Clearway Energy, Inc 10-Q for FY2026 Q3

Clearway Energy, Inc. (CWEN)

10-Q 2026-11-09 For: 2026-09-30

Added on November 09, 2026

About this 10-Q

Clearway Energy, Inc filed this 10-Q on November 9, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Clearway Energy reported nine-month 2026 operating revenue of $1,357 million, up $238 million, while net income attributable to the company fell to $10 million from $259 million. Liquidity totaled $1,102 million as of September 30, 2026. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $522M; up 21.7% from $429M a year earlier
Net income: $51M; down 78.0% from net income of $232M a year earlier

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Delaware			46-1777204
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

902 Carnegie Center, Suite 520	Princeton	New Jersey	08540
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Class C Common Stock, par value $0.01	CWEN	New York Stock Exchange


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION			3
GLOSSARY OF TERMS			4
PART I — FINANCIAL INFORMATION			6
ITEM 1 — FINANCIAL STATEMENTS AND NOTES			6
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			38
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			58
ITEM 4 — CONTROLS AND PROCEDURES			59
PART II — OTHER INFORMATION			60
ITEM 1 — LEGAL PROCEEDINGS			60
ITEM 1A — RISK FACTORS			60
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			60
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES			60
ITEM 4 — MINE SAFETY DISCLOSURES			60
ITEM 5 — OTHER INFORMATION			60
ITEM 6 — EXHIBITS			62
SIGNATURES			63




2025 Form 10-K			The Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026
2028 Senior Notes			$850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes			$925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes			$350 million aggregate principal amount of 3.75% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
2034 Senior Notes			$600 million aggregate principal amount of 5.75% unsecured senior notes due 2034, issued by Clearway Energy Operating LLC
Adjusted EBITDA			A non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write-offs and impairments; and factors which the Company does not consider indicative of future operating performance


ASC			The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP

ATM Program			At-The-Market Equity Offering Program
BESS			Battery energy storage system


CAFD			A non-GAAP measure, Cash Available for Distribution is defined as of September 30, 2026 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments and adjusted for development expenses

Cardinal Portfolio			610 MW portfolio of operational solar facilities located in eight states that the Company acquired on March 30, 2026, previously referred to as the Deriva Solar Portfolio
Catalina			109 MW solar facility located in Kern County, California that the Company leases and operates
CEG			Clearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services Agreement			Amended and Restated Master Services Agreement and Payroll Sharing Agreement, effective as of January 1, 2025, among the Company, Clearway Energy Finance Inc., Clearway Energy LLC, Clearway Energy Operating LLC and CEG

Class A Conversion			The conversion of each share of the Company’s Class A common stock into one share of the Company’s Class C common stock, which occurred on May 1, 2026
Clearway Energy LLC			The holding company through which the facilities are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and the Company, the holder of the Class C units
Clearway Energy Group LLC			The holder of all shares of the Company’s Class B and Class D common stock and Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of the Company’s Class C common stock. Clearway Energy Group LLC is a leading developer of renewable energy, energy storage and power infrastructure in the U.S.
Clearway Energy Operating LLC			The holder of facilities that are owned by Clearway Energy LLC
Clearway Renew			Clearway Renew LLC, a subsidiary of CEG, and its wholly-owned subsidiaries

Company			Clearway Energy, Inc., together with its consolidated subsidiaries
CVSR			California Valley Solar Ranch








Distributed Solar			Solar power facilities, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid

Drop Down Assets			Assets under common control acquired by the Company from CEG
DSPP			Direct Stock Purchase Plan


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


ERCOT			Electric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas
Exchange Act			The Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board

GAAP			Accounting principles generally accepted in the U.S.
GenConn			GenConn Energy LLC


GW			Gigawatt
HLBV			Hypothetical Liquidation at Book Value
Honeycomb Portfolio			Four BESS facilities operating in Beaver County and Iron County, Utah, collectively representing 320 MW of capacity, which includes Enterprise, Escalante I, Granite Mountain East and Iron Springs that are co-located with the respective solar facilities
Honeycomb 2 Portfolio			Three BESS facilities under construction in Beaver County and Iron County, Utah, collectively representing 210 MW of capacity, which includes Escalante II, Escalante III and Granite Mountain West that are co-located with the respective solar facilities
Honeycomb TargetCo			Honeycomb TargetCo LLC, the indirect owner of the Honeycomb Portfolio

