v3.26.1
Changes in Capital Structure (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Changes in NRG's Preferred Stock and Commons Shares Issued and Outstanding The following table reflects the changes in NRG’s preferred and common stock issued and outstanding:
PreferredCommon
Issued and OutstandingIssuedTreasuryOutstanding
Balance as of December 31, 2025650,000 199,828,615 (9,452,008)190,376,607 
Shares issued under LTIPs— 1,461,185 — 1,461,185 
Shares issued under ESPP— — 85,289 85,289 
Shares repurchased — — (5,865,179)(5,865,179)
Shares issued for the acquisition of the LSP Portfolio— 24,250,000 — 24,250,000 
Retirement of treasury stock— (340,900)340,900 — 
Balance as of June 30, 2026650,000 225,198,900 (14,890,998)210,307,902 
Shares issued under LTIPs— 6,851 — 6,851 
Shares repurchased— — (104,270)(104,270)
Balance as of July 31, 2026
650,000 225,205,751 (14,995,268)210,210,483 
Schedule of Share Repurchases
The following table summarizes the share repurchases made under the $3.7 billion authorization which was completed during the quarter ended March 31, 2026:
Total number of shares purchased
Average price paid per share(a)
Amounts paid for shares purchased (in millions)
2023 Repurchases:
Open market repurchases
5,054,798 $39.56 $200 
Repurchases made under the accelerated share repurchase agreements17,676,142 (b)950 
Total Share Repurchases during 202322,730,940 $1,150 (c)
2024 Repurchases:
Repurchases made under the accelerated share repurchase agreements1,163,230 (b)— 
Open market repurchases
10,562,333 $87.57 925 
Total Share Repurchases during 202411,725,563 $925 (d)
2025 Repurchases:
Open market repurchases9,971,620 $130.58 1,302 
Shares received from the exercise of the Capped Call Options224,585 $69.38 16 (e)
Total Share Repurchases during 202510,196,205 $1,318 (f)
2026 Repurchases:
Open market repurchases1,146,900 $156.62 180 
Shares repurchased from LS Power771,080 $164.00 127 (g)
Total Share Repurchases during 2026 under the $3.7 billion authorization
1,917,980 $307 
Total Share Repurchases under the $3.7 billion authorization
46,570,688 $79.43 $3,700 
(a)The average price paid per share excludes excise tax owed and commissions and fees paid in connection with the share repurchases
(b)Under the November 6, 2023 accelerated share repurchase agreements, the Company received a total of 18,839,372 shares for an average price per share of $50.43, excluding the impact of the excise tax incurred. For additional information, refer to Note 15, Capital Structure, to the Company’s 2025 Form 10-K
(c)Excludes $10 million of excise tax accrued in 2023 which was paid in 2024
(d)Excludes $9 million of excise tax accrued in 2024 which was paid in 2025
(e)For further information on the Capped Call Options, see discussion below
(f)Excludes $11 million of excise tax accrued in 2025 which was paid in 2026
(g)The Company entered into a stock purchase agreement to repurchase 1,829,269 shares of NRG common stock from LS Power. 771,080 shares were repurchased under the $3.7 billion authorization, and the remaining 1,058,189 shares were repurchased under the $3.0 billion authorization

The following table summarizes the share repurchases made under the $3.0 billion authorization through July 31, 2026:
Total number of shares purchased
Average price paid per share(a)
Amounts paid for shares purchased (in millions)
2026 Repurchases:
Shares repurchased from LS Power1,058,189 $164.00 $176 (b)
Open market repurchases2,889,010 $151.74 438 (c)
Total Share Repurchases during the six months ended June 30, 2026 under the $3.0 billion authorization
3,947,199 614 (d)
Open market repurchases July 1, 2026 through July 31, 2026104,270 $136.23 14 
Total Share Repurchases under the $3.0 billion authorization
4,051,469 $154.54 $628 
(a)The average price paid per share excludes excise tax owed and commissions and fees paid in connection with the share repurchases
(b)The Company entered into a stock purchase agreement to repurchase 1,829,269 shares of NRG common stock from LS Power. 771,080 shares were repurchased under the $3.7 billion authorization, and the remaining 1,058,189 shares were repurchased under the $3.0 billion authorization
(c)Includes $1 million accrued as of June 30, 2026
(d)Excludes $7 million accrued for estimated excise tax for the six months ended June 30, 2026
Schedule of Retirement of Treasury Stock The Company’s accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in-capital.
Total number of treasury shares retiredAverage price per shareCarrying value of treasury shares retired (in millions)
2026 Retirements:
Shares retired during the first quarter of 2026340,900 $116.00 $40 
2025 Retirements:
Shares retired during the first quarter of 20253,070,996 $58.23 $179 
Shares retired during the second quarter of 20252,443,610 73.01 178 
Total shares retired during the six months ended June 30, 2025
5,514,606 $357