Segment Reporting

12 Months Ended

Dec. 31, 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, wholesale and 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. 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.

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.

The Company had no customer that comprised more than 10% of the Company's consolidated revenues during the years ended December 31, 2025, 2024 and 2023.

Intersegment sales are accounted for at market.

	For the Year Ended December 31, 2025
(In millions)	Texas		East		West/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue(a)	$	11,139	$	14,263	$	3,202	$	2,144	$	—	$	(35)	$	30,713
Operating Expenses	9,634		13,409		3,014		1,281		134		(35)		27,437
Depreciation and amortization	374		148		32		810		42		—		1,406
Total operating cost and expenses	10,008		13,557		3,046		2,091		176		(35)		28,843
Loss on sale of assets	(18)		—		(7)		—		—		—		(25)
Operating income/(loss)	1,113		706		149		53		(176)		—		1,845
Equity in earnings of unconsolidated affiliates	—		—		11		—		—		—		11
Impairment losses on investments	—		—		(39)		—		—		—		(39)
Other income, net	(1)		4		(1)		(20)		86		—		68
Loss on debt extinguishment	—		—		—		—		(10)		—		(10)
Interest expense	—		—		—		—		(741)		—		(741)
Income/(loss) before income taxes	1,112		710		120		33		(841)		—		1,134
Income tax expense	—		—		—		—		270		—		270
Net income/(loss)	$	1,112	$	710	$	120	$	33	$	(1,111)	$	—	$	864
Other segment information
Equity investments in affiliates	$	—	$	—	$	16	$	—	$	—	$	—	$	16
Capital expenditures	976		17		9		24		121		—		1,147
Goodwill	643		721		130		3,523		—		—		5,017
Total assets	$	9,286	$	9,731	$	2,724	$	6,752	$	20,951	$	(20,304)	$	29,140

(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues $ 23  $ 6  $ 6  $ —  $ —  $ —  $ 35 

	For the Year Ended December 31, 2024
(In millions)	Texas		East		West/Other		Vivint Smart Home		Corporate		Eliminations		Total
Revenue(a)	$	10,651	$	11,709	$	3,819	$	1,991	$	—	$	(40)	$	28,130
Operating Expenses	9,783		9,748		3,818		1,085		81		(40)		24,475
Depreciation and amortization	323		158		99		782		41		—		1,403
Impairment losses	7		—		29		—		—		—		36
Total operating cost and expenses	10,113		9,906		3,946		1,867		122		(40)		25,914
(Loss)/Gain on sale of assets	(4)		3		209		—		—		—		208
Operating income/(loss)	534		1,806		82		124		(122)		—		2,424
Equity in earnings of unconsolidated affiliates	—		—		20		—		—		—		20
Impairment losses on investments	—		—		(7)		—		—		—		(7)
Other income, net	—		(1)		6		(15)		54		—		44
Loss on debt extinguishment	—		—		—		—		(382)		—		(382)
Interest expense	—		—		—		—		(651)		—		(651)
Income/(loss) before income taxes	534		1,805		101		109		(1,101)		—		1,448
Income tax expense	—		—		—		—		323		—		323
Net income/(loss)	$	534	$	1,805	$	101	$	109	$	(1,424)	$	—	$	1,125
Other segment information
Equity investments in affiliates	$	—	$	—	$	45	$	—	$	—	$	—	$	45
Capital expenditures	369		3		16		23		61		—		472
Goodwill	643		721		124		3,523		—		—		5,011
Total assets	$	6,927	$	8,010	$	2,073	$	6,814	$	15,537	$	(15,339)	$	24,022

(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues $ 22  $ —  $ 18  $ —  $ —  $ —  $ 40 

	For the Year Ended December 31, 2023
(In millions)	Texas		East		West/Other		Vivint Smart Home(a)		Corporate		Eliminations		Total
Revenue(b)	$	10,474	$	12,549	$	4,241	$	1,589	$	—	$	(30)	$	28,823
Operating Expenses	8,351		14,363		4,997		882		133		(30)		28,696
Depreciation and amortization	348		167		86		658		36		—		1,295
Impairment losses	2		4		20		—		—		—		26
Total operating cost and expenses	8,701		14,534		5,103		1,540		169		(30)		30,017
Gain on sale of assets	1,324		254		—		—		—		—		1,578
Operating income/(loss)	3,097		(1,731)		(862)		49		(169)		—		384
Equity in earnings of unconsolidated affiliates	—		—		16		—		—		—		16
Impairment losses on investments	—		—		(102)		—		—		—		(102)
Other income, net	2		(1)		1		(15)		60		—		47
Gain on debt extinguishment	—		—		—		—		109		—		109
Interest expense	—		—		—		—		(667)		—		(667)
Income/(loss) before income taxes	3,099		(1,732)		(947)		34		(667)		—		(213)
Income tax benefit	—		—		—		—		(11)		—		(11)
Net income/(loss)	$	3,099	$	(1,732)	$	(947)	$	34	$	(656)	$	—	$	(202)

(a) Includes results of operations following the acquisition date of March 10, 2023
(b) Inter-segment sales and inter-segment net derivative gains and losses included in revenues	$	5	$	9	$	16	$	—	$	—	$	—	$	30