IRS			Internal Revenue Service
ISO			Independent System Operator, also referred to as an RTO
ITC			Investment Tax Credit




MMBtu			Million British Thermal Units

MW			Megawatt
MWh			Saleable megawatt hours, net of internal/parasitic load megawatt-hours


Net Exposure			Counterparty credit exposure to Clearway Energy, Inc., net of collateral
NOLs			Net Operating Losses
NYSE			New York Stock Exchange



OCI/OCL			Other comprehensive income/loss
O&M			Operations and Maintenance
Palisade Plains Partnership			Palisade Plains Development Partnership LLC, the indirect owner of Goat Mountain
PG&E			Pacific Gas and Electric Company

Pine Forest TE Class A			Pine Forest TE Class A Owner LLC, a consolidated subsidiary of Clearway Energy Finance Inc. and an indirect subsidiary of the Company

PPA			Power Purchase Agreement
PTC			Production Tax Credit



RA			Resource adequacy
RENOM			Clearway Renewable Operation & Maintenance LLC, a wholly-owned subsidiary of CEG


RS2-Spindle TargetCo			RS2-Spindle TargetCo LLC, the indirect owner of Rosamond South II and Spindle
RTO			Regional Transmission Organization

SCE			Southern California Edison
SDG&E			San Diego Gas & Electric
SEC			U.S. Securities and Exchange Commission
Senior Notes			Collectively, the 2028 Senior Notes, the 2031 Senior Notes, the 2032 Senior Notes and the 2034 Senior Notes
SOFR			Secured Overnight Financing Rate
SPP			Solar Power Partners
SREC			Solar Renewable Energy Credit



U.S.			United States of America

Utility Scale Solar			Solar power facilities, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VIE			Variable Interest Entity


	Three months ended September 30,				Nine months ended September 30,
(In millions, except per share amounts)	2026		2025		2026		2025
Operating Revenues
Total operating revenues	$	522	$	429	$	1,357	$	1,119
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	167		128		450		381
Depreciation, amortization and accretion	198		176		576		502

General and administrative	13		10		39		31
Transaction and integration costs	9		3		21		8

Total operating costs and expenses	387		317		1,086		922

Operating Income	135		112		271		197
Other Income (Expense)
Equity in earnings of unconsolidated affiliates	29		15		45		27


Other income, net	12		7		28		22
Loss on debt extinguishment	—		(7)		(5)		(7)
Interest expense	(43)		(98)		(249)		(297)
Total other expense, net	(2)		(83)		(181)		(255)
Income (Loss) Before Income Taxes	133		29		90		(58)
Income tax expense (benefit)	10		(31)		5		(26)
Net Income (Loss)	123		60		85		(32)
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	72		(172)		75		(291)
Net Income Attributable to Clearway Energy, Inc.	$	51	$	232	$	10	$	259
Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted	—		35		15		35

Weighted average number of Class C common shares outstanding - basic and diluted	121		83		106		83

Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted	$	0.42	$	1.97	$	0.08	$	2.20



Dividends Per Class A Common Share	$	—	$	0.4456	$	0.4602	$	1.3152
Dividends Per Class C Common Share	$	0.4750	$	0.4456	$	1.4028	$	1.3152


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2026		2025		2026		2025
Net Income (Loss)	$	123	$	60	$	85	$	(32)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on derivatives and changes in accumulated OCI/OCL, net of income tax (expense) benefit of $(25), $—, $(29) and $5	132		(5)		161		(23)
Other comprehensive income (loss)	132		(5)		161		(23)
Comprehensive Income (Loss)	255		55		246		(55)
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	142		(174)		160		(305)
Comprehensive Income Attributable to Clearway Energy, Inc.	$	113	$	229	$	86	$	250


(In millions, except shares)	September 30, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	333	$	231
Restricted cash	413		587
Accounts receivable — trade	244		162
Accounts receivable — affiliates	—		1
Inventory	89		75
Derivative instruments	122		29


Prepayments and other current assets	86		67
Total current assets	1,287		1,152
Property, plant and equipment, net	12,111		11,596
Other Assets
Equity investments in affiliates	391		291

Intangible assets for power purchase agreements, net	2,271		2,294
Other intangible assets, net	63		66
Deferred income taxes	—		172
Derivative instruments	292		127
Right-of-use assets, net	768		714

