For the year ending 2025-12-31, NRG had $3,825M increase in cash & cash equivalents over the period. $766M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income/(loss) | 864 | 1,125 | -202 | 1,221 |
| Depreciation of property, plant and equipment and amortization of customer relationships and other intangible assets | 896 | 1,071 | 1,127 | 634 |
| Amortization of capitalized contract costs | 510 | 332 | - | - |
| Accretion of asset retirement obligations | 29 | 34 | 27 | 55 |
| Provision for credit losses | 272 | 314 | 251 | 11 |
| Amortization of nuclear fuel | 0 | 0 | 47 | 54 |
| Amortization of financing costs and debt discounts | 51 | 39 | 52 | 23 |
| Loss/(gain) on debt extinguishment | -10 | -382 | 109 | 0 |
| Amortization of in-the-money contracts and emissions allowances | 97 | 105 | 137 | 158 |
| Amortization of unearned equity compensation | 134 | 102 | 101 | 28 |
| Net loss/(gain) on sale of assets and disposal of assets | -25 | 192 | 1,559 | 102 |
| Gain on proceeds from insurance recoveries for property, plant and equipment, net | 100 | - | - | - |
| Impairment losses | 39 | 43 | 128 | 206 |
| Changes in derivative instruments | -450 | 337 | -2,455 | 3,221 |
| Changes in current and deferred income taxes and liability for uncertain tax benefits | 213 | 165 | -92 | 382 |
| Changes in collateral deposits in support of risk management activities | 7 | 245 | -1,806 | 896 |
| Changes in nuclear decommissioning trust liability | - | 0 | 0 | 9 |
| Oil lower of cost or market adjustment | - | - | - | 0 |
| Uplift securitization proceeds received from ercot | - | 0 | 0 | 689 |
| Equity in and distributions from earnings of unconsolidated affiliates | 8 | 13 | 6 | -7 |
| Accounts receivable - trade | 760 | 366 | -840 | 1,560 |
| Inventory | -30 | -111 | -189 | 252 |
| Prepayments and other current assets | 757 | 539 | 233 | -17 |
| Accounts payable | 192 | 170 | -1,455 | 1,295 |
| Accrued expenses and other current liabilities | 28 | 136 | 360 | -29 |
| Other assets and liabilities | 309 | 621 | 473 | 161 |
| Cash provided/(used) by operating activities | 1,913 | 2,306 | -221 | 360 |
| Payments for acquisitions of businesses and assets, net of cash acquired | 596 | 38 | 2,523 | 62 |
| Capital expenditures | 1,147 | 472 | 598 | 367 |
| Proceeds from sales of assets, net of cash disposed | 6 | 501 | 2,007 | 109 |
| Net purchases of emissions allowances | 1 | 18 | 24 | 6 |
| Proceeds from insurance recoveries for property, plant and equipment, net | 100 | 3 | 240 | - |
| Investments in nuclear decommissioning trust fund securities | 0 | 0 | 367 | 454 |
| Changes in investments in unconsolidated affiliates | - | - | - | 0 |
| Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | 355 | 448 |
| Cash used by investing activities | -1,638 | -24 | -910 | -332 |
| Proceeds from issuance of preferred stock, net of fees | 0 | 0 | 635 | - |
| Equivalent shares purchased in lieu of tax withholdings | 92 | 50 | - | - |
| Payments for share repurchase activity and excise tax | 1,311 | 935 | 1,172 | 606 |
| Payment for settlement of capped call options | 292 | - | - | - |
| Payments of dividends to preferred and common stockholders | 411 | 405 | 381 | 332 |
| Proceeds from issuance of long-term debt | 6,676 | 3,200 | 731 | 0 |
| Repayments of long-term debt and finance leases | 1,005 | 3,255 | 523 | 5 |
| Payments for debt extinguishment costs | 0 | 262 | 0 | 0 |
| Payments of deferred financing costs | 78 | 45 | 32 | 9 |
| Repayments of revolving credit facility | - | - | - | 0 |
| Proceeds from issuance of common stock | - | - | 0 | 0 |
| Net receipts/(payments) from settlement of acquired derivatives that include financing elements | -59 | 3 | -342 | -1,995 |
| Proceeds from credit facilities | 1,575 | 1,050 | 3,020 | - |
| Purchase of and distributions to noncontrolling interests from subsidiaries | - | - | - | 0 |
| Repayments to credit facilities | 1,575 | 1,050 | 3,020 | - |
| Cash provided/(used) by financing activities | 3,546 | -1,755 | -400 | 1,043 |
| Effect of exchange rate changes on cash and cash equivalents | 4 | -3 | 2 | -3 |
| Net increase/(decrease) in cash and cash equivalents, funds deposited by counterparties and restricted cash | 3,825 | 524 | -1,529 | 1,068 |
| Cash and cash equivalents, funds deposited by counterparties and restricted cash at beginning of period | 1,173 | 649 | 2,178 | 1,110 |
| Cash and cash equivalents, funds deposited by counterparties and restricted cash at end of period | 4,998 | 1,173 | 649 | 2,178 |
NRG ENERGY, INC. (NRG)
NRG ENERGY, INC. (NRG)