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Changes in Capital Structure (Tables)
 9 Months Ended
Sep. 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:
PreferredCommon
Issued and OutstandingIssuedTreasuryOutstanding
Balance as of December 31, 2024650,000 205,064,058 (6,460,055)198,604,003 
Shares issued under LTIPs— 1,668,474 — 1,668,474 
Shares issued under ESPP— — 81,903 81,903 
Shares repurchased — — (7,874,491)(7,874,491)
Settlements of Capped Call Options(a)
— — (4,211,054)(4,211,054)
Conversions of Convertible Senior Notes— — 3,986,469 3,986,469 
Retirement of treasury stock— (7,028,345)7,028,345 — 
Balance as of September 30, 2025650,000 199,704,187 (7,448,883)192,255,304 
Shares issued under LTIPs— 62,600 — 62,600 
Shares issued under ESPP— — 94,004 94,004 
Shares repurchased— — (772,500)(772,500)
Balance as of October 31, 2025
650,000 199,766,787 (8,127,379)191,639,408 
(a)Consists of partial settlement of 134 shares on June 2, 2025 and final settlement of 4,210,920 shares on July 8, 2025
Share Repurchases
The following table summarizes the share repurchases made under the $3.7 billion authorization through October 31, 2025:
Total number of shares purchasedAverage price paid per shareAmounts paid for shares purchased (in millions)
2023 Repurchases:
Open market repurchases
5,054,798 $39.56 $200 
Repurchases made under the accelerated share repurchase agreements17,676,142 (a)950 
Total Share Repurchases during 202322,730,940 $1,150 (b)
2024 Repurchases:
Repurchases made under the accelerated share repurchase agreements1,163,230 (a)— 
Open market repurchases
10,562,333 $87.57 925 
Total Share Repurchases during 202411,725,563 $925 (c)
2025 Repurchases:
Open market repurchases(d)
7,874,491 $121.22 955 
Shares received from the exercise of the Capped Call Options224,585 $69.38 16 
Total Share Repurchases during the nine months ended September 30, 20258,099,076 $971 (e)
Open market repurchases October 1, 2025 through October 31, 2025
772,500 $167.41 129 
Total Share Repurchases under the $3.7 billion authorization
43,328,079 $73.26 $3,175 
(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 September 30, 2025
(e)Excludes $8 million accrued for estimated excise tax for the nine months ended September 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 retiredAverage price per shareCarrying value of treasury shares retired (in millions)
2025 Retirements:
Shares retired during the first quarter of 20253,070,996 $58.23 $179 
Shares retired during the second quarter of 20252,443,610 73.01 178 
Shares retired during the third quarter of 20251,513,739 83.45 126 
Total shares retired during the nine months ended September 30, 20257,028,345 $483 
2024 Retirements:
Shares retired during the first quarter of 20241,163,230 $32.67 $38 
Shares retired during the second quarter of 20241,114,400 33.84 38 
Shares retired during the third quarter of 20242,833,382 35.40 100
Total shares retired during the nine months ended September 30, 20245,111,012 $176