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                                \n\nUNITED STATES SECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-K\n\n☒\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Fiscal Year ended December 31, 2025.\n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Transition period from                      to                       .\n\nCommission file No. 001-15891\n\n  NRG Energy, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n Delaware\n\n(State or other jurisdiction of incorporation or organization)\n\n 41-1724239\n\n(I.R.S. Employer Identification No.)\n\n1301 McKinney Street, Houston, Texas\n\n(Address of principal executive offices)\n\n 77010\n\n(Zip Code)\n\n(713) 537-3000\n\n(Registrant's telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol(s)Name of Exchange on Which Registered\n\nCommon Stock, par value $0.01NRGNew York Stock Exchange\n\nCommon Stock, par value $0.01NRG\nNYSE Texas\n\n     Securities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes  ☒    No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.    Yes ☐    No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒    No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒    No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer ☒\nAccelerated filer☐\n\nNon-accelerated filer ☐Smaller reporting company ☐\n\nEmerging growth company ☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐    No ☒\n\nAs of the last business day of the most recently completed second fiscal quarter, the aggregate market value of the common stock of the registrant held by non-affiliates was approximately $26,643,647,974 based on the closing sale price of $160.58 as reported on the New York Stock Exchange.\n\nIndicate the number of shares outstanding of each of the registrant's classes of common stock as of the latest practicable date.\n\nClass Outstanding at January 31, 2026\n\nCommon Stock, par value $0.01 per share 214,677,543\n\nDocuments Incorporated by Reference:\n\nPortions of the Registrant's definitive Proxy Statement relating to its 2026 Annual Meeting of Stockholders\n\nare incorporated by reference into Part III of this Annual Report on Form 10-K\n\n1\n\n                                                                                     \n\n    \n\nTABLE OF CONTENTS\n\n[GLOSSARY OF TERMS](#i6542e2054dac476f8856ad5e7e71cc7c_10)\n\n[3](#i6542e2054dac476f8856ad5e7e71cc7c_10)\n\n[PART I](#i6542e2054dac476f8856ad5e7e71cc7c_13)\n\n[7](#i6542e2054dac476f8856ad5e7e71cc7c_16)\n\n \n[Item 1 — Business](#i6542e2054dac476f8856ad5e7e71cc7c_16)\n\n[7](#i6542e2054dac476f8856ad5e7e71cc7c_16)\n\n \n[Item 1A — Risk Factors](#i6542e2054dac476f8856ad5e7e71cc7c_28)\n\n[23](#i6542e2054dac476f8856ad5e7e71cc7c_28)\n\n \n[Item 1B — Unresolved Staff Comments](#i6542e2054dac476f8856ad5e7e71cc7c_34)\n\n[39](#i6542e2054dac476f8856ad5e7e71cc7c_34)\n\n[Item 1C — Cybersecurity](#i6542e2054dac476f8856ad5e7e71cc7c_37)\n\n[39](#i6542e2054dac476f8856ad5e7e71cc7c_37)\n\n \n[Item 2 — Properties](#i6542e2054dac476f8856ad5e7e71cc7c_40)\n\n[41](#i6542e2054dac476f8856ad5e7e71cc7c_40)\n\n \n[Item 3 — Legal Proceedings](#i6542e2054dac476f8856ad5e7e71cc7c_43)\n\n[42](#i6542e2054dac476f8856ad5e7e71cc7c_43)\n\n \n[Item 4 — Mine Safety Disclosures](#i6542e2054dac476f8856ad5e7e71cc7c_46)\n\n[42](#i6542e2054dac476f8856ad5e7e71cc7c_46)\n\n[PART II](#i6542e2054dac476f8856ad5e7e71cc7c_49)\n\n[43](#i6542e2054dac476f8856ad5e7e71cc7c_49)\n\n[Item 5 — Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i6542e2054dac476f8856ad5e7e71cc7c_52)\n\n[43](#i6542e2054dac476f8856ad5e7e71cc7c_52)\n\n[Item 6 — Reserved](#i6542e2054dac476f8856ad5e7e71cc7c_55)\n\n[44](#i6542e2054dac476f8856ad5e7e71cc7c_55)\n\n[Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6542e2054dac476f8856ad5e7e71cc7c_64)\n\n[44](#i6542e2054dac476f8856ad5e7e71cc7c_64)\n\n[Item 7A — Quantitative and Qualitative Disclosures About Market Risk](#i6542e2054dac476f8856ad5e7e71cc7c_136)\n\n[73](#i6542e2054dac476f8856ad5e7e71cc7c_136)\n\n[Item 8 — Financial Statements and Supplementary Data](#i6542e2054dac476f8856ad5e7e71cc7c_139)\n\n[76](#i6542e2054dac476f8856ad5e7e71cc7c_139)\n\n[Item 9 — Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i6542e2054dac476f8856ad5e7e71cc7c_142)\n\n[76](#i6542e2054dac476f8856ad5e7e71cc7c_142)\n\n[Item 9A — Controls and Procedures](#i6542e2054dac476f8856ad5e7e71cc7c_145)\n\n[77](#i6542e2054dac476f8856ad5e7e71cc7c_145)\n\n[Item 9B — Other Information](#i6542e2054dac476f8856ad5e7e71cc7c_148)\n\n[79](#i6542e2054dac476f8856ad5e7e71cc7c_148)\n\n[Item 9C— Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i6542e2054dac476f8856ad5e7e71cc7c_154)\n\n[79](#i6542e2054dac476f8856ad5e7e71cc7c_154)\n\n[PART III](#i6542e2054dac476f8856ad5e7e71cc7c_157)\n\n[80](#i6542e2054dac476f8856ad5e7e71cc7c_157)\n\n[Item 10 — Directors, Executive Officers and Corporate Governance](#i6542e2054dac476f8856ad5e7e71cc7c_160)\n\n[80](#i6542e2054dac476f8856ad5e7e71cc7c_160)\n\n[Item 11 — Executive Compensation](#i6542e2054dac476f8856ad5e7e71cc7c_163)\n\n[80](#i6542e2054dac476f8856ad5e7e71cc7c_163)\n\n[Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i6542e2054dac476f8856ad5e7e71cc7c_166)\n\n[80](#i6542e2054dac476f8856ad5e7e71cc7c_166)\n\n[Item 13 — Certain Relationships and Related Transactions, and Director Independence](#i6542e2054dac476f8856ad5e7e71cc7c_169)\n\n[81](#i6542e2054dac476f8856ad5e7e71cc7c_169)\n\n[Item 14 — Principal Accounting Fees and Services](#i6542e2054dac476f8856ad5e7e71cc7c_172)\n\n[81](#i6542e2054dac476f8856ad5e7e71cc7c_172)\n\n[PART IV](#i6542e2054dac476f8856ad5e7e71cc7c_175)\n\n[82](#i6542e2054dac476f8856ad5e7e71cc7c_175)\n\n[Item 15 — Exhibits and Financial Statement Schedules](#i6542e2054dac476f8856ad5e7e71cc7c_178)\n\n[82](#i6542e2054dac476f8856ad5e7e71cc7c_178)\n\n[EXHIBIT INDEX](#i6542e2054dac476f8856ad5e7e71cc7c_310)\n\n[162](#i6542e2054dac476f8856ad5e7e71cc7c_310)\n\n[Item 16 — Form 10-K Summary](#i6542e2054dac476f8856ad5e7e71cc7c_313)\n\n[167](#i6542e2054dac476f8856ad5e7e71cc7c_313)\n\n2\n\n                                                                                     \n\nGlossary of Terms\n\n        When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:\n\nACEAffordable Clean Energy\n\nAdjusted EBITDAAdjusted earnings before interest, taxes, depreciation and amortization\n\nAESOAlberta Electric System Operator\n\nAROAsset Retirement Obligation\n\nASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP\n\nASRAccelerated Share Repurchase\n\nASUAccounting Standards Updates – updates to the ASC\n\nAUCAlberta Utilities Commission\n\nBTUBritish Thermal Unit\n\nBusinessNRG Business, which serves business customers\n\nCAAClean Air Act\n\nCAISOCalifornia Independent System Operator\n\nCAMT15% Corporate Alternative Minimum Tax enacted by the IRA on August 16, 2022\n\nCDDCooling Degree Day\n\nCedar Bayou 5Cedar Bayou Unit 5 generation facility, a 689 MW natural gas-fueled combined cycle plant\n\nCFTCU.S. Commodity Futures Trading Commission\n\nCO2\nCarbon Dioxide\n\nCO2e\nCarbon Dioxide Equivalents\n\nCompanyNRG Energy, Inc.\n\nCONECost of New Entry\n\nConvertible Senior NotesNRG’s unsecured 2.750% Convertible Senior Notes due 2048, which were redeemed on July 8, 2025\n\nCottonwoodCottonwood Generating Station, a 1,139 MW natural gas-fueled plant. NRG leased and operated the plant through May 2025\n\nCPPClean Power Plan\n\nCPUCCalifornia Public Utilities Commission\n\nD.C. CircuitU.S. Court of Appeals for the District of Columbia Circuit\n\nDOJU.S. Department of Justice\n\nDSIDry Sorbent Injection\n\nDSUDeferred Stock Unit\n\nDthDekatherms\n\nDual fuel customersCustomer that have both electricity and natural gas service with the Company\n\nEconomic gross marginSum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels, purchased energy and other cost of sales\n\nEGUElectric Generating Unit\n\nELGEffluent Limitations Guidelines which are EPA regulations issued under the federal Clean Water Act\n\nEPAU.S. Environmental Protection Agency\n\nEPCEngineering, Procurement and Construction\n\nERCOTElectric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas\n\nESPPNRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan\n\nExchange ActThe Securities Exchange Act of 1934, as amended\n\nFASBFinancial Accounting Standards Board\n\nFERCFederal Energy Regulatory