Nrg Energy, Inc.

Company facts

Industry

Electric Services

Headquarters

Houston, Texas

Most recent report

10-Q, filed Aug 4, 2026

Incorporated

Delaware

Filings on record

1,014+ filings

On EDGAR

CIK 1013871

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 2 positive, 9 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Core financials: LSP acquisition closed Jan 30, 2026, reshaping balance sheet and results.
  Positive

  • Dividend raised to $1.90 annual from $1.76; $0.475/quarter paid; target 7-9% growth.
  Notable

  • Issued $2.1B new unsecured notes (5.875% 2034, 6.125% 2036) and $500M secured notes (4.955% 2031).
  • New $3.0B buyback through 2028 approved; $614M spent in H1 2026 under that program.
  • NYSPSC settlement requires $50M fund for legacy customers; $920k for low-income customers; accrued.

• Management's Discussion (Item 2)

  Full MD&A with material acquisition, P&L swing, and regulatory updates needing attention.
  Positive

  • T.H. Wharton, a 415 MW facility, achieved commercial operations in May 2026.
  Notable

  • PJM BRA 2028/2029: NRG cleared 6,839 MW, expecting $811M in capacity revenues.
  • H1 2026 share repurchases of $921M at avg $156.52 per share.

• Market Risk (Item 3)

  Material quantified risks: liquidity margin call risk, VaR up, large credit exposure.
  Notable

  • VaR averaged $87M in Q2 2026 vs $64M in Q2 2025, driven by new generation assets added in Q1 2026.
  • Net counterparty credit exposure $1.1B, collateral held only $66M; 55% of exposure rolls off by end of 2027.
  • Long-term solar PPA credit exposure $625M over next 5 years, valued via internal models.
  • A 1% change in variable interest rates changes interest expense by $56M on a rolling 12-month basis.
  Negative

  • A $0.50/MMBtu nat-gas drop would require $1.4B in additional margin collateral, real cash drain risk.

What changed: Jun 2026 vs. Mar 2026

About 15% of NRG's Jun 2026 10-Q is new information. 110 paragraphs were added, 227 changed, and 40 removed. Below are the most important lines SECSift identified.

• Item 2 127
• Item 1 102
• Item 3 11
• Item 6 9
• Item 5 4
• Item 4 1
• Item 1A 1