Other non-current assets	190		243
Total other assets	3,975		3,907
Total Assets	$	17,373	$	16,655
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	539	$	708

Accounts payable — trade	173		95

Accounts payable — affiliates	30		32
Derivative instruments	11		52
Accrued interest expense	43		52

Accrued expenses and other current liabilities	82		79
Total current liabilities	878		1,018
Other Liabilities
Long-term debt	8,897		7,898
Deferred income taxes	175		45
Derivative instruments	61		308
Long-term lease liabilities	823		796
Other non-current liabilities	772		676
Total other liabilities	10,728		9,723
Total Liabilities	11,606		10,741
Redeemable noncontrolling interest in subsidiaries	123		103
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued	—		—
Class B, Class C and Class D common stock, $0.01 par value; 2,500,000,000 shares authorized (Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 205,274,852 shares issued and outstanding (Class B 42,738,750, Class C 121,174,960, Class D 41,361,142) at September 30, 2026 and 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025	1		1
Additional paid-in capital	1,732		1,715
Retained earnings	104		213
Accumulated other comprehensive income (loss)	77		(5)
Noncontrolling interest	3,730		3,887
Total Stockholders’ Equity	5,644		5,811
Total Liabilities and Stockholders’ Equity	$	17,373	$	16,655


(In millions)	Preferred Stock		Common Stock		Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive (Loss) Income		Noncontrolling Interest		Total Stockholders’ Equity
Balances at December 31, 2025	$	—	$	1	$	1,715	$	213	$	(5)	$	3,887	$	5,811
Net (loss) income	—		—		—		(163)		—		133		(30)
Unrealized gain on derivatives and changes in accumulated OCL, net of tax	—		—		—		—		5		5		10
Distributions to CEG, net of contributions, cash	—		—		—		—		—		(64)		(64)
Distributions to noncontrolling interests, net of contributions, cash	—		—		—		—		—		(178)		(178)

Transfers of assets under common control	—		—		—		—		—		(1)		(1)
Cardinal Portfolio acquisition	—		—		—		—		—		2		2
Buyout of noncontrolling interest	—		—		2		—		—		(5)		(3)
Proceeds from the issuance of Class C common stock	—		—		50		—		—		—		50

Stock-based compensation	—		—		1		—		—		—		1
Common stock dividends and distributions to CEG unit holders	—		—		—		(56)		—		(39)		(95)

Balances at March 31, 2026	—		1		1,768		(6)		—		3,740		5,503
Net income	—		—		—		122		—		100		222
Unrealized gain on derivatives and changes in accumulated OCI, net of tax	—		—		—		—		9		10		19
Distributions to CEG, net of contributions, cash	—		—		—		—		—		(62)		(62)
Distributions to noncontrolling interests, net of contributions, cash	—		—		—		—		—		(45)		(45)

Transfers of assets under common control	—		—		—		—		—		(81)		(81)

Non-cash adjustments for change in tax basis	—		—		12		—		—		—		12
Stock-based compensation	—		—		2		(1)		—		—		1
Common stock dividends and distributions to CEG unit holders	—		—		(52)		(4)		—		(39)		(95)
Other	—		—		—		—		—		(1)		(1)
Balances at June 30, 2026	—		1		1,730		111		9		3,622		5,473
Net income	—		—		—		51		—		101		152
Unrealized gain on derivatives and changes in accumulated OCI, net of tax	—		—		—		—		62		70		132

Contributions from CEG, net of distributions, cash	—		—		—		—		—		6		6
Distributions to noncontrolling interests, net of contributions, cash	—		—		—		—		—		(28)		(28)



Transfer of assets under common control	—		—		—		—		6		(2)		4

Non-cash adjustments for change in tax basis	—		—		1		—		—		—		1
Stock-based compensation	—		—		1		—		—		—		1
Common stock dividends and distributions to CEG unit holders	—		—		—		(58)		—		(40)		(98)
Other	—		—		—		—		—		1		1
Balances at September 30, 2026	$	—	$	1	$	1,732	$	104	$	77	$	3,730	$	5,644


	(In millions)
Balance at December 31, 2025	$	103
Cash contributions from redeemable noncontrolling interests, net of distributions	276

Non-cash contribution from redeemable noncontrolling interests	3
Comprehensive loss attributable to redeemable noncontrolling interests	(259)
Balance at September 30, 2026	$	123