Commission\n\n3\n\n                                                                                     \n\nFGDFlue gas desulfurization\n\nFPAFederal Power Act\n\nFTRsFinancial Transmission Rights\n\nGAAPGenerally accepted accounting principles in the United States\n\nGHGGreenhouse Gas\n\nGreen Mountain EnergyGreen Mountain Energy Company\n\nGreens Bayou 6Greens Bayou Unit 6 generation facility, a 443 MW natural gas-fueled peaker plant\n\nGWGigawatts\n\nGWhGigawatt Hours\n\nHDDHeating Degree Day\n\nHeat RateA measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat Rates can be expressed as either gross or net Heat Rates, depending whether the electricity output measured is gross or net generation and is generally expressed as BTU per net kWh\n\nHomeNRG Home, which serves residential customers\n\nICEIntercontinental Exchange\n\nIESOIndependent Electricity System Operator\n\nIoTInternet of Things\n\nIRAInflation Reduction Act\n\nISOIndependent System Operator, also referred to as RTOs\n\nISO-NEISO New England Inc.\n\nIvanpahIvanpah Solar Electric Generation Station, a 385 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest\n\nkWhKilowatt-hours\n\nLSEsLoad Serving Entities\n\nLS PowerLS Power Equity Advisors, LLC\n\nLSP PortfolioThe acquisition of a portfolio of natural gas and dual fuel generation and other assets from LS Power\n\nLTIPsCollectively, the NRG LTIP and the Vivint LTIP\n\nMDthThousand Dekatherms\n\nMidwest GenerationMidwest Generation, LLC\n\nMISOMidcontinent Independent System Operator, Inc.\n\nMMBtuMillion British Thermal Units\n\nMMDthMillion Dekatherms\n\nMWMegawatts\n\nMWhSaleable megawatt hour net of internal/parasitic load megawatt-hour\n\nNAAQSNational Ambient Air Quality Standards\n\nNEPOOLNew England Power Pool\n\nNERCNorth American Electric Reliability Corporation\n\nNERC-CIPNorth American Electric Reliability Corporation Critical Infrastructure Protection\n\nNet ExposureCounterparty credit exposure to NRG, net of collateral\n\nNet GenerationThe net amount of electricity produced, expressed in kWhs or MWhs, that is the total amount of electricity generated (gross) minus the amount of electricity used during generation\n\nNet Revenue RatesSum of retail revenues less TDSP transportation charges\n\nNISTNational Institute of Standards and Technology\n\nNodalNodal Exchange is a derivatives exchange\n\nNOLNet Operating Loss\n\nNOx\nNitrogen Oxides\n\n4\n\n                                                                                     \n\nNPNSNormal Purchase Normal Sale\n\nNRCU.S. Nuclear Regulatory Commission\n\nNRGNRG Energy, Inc.\n\nNRG LTIPNRG Energy, Inc. Amended and Restated Long-Term Incentive Plan, as amended\n\nNRG ReceivablesNRG Receivables LLC, a wholly-owned indirect subsidiary of the Company\n\nNuclear Decommissioning Trust FundNRG's nuclear decommissioning trust fund assets, which were for the Company's portion of the decommissioning of the STP, units 1 & 2 through the sale of STP on November 1, 2023\n\nNYISONew York Independent System Operator\n\nNYMEXNew York Mercantile Exchange\n\nOCI/OCLOther Comprehensive Income/(Loss)\n\nOECDOrganization for Economic Cooperation and Development\n\nPeakingUnits expected to satisfy demand requirements during the periods of greatest or peak load on the system\n\nPG&EPG&E Corporation (NYSE: PCG) and its primary operating subsidiary, Pacific Gas and Electric Company\n\nPJMPJM Interconnection, LLC\n\nPM2.5Particulate Matter that has a diameter of less than 2.5 micrometers\n\nPPAPower Purchase Agreement\n\nPSUPerformance Stock Unit\n\nPUCTPublic Utility Commission of Texas\n\nRCRAResource Conservation and Recovery Act of 1976\n\nReceivables FacilityNRG Receivables LLC, a bankruptcy remote, special purpose, wholly-owned indirect subsidiary of the Company's $2.3 billion accounts receivables securitization facility due 2026, which was last amended on June 20, 2025\n\nReceivables Securitization FacilitiesCollectively, the Receivables Facility and the Repurchase Facility\n\nRECsRenewable Energy Certificates\n\nRenewable PPAA third-party PPA entered into directly with a renewable generation facility for the offtake of the RECs or other similar environmental attributes