NRG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $95.23
Market Cap (MRQ) $20.03B
P/E (TTM) 24.7
EPS (TTM) $3.85
Revenue (TTM) $33.12B
Div Yield 2.3%
ROE (TTM) 23.8%
Debt/Equity (MRQ) 0.3
52W Range $93–$190

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June 1, 2007 2-for-1 Forward

About NRG Energy, Inc. Common Stock Company overview from Wikipedia

05 · wikidata

NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas. It was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000. NRG Energy is involved in energy generation and retail electricity. Their portfolio includes natural gas generation, coal generation, oil generation, nuclear generation, wind generation, utility-scale generation, and distributed solar generation. NRG serves over 7 million retail customers in 24 US states including Texas, Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Ohio; the District of Columbia, and eight provinces in Canada.

NRG Energy has acquired eleven other energy companies, both generation and retail, that include Reliant Energy, XOOM Energy, Green Mountain Energy, Stream Energy, GenOn Energy, Discount Power and Cirro Energy. As of 2018, they generate 23,000 MW of power from 40 power plants across the country. They incorporate a range of sales channels for retail customers, including call centers, direct sales, websites, brokers, and brick-and-mortar stores. Their wholesale generation services include plant operations, commercial operations, energy services, distributed generation services, and energy, procurement, and construction (EPC) services.

History

1980s–1990s

NRG Energy was formed in 1989 as one of NSP's wholly owned subsidiaries. In 1997, NRG Energy, Inc. had 2,650 MW of generation and operational responsibility for a supplementary 5,374 MW. By 1998, the company began an aggressive acquisition campaign. It bought plants from Niagara Mohawk, San Diego Gas and Electric, Consolidated Edison, Montauk Electric, Rochester Gas and Electric, and Connecticut Light & Power. It continued to grow through acquisitions and in 2000, acquired Cajun Electric Power Cooperative's facilities.

2000s

In 2001, NRG Energy had a net ownership of 24,357 MW of generation globally, with 19,077 MW in the United States. From 1996 to 2001, the operating revenue increased from $104 million to $3 billion, and the debt increased from $212 million to $8.3 billion. By 2002, the debt had reached $9.4 billion, and NRG Energy sold its power plants in Hungary and the Czech Republic. To avert default by NRG, Xcel sold $500 million in stock in July 2002. In 2003, Xcel Energy paid NRG Energy $752 million for the benefit of NRG Energy's creditors and took a $2 billion write-off.

On May 14, 2003, NRG Energy filed for chapter 11 bankruptcy. In the company's reorganization, Xcel Energy relinquished its ownership interest, and NRG Energy became an independent, public company after bankruptcy. David W. Crane joined NRG as the chief executive in December. The reorganized NRG Energy eliminated about $5.2 billion of corporate debt along with $1.2 billion of additional claims by giving equity and cash to unsecured creditors.

By 2005, NRG Energy expanded again and added 7,600 MW of domestic capacity to its portfolio. The company acquired Dynegy's 50% of 1,800 MW of generation in California. They also acquired Texas GenCo in 2006, Reliant Energy in 2009, and Green Mountain Energy in 2010. The company began to focus on domestic markets and retreated from international electricity markets.

2010s

By 2011, NRG Energy's generation portfolio had 25,135 MW, with only 1,000 MW outside of the United States. In 2012, they added GenOn Energy for $1.7 billion and in 2013, they added Edison Mission for $2.6 billion. This gave the company 46,000 MW total of generation capacity. In 2013, they also added a demand response company: Energy Curtailment Specialists, Inc. The business later became NRG Curtailment Solutions, Inc.

During December 2015, NRG Energy released David Crane of his duty and Mauricio Gutierrez, the Chief Operating Officer at the time, was brought on as Chief Executive and President of NRG Energy. That same month, NRG's shares rose by 63% and closed at $17.90 after it had fallen by 60% in 2015. For the first three months of 2016, the company posted a net income of $47 million in comparison to the net loss of $136 million the first quarter of 2015. Gutierrez stated that paying down debt was a top priority.

NRG Energy announced in February 2018 the sale of the company's stake in NRG Yield, a tax-advantaged renewable energy investment pass-through vehicle, to Global Energy Infrastructure Partners (GIP) and the sale of its Louisiana assets to Cleco Corporate Holdings. This included the 1,300 MW Cottonwood natural gas plant (1.3 GW), the 1,500 MW Big Cajun II coal and gas-fired plant (1.5 GW), and three other gas-fired peaking plants. In August, NRG Yield changed its name to Clearway Energy and began trading under the new name and ticker symbol (CWEN and CWEN.A) in the New York Stock Exchange on September 17. These sales are estimated to reduce NRG Energy's debt by $7 billion and reduce their energy generation portfolio from 50,000 MW (50 GW) to 24,000 MW (24 GW). In March 2018, the company planned to hasten its transition from an independent power producer model (IPP) to a customer driven integrated power model that favored retail businesses. After GenOn's exit in 2018, the NRG fleet shrunk to 23 GW but retained 2.9 million retail customers. The new fleet has 11.5 GW of generation (46% natural gas generation, 31% coal generation, and 15% oil generation) in Texas, 9.7 GW of generation in the East, and 2.6 GW of generation in the West. In March 2018, NRG Energy acquired XOOM Energy, a retail electricity provider, for $210 million. XOOM Energy served 300,000 customers in the East, which was added to NRG Energy's retail profile.

In a partnership with Cypress Creek Renewables, NRG is offering a long-term, fixed price, consumer solar energy project in June 2018. The first customer of the project is Sysco, who has signed a 10-year renewable energy agreement. Cypress Creek Renewables will build, own, and operate three solar gardens in Texas that will have a combined power capacity of 25 MW. NRG Energy will buy the energy and schedule, distribute and manage the energy for Sysco. The solar project is expected to come online by the first quarter of 2019. The solar installations are expected to provide 10 percent of Sysco's electricity nationwide by generating 25 megawatts of power. NRG Energy is offering solar renewable program contracts for 7–10 years, with the ability to customize the program. The company also assumes the risk of wholesale pricing fluctuation.

In July 2018, NRG and GenOn consummated the NRG settlement resulting in NRG Energy paying GenOn Energy $125 million in a net payment during GenOn's chapter 11 bankruptcy agreement. The deal would help GenOn revamp its capital structure and reemerge with new debt instruments.

2020s

In November 2023, Mauricio Gutierrez resigned from his role as CEO. Larry Coben was named Interim President and CEO.

Acquisitions

When the state of Texas deregulated the electricity market, Houston Industries, the parent company of Houston Lighting & Power (HL&P), was broken up. In 2003, Houston Industries was split into three companies. The power plants went to Texas Genco, CenterPoint Energy took over the distribution system, and the retail and wholesale electricity business became Reliant Energy.

In 2006, NRG Energy bought Texas Genco from a group of private equity firms for roughly $5.9 billion. Afterwards, in May 2009, NRG Energy acquired the retail operations of Reliant Energy. With those two moves, NRG's holdings represented most of the former HL&P and today serve 1.6 million customers in Texas. The retail operations continue to operate under the Reliant Energy name, while old Reliant's wholesale operations became RRI Energy.

Following the acquisition of Reliant, NRG extended its retail footprint with the acquisition of Green Mountain Energy in November 2010. In doing so, NRG also became the largest retailer of green power in the nation, providing all of its Green Mountain and many of its Reliant customers with energy derived from 100% renewable resources.

NRG Energy completed its acquisition of GenOn Energy in December 2012 for $1.7 billion in stock and cash. The GenOn name was retired in the merger, but the combined company retained GenOn's Houston headquarters to coordinate operations. That company, in turn, had been formed out of the merger of RRI Energy and Mirant Corporation in 2010.

In August 2013, NRG acquired Energy Curtailment Specialists, a Buffalo, New York-based Demand response company. The terms of the deal were not disclosed.