	Three months ended September 30, 2026
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	20	$	404	$	424
Capacity revenue (a)	76		52		128
Other revenues	1		18		19
Contract amortization	(4)		(48)		(52)
Mark-to-market for economic hedges	(8)		11		3
Total operating revenues	85		437		522
Less: Contract amortization	4		48		52
Less: Mark-to-market for economic hedges	8		(11)		(3)
Less: Lease revenue	(28)		(296)		(324)
Total revenue from contracts with customers	$	69	$	178	$	247


	Three months ended September 30, 2025
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	13	$	350	$	363
Capacity revenue (a)	69		25		94
Other revenues	3		23		26
Contract amortization	(5)		(45)		(50)
Mark-to-market for economic hedges	26		(30)		(4)
Total operating revenues	106		323		429
Less: Contract amortization	5		45		50
Less: Mark-to-market for economic hedges	(26)		30		4
Less: Lease revenue	(29)		(253)		(282)
Total revenue from contracts with customers	$	56	$	145	$	201


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	16
Cardinal Portfolio JV (b)	50%	89
Desert Sunlight	25%	218
Elkhorn Ridge	66.7%	—
GenConn (c)	50%	68


		$	391


	Nine months ended September 30, 2026
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	35	$	1,047	$	1,082
Capacity revenue (a)	207		126		333
Other revenues	2		58		60
Contract amortization	(13)		(140)		(153)
Mark-to-market for economic hedges	1		34		35
Total operating revenues	232		1,125		1,357
Less: Contract amortization	13		140		153
Less: Mark-to-market for economic hedges	(1)		(34)		(35)
Less: Lease revenue	(82)		(768)		(850)
Total revenue from contracts with customers	$	162	$	463	$	625


	Nine months ended September 30, 2025
(In millions)	Flexible Generation		Renewables & Storage		Total
Energy revenue (a)	$	24	$	925	$	949
Capacity revenue (a)	201		68		269
Other revenues	5		63		68
Contract amortization	(14)		(125)		(139)
Mark-to-market for economic hedges	8		(36)		(28)
Total operating revenues	224		895		1,119
Less: Contract amortization	14		125		139
Less: Mark-to-market for economic hedges	(8)		36		28
Less: Lease revenue	(87)		(678)		(765)
Total revenue from contracts with customers	$	143	$	378	$	521


(In millions)	Rosamond South II

Property, plant and equipment (a)	$	206

Derivative assets	12
Other current and non-current assets	6

Total assets acquired	224

Long-term debt (b)	159


Other current liabilities	50
Other non-current liabilities	2
Total liabilities assumed	211
Other comprehensive income	11
Net assets acquired	$	2


(In millions)	Cardinal Portfolio (a)
Cash	$	1
Restricted cash	15
Property, plant and equipment	314
Intangible assets for power purchase agreements	128
Right-of-use assets	61
Derivative assets	6
Other current and non-current assets	24
Total assets acquired	549

Long-term debt (b)	180
Long-term lease liabilities	38

Other current liabilities	3
Other non-current liabilities	84
Total liabilities assumed	305
Noncontrolling interest (c)	2
Net assets acquired	$	242


	As of September 30, 2026				As of December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(In millions)




Long-term debt, including current portion (a)	$	9,514	$	8,907	$	8,676	$	8,382


	As of September 30, 2026				As of December 31, 2025
	Level 2		Level 3		Level 2		Level 3
	(In millions)
Long-term debt, including current portion	$	2,526	$	6,381	$	2,032	$	6,350


	As of September 30, 2026				As of December 31, 2025
	Fair Value (a)				Fair Value (a)
(In millions)	Level 2 (b)		Level 3			Level 2 (b)		Level 3
Derivative assets:

Energy-related commodity contracts (c)	$	—	$	14		$	1	$	13
Interest rate contracts	400		—			142		—
Other financial instruments (d)	—		4			—		7
Total assets	$	400	$	18		$	143	$	20
Derivative liabilities:
Energy-related commodity contracts (e)	$	—	$	72		$	—	$	333
Interest rate contracts	—		—			27		—
Total liabilities	$	—	$	72		$	27	$	333


