NRG Q2 2026: $506 million GAAP profit, guidance reaffirmed
NRG earned $506 million on a GAAP basis, a $610 million swing from a year ago, but most of that came from $289 million of non-cash hedge gains stripped out of adjusted results. Adjusted EPS of $1.49 missed the $1.71 consensus and slipped from $1.73, and the LS Power acquisition lifted long-term debt to $21.74 billion. Read the GAAP line as hedge noise, the adjusted line as the operating signal, and the balance sheet as the real question.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $2.31 compares with a $0.62 loss a year ago, but the adjusted figure investors track was $1.49, which is $0.24 below last year's $1.73 and $0.22 under the $1.71 consensus. The gap is mostly $289 million of mark-to-market gains on economic hedges, which reverse when the underlying contracts settle. Adjusted net income of $315 million was $24 million lower year over year on higher interest and depreciation tied to the LS Power deal.
Revenue came in at $7.32 billion, up 8.6% from $6.74 billion a year ago, and the stated 25.3% gross margin fits that number. The filing prints $7,481 million in the income statement and $7,449 million in the segment table while the data feed tags $7,319 million, so the exact top line differs by $162 million between disclosures. East is now the largest segment at $3.48 billion of revenue, ahead of Texas at $2.75 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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