NRGNRG Energy

Utilities · Electric Utilities · NYSE

Headquarters: Houston, TX
CEO: Robert J. Gaudette
Next results: around Feb 23, 2027

The biggest changes in the 10-K filed 2026-02-24, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Operating margin

8.7% → 6.1% (-2.7 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Selling, general and administrative costs increased by $257 million for the year ended December 31, 2025 compared to the same period in 2024, due to the following:(In millions)”
Read it in the 10-K ↗

Net income

-23.2% Big change FY to 2025-12-31 vs 2024-12-31

“For the year ended December 31, 2025, NRG's overall effective tax rate was higher than the federal statutory tax rate of 21%, primarily due to the state tax expense, partially offset by favorable permanent differences.”
Read it in the 10-K ↗

Cash from operations

-17.0% Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+9.4% FY to 2025-12-31 vs 2024-12-31

“an increase in net revenue of $388 million, primarily driven by changes in customer term, product and mix”
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“For the year ended December 31, 2025, the $12 million gain in revenues from economic hedge positions was driven primarily by an increase in the value of open positions as a result of decreases in natural gas prices, partially offset by the reversal of previously recognized unrealized gains on contracts that settled during the period.”
Read it in the 10-K ↗

Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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