In March 2014, NRG Energy acquired Roof Diagnostics Solar (RDS), a residential solar power installation company, for an undisclosed amount. RDS headquarters remained in Wall Township, New Jersey while they operated under NRG Residential Solar Solutions. That same month, NRG also acquired the retail power business of Dominion Resources Inc., which included Texas-based Cirro Energy and added 600,000 customer accounts to NRG Energy's retail business. Cirro Energy has continued to operate under the Cirro name. In September 2014, NRG acquired Goal Zero, a manufacturer of personal solar power products. The following month, NRG Energy acquired the residential solar company Pure Energies Group, which focused on web-based customer acquisition. This provided a simplified solar adoption process as well as a sales channel for Goal Zero.

In March 2018, NRG acquired XOOM Energy, a mainly residential-focused, retail energy supplier with 300,000 RCE customers. The sale price was $210 million, which includes working capital and $6 million in transaction costs. It was an all-cash transaction that was funded with $75 million from excess cash and $135 million in debt. NRG Energy stated that the acquisition would serve to balance NRG's generation portfolio in the east. In May 2019, NRG agreed to purchase Stream Energy for $300 million. The deal was finalized that August.

In July 2020, NRG Energy and Centrica entered an agreement under which NRG would acquire Direct Energy for $3.625 billion in an all-cash transaction. The deal was approved in January 2021, adding more than 3 million retail customers across 50 US states and 6 Canadian provinces.

In December 2022, NRG announced the acquisition of Vivint Smart Home for $2.8 billion in cash, adding home security and automation to its vast product offer, expected to close in the first quarter of 2023.

In May 2025, NRG announced the acquisition of the natural gas generation facilities and a commercial and industrial virtual power plant from LS_Power at a value of approximately $12 billion.

Naming rights

NRG Energy through the Reliant Energy brand holds the naming rights to the Reliant Park campus in Houston, Texas, home to the Reliant Astrodome, Reliant Stadium, Reliant Arena and Reliant Center. NRG Energy also holds the naming rights for a NRG Station (formerly AT&T Station), a rapid transit station in Philadelphia, Pennsylvania.

Products and services

NRG Energy has multiple products and services, including generation facilities, operations, management services (O&M), retail electricity, commercial industrial backup generators, and an internal data analytics engine, SpaceTag.

Operations & Management (O&M) Services

In 2014, NRG Energy helped restart the Aspen Power plant, the first wood-based biomass plant in Texas. The plant is overseen by InventivEnergy LLC, but NRG operates and maintains the facility, including hiring the management team and operating staff. The plant consumes 525,000 tons of logging debris and municipal wood waste annually and can produce 50 MW of power. Aspen Power uses a stoker-type boiler that is made to reduce the air pollution from the plant. NRG Energy took over the O&M for two more Texas plants in November 2016. The two facilities, Mustang and Antelope Elk Energy Center, are owned by Golden Spread Electric Cooperative Inc. Mustang is a natural gas turbine plant in Denver City that produces 958 MW of power. Antelope Elk Energy Center is also a natural gas facility located in Abernathy that creates 744 MW of power. In 2016, NRG Energy oversaw O&M for nine other generation facilities and had 9.2 GW portfolio. By 2018, NRG Energy maintained 2.4 GW of renewable power through their O&M operations in 17 different states. They sold the renewable O&M business, along with NRG Yield and NRG's renewable energy development and operations, to Global Infrastructure Partners (GIP) for $1.375 billion in cash.

Retail electricity

NRG's Retail Power services provide electricity services to more than 3 million customers, mostly in Texas and the Northeast.

In March 2014, NRG Energy acquired Dominion Resources Inc. and Cirro Energy, growing their retail electric customer base by 30 percent. It adds about 600,000 accounts to its existing 2 million residential and commercial customers. Dominion's retail electricity customers were mainly in Connecticut, Illinois, Massachusetts, Maryland, New York, New Jersey, Ohio, and Pennsylvania; Cirro mainly served residential and business customers in Texas. NRG Energy operates Cirro Energy under Cirro's name. In 2014, NRG Energy had two other retail electricity services, Reliant Energy and Green Mountain.

By 2018, NRG Energy added Pennywise Power to its retail electricity portfolio. They picked up a number of customers from Pioneer Energy of Sugar Land and Stat Energy of Richardson, as well.

In July of that year, a heat wave caused the day-ahead pricing spike to $2,172 per MW hour, compared to $28 per MW hour the previous summer.

Commercial industrial backup generators

NRG Energy partnered with Cummins in December 2017 to offer backup generators to run as part of an asset-backed demand response system. The Cummins natural-gas-fired genset would be used when the grid is down, and it could shave 10 to 15 percent off energy bills by running it as part of an aggregated fleet of an "estimated hundreds of megawatts capacity". The backup generators help gas stations, supermarkets, ATMs, and other everyday life necessities during power outages from hurricanes or other natural disasters.

SpaceTag

In April 2017, NRG Energy publicly mentioned its in-house analytics platform SpaceTag. The analytics engine found the best combination of distributed resources for every building in a given territory and showed what it was worth to each customer. NRG tested SpaceTag to gather "60 megawatts of flexible clean energy capacity for key parts of SCE's [Southern California Edison] Orange County and Los Angeles power grid". The platform, developed by NRG's Station A research team in San Francisco, was originally intended to help with customer acquisition but has since evolved. SpaceTag used data about the physical attributes of a building, how it was used, and existing energy data to create an energy performance portfolio and then assessed its location in the power grid. It also used data from the distributed energy equipment, including its capital cost, associated costs of providing generation, the demand-reduction attributes over time, and the best mix of technology on the building and portfolio level. After SpaceTag is deployed, it can then monitor the operations and the performance of the building. NRG Energy mapped 24 different utility territories outside of SCE.

By 2018, NRG Energy no longer owned SpaceTag as Station A became a standalone company. NRG Energy owns a minority stake in the company and is a customer of Station A.

Wholesale generation

After the GenOn merger in 2012, NRG had 47,000 MW of total generation capacity, enough to power approximately 40 million homes. Its nearly 100 power plants were located in 18 states in the Northeast, Chicago area, Gulf Coast, Southwest, Nevada, and California. Generation facilities include mostly fossil fuel power plants powered by natural gas, oil, and coal; plus four wind farms (in Texas) and six solar farms (in California, Arizona, and New Mexico). NRG also has a 44% ownership stake in the South Texas Nuclear Generating Station and a 37.5% stake in a coal power plant in Gladstone, Queensland, Australia. Some facilities use cogeneration and the company also owns 28 MW of solar distributed generation.

NRG Energy owns the Indian River Power Plant near Millsboro, Delaware. The plant is a 784 MW facility that produces electricity from the combustion of coal.

During 2018, NRG Energy sold four of their wholesale generation platforms: NRG Yield, Operations & Management (O&M) business, development business, and NRG's South Central business. Global Infrastructure Partners (GIP) bought NRG Yield, the O&M business, and the development business for $1.375 billion in cash proceeds. NRG Yield had a diverse portfolio of energy generation including wind, solar, and natural gas, with a total operating capacity of 5,100 MW. The O&M platform managed 2,400 MW of renewable energy in 17 different states, and the development business had 6,400 MW of renewable generation opportunities in the project pipeline. GIP and NRG Yield purchased the Carlsbad Energy Center natural gas project (527 MW) and the Buckthorn Solar project (154 MW) from NRG Energy. Cleco Corporate Holdings purchased NRG's South Central business for $1 billion in price and cash proceeds. The South Central business had 3,500 MW generation capacity, including the natural gas facilities Bayou Cove plant (225 MW), Sterlington plant (176 MW), and the Cottonwood plant (1,263,000 MW). NRG Energy also sold 1,891 MW of coal-fired capacity to Cleco from their Big Cajun-I and Big Cajun-II plants. In July 2018, NRG Energy released GenOn and paid $125 million in net payment during GenOn's bankruptcy settlement. In 2018, NRG Energy reduced its generation capacity to 23,000 MW. They also reduced their power plants from 100 to 40, but they retained 2.9 million retail customers.

