NRG Q3 2026: revenue up 24.0%, adjusted EPS $4.68, 2026 guidance held
NRG beat its own year-ago numbers by a wide margin and kept its 2026 promises intact. Revenue rose 24.0% to $9.47 billion and adjusted EPS reached $4.68, but a big chunk of the gain came from the LS Power assets bought in January 2026, not from the old business alone. Read the segment table and the cash flow statement, not the GAAP headline.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $2.59 against $0.70 a year ago, and adjusted EPS was $4.68 against $2.78. The $2.09 gap between the two is mostly accounting: a $0.16 billion mark-to-market loss on economic hedges and a $0.17 billion charge from terminating acquired hedges, neither of which is cash spent running the business. The share count also rose to 210 million from 193 million, so per-share gains lag the dollar gains.
Revenue of $9.47 billion was 24.0% above the $7.64 billion booked a year earlier, with gross margin at 23.5%. The East segment did the heavy lifting at $4.46 billion of revenue and $0.61 billion of adjusted EBITDA, up $0.51 billion year over year, as the LS Power plants and CPower joined the fold. Texas was the steady second engine at $3.73 billion of revenue and $1.02 billion of adjusted EBITDA.
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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 2026-11-09
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