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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s segment structure reflects how management makes financial decisions and allocates resources. The Company manages its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus except for Vivint Smart Home operations which are reported within the Vivint Smart Home segment. Corporate represents the corporate business activities, and corporate shared services, to support the Company’s operating segments. Beginning in the fourth quarter of 2024, Corporate now includes interest expense related to its consolidated debt financing activities and income tax expense related to its consolidated U.S. federal, foreign and state income taxes conforming to the way the Company internally manages and monitors the business. Prior periods amounts have been recast for comparative purposes to reflect this change, which had no impact on the Company’s consolidated financial position, results of operations, and cash flows. The accounting policies of the segments are the same as those applied in the consolidated financial statements as disclosed in Note 2, Summary of Significant Accounting Policies, to the Company’s 2024 Form 10-K.
NRG’s chief operating decision maker ("CODM"), its chief executive officer, uses more than one measure to evaluate the performance of its segments and allocate resources, including net income/(loss) and various non-GAAP financial measures such as adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA. Net income/(loss) and Adjusted EBITDA are used to review business performance and allocate resources as it provides a clearer view of segment profitability by focusing on operational performance. Additionally, operating expenses’ impact on each operating segment results are analyzed. On a monthly basis, Adjusted EBITDA is compared against the budget, latest forecast, and prior period.
Three months ended March 31, 2025
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$2,435 $4,577 $1,099 $494 $— $(20)$8,585 
Operating expenses2,015 3,839 1,016 249 19 (20)7,118 
Depreciation and amortization
83 37 13 182 11 — 326 
Total operating cost and expenses2,098 3,876 1,029 431 30 (20)7,444 
Loss on sale of assets
— — (7)— — — (7)
Operating income/(loss)337 701 63 63 (30)— 1,134 
Equity in earnings of unconsolidated affiliates
— — 2 — — — 2 
Other income, net— 4 — (8)16 — 12 
Interest expense— — — — (163)— (163)
Income/(loss) before income taxes337 705 65 55 (177)— 985 
Income tax expense
— — — — 235 — 235 
Net income/(loss) $337 $705 $65 $55 $(412)$— $750 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$7 $(1)$2 $12 $— $— $20 
Other segment information
Capital expenditures$190 $— $3 $1 $23 $— $217 
Three months ended March 31, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$2,233 $3,515 $1,219 $468 $— $(6)$7,429 
Operating expenses1,798 2,895 1,266 248 19 (6)6,220 
Depreciation and amortization
82 39 25 177 10 — 333 
Total operating cost and expenses1,880 2,934 1,291 425 29 (6)6,553 
Loss on sale of assets(4)— — — — — (4)
Operating income/(loss)349 581 (72)43 (29)— 872 
Equity in earnings of unconsolidated affiliates
— — 3 — — — 3 
Other income, net— — (2)4 28 — 30 
Loss on debt extinguishment
— — — — (58)— (58)
Interest expense— — — — (152)— (152)
Income/(loss) before income taxes349 581 (71)47 (211)— 695 
Income tax expense— — — — 184 — 184 
Net income/(loss)$349 $581 $(71)$47 $(395)$— $511 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$1 $— $5 $— $— $— $6 
Other segment information
Capital expenditures$45 $— $6 $4 $14 $— $69 
The following table summarizes balance sheet information by segment:
As of March 31, 2025
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Equity investments in affiliates$— $— $47 $— $— $— $47 
Goodwill643 721 154 3,494 — — 5,012 
Total assets
7,511 10,113 2,731 6,507 18,110 (19,981)24,991 
As of December 31, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Equity investments in affiliates$— $— $45 $— $— $— $45 
Goodwill643 721 153 3,494 — — 5,011 
Total assets
6,925 8,021 2,254 6,624 15,543 (15,345)24,022