Green energy initiatives

Beginning in 2009, NRG began an initiative to become a renewable energy producer in the United States and started investing money in renewable energy projects. They include onshore and offshore wind power, solar thermal energy, photovoltaic, and distributed solar power facilities, and repowering of some of their traditional coal plants with biomass. In late 2010, NRG launched the EVgo network, the first completely private public car charging station network for electric power vehicles. In 2016, NRG sold the EVgo charging network to Vision Ridge Partners, a Colorado-based sustainable-energy investment firm, for an undisclosed amount. In December 2019, LS Power signed an agreement to acquire EVgo. In January 2021, EVgo announced its plans to go public via a SPAC merger, which was completed in July 2021 with the "EVGO" ticker on the Nasdaq.

In March 2021, EVgo announced plans to install chargers at midwest retail chain Meijer's superstores.

Green Mountain Energy, one of NRG Energy's retail subsidiaries, signed a two-year agreement beginning in January 2011 to provide 100% renewable energy for the Empire State Building.

In 2012, NRG Energy partnered with the DLR Group to design an open-air, solar system for Patriot Place in Massachusetts. The solar array produces an estimated 30% of the power for Patriot Place and provides renewable energy education for visitors at kiosks, electric vehicle charging stations, and off-grid solar “Helios” at the main entrance. The solar panel canopies also offer weather protection and reduce carbon emissions by an estimated 800 metric tons a year.

In 2013, NRG Energy helped the San Francisco 49ers Stadium gain LEED certification by installing three solar array-covered bridges, a solar canopy over the green roof on the suite tower, and solar panels over the 49ers training center. The solar arrays have a peak capacity of 400 kW and provide enough power during the year to offset the cost of power consumed at 49ers home games. NRG Energy provided sustainable energy for Super Bowl LI in 2017 at NRG Stadium. The stadium received power from 600 solar panels and used only LEDs to light up the field, using 60% less energy than previously. NRG Energy also agreed to provide renewable energy credits for any venue associated with the Super Bowl, such as the George R. Brown Convention Center and the hotels where the teams were staying. NRG Energy installed 11,000 solar panels and 14 wind turbines at the Eagles’ Lincoln Financial Field stadium. These renewable energy installations made the stadium the largest solar power plant in the NFL. The solar power plant produces 40% of the Eagles’ own energy and feed the energy back into the grid, which they buy back from NRG at a discounted rate. The Eagles and NRG Energy are in a multi-year corporate sponsorship agreement that helps the Eagles regulate their energy costs.

New York State Assemblywoman Aravella Simotas has been chair of a coalition to support the utility in their plan to replace its power plant in Astoria with a newer generator. The company stated its intention in 2012 to replace 31 older oil generators with new gas generators that will increase the megawatts of power while reducing emissions. As of 2018, of the 19 Astoria facilities listed in the 2018 NYISO Gold Book as being owned by NRG, 7 of the facilities are on the deactivated list (at a total of 140 MW of capacity rights), and 12 of the facilities (at a total of 558 MW in nameplate capacity) have each consistently produced less than 15 GWh a year since 2011. This is equivalent to running at full capacity for less than 4% of the year. These 12 units still collect annual revenues from the NYISO's capacity market for not producing energy. For example, at 6.40 ($/kW – Month), the 12 actively listed facilities would produce an annual capacity market revenue of $42.8 million for NRG. It is unclear if the 7 deactivated units still collect capacity market revenues. In July 2017, NRG filed a request with the New York State Public Service Commission to avoid Article 10 siting procedures for a proposed turbine replacement project which would represent a total proposed capacity of 579 MW. The turbine upgrades listed in the filing are new simple-cycle turbines. The filing states that since the proposed capacity is not 25 MW greater than the existing facility, Article 10 regulation is not required. As of November 2018, no ruling has been issued by the NYSPSC.

