NRG Energy Q2 FY26 GAAP net income turns to profit at $506 million; adjusted EBITDA rises to $1.22 billion

NRG Energy posted GAAP net income of $506 million in Q2 2026, swinging from a GAAP loss of $104 million a year earlier.

• GAAP EPS rose to $2.32 from a loss of $0.62.
• GAAP operating cash flow climbed to $1.12 billion from $451 million.
• Non-GAAP adjusted EBITDA increased to $1.22 billion from $909 million.
• Non-GAAP adjusted EPS fell to $1.49 from $1.73.

Results reflected LS Power asset additions, higher realized capacity prices in the East, milder weather, and higher supply costs; hedge marks also helped.

NRG reaffirmed 2026 non-GAAP adjusted EBITDA guidance of $5.33 billion-$5.83 billion, while advancing a 1.2 GW Texas BYOP project.