Income/(Loss) Per Share

9 Months Ended

Sep. 30, 2025

Basic income/(loss) per common share is computed by dividing net income/(loss) less cumulative dividends attributable to preferred stock by the weighted average number of common shares outstanding. Shares issued and treasury shares repurchased during the period are weighted for the portion of the period that they were outstanding. Diluted income/(loss) per share is computed in a manner consistent with that of basic income/(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period when there is net income. The relative performance stock units and non-vested restricted stock units are not considered outstanding for purposes of computing basic income/(loss) per share. However, these instruments are included in the denominator for purposes of computing diluted income per share under the treasury stock method for periods when there is net income. For the three and nine months ended September 30, 2024, the Convertible Senior Notes were convertible, under certain circumstances, into cash or a combination of cash and the Company’s common stock. The Company was including the potential share settlements, if any, in the denominator for purposes of computing diluted income/(loss) per share under the if converted method for periods when there was net income. The potential shares settlements were calculated as the excess of the Company's conversion obligation over the aggregate principal amount (which was settled in cash), divided by the average share price for the period. For the three and nine months ended September 30, 2025, the Company included the potential share settlements in the diluted income per share calculation for the period prior to the redemption date of July 8, 2025.

NRG's basic and diluted income/(loss) per share is shown in the following table:


	Three months ended September 30,				Nine months ended September 30,
(In millions, except per share data)	2025		2024		2025		2024
Basic income/(loss) per share:
Net income/(loss)	$	152	$	(767)	$	798	$	482
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		51		51
Net income/(loss) available for common stockholders	$	135	$	(784)	$	747	$	431
Weighted average number of common shares outstanding - basic	193		207		196		207
Income/(Loss) per weighted average common share — basic	$	0.70	$	(3.79)	$	3.81	$	2.08

Diluted income/(loss) per share:
Net income/(loss)	$	152	$	(767)	$	798	$	482
Less: Cumulative dividends attributable to Series A Preferred Stock	17		17		51		51
Net income/(loss) available for common stockholders	$	135	$	(784)	$	747	$	431
Weighted average number of common shares outstanding - basic	193		207		196		207
Incremental shares attributable to the issuance of equity compensation (treasury stock method)	2		—		2		3
Incremental shares attributable to the potential share settlements of the Convertible Senior Notes (if converted method)	—		—		3		3
Weighted average number of common shares outstanding - dilutive	195		207		201		213
Income/(Loss) per weighted average common share — diluted	$	0.69	$	(3.79)	$	3.72	$	2.02

For the three months ended September 30, 2024, the Company had 5 million of outstanding equity compensation instruments and 3 million of potential share settlement of the Convertible Senior Notes that were not included in the computation of the Company’s diluted loss per share. For all other periods presented, the Company had an insignificant number of outstanding equity instruments that were anti-dilutive and were not included in the computation of the Company's diluted income per share.