JPMorgan Chase announced their plans in 2017 to power all their facilities in Texas through 100% renewable power by 2020. By the end of 2017, 75% of JPMorgan Chase's facilities ran on wind energy provided through NRG Energy's Buckthorn wind farm in Erath County. In 2018, NRG Energy was recognized for supporting the environment in the Hudson Valley through NRG Community Solar. The community solar company builds solar farms with industrial grade solar panels that produces and delivers the renewable energy directly to the power grid. This allows residents who cannot purchase rooftop solar to invest in solar energy generation and receive solar credits on their utility bills. The solar farms are maintained year-round, creating local jobs in the Hudson Valley. In January 2019, NRG Community Solar became Clearway Community Solar under the parent company Clearway Energy Group.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorUtilities industryUtilities employees16,702 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$30.71B
2016-12-31 → 2025-12-31
EPS$4.01
2016-12-31 → 2025-12-31
Free Cash Flow$766M
2016-12-31 → 2025-12-31
Net margin2.6%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend NRG 5Y avg Peer Median Verdict
P/E (TTM) 24.75Y avg ≈4.5 ≈4.5 20.8 Overvalued
P/S (TTM) 0.65Y avg ≈0.5 ≈0.5 1.9 Undervalued
P/B (MRQ) 4.15Y avg ≈6.8 ≈6.8 1.9 Overvalued
Price / FCF (TTM) 57.65Y avg ≈-192.1 ≈-192.1 · ·
Price / Cash Flow (TTM) 12.95Y avg ≈3.3 ≈3.3 7.1 Overvalued
PEG Ratio ≈1.7 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Dividend Yield2.3%
Payout Ratio47.6%
Annualized Payout≈$1.90Paid quarterly
5Y Div CAGR≈8.0%Per share, split-adjusted
Growth Streak≈6Consecutive years of dividend growth
Ex-dateAmountCurrencyYield
Aug 3, 2026$0.48USD≈1.3%
May 1, 2026$0.48USD≈1.2%
Feb 2, 2026$0.48USD≈1.2%
Nov 3, 2025$0.44USD≈1.0%
Aug 1, 2025$0.44USD≈1.0%
May 1, 2025$0.44USD≈1.5%
Feb 3, 2025$0.44USD≈1.6%
Nov 1, 2024$0.41USD≈1.9%
Aug 1, 2024$0.41USD≈2.2%
Apr 30, 2024$0.41USD≈2.2%
Jan 31, 2024$0.41USD≈2.9%
Oct 31, 2023$0.38USD≈3.6%
Jul 31, 2023$0.38USD≈3.9%
Apr 28, 2023$0.38USD≈4.3%
Jan 31, 2023$0.38USD≈4.2%
Oct 31, 2022$0.35USD≈3.2%
Jul 29, 2022$0.35USD≈3.6%
Apr 29, 2022$0.35USD≈3.8%
Jan 31, 2022$0.35USD≈3.3%
Oct 29, 2021$0.33USD≈3.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 15.0%
Next Report Nov 04, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 4, 2026 $1.49 $1.71 -13.1%
March 31, 2026 $1.48 $1.80 -17.6%
Dec. 31, 2025 $1.03 $0.97 6.5%
Sept. 30, 2025 $2.75 $2.12 29.7%
June 30, 2025 $1.68 $1.58 6.6%
March 31, 2025 $2.68 $1.51 77.8%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 16
Metric Trend 202520242023202220212020201920182017201620152014
Revenue $30.71B$28.13B$28.82B$31.54B$26.99B$9.09B$9.82B$9.48B$9.07B$8.91B$12.33B$15.87B
Cost of Revenue ·····$6.54B$7.30B$7.11B$6.89B$6.68B$9.00B$11.81B
R&D Expense ·····$8M$7M$11M$22M$48M$154M$88M
SG&A Expense $2.60B$2.35B$2.09B$1.15B$1.29B$810M$760M$799M$836M$1.03B$1.23B$1.02B
Operating Expenses $28.84B$25.91B$30.02B$29.58B$23.89B$7.99B$8.54B$8.53B$9.92B$8.99B$16.59B$14.62B
Operating Income $1.84B$2.42B$384M$2.02B$3.34B$1.10B$1.29B$982M$-741M$33M$-4.05B$1.27B
Interest Expense ··$667M$417M$485M$401M$413M$483M$557M$583M$937M$1.12B
Other Non-op $68M$44M$47M$56M$63M$67M$66M$18M$51M$47M$26M$22M
Pretax Income $1.13B$1.45B$-213M$1.66B$2.86B$761M$786M$467M$-1.39B$-931M$-4.99B$135M
Income Tax $270M$323M$-11M$442M$672M$251M$-3.33B$7M$-44M$25M$1.34B$3M
Net Income $864M$1.12B$-202M$1.22B$2.19B$510M$4.44B$268M$-2.15B$-774M$-6.38B$134M
EPS (Basic) $4.09$5.14$-1.12$5.17$8.93$2.08$16.94$0.88$-6.79$-2.22$-19.46$0.23
EPS (Diluted) $4.01$4.99$-1.12$5.17$8.93$2.07$16.81$0.87$-6.79$-2.22$-19.46$0.23
Shares (Basic) 195,000,000206,000,000228,000,000236,000,000245,000,000245,000,000262,000,000304,000,000317,000,000316,000,000329,000,000334,000,000
Shares (Diluted) 199,000,000212,000,000228,000,000236,000,000245,000,000246,000,000264,000,000308,000,000317,000,000316,000,000329,000,000339,000,000
EBITDA $3.25B$3.83B$1.51B$2.65B$4.13B$1.54B$1.66B$1.40B$469M$1.89B$-2.47B$2.79B
Balance Sheet 27
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents $4.71B$966M$541M$430M$250M$3.90B$345M$563M$770M$591M$853M$2.12B
Receivables $4.07B$3.49B$3.54B$4.77B$3.25B$904M$1.02B$1.02B$900M$1.06B$1.16B$1.32B
Inventory $461M$478M$607M$751M$498M$327M$383M$412M$453M$721M$1.25B$1.25B
Prepaid Expense $1.07B$830M$626M$383M$395M$257M$245M$302M$163M$404M$455M$447M
Current Assets $13.15B$8.96B$9.73B$16.23B$10.84B$6.03B$3.09B$3.60B$4.44B$6.71B$7.39B$8.41B
PP&E (Net) ······$2.59B$3.05B$5.97B$15.37B$18.73B$22.37B
PP&E (Gross) ·······$4.86B$8.23B$20.70B$24.49B$30.26B
Accum. Depreciation $1.77B$1.51B$1.29B$1.48B$1.31B$1.94B$1.75B$1.81B$2.25B$5.34B$-5.76B$7.89B
Goodwill $5.02B$5.01B$5.08B$1.65B$1.79B$579M$579M$573M$539M$662M$999M$2.57B
Intangibles $2.31B$2.91B$3.93B$2.13B$2.51B$668M$789M$591M$507M$1.97B$2.31B$2.57B
Other Non-current Assets $1.49B$1.15B$777M$256M$229M$216M$240M$289M$310M$841M$1.21B$1.04B
Total Assets $29.14B$24.02B$26.04B$29.15B$23.18B$14.90B$12.53B$10.63B$23.36B$30.68B$32.88B$40.47B
Accounts Payable $2.83B$2.51B$2.33B$3.64B$2.27B$649M$722M$863M$684M$782M$869M$1.06B
Accrued Liabilities $1.86B$2.03B$1.64B·········
Current Liabilities $8.03B$8.81B$9.50B$12.98B$7.92B$1.92B$2.36B$2.40B$3.35B$4.70B$4.38B$4.86B
Capital Leases $144M$117M$128M$180M$236M$278M$483M$0····
