Income StatementBalance SheetCash FlowSegments
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NRG Energy Business Segments

Business, geographic, and product segment breakdowns

NRG Energy generates $32.4B in annual revenue across 4 key segments: East Segment ($16.1B), Texas Segment ($11.1B), Vivint Smart Home ($578.0M), and West/Other ($4.0B). The company-wide operating margin is 3.21%. Based on the Q1 2026 filing.

East Segment (TTM)$16.1BTexas Segment (TTM)$11.1BVivint Smart Home$578.0MWest/Other (TTM)$4.0B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$26.5B
P/E Ratio110.79
ROE6.25%

Products & Services

Derivative revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Capacity revenue$16.0M$16.0M$16.0M$15.0M$26.0M—
Energy revenue$18.0M$4.0M$14.0M$18.0M$5.0M—
Other revenue, derivative-$1.0M$11.0M$24.0M$2.0M-$5.0M—
Retail revenue$11.0M$7.0M$9.0M$10.0M$41.0M—

Revenue from contracts with customers

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Capacity revenue$47.0M$61.0M$87.0M$85.0M$239.0M—
Energy revenue$245.0M$99.0M$148.0M$98.0M$475.0M—
Other revenue$97.0M$62.0M$83.0M$52.0M$78.0M—
Retail revenue$8.2B$6.5B$7.3B—$9.5B—

Customers added (nearly)

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Commercial And industrial Virtual Power Plant Platform————2000.00—

Less: Realized and unrealized ASC 815 revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Derivative revenue$31.0M$37.0M$97.0M$37.0M$25.0M—

Mark-to-market for economic hedging activities

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Derivative revenue-$15.0M-$2.0M$34.0M—-$42.0M—

Number of power generating facilities acquired

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Natural Gas————13.0013.00

Amortization of capitalized contract costs

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Other revenue$5.0M$0.0-$1.0M$2.0M-$6.0M—

Revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Total operating revenue$8.6B$6.7B$7.6B$7.8B$10.3B—

Business Segments

CapEx

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0.0$5.0M$4.0M$8.0M$23.0M—
Texas Segment$190.0M$337.0M$203.0M$246.0M$256.0M—
Vivint Smart Home$1.0M$7.0M$6.0M$10.0M$2.0M—
West/Other$3.0M———$3.0M—

Costs and Expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$3.9B$3.1B$2.9B$3.7B$6.2B—
Texas Segment$2.1B$2.5B$3.1B$2.4B$2.4B—
Vivint Smart Home$431.0M$621.0M$477.0M—$500.0M—
West/Other$999.0M———$817.0M—

D&A

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$37.0M$36.0M$37.0M$38.0M$102.0M—
Texas Segment$83.0M$93.0M$95.0M$103.0M$108.0M—
Vivint Smart Home$182.0M$193.0M$207.0M$228.0M$200.0M—
West/Other$9.0M———$8.0M—

Foreign currency translation adjustments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0.0$0.0$0.0$0.0$0.0—
Texas Segment$0.0$0.0$0.0$0.0$0.0—
Vivint Smart Home$0.0$0.0$0.0$0.0$0.0—
West/Other$1.5M$1.5M$1.5M$1.5M-$2.0M—

Goodwill

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$721.0M$721.0M$721.0M$721.0M$3.0B—
Texas Segment$643.0M$643.0M$643.0M$643.0M$2.2B—
Vivint Smart Home$3.5B$3.5B$3.5B$3.5B$3.5B—
West/Other———$130.0M$128.0M—

Goodwill resulting from the acquisition of LSP Portfolio

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment————$2.3B—
Texas Segment————$1.6B—
Vivint Smart Home————$0.0—
West/Other————$0.0—

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$705.0M-$347.0M$124.0M$228.0M$238.0M—
Texas Segment$337.0M$382.0M$287.0M$106.0M$29.0M—
Vivint Smart Home$55.0M-$117.0M$57.0M—$75.0M—
West/Other$66.0M———$45.0M—

Income tax (benefit)/expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0.0$0.0$0.0$0.0$0.0—
Texas Segment$0.0$0.0$0.0$0.0$0.0—
Vivint Smart Home$0.0$0.0$0.0—$0.0—
West/Other$0.0———$0.0—

Interest Expense, Nonoperating

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0.0$0.0$0.0$0.0$0.0—
Texas Segment$0.0$0.0$0.0$0.0$0.0—
Vivint Smart Home$0.0$0.0$0.0$0.0$0.0—
West/Other$0.0$0.0$0.0$0.0$0.0—

Less: Revenues accounted for under topics other than ASC 606 and ASC 815

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$37.0M$0.0$1.0M$0.0$46.0M—
Texas Segment$0.0$0.0$0.0$0.0$0.0—
Vivint Smart Home$0.0$0.0$0.0$120.0M$47.0M—
West/Other$2.0M———$2.0M—

Net Income (Loss) Attributable to Parent

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$705.0M-$347.0M$124.0M$228.0M$238.0M—
Texas Segment$337.0M$382.0M$287.0M$106.0M$29.0M—
Vivint Smart Home$55.0M-$117.0M$57.0M—$75.0M—
West/Other$66.0M———$45.0M—

Operating expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$3.8B$3.0B$2.9B$3.7B$6.1B—
Texas Segment$2.0B$2.4B$3.0B$2.3B$2.3B—
Vivint Smart Home$249.0M$428.0M$270.0M$334.0M$300.0M—
West/Other$990.0M———$809.0M—

Operating Income (Loss)

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$701.0M-$347.0M$124.0M$228.0M$238.0M—
Texas Segment$337.0M$383.0M$287.0M$106.0M$29.0M—
Vivint Smart Home$63.0M-$117.0M$55.0M$52.0M$78.0M—
West/Other$64.0M———$47.0M—

Other income, net

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$4.0M$0.0$0.0$0.0$0.0—
Texas Segment$0.0-$1.0M$0.0$0.0$0.0—
Vivint Smart Home-$8.0M$0.0$2.0M-$14.0M-$3.0M—
West/Other$2.0M———-$2.0M—

Revenue from contracts with customers

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$4.6B$2.7B$3.0B$3.9B$6.4B—
Texas Segment$2.4B$2.8B$3.4B$2.5B$2.4B—
Vivint Smart Home$494.0M$504.0M$532.0M—$578.0M—
West/Other$1.1B———$865.0M—

Total Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$10.1B$8.9B$9.0B$9.7B$24.6B—
Texas Segment$7.5B$8.6B$9.5B$9.3B$15.4B—
Vivint Smart Home$6.5B$6.7B$6.7B$6.8B$6.8B—
West/Other———$2.7B$2.9B—