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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company's stock-based compensation consists of awards granted under the NRG LTIP and following the acquisition of Vivint Smart Home in March 2023, the Vivint LTIP.
NRG Energy, Inc. Long-Term Incentive Plan
As of December 31, 2025 and 2024, a total of 25,000,000 shares of NRG common stock were authorized for issuance under the NRG LTIP. There were 6,648,805 and 7,188,824 shares of common stock remaining available for grants under the NRG LTIP as of December 31, 2025 and 2024, respectively. The NRG LTIP is subject to adjustments in the event of reorganization, recapitalization, stock split, reverse stock split, stock dividend, and a combination of shares, merger or similar change in NRG's structure or outstanding shares of common stock. As of December 31, 2025, the outstanding awards under the NRG LTIP include restricted stock units, deferred stock units and relative performance stock units.
NRG Energy, Inc. 2020 Omnibus Incentive Plan (Legacy Vivint)
Effective March 10, 2023, in connection with the Vivint Smart Home Acquisition, as discussed in Note 4, Acquisitions and Dispositions, NRG assumed the NRG Energy, Inc. 2020 Omnibus Incentive Plan (Legacy Vivint) (formerly known as Vivint Smart Home, Inc. Long-Term Incentive Plan) or Vivint LTIP. In addition to the rollover awards converted as part of the acquisition, the Vivint LTIP provides for issuances of time-based restricted stock units and performance-based restricted stock units. As of December 31, 2025 and 2024, 17,500,000 shares of NRG common stock were authorized for issuance under the Vivint LTIP. There were 12,893,481 and 12,557,143 shares of common stock remaining available for grants under the Vivint LTIP as of December 31, 2025 and 2024, respectively.
Restricted Stock Units
As of December 31, 2025, RSUs granted under the NRG LTIP and Vivint LTIP typically have three-year graded vesting schedules beginning on the grant date. Fair value of the RSUs granted during 2025 and 2024 is derived from the closing price of NRG common stock on the grant date. RSUs under the Vivint LTIP also include RSUs which were granted prior to the acquisition of Vivint Smart Home and were converted into awards that vest as NRG common stock ("Rollover RSUs"). These awards typically had four-year graded vesting schedules beginning on the grant date. The fair value of the Rollover RSUs is based on the fair value of NRG common stock on the acquisition date of March 10, 2023, after applying the conversion ratio as per the merger agreement. The following table summarizes the Company's non-vested RSU awards and changes during the year:

Rollover RSUsRSUs, excluding Rollover RSUs
UnitsWeighted Average Grant Date Fair Value per UnitUnitsWeighted Average Grant Date Fair Value per Unit
Non-vested at December 31, 20241,349,743 $31.63 2,228,743 $45.19 
Granted— — 914,595 94.37 
Forfeited(42,172)31.63 (110,306)70.85 
Vested(978,086)31.63 (1,143,431)43.04 
Non-vested at December 31, 2025329,485 31.63 1,889,601 68.70 
The total fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 was $338 million, $206 million and $86 million, respectively. The weighted average grant date fair value of RSUs granted during the years ended December 31, 2025, 2024 and 2023 was $94.37, $54.61 and $35.49, respectively.
Deferred Stock Units
DSUs represent the right of a participant to be paid one share of NRG common stock at the end of a deferral period established under the terms of the award. DSUs granted under the NRG LTIP are fully vested at the date of issuance. Fair value of the DSUs, which is based on the closing price of NRG common stock on the date of grant, is recorded as compensation expense in the period of grant.
The following table summarizes the Company's outstanding DSU awards and changes during the year:
UnitsWeighted Average Grant Date Fair Value per Unit
Outstanding at December 31, 2024377,120 $33.91 
Granted17,310 155.90 
Converted to Common Stock(2,442)155.90 
Outstanding at December 31, 2025391,988 37.56 

The aggregate intrinsic values for DSUs outstanding as of December 31, 2025, 2024 and 2023 were approximately $62 million, $34 million and $23 million, respectively. The aggregate intrinsic values for DSUs converted to common stock for the years ended December 31, 2025, 2024 and 2023 were immaterial, $10 million and $3 million, respectively. The weighted average grant date fair value of DSUs granted during the years ended December 31, 2025, 2024 and 2023 was $155.90, $76.31 and $34.40, respectively.