	September 30, 2026
	Fair Value						Input/Range
	Assets		Liabilities		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average
	(In millions)
Long-term Power Commodity Contracts	$	—	$	69	Discounted Cash Flow	Forward Market Price ($ per MWh)	$	30.29	$	77.57	$	46.43
Heat Rate Call Option Commodity Contracts	14		3		Option Model	Forward Market Price ($ per MWh)	(24.36)		286.87		49.72
					Option Model	Forward Market Price ($ per MMBtu)	1.02		12.54		3.61
Other Financial Instruments	4		—		Discounted Cash Flow	Forecast annual generation levels of certain DG solar facilities	57,935 MWh		115,869 MWh		97,214 MWh


		Total Volume
		September 30, 2026		December 31, 2025
Commodity	Units	(In millions)

Power	MWh	(20)		(29)
Natural Gas	MMBtu	9		5
Interest	Dollars	$	4,888	$	4,080


	Fair Value
	Derivative Assets				Derivative Liabilities
	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
	(In millions)
Derivatives Designated as Cash Flow Hedges:
Interest rate contracts current	$	72	$	2	$	—	$	6
Interest rate contracts long-term	137		29		—		21
Total Derivatives Designated as Cash Flow Hedges	$	209	$	31	$	—	$	27
Derivatives Not Designated as Cash Flow Hedges:
Interest rate contracts current	$	41	$	17	$	—	$	—
Interest rate contracts long-term	150		94		—		—
Energy-related commodity contracts current	9		10		11		46
Energy-related commodity contracts long-term	5		4		61		287
Total Derivatives Not Designated as Cash Flow Hedges	$	205	$	125	$	72	$	333
Total Derivatives	$	414	$	156	$	72	$	360


	Gross Amounts Not Offset in the Statement of Financial Position
As of September 30, 2026	Gross Amounts of Recognized Assets/Liabilities		Derivative Instruments		Net Amount
Energy-related commodity contracts	(In millions)
Derivative assets	$	14	$	—	$	14
Derivative liabilities	(72)		—		(72)
Total energy-related commodity contracts	$	(58)	$	—	$	(58)
Interest rate contracts
Derivative assets	$	400	$	—	$	400

Total interest rate contracts	$	400	$	—	$	400
Total derivative instruments	$	342	$	—	$	342


	Maturity Date	September 30, 2026		December 31, 2025		Interest Rate (a)
		(In millions)
Senior Notes	2028-2034	$	2,725	$	2,125	3.750% - 5.750%
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility (b)	2028	144		361		S+1.750%
Non-recourse facility-level debt:
Fixed rate	2031-2040	3,137		3,001		2.339% - 8.000%
Variable rate	2026-2036	3,504		3,187		S+1.375% - 2.750%
Total debt		9,510		8,674
Less current maturities		(539)		(708)
Less net debt issuance costs		(78)		(70)
Add premiums (c)		4		2
Total long-term debt		$	8,897	$	7,898


	Three months ended September 30, 2026				Nine months ended September 30, 2026
(In millions, except per share data) (a)	Common Class A (b)		Common Class C		Common Class A (b)		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	—	$	51	$	1	$	9
Weighted average number of common shares outstanding — basic and diluted	—		121		15		106
Earnings per weighted average common share — basic and diluted	$	—	$	0.42	$	0.08	$	0.08


	Three months ended September 30, 2025
	As Previously Reported				Adjustments				As Revised
(In millions, except per share data) (a)	Common Class A		Common Class C		Common Class A		Common Class C		Common Class A		Common Class C
Basic and diluted earnings per share attributable to Clearway Energy, Inc. common stockholders
Net income attributable to Clearway Energy, Inc.	$	69	$	167	$	(1)	$	(3)	$	68	$	164
Weighted average number of common shares outstanding — basic and diluted	35		83		—		—		35		83
Earnings per weighted average common share — basic and diluted	$	2.00	$	2.00	$	(0.03)	$	(0.03)	$	1.97	$	1.97


	Third Quarter 2026		Second Quarter 2026		First Quarter 2026
Dividends per Class A share	$	—	$	—	$	0.4602
Dividends per Class C share	0.4750		0.4676		0.4602


	Three months ended September 30, 2025 (as revised) (a)
(In millions)	Flexible Generation		Renewables & Storage		Corporate (b)		Total
Operating revenues	$	106	$	323	$	—	$	429
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	31		97		—		128
Depreciation, amortization and accretion	28		148		—		176