Deferred Tax $15M$12M$22M$134M$73M$19M$17M$65M$21M$20M$19M$21M
Other Non-current Liabilities $861M$821M$947M$973M$993M$1.07B$1.08B$1.27B$534M$666M$900M$847M
Total Liabilities $27.46B$21.54B$23.13B$25.32B$19.58B$13.22B$10.85B$11.84B$21.31B$26.19B$27.12B$28.48B
Long-term Debt $16.58B$10.89B$10.94B$8.10B$8.10B$8.86B$6.04B$6.69B$9.49B$16.70B$19.62B$20.37B
Common Stock $2M$2M$3M$4M$4M$4M$4M$4M$4M$4M$4M$4M
Retained Earnings $1.98B$1.53B$820M$1.41B$464M$-1.40B$-1.62B$-6.02B$-6.27B$-3.79B$-3.01B$3.59B
Treasury Stock $1.09B$297M$1.89B$5.86B$5.27B$5.23B$5.04B$3.63B$2.39B$2.40B$2.41B$1.98B
AOCI $-81M$-117M$-91M$-177M$-126M$-206M$-192M$-94M$-72M$-135M$-173M$-174M
Stockholders' Equity $1.68B$2.48B$2.91B$3.83B$3.60B$1.68B$1.66B$-1.23B$1.97B$4.45B$5.43B$11.68B
Liabilities + Equity $29.14B$24.02B$26.04B$29.15B$23.18B$14.90B$12.53B$10.63B$23.36B$30.68B$32.88B$40.47B
Shares Outstanding 190,376,607198,604,003208,130,950229,561,030243,753,899244,231,933248,996,189283,650,039316,743,089315,443,011314,190,042336,662,624
Cash Flow 19
Metric Trend 202520242023202220212020201920182017201620152014
D&A $1.41B$1.40B$1.29B$720M$785M$435M$373M$421M$596M$756M$1.35B$1.52B
Stock-based Comp $134M$102M$101M$28M$21M$22M$20M$25M$35M$10M$39M$42M
Deferred Tax $222M$181M$-109M$371M$621M$225M$-3.34B$1M$-63M$19M$1.34B$-5M
Amort. of Intangibles $673M$876M$1.00B$490M$495M$168M$134M$133M$166M$157M$238M$268M
Other Non-cash $-713M$-505M$-1.14B$-1.89B$-3.12B$645M$-426M$412M$2.32B$1.40B$4.49B$-184M
Operating Cash Flow $1.91B$2.31B$-221M$360M$493M$1.84B$1.41B$1.38B$1.61B$1.91B$1.35B$1.51B
CapEx $1.15B$472M$598M$367M$269M$230M$228M$388M$254M$544M$1.03B$909M
Investing Cash Flow $-1.64B$-24M$-910M$-332M$-3.04B$-494M$556M$-205M$-639M$-757M$-1.53B$-2.90B
Debt Issued ······$1.92B$1.10B$1.18B$4.41B$1.00B$4.56B
Net Debt Issued ······$1.92B$1.10B$2.27B$5.53B$1.00B$4.56B
Stock Issued ··$0$0$1M$1M$3M$21M$-2M$1M$1M$21M
Stock Repurchased $1.31B$935M$1.15B$600M$48M$229M$1.44B$1.25B$0$0$437M$39M
Net Stock Activity $-1.31B$-935M$-1.17B$-606M$-47M$-228M$-1.44B$-1.23B$-2M$1M$-436M$-18M
Dividends Paid $411M$405M$381M$332M$319M$295M$32M$37M$38M$76M$201M$196M
Financing Cash Flow $3.55B$-1.75B$-400M$1.04B$-272M$2.20B$-2.15B$-1.53B$-1.14B$-768M$-432M$1.26B
Net Change in Cash $3.83B$524M$-1.53B$1.07B$-2.82B$3.54B$-228M$-473M$226M$-182M$-349M$-138M
Taxes Paid $67M$182M$48M$66M$32M$24M$8M$9M$9M$14M$12M$-6M
Free Cash Flow $766M$1.83B$-819M$-7M$224M$1.61B$1.19B$989M$276M$828M$26M$601M
Levered FCF ··$-1.45B$-313M$-147M$1.34B$-980M$513M$-619M$-252M$-1.40B$-493M
Profitability 7
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 6.0%8.6%1.3%6.4%12.4%12.2%13.1%10.4%-5.5%4.3%-27.5%8.0%
Net Margin 2.8%4.0%-0.70%3.9%8.1%5.6%45.2%2.8%-20.3%-6.3%-43.5%0.84%
Pretax Margin 3.7%5.1%-0.74%5.3%10.6%8.4%8.0%4.9%-14.5%-7.1%-34.7%0.85%
EBITDA Margin 10.6%13.6%5.2%8.4%15.3%16.9%16.9%14.8%4.4%15.3%-16.9%17.6%
ROA 3.2%4.5%-0.73%4.7%11.5%3.7%38.3%1.6%-8.0%-2.5%-17.4%0.36%
ROE 43.5%45.0%-6.3%27.3%57.0%28.2%10202.3%-24.7%-67.1%-15.7%-74.6%1.2%
ROIC 83.6%76.0%12.5%38.7%71.0%44.1%407.8%-78.4%-30.0%12.1%-93.9%10.6%
Liquidity & Solvency 3
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 1.61.01.01.31.43.11.31.51.31.51.71.8
Quick Ratio 1.10.50.40.40.42.50.60.70.60.70.60.7
Interest Coverage ··0.64.86.92.83.12.0-0.70.5-3.61.1
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 1.21.11.01.21.40.70.80.60.40.40.40.4
Inventory Turnover ·····18.418.416.412.07.28.611.0
Receivables Turnover 8.18.06.97.913.09.49.69.99.910.611.812.5
Per Share 7
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share $8.83$12.48$13.96$16.68$14.77$6.88$6.66$-4.35$6.21$14.09$17.30$34.68
Revenue / Share $154.34$132.69$126.42$133.66$110.16$36.96$37.20$30.77·$39.09$44.60$46.81
Cash Flow / Share $9.61$10.88$-0.97$1.53$2.01$7.47$5.35$4.47·$6.56$3.98$4.45
Cash / Share $24.73$4.86$2.60$1.87$1.03$15.99$1.39$1.98$3.13$6.25$4.83$6.29
Dividend / Share $1.76$1.63·····$0.12$0.12$0.24$0.58$0.54
Dividend Paid / Share $1.76$1.63$1.51$1.40$1.30$1.20$0.12$0.12$0.12·$0.14$0.14
EPS (TTM) $4.01$4.99$-1.12$5.17$8.93$2.07$16.81$0.87$-6.79$-2.22$-19.46$0.23
Growth Rates 10
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 9.2%-2.4%-8.6%16.9%196.8%·······
Revenue CAGR 3Y -0.88%1.4%46.9%·········
Revenue CAGR 5Y 27.6%···········
EPS YoY -19.6%··-42.1%331.4%·······
EPS CAGR 3Y -8.1%-17.6%··········
EPS CAGR 5Y 14.1%···········
Net Income YoY -23.2%··-44.2%328.8%·······
Net Income CAGR 3Y -10.9%-19.9%··········
Net Income CAGR 5Y 11.1%···········
Dividends Paid CAGR 5Y 6.9%···········
Valuation (TTM) 13
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM $30.71B$28.13B$28.82B$31.54B$26.99B$9.09B$9.82B$9.48B$9.07B$8.91B$12.33B$15.87B
Net Income TTM $864M$1.12B$-202M$1.22B$2.19B$510M$4.44B$268M$-2.15B$-774M$-6.38B$134M
Market Cap $30.32B$17.92B$10.76B$7.30B$10.50B$9.17B$9.90B$11.23B$9.02B$3.87B$3.70B$9.07B
P/E 39.718.1-46.26.24.818.12.445.5-4.2-5.5-0.6117.2
P/S 1.00.60.40.20.41.01.01.21.00.40.30.6
P/B 18.07.23.71.92.95.56.0-9.14.60.90.70.8
P / Tangible Book ···158.8·21.2······
P / Cash Flow 15.87.8-48.720.321.35.07.08.26.51.92.86.0
P / FCF 39.69.8-13.1-1043.546.95.78.411.432.74.7142.215.1
Dividend Yield 1.4%2.3%3.5%4.5%3.0%3.2%0.32%0.33%0.42%2.0%5.4%2.2%
Earnings Yield 2.5%5.5%-2.2%16.2%20.7%5.5%42.3%2.2%-23.8%-18.1%-165.3%0.85%
Payout Ratio 47.6%36.0%-188.6%27.2%14.6%57.8%0.72%13.8%-1.8%-9.8%··
Annual Payout $411M$405M$381M$332M$319M$295M$32M$37M$38M$76M$201M$196M

