NRG US S&P 500Russell 1000 Earnings call
NRG Energy (NRG) · Q2 2026 results and valuation
Share price: $97.50 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 6 May 2026
Net income up 304.8% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+304.8%
Net income vs Q1 2026
Outlook given
Net income 506.0M vs 125.0M
Revenue −27.1%
2 · How management spoke
Restrained
Less upbeat than 71% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Figure
The contemplated facility is expected to require $3.2 billion of investment.
Valuation
Is NRG Energy undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$97.50
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+21.4% for 10 yrs
Fair value / share
$-61.47
Buy below
$-46.10
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Key theme
NRG expects $375 million of annual free cash flow before growth at full operation once the 1.2 gigawatt project reaches commercial operation in late 2029.
Source quote
“At full operation, we expect $500 million of annual adjusted EBITDA and $375 million of annual free cash flow before growth. Based on the current development schedule, commercial operations is targeted for late 2029 with full run rate earnings thereafter. Those figures reflect the 1.2 gigawatt project and do not include the potential expansion.”
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New
Any final investment decision is subject to customary conditions and required internal approvals, which are necessary because these are highly complex transactions with work to be done.
Source quote
“Any final investment decision will be subject to the customary conditions, including required internal approvals. We believe its design positions it well to meet the state's power and reliability objectives. These are highly complex transactions with work to be done, but we're confident in the way we've structured and what we expect to deliver with our partner.”
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Guidance
The company expects more than 1,400 high-paying construction jobs and 30 permanent roles to generate significant new tax revenue for local governments and schools.
Source quote
“We expect more than 1,400 high-paying construction jobs, 30 permanent roles at the plant and significant new tax revenue for local governments and schools.”
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Guidance
NRG is reaffirming its 2026 financial guidance following the delivery of results for the second quarter.
Source quote
“We also delivered solid second quarter results and are reaffirming our 2026 financial guidance.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As development advances, we will evaluate opportunities to improve capital efficiency, including financial partners, while preserving the economics and strategic value of the investments.”
“That is the opportunity to materially expand NRG while fundamentally improving the quality of its cash flow.”
“Communities expected growth to that growth to be responsible to respect local resources and to create real lasting benefits.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 7.48B | 10.26B | −27.1% | 6.74B | +11.0% |
| Operating income | 976.0M | 328.0M | +197.6% | 0 | |
| Net income | 506.0M | 125.0M | +304.8% | -104.0M | Turned profit |
| EPS | 2.31 | 0.52 | +344.2% | -0.62 | Turned profit |
| P/E today 25.2 | 38.0 | 158.8 | −120.8 | 69.2 | −31.2 |
Topics
Most discussed now
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Faded since Q1 2026
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Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Material agreement; New financial obligation; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K