generated by such facility, coupled with the associated power generated by that facility\n\nRenewablesConsists of the following projects in which NRG has an ownership interest: Ivanpah and solar generating stations located at various NFL Stadiums\n\nRenewables PlatformThe renewable operating and development platform sold to Global Infrastructure Partners with NRG's interest in NRG Yield\n\nRepurchase Facility\nNRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2024, which was terminated on June 21, 2024\n\nRevolving Credit FacilityThe Company's $4.6 billion revolving credit facility due 2029, which was last amended on May 27, 2025\n\nRGGIRegional Greenhouse Gas Initiative\n\nRMRReliability Must-Run\n\nRPSRenewable Portfolio Standards\n\nRPSURelative Performance Stock Unit\n\nRSURestricted Stock Unit\n\nRTORegional Transmission Organization, also referred to as ISOs\n\nSCRSelective Catalytic Reduction Control System\n\nSECU.S. Securities and Exchange Commission\n\nSecurities ActThe Securities Act of 1933, as amended\n\nSenior Credit FacilityNRG's senior secured credit facility, comprised of the Revolving Credit Facility and the Term Loan B Facility\n\n5\n\n                                                                                     \n\nSenior Notes\nAs of December 31, 2025, NRG's $9.9 billion outstanding unsecured senior notes consisting of $821 million of 5.750% senior notes due 2028, $733 million of the 5.250% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $798 million of the 5.750% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031, $480 million of the 3.875% senior notes due 2032, $925 million of the 6.000% senior notes due 2033, $950 million of the 6.250% senior notes due 2034, $1.3 billion of the 5.750% senior notes due 2034 and $2.4 billion of the 6.000% senior notes due 2036\n\nSenior Secured First Lien Notes\nAs of December 31, 2025, NRG’s $3.4 billion outstanding Senior Secured First Lien Notes consists of $900 million of the 2.450% Senior Secured First Lien Notes due 2027, $500 million of the 4.450% Senior Secured First Lien Notes due 2029, $625 million of the 4.734% Senior Secured First Lien Notes due 2030, $740 million of the 7.000% Senior Secured First Lien Notes due 2033 and $625 million of the 5.407% Senior Secured First Lien Notes due 2035\n\nSeries A Preferred Stock\nAs of December 31, 2025, NRG's Series A Preferred Stock consists of 650,000 outstanding shares of the 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, with a $1,000 liquidation preference per share\n\nServicesNRG Services, which primarily includes the services businesses acquired in the Direct Energy acquisition\n\nSO2\nSulfur Dioxide\n\nSOFRSecured overnight financing rate\n\nSouth Central PortfolioNRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG leased the Cottonwood facility through May 2025\n\nS&PStandard & Poor's\n\nSTPSouth Texas Project — a nuclear generating facility located near Bay City, Texas in which NRG owned a 44% interest. NRG closed on the sale of its interest in STP on November 1, 2023\n\nSTPNOCSouth Texas Project Nuclear Operating Company\n\nTCJAThe Tax Cuts and Jobs Act of 2017\n\nTDSPTransmission/distribution service provider\n\nTEFTexas Energy Fund\n\nTexas Generation PortfolioThe acquisition of a portfolio of power generation facilities and other assets from Rockland Capital, LLC\n\nTexas GencoTexas Genco LLC\n\nT.H. WhartonT.H. Wharton generation facility includes a 1,002 MW natural gas-fueled plant, which is currently operational, and an additional 415 MW natural gas-fueled peaker plant, which is currently under construction\n\nTSRTotal Shareholder Return\n\nTWhTerawatt Hour\n\nU.S.United States of America\n\nVaRValue at Risk\n\nVIEVariable Interest Entity\n\nVivint LTIPNRG Energy Inc., 2020 Omnibus Incentive Plan (Legacy Vivint) (formerly known as the Vivint Smart Home, Inc. Long-Term Incentive Plan), assumed by NRG pursuant to merger between NRG and Vivint\n\nWinter Storm UriA major winter and ice storm that had widespread impacts across North America occurring in February 2021\n\n6\n\n                                                                                     \n\nPART I"}