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $30.71B $28.13B $28.82B $31.54B $26.99B
Operating Margin % 6.0% 8.6% 1.3% 6.4% 12.4%
Net Income $864M $1.12B $-202M $1.22B $2.19B
Diluted EPS $4.01 $4.99 $-1.12 $5.17 $8.93

Institutional owners (13F) 1,126 filers · $32.9B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 1,126
Value held $32.9B
New positions 126
Exited positions 144
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
126 (-48 vs prior Q) 144 (+11 vs prior Q) 390 (-74 vs prior Q) 395 (+83 vs prior Q) +7.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $3,893,633,292 24,451,352 11.82% Shares
BlackRock, Inc. $2,579,142,630 17,658,104 7.83% Shares
FMR LLC $2,465,558,383 16,880,449 7.49% Shares
VANGUARD CAPITAL MANAGEMENT LLC $2,013,166,013 13,783,144 6.11% Shares
FRANKLIN RESOURCES INC $1,905,987,942 13,049,349 5.79% Shares
STATE STREET CORP $1,640,926,698 11,234,607 4.98% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,591,869,526 10,898,737 4.83% Shares
VICTORY CAPITAL MANAGEMENT INC $1,391,190,388 9,524,776 4.22% Shares
GEODE CAPITAL MANAGEMENT, LLC $869,705,522 5,976,441 2.64% Shares
Invesco Ltd. $770,478,923 5,275,085 2.34% Shares
MILLENNIUM MANAGEMENT LLC $621,881,415 4,257,712 1.89% Shares
MORGAN STANLEY $599,562,213 4,104,900 1.82% Shares
Bank of New York Mellon Corp $473,390,561 3,241,068 1.44% Shares
LYRICAL ASSET MANAGEMENT LP $392,846,335 2,689,623 1.19% Shares
Boston Partners $368,698,350 2,530,275 1.12% Shares
BANK OF AMERICA CORP /DE/ $356,770,688 2,442,631 1.08% Shares
DIMENSIONAL FUND ADVISORS LP $331,452,986 2,268,957 1.01% Shares
NORTHERN TRUST CORP $300,480,620 2,057,241 0.91% Shares
APPALOOSA LP $257,065,600 1,760,000 0.78% Shares
GOLDMAN SACHS GROUP INC $244,463,294 1,673,718 0.74% Shares
Pictet Asset Management Holding SA $221,104,021 1,513,789 0.67% Shares
UBS Group AG $209,788,023 1,436,314 0.64% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $207,951,080 1,422,958 0.63% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $205,683,591 1,408,213 0.62% Shares
Amundi $194,553,234 1,332,009 0.59% Shares
DEUTSCHE BANK AG\ $189,327,791 1,296,233 0.57% Shares
VANGUARD FIDUCIARY TRUST CO $176,845,212 1,210,771 0.54% Shares
Point72 Asset Management, L.P. $171,949,281 1,177,251 0.52% Shares
AQR CAPITAL MANAGEMENT LLC $147,408,243 1,009,231 0.45% Shares
Nuveen, LLC $141,953,913 971,888 0.43% Shares
Assenagon Asset Management S.A. $141,278,580 967,264 0.43% Shares
RAYMOND JAMES FINANCIAL INC $140,967,602 965,135 0.43% Shares
PRINCIPAL FINANCIAL GROUP INC $137,679,973 942,637 0.42% Shares
Alyeska Investment Group, L.P. $136,572,088 935,041 0.41% Shares
Russell Investments Group, Ltd. $135,120,958 924,860 0.41% Shares
D. E. Shaw & Co., Inc. $133,606,487 914,737 0.41% Shares
Legal & General Group Plc $119,219,723 816,238 0.36% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $116,052,265 794,552 0.35% Shares
JPMORGAN CHASE & CO $116,014,251 778,042 0.35% Shares
Balyasny Asset Management L.P. $109,545,000 750,000 0.33% Call option
Glendon Capital Management LP $104,045,111 712,345 0.32% Shares
Luxor Capital Group, LP $103,377,617 707,775 0.31% Shares
JANUS HENDERSON GROUP PLC $102,871,906 703,909 0.31% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $100,284,796 686,600 0.30% Call option
SEI INVESTMENTS CO $97,128,972 665,013 0.29% Shares
REAVES W H & CO INC $93,530,543 640,357 0.28% Shares
WELLINGTON MANAGEMENT GROUP LLP $91,795,497 628,478 0.28% Shares
Clark Capital Management Group, Inc. $88,867,453 608,431 0.27% Shares
Permian Investment Partners, LP $86,238,352 590,431 0.26% Shares
Swiss National Bank $83,969,894 574,900 0.25% Shares

