Following the January 30 close of the LS Power asset acquisition, NRG Energy has lifted its full-year 2026 outlook to reflect approximately 11 months of incremental earnings contribution. Adjusted EBITDA guidance now stands at a range of $5.325 billion to $5.825 billion, up from $3.925 billion–$4.175 billion previously issued. Free Cash Flow Before Growth Investments has been raised to a range of $2.80 billion–$3.30 billion, versus $1.975 billion–$2.225 billion under the prior outlook. The company also initiated ranges for adjusted net income of $1.685 billion–$2.115 billion and adjusted EPS of $7.90–$9.90, with midpoints of $1.900 billion and $8.90 per share, respectively, reflecting consensus EPS of $9.72 per share coming in slightly above NRG’s midpoint.

The strategic acquisition from LS Power includes 18 natural gas-fired generation facilities totaling roughly 13 GW of capacity, and brings CPower’s commercial and industrial virtual power plant platform into NRG’s portfolio. This transaction expands NRG’s generation footprint by more than 50% over its previous 25 GW asset base, diversifies dispatchable reserves and enhances capacity for demand response services. Management estimates that the acquired portfolio will contribute approximately 90% of its full-year 2026 earnings run rate, underpinning the raised guidance ranges.

NRG will report fourth-quarter and full-year 2025 results on February 24, 2026, with a conference call and webcast at 9:00 a.m. EST (8:00 a.m. CST). The company has indicated it will provide additional color on its long-term financial growth framework during that presentation, including updated targets for leverage reduction and capital allocation. Investors can access the live webcast via the investor relations section of nrg.com, with an archived replay available post-call.