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Segment Reporting
 6 Months Ended
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)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$2,847 $2,737 $675 $504 $— $(23)$6,740 
Operating expenses2,371 3,048 520 428 52 (23)6,396 
Depreciation and amortization
93 36 11 193 11 — 344 
Total operating cost and expenses2,464 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 taxes382 (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)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$2,763 $2,532 $910 $467 $— $(13)$6,659 
Operating expenses1,719 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 expenses1,796 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 taxes967 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)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$5,282 $7,314 $1,774 $998 $— $(43)$15,325 
Operating expenses4,386 6,887 1,536 677 71 (43)13,514 
Depreciation and amortization176 73 24 375 22 — 670 
Total operating cost and expenses4,562 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 taxes719 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)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$4,996 $6,047 $2,129 $935 $— $(19)$14,088 
Operating expenses3,517 4,940 2,117 503 41 (19)11,099 
Depreciation and amortization159 78 73 363 20 — 693 
Impairment losses— — 15 — — — 15 
Total operating cost and expenses3,676 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 taxes1,316 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 $— $172 
The following table summarizes balance sheet information by segment:
As of June 30, 2025
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Equity investments in affiliates$— $— $47 $— $— $— $47 
Goodwill643 721 159 3,494 — — 5,017 
Total assets
8,646 8,932 2,228 6,731 16,364 (18,813)24,088 
As of December 31, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Equity investments in affiliates$— $— $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