NRG has raised its full‐year 2026 adjusted EBITDA guidance to a range of $5.325 billion–$5.825 billion, up from $3.925 billion–$4.175 billion previously, driven by the LS Power acquisition. Adjusted net income is now forecast at $1.685 billion–$2.115 billion, and adjusted EPS guidance has been initiated at $7.90–$9.90 per share. Free cash flow before growth investments has been lifted to $2.8 billion–$3.3 billion, versus the prior range of $1.975 billion–$2.225 billion. These revisions reflect approximately 11 months of earnings contributions from the recently acquired assets.

On January 30, 2026, NRG closed its acquisition of 18 natural gas–fired power plants totaling roughly 13 gigawatts of capacity, plus CPower’s commercial and industrial virtual power plant platform. This transaction adds nearly 90% of the acquired portfolio’s expected full‐year EBITDA contribution for 2026 and broadens NRG’s retail demand response capabilities, positioning the company to capture higher merchant margins in volatile power markets.

Following the acquisition, NRG maintains a commitment to capital return, authorizing a $3.0 billion share repurchase program representing up to 9.2% of outstanding shares. The board also boosted the quarterly dividend by 8% to $0.475 per share, lifting the annualized yield to approximately 1.2%. Pro forma net leverage is expected to remain within the company’s target investment‐grade range, supported by forecast free cash flow of over $2.8 billion.

Despite the guidance upgrade, NRG’s share price dipped 0.9% on the day of the announcement, reflecting investor focus on integration risks. Wall Street analysts maintain a consensus rating of Moderate Buy, with price targets clustering around $185. Several firms have raised earnings estimates for 2026 to reflect the enlarged asset base, while one major research house cautions that merchant power price volatility could pressure near‐term cash flow.