v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s segment structure reflects how management makes financial decisions and allocates resources. The Company manages its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus except for Vivint Smart Home operations which are reported within the Vivint Smart Home segment. Corporate represents the corporate business activities, and corporate shared services, to support the Company’s operating segments. The accounting policies of the segments are the same as those applied in the consolidated financial statements as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company’s 2025 Form 10-K.
NRG’s chief operating decision maker (“CODM”), its chief executive officer, uses more than one measure to evaluate the performance of its segments and allocate resources, including net income/(loss) and various non-GAAP financial measures such as adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA. Net income/(loss) and Adjusted EBITDA are used to review business performance and allocate resources as it provides a clearer view of segment profitability by focusing on operational performance. Additionally, operating expenses’ impact on each operating segment results are analyzed. On a monthly basis, Adjusted EBITDA is compared against the budget, latest forecast, and prior period.
Three months ended June 30, 2026
(In millions)TexasEastWest/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$2,747 $3,512 $644 $587 $— $(9)$7,481 
Operating expenses2,335 2,866 526 300 30 (9)6,048 
Depreciation and amortization
123 134 7 216 14 — 494 
Total operating cost and expenses2,458 3,000 533 516 44 (9)6,542 
(Loss)/Gain on sale of assets
— (6)43 — — — 37 
Operating income/(loss)289 506 154 71 (44)— 976 
Other income, net— — 1 — 5 — 6 
Loss on debt extinguishment— — — — (9)— (9)
Interest expense— — — — (310)— (310)
Income/(loss) before income taxes289 506 155 71 (358)— 663 
Income tax expense
— — — — 157 — 157 
Net income/(loss) $289 $506 $155 $71 $(515)$— $506 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$6 $3 $— $— $— $— $9 
Other segment information
Capital expenditures$288 $18 $1 $11 $20 $— $338 
Three months ended June 30, 2025
(In millions)TexasEastWest/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$2,846 $2,738 $644 $522 $— $(10)$6,740 
Operating expenses2,371 3,048 493 442 52 (10)6,396 
Depreciation and amortization
93 36 9 195 11 — 344 
Total operating cost and expenses2,464 3,084 502 637 63 (10)6,740 
Operating income/(loss)382 (346)142 (115)(63)— — 
Other income, net(1)— — — 6 — 5 
Loss on debt extinguishment
— — — — (10)— (10)
Interest expense— — — — (148)— (148)
Income/(loss) before income taxes381 (346)142 (115)(215)— (153)
Income tax benefit— — — — (49)— (49)
Net income/(loss)$381 $(346)$142 $(115)$(166)$— $(104)
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$6 $2 $2 $— $— $— $10 
Other segment information
Capital expenditures$337 $5 $4 $7 $25 $— $378 
Six months ended June 30, 2026
(In millions)
Texas(a)
East(a)
West/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(b)
$5,140 $9,944 $1,508 $1,165 $— $(20)$17,737 
Operating expenses4,591 8,958 1,335 600 80 (20)15,544 
Depreciation and amortization231 236 15 416 28 — 926 
Total operating cost and expenses4,822 9,194 1,350 1,016 108 (20)16,470 
(Loss)/Gain on sale of assets— (6)43 — — — 37 
Operating income/(loss)318 744 201 149 (108)— 1,304 
Other income, net— — (1)(3)50 — 46 
Loss on debt extinguishment— — — — (9)— (9)
Interest expense— — — — (595)— (595)
Income/(loss) before income taxes318 744 200 146 (662)— 746 
Income tax expense— — — — 115 — 115 
Net income/(loss) $318 $744 $200 $146 $(777)$— $631 
(a) Includes result of operations following the acquisition date of the LSP Portfolio of January 30, 2026
(b) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$18 $1 $1 $— $— $— $20 
Other segment information
Capital expenditures$544 $41 $4 $13 $53 $— $655 
Six months ended June 30, 2025
(In millions)TexasEastWest/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$5,281 $7,315 $1,714 $1,033 $— $(18)$15,325 
Operating expenses4,386 6,887 1,483 705 71 (18)13,514 
Depreciation and amortization176 73 18 381 22 — 670 
Total operating cost and expenses4,562 6,960 1,501 1,086 93 (18)14,184 
Loss on sale of assets
— — (7)— — — (7)
Operating income/(loss)719 355 206 (53)(93)— 1,134 
Other income, net(1)4 2 (8)22 — 19 
Loss on debt extinguishment— — — — (10)— (10)
Interest expense— — — — (311)— (311)
Income/(loss) before income taxes718 359 208 (61)(392)— 832 
Income tax expense— — — — 186 — 186 
Net income/(loss) $718 $359 $208 $(61)$(578)$— $646 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$13 $1 $4 $— $— $— $18 
Other segment information
Capital expenditures$527 $5 $7 $8 $48 $— $595 
The following table summarizes balance sheet information by segment:
As of June 30, 2026
(In millions)TexasEastWest/OtherVivint Smart HomeCorporateEliminationsTotal
Goodwill(a)
$2,231 $2,935 $126 $3,523 $— $— $8,815 
Total assets
14,516 23,472 2,829 7,072 29,809 (37,758)39,940 
(a) The goodwill associated with the acquisition of the LSP Portfolio has been preliminarily allocated to the Texas and East segments as of June 30, 2026
As of December 31, 2025
(In millions)TexasEastWest/OtherVivint Smart HomeCorporateEliminationsTotal
Goodwill$643 $721 $130 $3,523 $— $— $5,017 
Total assets
9,286 9,731 2,724 6,752 20,951 (20,304)29,140