Relative Performance Stock Units
RPSUs entitle the recipient to stock upon vesting. The quantity of shares awarded is subject to the Company's achievement of certain performance measures over the vesting period. RPSUs are restricted grants where the quantity of shares increases and decreases alongside the Company's Total Shareholder Return ("TSR"), relative to the TSR of the Company's peer group, which consists of the companies that comprise the Standard & Poor’s 500 Index on the first day of the performance period. Each RPSU represents the potential to receive NRG common stock after the completion of the performance period, typically three years of service from the date of grant. The number of shares of NRG common stock to be paid (if any) as of the vesting date for each RPSU will depend on the Company’s percentile rank within the Peer Group. The number of shares of common stock to be paid as of the vesting date for each RPSU is linearly interpolated for TSR performance between the following points: (i) 0% if ranked below the 25th percentile; (ii) 25% if ranked at the 25th percentile; (iii) 100% if ranked at the 55th percentile (or the 65th percentile if the Company's absolute TSR is less than negative 15%); and (iv) 200% if ranked at the 75th percentile or above.
The legacy structure of the program included a total value cap of 600%, which limited the payout to no more than 600% of the stock price on the date of grant (“Total Value Cap”). Due to a significant increase in the Company’s stock price over the performance period of outstanding awards starting with the RPSU awards granted in 2023, future payouts of certain outstanding awards are expected to exceed the Total Value Cap. In that event, additional stock price appreciated and TSR outperformance would not result in any further increases in payout above the cap for those award cycles, creating potential significant misalignment between the incentive value of the awards and value creation for shareholders. As a result, NRG’s Board of Directors, in October 2025, approved an amendment to remove the Total Value Cap for all outstanding RPSU awards held by active employees. The amendment was accounted for as a Type I (probable-to-probable) modification under ASC 718. RPSU awards encompassing a total of 635,780 shares were amended. As a result of the amendment, the weighted-average fair value of the amended awards increased from $232.49 per award to $332.05 per award, resulting in incremental compensation cost of $63 million, of which $38 million was recorded during the year ended December 31, 2025, with the remainder to be recognized over the remaining performance period of the amended awards.
The following table summarizes the Company's non-vested RPSU awards and changes during the year:
UnitsWeighted Average Grant-Date Fair Value per Unit
Non-vested at December 31, 2024887,356 $53.20 
Granted416,728 100.52 
Forfeited(41,079)110.37 
Vested(498,147)55.89 
Non-vested at December 31, 2025764,858 73.59 
The weighted average grant date fair value of RPSUs granted during the years ended December 31, 2025, 2024 and 2023, was $100.52, $63.11 and $40.25, respectively.
The fair value of RPSUs is estimated on the date of grant using a Monte Carlo simulation model and expensed over the service period, which equals the vesting period. Significant assumptions used in the fair value model with respect to the Company's RPSUs are summarized below:
202520242023
Expected volatility33.49 %34.46 %41.35 %
Expected term (in years)333
Risk free rate4.24 %4.05 %4.18 %
The expected volatility is calculated based on NRG's historical stock price volatility data over the period commensurate with the expected term of the RPSU, which equals the vesting period.
Supplemental Information
The following table summarizes NRG's total compensation expense recognized for the years presented, as well as total non-vested compensation costs not yet recognized and the period over which this expense is expected to be recognized as of December 31, 2025, for each of the types of awards issued under the LTIPs. Minimum tax withholdings of $92 million, $50 million, and $22 million for the years ended December 31, 2025, 2024, and 2023, respectively, are reflected as a reduction to additional paid-in capital on the Company's consolidated balance sheets.
   Non-vested Compensation Cost
 (In millions, except weighted average data)Compensation Expense
Unrecognized
Total Cost
Weighted Average Recognition Period Remaining (In years)
Year Ended December 31,As of December 31,
Award20252024202320252025
RSUs$74 $85 $96 $58 1.10
DSUs2 3 2 — 0.00
RPSUs58 14 5 43 0.93
PRSUs(a)
60 43 20 37 0.67
Total$194 $145 $123 $138  
Tax (benefit)/detriment recognized$(23)$(14)$2   
(a)Phantom Restricted Stock Units, PRSUs, are liability-classified time-based awards that typically vest ratably over a three-year period. The amount to be paid upon vesting is based on NRG's closing stock price for the period