NRG Energy Q3 Adjusted EPS Climbs to $4.68; Company Reaffirms 2026 Outlook and Sets 2027 Guidance

NRG Energy's adjusted earnings per share jumped to $4.68 in the third quarter from $2.78 a year earlier, and the power and retail energy company reaffirmed its 2026 outlook while issuing its first guidance for 2027, according to its earnings release filed with an 8-K on Monday.

GAAP net income rose to $561 million, or $2.59 per basic share, from $152 million, or $0.70. Adjusted net income was $983 million, up from $537 million, and adjusted EBITDA rose 67.1% to $2.013 billion from $1.205 billion.

NRG said GAAP results were driven by contributions from the portfolio it acquired from LS Power, higher realized capacity prices in the East and higher Texas margins, including favorable weather. Those gains were partly offset by higher depreciation and interest tied to the acquisition, and by unrealized, non-cash losses on hedges as natural gas prices fell.

East leads the gain

Adjusted EBITDA in the East segment rose to $614 million from $107 million, reflecting the new generation assets, CPower and higher capacity prices, the company said. Texas rose to $1.018 billion from $807 million on stronger retail margins and favorable weather, and Vivint Smart Home grew to $317 million from $278 million.

Free cash flow before growth investments, an NRG non-GAAP measure, was $1.242 billion, up from $828 million, and GAAP cash provided by operating activities rose to $1.097 billion from $484 million.

For the first nine months, adjusted EPS was $7.68, compared with $7.17. Total liquidity stood at $6.0 billion at Sept. 30, down $3.6 billion from year-end 2025, primarily because of funding for the LS Power acquisition, the company said.

2026 reaffirmed, 2027 set

NRG kept its 2026 guidance for adjusted EPS of $7.90 to $9.90 and adjusted EBITDA of $5.325 billion to $5.825 billion. For 2027, it guided to adjusted EPS of $8.05 to $10.05, a $9.05 midpoint, and adjusted EBITDA of $5.5 billion to $6.0 billion. The 2027 guidance does not reflect the asset sale announced the same day.

The 2027 base capital plan calls for $1 billion of debt reduction, $1 billion of share repurchases and a higher annual common dividend of $2.05 per share, up from the current $1.90 annualized rate.

Through Oct. 31, NRG completed $977 million of share repurchases and paid $302 million in common dividends this year, against a 2026 plan of $1.0 billion of buybacks and an estimated $407 million of dividends, the company said.

In a separate 8-K Monday, NRG said it agreed to sell six natural gas generation assets totaling 4.9 gigawatts to LS Power for $4 billion in cash, with proceeds earmarked for $3 billion of buybacks across 2026 and 2027 and additional debt reduction.

By the numbers

• Adjusted EPS: $4.68, up from $2.78
• GAAP net income: $561 million, up from $152 million
• Adjusted EBITDA: $2.013 billion, up 67.1%
• 2027 adjusted EPS guidance: $8.05 to $10.05
• 2027 planned dividend: $2.05 per share

Sources

1. NRG Energy Form 8-K with Exhibit 99.1 third-quarter 2026 earnings release, filed Nov. 9, 2026 (accession 0001013871-26-000022)
2. NRG Energy Form 8-K announcing asset sale to LS Power, filed Nov. 9, 2026 (accession 0001104659-26-124147)

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