Show all 1,126 institutional owners →

Activists & 5%+ owners 13 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Elliott Associates, L.P., Elliott International, L.P., Elliott International Capital Advisors Inc. ×3 filings Aug. 24, 2017 · Initial filing · SEC
BEP Special Situations 2 LLC, Bluescape Energy Recapitalization and Restructuring Fund III LP, Bluescape Energy Partners III GP LLC, Bluescape Resources GP Holdings LLC, Charles John Wilder, Jr. ×2 filings Feb. 13, 2017 · Initial filing Board campaign SEC
Solus Alternative Asset Management LP, Solus GP LLC, Christopher Pucillo Jan. 28, 2010 · Initial filing Passive investment SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 3, 2009 · Initial filing Passive investment SEC
Hellman & Friedman Capital Partners IV, L.P., H&F International Partners IV-A, L.P., H&F International Partners IV-C, L.P., H&F Executive Fund IV, L.P., H&F TGN AIV, L.P, H&F Investors IV, LLC ×2 filings Aug. 16, 2006 · Initial filing · SEC
TPG Advisors III, Inc., TPG Advisors IV, Inc. ×2 filings Aug. 16, 2006 · Initial filing · SEC
KKR Millennium Fund (Energy) L.P., KKR Associates Millennium (Energy) L.P., KKR Partners III, L.P. (Series I), KKR Millennium GP (Energy) LLC ×2 filings Aug. 16, 2006 · Initial filing · SEC
Blackstone TG Capital Partners IV L.P., Blackstone Capital Partners IV-A L.P., Blackstone Participation Partnership IV L.P., Blackstone Family Investment Partnership IV-A L.P., Blackstone TG Capital Partners IV-B L.P., Blackstone Management Associates IV L.L.C., Peter G. Peterson, Stephen A. Schwarzman ×6 filings Aug. 16, 2006 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person March 24, 2005 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Dec. 23, 2004 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Dec. 14, 2004 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Jan. 5, 2004 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Dec. 15, 2003 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 81 insiders · 30 officers · 21 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Lawrence S Coben CEO Feb. 2, 2026 A 412,390 0 0 $0
David W Crane President & CEO Nov. 6, 2015 P 1,115,162 0 0 $0
Clint Freeland Sr. VP & CFO Feb. 3, 2009 F 13,459 0 0 $0
Ershel C Redd JR President, Western Region Aug. 1, 2005 A 12,875 0 0 $0
Robert C Flexon Executive VP and COO Jan. 2, 2009 A 121,334 0 0 $0
Gerald Alfred Spencer SVP & Chief Accounting Officer Sept. 8, 2026 S 6,213 0 1 $-191,069
John V Chillemi Executive VP,Nat'l Bus. Dev. Feb. 1, 2018 A 78,695 0 0 $0
David Russell Hill Exec Vice Pres, Gen Counsel Feb. 1, 2018 A 117,551 0 0 $0
Tanuja M Dehne EVP and Chief Admin Officer Feb. 1, 2016 A 57,603 0 0 $0
Ronald B Stark VP, Chief Accounting Officer Feb. 2, 2015 A 23,765 0 0 $0
Denise Wilson Exec VP & Pres, New Business Nov. 21, 2014 M 127,435 0 0 $0
John W Ragan EVP& Pres, Gulf Coast Region Nov. 3, 2014 A 95,766 0 0 $0
Michael R. Bramnick Exec VP & General Counsel Jan. 3, 2012 A 38,687 0 0 $0
James J Ingoldsby SVP & Chief Accounting Officer Jan. 3, 2012 A 63,799 0 0 $0
Christian S Schade Exec VP & Chief Financial Ofc March 29, 2011 F 34,916 0 0 $0
Jeffrey M Baudier SVP, Reg Pres South Central Jan. 3, 2011 A 16,108 0 0 $0
Andrew J Murphy Exec VP, Pres NE Region Jan. 3, 2011 A 40,221 0 0 $0
Stephen M Hoffmann SVP, Reg President West Jan. 3, 2011 A 17,531 0 0 $0
Jonathan Baliff Executive VP, Strategy Jan. 4, 2010 A 23,007 0 0 $0
Michael S Liebelson EVP-Chf Dev Ofc Lo-Carbon Tech Jan. 2, 2009 A 37,900 0 0 $0
Steve Winn EVP, Strategy & Nuclear Dev April 8, 2008 M 26,162 0 0 $0
Carolyn Jeanne Burke VP, Controller Jan. 2, 2008 A 5,090 0 0 $0
Thad Hill EVP & Regional Pres, NRG Texas Jan. 2, 2008 A 14,600 0 0 $0
Christine A Jacobs Sr.Vice Pres, Plant Operations Sept. 7, 2007 F 17,802 0 0 $0
Curtis A Morgan EVP & Regional Pres. Northeast June 12, 2006 P 18,200 0 0 $0
Caroline Angoorly VP, Environmental & New Bus. May 1, 2006 F 8,495 0 0 $0
Timothy W J Obrien Vice Pres. and General Counsel Jan. 3, 2006 A 12,468 0 0 $0
George P Schaefer Vice President and Treasurer Jan. 3, 2006 A 8,390 0 0 $0
DAVIDO SCOTT J Exec Vice Pres & NE Reg Pres Jan. 3, 2006 A 13,466 0 0 $0
John P Brewster EVP, Dev Eng, Proc and Constr Aug. 1, 2004 M 36,900 0 0 $0
Glenn Tracy Wright Director June 1, 2026 A 1,472 0 0 $0
Marwan Fawaz Director June 1, 2026 A 8,453 0 0 $0
Spencer Abraham Director Feb. 2, 2026 A 84,912 0 0 $0
Kevin Howell Director Nov. 3, 2025 A 56,611 0 0 $0
Terry G Dallas Director Feb. 3, 2020 A 52,461 0 0 $0
William Hantke Director Nov. 1, 2019 A 75,178 0 0 $0
C. John Wilder, Jr. Director Nov. 1, 2018 A 30,658 0 0 $0
Evan Jay Silverstein Director Feb. 1, 2018 A 52,389 0 0 $0
Kirbyjon H Caldwell Director Feb. 1, 2018 A 52,789 0 0 $0
Barry T Smitherman Director Nov. 6, 2017 P 1,000 0 0 $0
Walter R Young JR Director June 1, 2017 A 95,502 0 0 $0
Edward R Muller Director Feb. 1, 2017 A 29,302 0 0 $0
COSGROVE HOWARD E Director Feb. 1, 2017 A 126,363 0 0 $0
Gerald Luterman Director May 1, 2014 A 27,163 0 0 $0
Kathleen A. Mcginty Director June 1, 2013 A 27,762 0 0 $0
John Chlebowski Director June 1, 2013 A 52,982 0 0 $0
Herbert H Tate Director June 1, 2012 A 21,886 0 0 $0
Stephen L Cropper Director June 1, 2011 A 40,936 0 0 $0
Maureen Miskovic Director June 1, 2007 A 15,870 0 0 $0
LS Power Equity Advisors LLC 10% owner March 4, 2026 S 4,820,731 0 2 $-2,645,200,116
David Nanus 10% owner March 4, 2026 S 4,820,731 0 2 $-2,645,200,116
TPG Advisors IV, Inc. 10% owner Aug. 15, 2006 S 2,534,222 0 0 $0
TPG ADVISORS III INC 10% owner Aug. 15, 2006 S 1,572,780 0 0 $0
Brad Bentley · Aug. 4, 2026 F 27,791 0 0 $0
Dak Liyanearachchi · Aug. 3, 2026 A 63,703 0 0 $0
Virginia Kinney · Aug. 3, 2026 A 33,993 0 4 $-8,177,483
Bruce Chung · Aug. 3, 2026 A 89,647 0 3 $-3,148,100
Alexandra Pruner · Aug. 3, 2026 A 32,792 0 0 $0
Heather Cox · Aug. 3, 2026 A 43,679 0 0 $0
Brian Curci · Aug. 3, 2026 A 46,238 0 2 $-17,258,060
Elisabeth B Donohue · Aug. 3, 2026 A 29,131 0 0 $0
Alexander J Pourbaix · Aug. 3, 2026 A 19,881 0 0 $0
Sanjay Kapoor · Aug. 3, 2026 A 3,934 0 0 $0
Robert J Gaudette · Aug. 3, 2026 A 64,069 0 1 $-7,144,200
Rule Antonio Carrillo · Aug. 3, 2026 A 45,392 0 0 $0
Matthew Carter Jr · Aug. 3, 2026 A 43,693 0 0 $0
Marcie Zlotnik · Aug. 3, 2026 A 8,721 0 0 $0
Rasesh M. Patel · May 16, 2025 F 145,091 0 0 $0
Anne C Schaumburg · Aug. 1, 2024 A 105,205 0 0 $0
HOBBY PAUL W · June 1, 2024 A 97,055 0 0 $0
Elizabeth R Killinger · March 15, 2024 S 107,123 0 0 $0
Mauricio Gutierrez · Nov. 1, 2023 A 1,219,637 0 0 $0
Christopher Moser · Sept. 3, 2023 F 167,512 0 0 $0
Emily Picarello · Aug. 1, 2023 A 14,428 0 0 $0
Alberto Fornaro · May 1, 2023 A 51,306 0 0 $0
Thomas H Weidemeyer · June 1, 2022 A 88,323 0 0 $0
David Callen · Nov. 1, 2021 A 21,396 0 0 $0
Gaetan Frotte · May 3, 2021 A 77,794 0 0 $0
Kirkland B Andrews · Feb. 1, 2021 A 288,628 0 0 $0
Frank Plimpton · Dec. 21, 2004 S 8,527,632 0 0 $0
Ramon Betolaza · Dec. 21, 2004 S 8,527,632 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 127 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
UTES · ETFis Series Trust I 4.40% 430,505 NS July 31, 2026 N-PORT
RSPU · Invesco Exchange-Traded Fund Trust 2.90% 141,548 SH Oct. 2, 2026 Daily
PUI · Invesco Exchange-Traded Fund Trust 2.70% 13,341 SH Oct. 2, 2026 Daily
FCPI · FIDELITY COVINGTON TRUST 2.03% 40,804 NS July 31, 2026 N-PORT
VPU · VANGUARD WORLD FUND 1.90% 1,395,403 SH Aug. 19, 2026 Daily
FUTY · FIDELITY COVINGTON TRUST 1.78% 308,547 NS July 31, 2026 N-PORT
SMRI · EA Series Trust 1.78% 85,506 NS July 31, 2026 N-PORT
SPDV · ETF Series Solutions 1.59% 15,616 NS July 31, 2026 N-PORT
UTSL · Direxion Shares ETF Trust 1.59% 4,476 NS July 31, 2026 N-PORT
QIDX · Spinnaker ETF Series 1.58% 4,562 NS July 31, 2026 N-PORT
IDU · iShares Trust 1.46% 168,596 SH Sept. 11, 2026 Daily
JXI · iShares Trust 1.08% 29,084 SH Sept. 11, 2026 Daily
VMAX · Lattice Strategies Trust 1.01% 3,681 NS July 31, 2026 N-PORT
BOBP · EXCHANGE TRADED CONCEPTS TRUST 0.99% 43 NS July 31, 2026 N-PORT
FLRG · FIDELITY COVINGTON TRUST 0.96% 20,757 NS July 31, 2026 N-PORT