General and administrative	—		—		10		10
Transaction and integration costs	—		—		3		3
Operating income (loss)	47		78		(13)		112
Equity in earnings of unconsolidated affiliates	—		15		—		15
Other income, net	1		6		—		7
Loss on debt extinguishment	—		(7)		—		(7)
Interest expense	(9)		(61)		(28)		(98)
Income (loss) before income taxes	39		31		(41)		29
Income tax benefit	—		—		(31)		(31)
Net Income (Loss)	39		31		(10)		60
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(316)		144		(172)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	39	$	347	$	(154)	$	232
Balance Sheet

Capital expenditures (c)	$	2	$	71	$	—	$	73


	Nine months ended September 30, 2025 (as revised) (a)
(In millions)	Flexible Generation		Renewables & Storage		Corporate (b)		Total
Operating revenues	$	224	$	895	$	—	$	1,119
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below	86		295		—		381
Depreciation, amortization and accretion	84		418		—		502

General and administrative	—		—		31		31
Transaction and integration costs	—		—		8		8
Operating income (loss)	54		182		(39)		197
Equity in earnings of unconsolidated affiliates	—		27		—		27
Other income, net	3		17		2		22
Loss on debt extinguishment	—		(7)		—		(7)
Interest expense	(27)		(195)		(75)		(297)
Income (loss) before income taxes	30		24		(112)		(58)
Income tax benefit	—		—		(26)		(26)
Net Income (Loss)	30		24		(86)		(32)
Less: Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	—		(460)		169		(291)
Net Income (Loss) Attributable to Clearway Energy, Inc.	$	30	$	484	$	(255)	$	259
Balance Sheet
Equity investments in affiliates	$	72	$	229	$	—	$	301
Capital expenditures (c)	4		158		—		162
Total Assets	$	1,859	$	14,123	$	84	$	16,066


	Three months ended September 30, 2025						Nine months ended September 30, 2025
(In millions, except per share amount)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(Unaudited)						(Unaudited)
Consolidated Statement of Operations
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	$	(176)	$	4	$	(172)	$	(305)	$	14	$	(291)
Net income attributable to Clearway Energy, Inc.	236		(4)		232		273		(14)		259
Earnings per weighted average Class A and Class C common share - basic and diluted	$	2.00	$	(0.03)	$	1.97	$	2.32	$	(0.12)	$	2.20
Consolidated Statement of Comprehensive Income
Comprehensive loss attributable to noncontrolling interests	$	(178)	$	4	$	(174)	$	(319)	$	14	$	(305)
Comprehensive income attributable to Clearway Energy, Inc.	$	233	$	(4)	$	229	$	264	$	(14)	$	250
Consolidated Balance Sheet (As of September 30, 2025)
Redeemable noncontrolling interest in subsidiaries	$	74	$	30	$	104
Retained earnings	372		(14)		358
Noncontrolling interest	3,666		(16)		3,650
Total Stockholders’ Equity	$	5,715	$	(30)	$	5,685
Consolidated Statements of Stockholders’ Equity
Retained Earnings:
Net income	$	236	$	(4)	$	232
Retained Earnings at September 30, 2025	$	372	$	(14)	$	358
Noncontrolling Interest:
Net loss	$	9	$	(19)	$	(10)
Noncontrolling Interest at September 30, 2025	$	3,666	$	(16)	$	3,650


			Capacity
	Percentage		Rated	Net	Contract
Facilities	Ownership		MW	MW (a)	Counterparty	Expiration
Flexible Generation
Carlsbad	100	%	523	523	SDG&E	2038
El Segundo	100	%	546	546	Various	2027 - 2029
GenConn Devon	50	%	190	95	Connecticut Light & Power	2040
GenConn Middletown	50	%	190	95	Connecticut Light & Power	2041
Marsh Landing	100	%	820	820	Various	2026 - 2030
Walnut Creek	100	%	501	501	Various	2026 - 2027
Total Flexible Generation			2,770	2,580
Utility Scale Solar
Agua Caliente	51	%	290	148	PG&E	2039
Alpine	100	%	66	66	PG&E	2033
Arica (b)	40	%	263	105	Various	2036 - 2041
Avenal	50	%	45	23	PG&E	2031
Buckthorn Solar (b)	100	%	150	150	City of Georgetown, TX	2043
Cardinal Portfolio JV (c)	50	%	95	48	Various	2035 - 2041
Catalina (d)	—% (d)		109	109	SDG&E	2038
Conetoe (c)	100	%	80	80	Corning Inc. and Lockheed Martin	2040
CVSR	100	%	250	250	PG&E	2038
Daggett 2 (b)	25	%	182	46	Various	2038
Daggett 3 (b)	25	%	300	75	Various	2033 - 2038
Desert Sunlight 250	25	%	250	63	SCE	2034
Desert Sunlight 300	25	%	300	75	PG&E	2039
Enterprise	100	%	80	80	PacifiCorp	2036
Escalante I	100	%	80	80	PacifiCorp	2036
Escalante II	100	%	80	80	PacifiCorp	2036
Escalante III	100	%	80	80	PacifiCorp	2036
Granite Mountain East	100	%	80	80	PacifiCorp	2036
Granite Mountain West	100	%	50	50	PacifiCorp	2036
Iron Springs	100	%	80	80	PacifiCorp	2036
Luna Valley (b)	100	%	200	200	Various	2040 - 2045
Mililani I (b)	50	%	39	20	Hawaiian Electric Company	2042
Oahu Solar (b)	100	%	61	61	Hawaiian Electric Company	2041
Pine Forest (b)	50	%	300	150	Various	2040 - 2045


