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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 ($3.9B). 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)$3.9B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$26.1B
P/E Ratio109.20
ROE6.25%

Products & Services

Derivative revenue

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Capacity revenue$16M$16M$16M$15M$26M—
Energy revenue$18M$4M$14M$18M$5M—
Other revenue, derivative-$1M$11M$24M$2M-$5M—
Retail revenue$11M$7M$9M$10M$41M—

Revenue from contracts with customers

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Capacity revenue$47M$61M$87M$85M$239M—
Energy revenue$245M$99M$148M$98M$475M—
Other revenue$97M$62M$83M$52M$78M—
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$31M$37M$97M$37M$25M—

Mark-to-market for economic hedging activities

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Derivative revenue-$15M-$2M$34M—-$42M—

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$5M$0-$1M$2M-$6M—

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$5M$4M$8M$23M—
Texas Segment$190M$337M$203M$246M$256M—
Vivint Smart Home$1M$7M$6M$10M$2M—
West/Other$3M———$3M—

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$449M$621M$477M—$500M—
West/Other$999M———$817M—

D&A

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$37M$36M$37M$38M$102M—
Texas Segment$83M$93M$95M$103M$108M—
Vivint Smart Home$186M$193M$207M$228M$200M—
West/Other$9M———$8M—

Foreign currency translation adjustments

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0$0$0$0$0—
Texas Segment$0$0$0$0$0—
Vivint Smart Home$0$0$0$0$0—
West/Other$1.5M$1.5M$1.5M$1.5M-$2M—

Goodwill

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$721M$721M$721M$721M$3B—
Texas Segment$643M$643M$643M$643M$2.2B—
Vivint Smart Home$3.5B$3.5B$3.5B$3.5B$3.5B—
West/Other———$130M$128M—

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—
West/Other————$0—

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

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$705M-$347M$124M$228M$238M—
Texas Segment$337M$382M$287M$106M$29M—
Vivint Smart Home$54M-$117M$57M—$75M—
West/Other$66M———$45M—

Income tax (benefit)/expense

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0$0$0$0$0—
Texas Segment$0$0$0$0$0—
Vivint Smart Home$0$0$0—$0—
West/Other$0———$0—

Interest Expense, Nonoperating

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$0$0$0$0$0—
Texas Segment$0$0$0$0$0—
Vivint Smart Home$0$0$0$0$0—
West/Other$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$37M$0$1M$0$46M—
Texas Segment$0$0$0$0$0—
Vivint Smart Home$26M$0$0$120M$47M—
West/Other$2M———$2M—

Net Income (Loss) Attributable to Parent

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$705M-$347M$124M$228M$238M—
Texas Segment$337M$382M$287M$106M$29M—
Vivint Smart Home$54M-$117M$57M—$75M—
West/Other$66M———$45M—

Operating expenses

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$3.8B$3B$2.9B$3.7B$6.1B—
Texas Segment$2B$2.4B$3B$2.3B$2.3B—
Vivint Smart Home$263M$428M$270M$334M$300M—
West/Other$990M———$809M—

Operating Income (Loss)

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$701M-$347M$124M$228M$238M—
Texas Segment$337M$383M$287M$106M$29M—
Vivint Smart Home$62M-$117M$55M$52M$78M—
West/Other$64M———$47M—

Other income, net

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$4M$0$0$0$0—
Texas Segment$0-$1M$0$0$0—
Vivint Smart Home-$8M$0$2M-$14M-$3M—
West/Other$2M———-$2M—

Revenue from contracts with customers

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$4.6B$2.7B$3B$3.9B$6.4B—
Texas Segment$2.4B$2.8B$3.4B$2.5B$2.4B—
Vivint Smart Home$511M$504M$532M—$578M—
West/Other$1.1B———$865M—

Total Assets

SegmentQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
East Segment$10.1B$8.9B$9B$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—