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Segment Reporting | 6 Months Ended
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Jun. 30, 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 June 30, 2025
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 2,847 |  |  | $ | 2,737 |  |  | $ | 675 |  |  | $ | 504 |  |  | $ | — |  |  | $ | (23) |  |  | $ | 6,740 |
Operating expenses |  | 2,371 |  |  | 3,048 |  |  | 520 |  |  | 428 |  |  | 52 |  |  | (23) |  |  | 6,396 |
Depreciation and amortization |  | 93 |  |  | 36 |  |  | 11 |  |  | 193 |  |  | 11 |  |  | — |  |  | 344 |
Total operating cost and expenses |  | 2,464 |  |  | 3,084 |  |  | 531 |  |  | 621 |  |  | 63 |  |  | (23) |  |  | 6,740 |
Operating income/(loss) |  | 383 |  |  | (347) |  |  | 144 |  |  | (117) |  |  | (63) |  |  | — |  |  | — |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other income, net |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | 6 |  |  | — |  |  | 4 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (10) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (148) |  |  | — |  |  | (148) |
Income/(loss) before income taxes |  | 382 |  |  | (347) |  |  | 144 |  |  | (117) |  |  | (215) |  |  | — |  |  | (153) |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | — |  |  | (49) |  |  | — |  |  | (49) |
Net income/(loss) |  | $ | 382 |  |  | $ | (347) |  |  | $ | 144 |  |  | $ | (117) |  |  | $ | (166) |  |  | $ | — |  |  | $ | (104) |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 6 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 337 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 378 |
|  | Three months ended June 30, 2024
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 2,763 |  |  | $ | 2,532 |  |  | $ | 910 |  |  | $ | 467 |  |  | $ | — |  |  | $ | (13) |  |  | $ | 6,659 |
Operating expenses |  | 1,719 |  |  | 2,045 |  |  | 851 |  |  | 255 |  |  | 22 |  |  | (13) |  |  | 4,879 |
Depreciation and amortization |  | 77 |  |  | 39 |  |  | 48 |  |  | 186 |  |  | 10 |  |  | — |  |  | 360 |
Impairment losses |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total operating cost and expenses |  | 1,796 |  |  | 2,084 |  |  | 914 |  |  | 441 |  |  | 32 |  |  | (13) |  |  | 5,254 |
Gain on sale of assets |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Operating income/(loss) |  | 967 |  |  | 448 |  |  | 1 |  |  | 26 |  |  | (32) |  |  | — |  |  | 1,410 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Other income, net |  | — |  |  | — |  |  | 1 |  |  | (8) |  |  | 10 |  |  | — |  |  | 3 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (202) |  |  | — |  |  | (202) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (163) |  |  | — |  |  | (163) |
Income/(loss) before income taxes |  | 967 |  |  | 448 |  |  | 6 |  |  | 18 |  |  | (387) |  |  | — |  |  | 1,052 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 314 |  |  | — |  |  | 314 |
Net income/(loss) |  | $ | 967 |  |  | $ | 448 |  |  | $ | 6 |  |  | $ | 18 |  |  | $ | (701) |  |  | $ | — |  |  | $ | 738 |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 9 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 80 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 103 |
|  | Six months ended June 30, 2025
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 5,282 |  |  | $ | 7,314 |  |  | $ | 1,774 |  |  | $ | 998 |  |  | $ | — |  |  | $ | (43) |  |  | $ | 15,325 |
Operating expenses |  | 4,386 |  |  | 6,887 |  |  | 1,536 |  |  | 677 |  |  | 71 |  |  | (43) |  |  | 13,514 |
Depreciation and amortization |  | 176 |  |  | 73 |  |  | 24 |  |  | 375 |  |  | 22 |  |  | — |  |  | 670 |
Total operating cost and expenses |  | 4,562 |  |  | 6,960 |  |  | 1,560 |  |  | 1,052 |  |  | 93 |  |  | (43) |  |  | 14,184 |
Loss on sale of assets |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | (7) |
Operating income/(loss) |  | 720 |  |  | 354 |  |  | 207 |  |  | (54) |  |  | (93) |  |  | — |  |  | 1,134 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other income, net |  | (1) |  |  | 4 |  |  | (1) |  |  | (8) |  |  | 22 |  |  | — |  |  | 16 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (10) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (311) |  |  | — |  |  | (311) |
Income/(loss) before income taxes |  | 719 |  |  | 358 |  |  | 209 |  |  | (62) |  |  | (392) |  |  | — |  |  | 832 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 186 |  |  | — |  |  | 186 |
Net income/(loss) |  | $ | 719 |  |  | $ | 358 |  |  | $ | 209 |  |  | $ | (62) |  |  | $ | (578) |  |  | $ | — |  |  | $ | 646 |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 13 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 43 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 527 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | 48 |  |  | $ | — |  |  | $ | 595 |
|  | Six months ended June 30, 2024
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 4,996 |  |  | $ | 6,047 |  |  | $ | 2,129 |  |  | $ | 935 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 14,088 |
Operating expenses |  | 3,517 |  |  | 4,940 |  |  | 2,117 |  |  | 503 |  |  | 41 |  |  | (19) |  |  | 11,099 |
Depreciation and amortization |  | 159 |  |  | 78 |  |  | 73 |  |  | 363 |  |  | 20 |  |  | — |  |  | 693 |
Impairment losses |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total operating cost and expenses |  | 3,676 |  |  | 5,018 |  |  | 2,205 |  |  | 866 |  |  | 61 |  |  | (19) |  |  | 11,807 |
(Loss)/gain on sale of assets |  | (4) |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Operating income/(loss) |  | 1,316 |  |  | 1,029 |  |  | (71) |  |  | 69 |  |  | (61) |  |  | — |  |  | 2,282 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Other income, net |  | — |  |  | — |  |  | (1) |  |  | (4) |  |  | 38 |  |  | — |  |  | 33 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (260) |  |  | — |  |  | (260) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (315) |  |  | — |  |  | (315) |
Income/(loss) before income taxes |  | 1,316 |  |  | 1,029 |  |  | (65) |  |  | 65 |  |  | (598) |  |  | — |  |  | 1,747 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 498 |  |  | — |  |  | 498 |
Net income/(loss) |  | $ | 1,316 |  |  | $ | 1,029 |  |  | $ | (65) |  |  | $ | 65 |  |  | $ | (1,096) |  |  | $ | — |  |  | $ | 1,249 |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 10 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 125 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 172 |
The following table summarizes balance sheet information by segment:
|  | As of June 30, 2025
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Equity investments in affiliates |  | $ | — |  |  | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 47 |
Goodwill |  | 643 |  |  | 721 |  |  | 159 |  |  | 3,494 |  |  | — |  |  | — |  |  | 5,017 |
Total assets |  | 8,646 |  |  | 8,932 |  |  | 2,228 |  |  | 6,731 |  |  | 16,364 |  |  | (18,813) |  |  | 24,088 |
|  | As of December 31, 2024
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Equity investments in affiliates |  | $ | — |  |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |
Goodwill |  | 643 |  |  | 721 |  |  | 153 |  |  | 3,494 |  |  | — |  |  | — |  |  | 5,011 |
Total assets |  | 6,925 |  |  | 8,021 |  |  | 2,254 |  |  | 6,624 |  |  | 15,543 |  |  | (15,345) |  |  | 24,022 |

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