Rosamond Central (b)	50	%	192	96	Various	2038 - 2047
Rosamond South I (b)	50	%	140	70	Various	2040
Shoreham (b) (c)	100	%	25	25	Long Island Power Authority	2038
Texas Solar Nova 1 (b)	50	%	252	126	Verizon	2042
Texas Solar Nova 2 (b)	50	%	200	100	Verizon	2042
Victory Pass (b)	40	%	200	80	Various	2039
Waiawa (b)	50	%	36	18	Hawaiian Electric Company	2043
Other Utility Scale Solar	100	%	175	175	Various	2029 - 2038
Total Utility Scale Solar			4,730	2,889
Utility Scale BESS
Arica (b)	40	%	136	54	Various	2039 - 2041
Daggett 1 (b)	100	%	114	114	SDG&E	2040
Daggett 2 (b)	25	%	131	33	Various	2038
Daggett 3 (b)	25	%	149	37	Various	2033 - 2038
Honeycomb Portfolio (b)	100	%	320	320	PacifiCorp	2046
Mililani I (b)	50	%	39	20	Hawaiian Electric Company	2042
Pine Forest (b)	50	%	200	100	N/A
Rosamond Central (b)	50	%	147	74	SCE	2039
Rosamond South I (b)	50	%	117	59	Various	2035 - 2040
Victory Pass (b)	40	%	50	20	Various	2039
Waiawa (b)	50	%	36	18	Hawaiian Electric Company	2043
Total Utility Scale BESS			1,439	849
Distributed Solar
Cardinal Portfolio (c)	100	%	239	239	Various	2027 - 2040
Cardinal Portfolio JV (c)	50	%	130	65	Various	2033 - 2041
DGPV Funds (b)	100	%	286	286	Various	2030 - 2044
Solar Power Partners (SPP)	100	%	24	24	Various	2026 - 2037
Other DG Facilities	100	%	19	19	Various	2026 - 2039
Total Distributed Solar			698	633
Utility Scale Wind
Alta I - V	100	%	720	720	SCE	2035
Alta X - XI	100	%	227	227	SCE	2038
Black Rock (b)	50	%	115	58	Toyota and Google	2036
Broken Bow	100	%	80	80	Nebraska Public Power District	2032
Cedar Creek (b)	100	%	160	160	PacifiCorp	2049
Cedro Hill (b)	100	%	160	160	CPS Energy	2045
Crofton Bluffs	100	%	42	42	Nebraska Public Power District	2032
Dan’s Mountain (b)	50	%	55	28	Constellation Energy Generation	2037
Elbow Creek (b)	100	%	122	122	Various	2041
Elkhorn Ridge	66.7	%	81	54	Nebraska Public Power District	2029
Goat Mountain (e)	99	%	150	149	N/A
Langford (b)	100	%	160	160	Various	2041
Laredo Ridge	100	%	81	81	Nebraska Public Power District	2031
Mesquite Sky (b)	50	%	340	170	Various	2041
Mesquite Star (b)	50	%	419	210	Various	2032 - 2035
Mountain Wind 1	100	%	61	61	PacifiCorp	2033
Mountain Wind 2	100	%	80	80	PacifiCorp	2033
Ocotillo	100	%	55	55	N/A
Pinnacle (b)	100	%	54	54	Maryland Department of General Services and University System of Maryland	2031