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v3.25.2

Changes in Capital Structure (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Changes in NRG's Preferred Stock and Commons Shares Issued and Outstanding | The following table reflects the changes in NRG's preferred and common stock issued and outstanding:
| Preferred |  | Common
| Issued and Outstanding |  | Issued |  | Treasury |  | Outstanding
Balance as of December 31, 2024 | 650,000 |  |  | 205,064,058 |  |  | (6,460,055) |  |  | 198,604,003 |
Shares issued under LTIPs | — |  |  | 1,538,327 |  |  | — |  |  | 1,538,327 |
Shares issued under ESPP | — |  |  | — |  |  | 81,903 |  |  | 81,903 |
Shares repurchased | — |  |  | — |  |  | (5,594,139) |  |  | (5,594,139) |
Partial settlement of Capped Call Options | — |  |  | — |  |  | (134) |  |  | (134) |
Partial conversion of Convertible Senior Notes | — |  |  | — |  |  | 134 |  |  | 134 |
Retirement of treasury stock | — |  |  | (5,514,606) |  |  | 5,514,606 |  |  | — |
Balance as of June 30, 2025 | 650,000 |  |  | 201,087,779 |  |  | (6,457,685) |  |  | 194,630,094 |
Shares issued under LTIPs | — |  |  | 14,042 |  |  | — |  |  | 14,042 |
Shares repurchased | — |  |  | — |  |  | (988,749) |  |  | (988,749) |
Settlement of Capped Call Options | — |  |  | — |  |  | (4,210,920) |  |  | (4,210,920) |
Conversion of Convertible Senior Notes | — |  |  | — |  |  | 3,986,335 |  |  | 3,986,335 |
Retirement of treasury stock | — |  |  | (1,091,281) |  |  | 1,091,281 |  |  | — |
Balance as of July 31, 2025 | 650,000 |  |  | 200,010,540 |  |  | (6,579,738) |  |  | 193,430,802 |
Share Repurchases | The following table summarizes the share repurchases made under the $3.7 billion authorization through July 31, 2025:
| Total number of shares purchased | Average price paid per share | Amounts paid for shares purchased (in millions)
2023 Repurchases: |  |  |  |
Open market repurchases | 5,054,798 |  | $ | 39.56 |  | $ | 200 |  |
Repurchases made under the accelerated share repurchase agreements | 17,676,142 |  | (a) | 950 |  |
Total Share Repurchases during 2023 | 22,730,940 |  |  | 1,150 |  | (b)
2024 Repurchases: |  |  |  |
Repurchases made under the accelerated share repurchase agreements | 1,163,230 |  | (a) | — |  |
Open market repurchases | 10,562,333 |  | $ | 87.57 |  | 925 |  |
Total Share Repurchases during 2024 | 11,725,563 |  |  | $ | 925 |  | (c)
2025 Repurchases: |  |  |  |
Open market repurchases(d) | 5,594,139 |  | $ | 107.14 |  | 600 |  | (e)
Total Share Repurchases during the six months ended June 30, 2025 | 5,594,139 |  |  | $ | 600 |  |
Open market repurchases July 1, 2025 through July 31, 2025 | 988,749 |  | $ | 154.30 |  | 152 |  |
Shares received from the exercise of the Capped Calls Options | 224,585 |  | $ | 69.38 |  | 16 |  |
Total Share Repurchases under the $3.7 billion authorization | 41,263,976 |  | $ | 68.88 |  | $ | 2,843 |  |
(a)Under the November 6, 2023 ASR, the Company received a total of 18,839,372 shares for an average price per share of $50.43, excluding the impact of the excise tax incurred. See discussion below for further information of the ASR agreements (b)Excludes $10 million of excise tax accrued in 2023 which was paid in 2024 (c)Excludes $9 million of excise tax accrued in 2024 which was paid in 2025 (d)Includes $6 million accrued as of June 30, 2025 (e)Excludes $4 million accrued for estimated excise tax for the six months ended June 30, 2025
Schedule of Retirement of Treasury Stock | The Company's accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in-capital.
| Total number of treasury shares retired |  | Average price per share |  | Carrying value of treasury shares retired (in millions)
2025 Retirements: |  |  |  |  |
Shares retired during the first quarter of 2025 | 3,070,996 |  |  | $ | 58.23 |  |  | $ | 179 |
Shares retired during the second quarter of 2025 | 2,443,610 |  |  | 73.01 |  |  | 178 |
Total shares retired during the six months ended June 30, 2025 | 5,514,606 |  |  |  |  | $ | 357 |
2024 Retirements: |  |  |  |  |
Shares retired during the first quarter of 2024 | 1,163,230 |  |  | $ | 32.67 |  |  | $ | 38 |
Shares retired during the second quarter of 2024 | 1,114,400 |  |  | 33.84 |  |  | 38 |
Total shares retired during the six months ended June 30, 2024 | 2,277,630 |  |  |  |  | $ | 76 |

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