Nrg Energy, Inc.

Company facts

Industry

Electric Services

Headquarters

Houston, Texas

Most recent report

10-Q, filed Nov 9, 2026

Incorporated

Delaware

Filings on record

1,004+ filings

On EDGAR

CIK 1013871

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 1 positive, 10 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes; acquisition, debt, cash swing, and commitments are material.
  Notable

  • Agreed to sell 4.9 GW of generation assets to LS Power for $4B; expects $400-600M impairment charge.
  • Share repurchase programs: $3.7B completed, new $3.0B authorization through 2028, plus $1.0B approved.
  • NYSPSC settlement: distributed $50M to legacy customers and $920K to low-income customers.

• Management's Discussion (Item 2)

  LSP acquisition, asset sale, strong earnings, customer attrition, and debt raise all in this section.
  Positive

  • PJM capacity auction cleared 6,839 MW at $325/MW-day cap, expected $811M revenue for 2028/2029.
  Notable

  • Agreed to sell 4.9 GW of generation assets to LS Power for $4B, with $2B debt reduction and $1B buyback planned.
  • LSP Portfolio acquisition closed Jan 30, 2026, adding 13 GW generation and CPower for $6.4B cash plus 24.25M shares.
  • $963M share repurchases in nine months at avg $154.45; board added $1B authorization. Dividend raised to $1.90.
  • Issued $900M Term Loan B, $2.1B unsecured notes, and $500M secured notes in April 2026 to fund LSP and refinance.
  • Total liquidity fell to $6.0B from $9.6B at year-end 2025, mainly from funding the LSP acquisition.

• Market Risk (Item 3)

  Quantified market risks: VaR, credit exposure, collateral sensitivity, interest rate impact.
  Notable

  • VaR increased to $89M from $65M a year ago, driven by new generation assets added in Q1 2026.
  • A 1% change in variable interest rates would change interest expense by $52M on a rolling 12-month basis as of Sept 30, 2026.
  Negative

  • A $0.50/MMBtu drop in natural gas prices would require $1.2B in additional margin collateral as of Sept 30, 2026.

• Risk Factors (Item 1A)

  New risk: LS Power asset sale may fail or delay, with stock price and business impact.
  Negative

  • Sale of generation assets to LS Power faces regulatory and closing risks; failure could hit stock price and results.

What changed: Sep 2026 vs. Jun 2026

About 5% of NRG's Sep 2026 10-Q is new information. 37 paragraphs were added, 273 changed, and 61 removed. Below are the most important lines SECSift identified.

• Item 2 104
• Item 1 95
• Item 3 11
• Item 6 5
• Item 1A 3
• Item 5 3
• Item 4 1