NRG · Nrg Energy, Inc.
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AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;DR. NRG reported Q2 adjusted EBITDA of $1.2 billion, up 34% year-over-year, and reaffirmed its full-year 2026 guidance. The company advanced its Bring-Your-Own-Power strategy by announcing alignment on principal commercial terms with a hyperscaler for a 1.2 GW Texas CCGT project expected to deliver $500 million of annual adjusted EBITDA at full operation, with commercial operations targeted for late 2029.
- + Adjusted EBITDA grew 34% year-over-year to $1.2 billion in Q2
- + East segment adjusted EBITDA rose $370 million year-over-year, driven by acquired LS Power portfolio and higher PJM capacity
- + Advanced 1.2 GW BYOP data center project in Texas with a hyperscaler, expected to generate $500M annual adjusted EBITDA and $375M annual free cash flow
- + Project economics target 12%-15% pre-tax unlevered IRR with ~6x build multiple, supported by investment-grade counterparty and 15-year contract
- + Maintained $1 billion annual share repurchase commitment and 2026 capital allocation framework unchanged despite new project investment
- − Adjusted net income declined to $315M from $339M and adjusted EPS fell to $1.49 from $1.73 due to acquisition-related interest expense
- − Texas segment adjusted EBITDA declined $131 million year-over-year on lower ERCOT prices and load
- − Virginia's RGGI reentry creates an estimated $70 million of incremental 2026 cost not in underwriting
- − New $721 million 2026 data center project investment funded by reduced liability management, lowering net debt reduction pace
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Utilities - Independent Power Producers — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
NRG
this stock
Nrg Energy, Inc.
|
$21.10B | -40.2% | +9.2% | 27.0 | 2.8% |
|
CEG
Constellation Energy Corp
|
$88.46B | -27.1% | +8.3% | 24.3 | 3.3% |
|
VST
Vistra Corp.
|
$46.47B | -13.2% | +3.0% | 23.4 | 2.9% |
|
TLN
Talen Energy Corp
|
$14.59B | -14.4% | +22.0% | — | 5.7% |
|
OKLO
Oklo Inc.
|
$7.08B | -50.0% | — | — | 18.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| NRG | -5.1% | -14.9% | -44.1% | -0.4% | -40.2% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | -4.9% | -14.4% | -56.2% | -1.4% | -53.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.