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Segment Reporting
 9 Months Ended
Sep. 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 September 30, 2025
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$3,379 $3,030 $715 $532 $— $(21)$7,635 
Operating expenses2,997 2,869 722 270 24 (21)6,861 
Depreciation and amortization
95 37 10 207 11 — 360 
Total operating cost and expenses3,092 2,906 732 477 35 (21)7,221 
Operating income/(loss)287 124 (17)55 (35)— 414 
Equity in earnings of unconsolidated affiliates— — 1 — — — 1 
Other income, net— — — 2 8 — 10 
Interest expense— — — — (187)— (187)
Income/(loss) before income taxes287 124 (16)57 (214)— 238 
Income tax expense
— — — — 86 — 86 
Net income/(loss) $287 $124 $(16)$57 $(300)$— $152 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$4 $— $2 $15 $— $— $21 
Other segment information
Capital expenditures$203 $4 $2 $6 $39 $— $254 
Three months ended September 30, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$3,301 $2,600 $833 $499 $— $(10)$7,223 
Operating expenses4,274 2,470 875 258 24 (10)7,891 
Depreciation and amortization
81 39 23 198 11 — 352 
Total operating cost and expenses4,355 2,509 898 456 35 (10)8,243 
Gain on sale of assets— — 208 — — — 208 
Operating (loss)/income(1,054)91 143 43 (35)— (812)
Equity in earnings of unconsolidated affiliates
— — 6 — — — 6 
Other income, net(1)(1)6 (6)7 — 5 
Interest expense— — — — (213)— (213)
(Loss)/income before income taxes(1,055)90 155 37 (241)— (1,014)
Income tax benefit— — — — (247)— (247)
Net (loss)/income$(1,055)$90 $155 $37 $6 $— $(767)
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$5 $— $5 $— $— $— $10 
Other segment information
Capital expenditures$87 $2 $3 $8 $14 $— $114 
Nine months ended September 30, 2025
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$8,661 $10,344 $2,489 $1,530 $— $(64)$22,960 
Operating expenses7,383 9,756 2,258 947 95 (64)20,375 
Depreciation and amortization271 110 34 582 33 — 1,030 
Total operating cost and expenses7,654 9,866 2,292 1,529 128 (64)21,405 
Loss on sale of assets— — (7)— — — (7)
Operating income/(loss)1,007 478 190 1 (128)— 1,548 
Equity in earnings of unconsolidated affiliates— — 4 — — — 4 
Other income, net(1)4 (1)(6)30 — 26 
Loss on debt extinguishment— — — — (10)— (10)
Interest expense— — — — (498)— (498)
Income/(loss) before income taxes1,006 482 193 (5)(606)— 1,070 
Income tax expense— — — — 272 — 272 
Net income/(loss) $1,006 $482 $193 $(5)$(878)$— $798 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$17 $1 $6 $40 $— $— $64 
Other segment information
Capital expenditures$730 $9 $9 $14 $87 $— $849 
Nine months ended September 30, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Revenue(a)
$8,297 $8,647 $2,962 $1,434 $— $(29)$21,311 
Operating expenses7,791 7,410 2,992 761 65 (29)18,990 
Depreciation and amortization240 117 96 561 31 — 1,045 
Impairment losses— — 15 — — — 15 
Total operating cost and expenses8,031 7,527 3,103 1,322 96 (29)20,050 
(Loss)/gain on sale of assets
(4)— 213 — — — 209 
Operating income/(loss)262 1,120 72 112 (96)— 1,470 
Equity in earnings of unconsolidated affiliates— — 13 — — — 13 
Other income, net(1)(1)5 (10)45 — 38 
Loss on debt extinguishment— — — — (260)— (260)
Interest expense— — — — (528)— (528)
Income/(loss) before income taxes261 1,119 90 102 (839)— 733 
Income tax expense— — — — 251 — 251 
Net income/(loss) $261 $1,119 $90 $102 $(1,090)$— $482 
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues
$15 $— $14 $— $— $— $29 
Other segment information
Capital expenditures$212 $2 $13 $18 $41 $— $286 
The following table summarizes balance sheet information by segment:
As of September 30, 2025
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Equity investments in affiliates$— $— $48 $— $— $— $48 
Goodwill643 721 157 3,494 — — 5,015 
Total assets
9,545 8,965 2,622 6,667 16,714 (20,542)23,971 
As of December 31, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporateEliminationsTotal
Equity investments in affiliates$— $— $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