POWR · iShares, Inc. 0.95% 38,707 SH Sept. 11, 2026 Daily
ALTL · Pacer Funds Trust 0.93% 6,383 NS July 31, 2026 N-PORT
IWP · iShares Trust 0.67% 1,146,840 SH Sept. 11, 2026 Daily
VBR · VANGUARD INDEX FUNDS 0.66% 3,071,907 SH Aug. 19, 2026 Daily
HIBL · Direxion Shares ETF Trust 0.63% 3,508 NS July 31, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 0.62% 61,367 SH Oct. 2, 2026 Daily
FFLG · FIDELITY COVINGTON TRUST 0.59% 26,095 NS July 31, 2026 N-PORT
BKDV · BNY Mellon ETF Trust II 0.50% 67,781 NS July 31, 2026 N-PORT
PALC · Pacer Funds Trust 0.46% 7,135 NS July 31, 2026 N-PORT
TEXN · iShares Trust 0.38% 636 SH Sept. 11, 2026 Daily
VB · VANGUARD INDEX FUNDS 0.37% 4,839,209 SH Aug. 19, 2026 Daily
JPME · J.P. Morgan Exchange-Traded Fund Tr… 0.36% 12,406 NS July 31, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.36% 12,148 NS July 31, 2026 N-PORT
WLDR · Two Roads Shared Trust 0.33% 2,235 NS July 31, 2026 N-PORT
LQAI · Exchange Listed Funds Trust 0.33% 54 NS July 31, 2026 N-PORT
INFO · Harbor ETF Trust 0.31% 19,397 NS July 31, 2026 N-PORT
DUHP · Dimensional ETF Trust 0.27% 243,133 NS July 31, 2026 N-PORT
ESUM · Strategy Shares 0.26% 3,499 NS July 31, 2026 N-PORT
NEAR · iShares U.S. ETF Trust 0.25% 13,067,000 SH Sept. 11, 2026 Daily
FFLV · FIDELITY COVINGTON TRUST 0.23% 287 NS July 31, 2026 N-PORT
ESLG · Strategy Shares 0.22% 382 NS July 31, 2026 N-PORT
QLC · FlexShares Trust 0.21% 16,128 NS July 31, 2026 N-PORT
PFIG · Invesco Exchange-Traded Fund Trust … 0.19% 235,000 Oct. 2, 2026 Daily
EUSA · iShares, Inc. 0.19% 32,358 SH Sept. 11, 2026 Daily
HDUS · Lattice Strategies Trust 0.18% 2,745 NS July 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.18% 14,571 SH Oct. 2, 2026 Daily
FQAL · FIDELITY COVINGTON TRUST 0.18% 18,576 NS July 31, 2026 N-PORT
FTC · First Trust Exchange-Traded AlphaDE… 0.17% 17,133 NS July 31, 2026 N-PORT
SIZE · iShares Trust 0.17% 6,608 SH Sept. 11, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.17% 1,691,752 SH Oct. 2, 2026 Daily
IMCV · iShares Trust 0.17% 17,714 SH Sept. 11, 2026 Daily
IWR · iShares Trust 0.17% 832,441 SH Sept. 11, 2026 Daily
IMCB · iShares Trust 0.16% 23,465 SH Sept. 11, 2026 Daily
RWL · Invesco Exchange-Traded Fund Trust … 0.14% 142,969 SH Oct. 2, 2026 Daily
IMCG · iShares Trust 0.14% 50,951 SH Sept. 11, 2026 Daily
DFVX · Dimensional ETF Trust 0.14% 5,564 NS July 31, 2026 N-PORT
ESSC · Strategy Shares 0.14% 370 NS July 31, 2026 N-PORT
XOEF · iShares Trust 0.13% 264 SH Sept. 11, 2026 Daily
GTO · Invesco Actively Managed Exchange-T… 0.13% 4,063,000 Oct. 2, 2026 Daily
LRGF · iShares Trust 0.13% 41,734 SH Sept. 11, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.12% 811,963 SH Aug. 19, 2026 Daily
DIVB · iShares Trust 0.11% 20,662 SH Sept. 11, 2026 Daily
VONG · VANGUARD SCOTTSDALE FUNDS 0.09% 322,400 SH Aug. 19, 2026 Daily
DXUV · Dimensional ETF Trust 0.09% 3,631 NS July 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.09% 312,628 NS July 31, 2026 N-PORT
FAD · First Trust Exchange-Traded AlphaDE… 0.09% 3,724 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.09% 21,259 NS July 31, 2026 N-PORT
HQGO · Lattice Strategies Trust 0.08% 299 NS July 31, 2026 N-PORT
ROUS · Lattice Strategies Trust 0.08% 4,264 NS July 31, 2026 N-PORT
IUS · Invesco Exchange-Traded Self-Indexe… 0.07% 7,330 SH Oct. 2, 2026 Daily
DGRO · iShares Trust 0.07% 277,206 SH Sept. 11, 2026 Daily
IWF · iShares Trust 0.07% 764,726 SH Sept. 11, 2026 Daily
GLOF · iShares Trust 0.07% 1,236 SH Sept. 11, 2026 Daily
EGLE · Global X Funds 0.07% 11 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.07% 62,050 NS July 31, 2026 N-PORT
SUSL · iShares Trust 0.07% 7,122 SH Sept. 11, 2026 Daily
VOOG · VANGUARD ADMIRAL FUNDS 0.06% 116,130 SH Aug. 19, 2026 Daily
VOO · VANGUARD INDEX FUNDS 0.05% 5,480,807 SH Aug. 19, 2026 Daily
IVW · iShares Trust 0.05% 332,968 SH Sept. 11, 2026 Daily
XYLG · Global X Funds 0.05% 230 NS July 31, 2026 N-PORT
XRMI · Global X Funds 0.05% 175 NS July 31, 2026 N-PORT
IUSG · iShares Trust 0.05% 138,341 SH Sept. 11, 2026 Daily
XYLD · Global X Funds 0.05% 10,944 NS July 31, 2026 N-PORT
XCLR · Global X Funds 0.05% 12 NS July 31, 2026 N-PORT
XTR · Global X Funds 0.04% 16 NS July 31, 2026 N-PORT
CATH · Global X Funds 0.04% 4,304 NS July 31, 2026 N-PORT
TOPC · iShares Trust 0.04% 130 SH Sept. 11, 2026 Daily
PTLC · Pacer Funds Trust 0.04% 10,758 NS July 31, 2026 N-PORT
CHRI · Global X Funds 0.04% 26 NS July 31, 2026 N-PORT
BKLC · BNY Mellon ETF Trust 0.04% 17,754 NS July 31, 2026 N-PORT
VOXP · Advisors Series Trust 0.04% 18 NS July 31, 2026 N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0.04% 27,627 NS July 31, 2026 N-PORT
VOTE · TCW ETF Trust 0.04% 3,388 NS July 31, 2026 N-PORT
SPUU · Direxion Shares ETF Trust 0.04% 796 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.04% 62,622 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.04% 6,700,889 SH Aug. 19, 2026 Daily
VONE · VANGUARD SCOTTSDALE FUNDS 0.04% 33,535 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.04% 17,136 SH Aug. 19, 2026 Daily
QDPL · Pacer Funds Trust 0.04% 5,083 NS July 31, 2026 N-PORT
TOV · EA Series Trust 0.04% 781 NS July 31, 2026 N-PORT
IVV · iShares Trust 0.04% 2,659,124 SH Sept. 11, 2026 Daily
ILCV · iShares Trust 0.04% 4,263 SH Sept. 11, 2026 Daily
HCMT · Direxion Shares ETF Trust 0.03% 1,465 NS July 31, 2026 N-PORT
IYY · iShares Trust 0.03% 9,083 SH Sept. 11, 2026 Daily
ILCB · iShares Trust 0.03% 3,881 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.03% 5,372 NS July 31, 2026 N-PORT
SPXL · Direxion Shares ETF Trust 0.03% 16,495 NS July 31, 2026 N-PORT
IWB · iShares Trust 0.03% 140,420 SH Sept. 11, 2026 Daily
ILCG · iShares Trust 0.03% 8,991 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.03% 274,860 SH Sept. 11, 2026 Daily
USCL · iShares Trust 0.03% 8,004 SH Sept. 11, 2026 Daily
PBP · Invesco Exchange-Traded Fund Trust 0.03% 1,252 SH Oct. 2, 2026 Daily
IWV · iShares Trust 0.03% 55,885 SH Sept. 11, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.03% 171,608 SH Aug. 19, 2026 Daily
VOOV · VANGUARD ADMIRAL FUNDS 0.03% 12,662 SH Aug. 19, 2026 Daily
PBUS · Invesco Exchange-Traded Fund Trust … 0.03% 34,715 SH Oct. 2, 2026 Daily
QVML · Invesco Exchange-Traded Fund Trust … 0.03% 4,773 SH Oct. 2, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.03% 26,887 SH Oct. 2, 2026 Daily
PHDG · Invesco Actively Managed Exchange-T… 0.03% 168 SH Oct. 2, 2026 Daily
TOK · iShares Trust 0.03% 555 SH Sept. 11, 2026 Daily
URTH · iShares, Inc. 0.02% 18,162 SH Sept. 11, 2026 Daily
ACWI · iShares Trust 0.02% 63,421 SH Sept. 11, 2026 Daily
IVE · iShares Trust 0.02% 91,288 SH Sept. 11, 2026 Daily
IUSV · iShares Trust 0.02% 48,146 SH Sept. 11, 2026 Daily
OMFL · Invesco Exchange-Traded Self-Indexe… 0.02% 7,376 SH Oct. 2, 2026 Daily
GTOS · Invesco Actively Managed Exchange-T… 0.00% 5,000 Oct. 2, 2026 Daily
DFUV · Dimensional ETF Trust 0.00% 230 NS July 31, 2026 N-PORT
DYNF · BlackRock ETF Trust 0.00% 32 SH Sept. 8, 2026 Daily
VGHY · VANGUARD FIXED INCOME SECURITIES FU… · · July 15, 2026 Daily
VSDB · VANGUARD MALVERN FUNDS · · July 15, 2026 Daily
VGMS · VANGUARD MALVERN FUNDS · · July 15, 2026 Daily
IFRA · iShares Trust · 246,227 SH Sept. 10, 2026 Daily

NRG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 21 analysts BUY
Median target $182.00 +91.1%
6 28.6% Strong Buy
11 52.4% Buy
4 19.0% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

16 analysts · 2026-10-04

Mean target $185.50 +94.8%

← Below all targets Current price $95.23
Low$104.00 Mean$185.50 High$270.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
NRG $30.32B 39.7 9.2% 2.8% 43.5% ·
PCG $35.32B 13.6 2.1% 10.8% 8.6% ·
FE $25.87B 25.4 12.0% 6.8% 8.2% ·
PPL · · · · · ·
ES $25.28B 14.8 13.8% 12.6% 10.7% ·
EIX $23.09B 5.2 9.8% 23.1% 26.9% ·
EVRG · 19.8 1.9% 14.3% 8.5% ·
LNT $16.72B 20.7 9.6% 18.6% 11.3% ·
PNW · 17.6 4.2% 11.8% 9.2% ·
OGE $8.80B 18.4 9.2% 14.4% 9.8% ·
IDA · 21.5 -1.2% 18.5% 9.4% ·

Latest News Recent headlines mentioning this company

23

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 4, 2026