine A. Zoino Christine A. Zoino Corporate Secretary

Dated: February 24, 2026

nrg-202511060001013871false00010138712025-11-062025-11-060001013871exch:XNYS2025-11-062025-11-060001013871nrg:NYSETexasMember2025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

November 6, 2025 Date of Report (date of earliest event reported)

NRG ENERGY, INC.

(Exact name of registrant as specified in its charter) Delaware 001-1589141-1724239

(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)

910 Louisiana Street HoustonTexas 77002

(Address of Principal Executive Offices) (Zip Code)

(713) 537-3000 Registrant's telephone number, including area code N/A (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.01NRGNew York Stock Exchange Common Stock, par value $0.01NRG    NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition

On November 6, 2025, NRG Energy, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2025.  A copy of the press release is furnished as Exhibit 99.1 to this report on Form 8-K and is hereby incorporated by reference.

Item 9.01     Financial Statements and Exhibits Exhibits Exhibit Number

Document

99.1Press Release, dated November 6, 2025.

104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NRG Energy, Inc. (Registrant)

By:    /s/ Christine A. Zoino Christine A. Zoino Corporate Secretary

Dated: November 6, 2025