Operating Segments was Nrg Energy’s largest segment in fiscal 2025, bringing in $28.53B of $28.44B (100%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Segments | $33.53B | $25.10B | $23.42B | $28.53B | ||||||
| Corporate/Eliminations | $86.00M | -$70.00M | -$116.00M | -$82.00M | ||||||
| Consolidation, Eliminations | — | — | — | — | ||||||
| Total | $33.61B | $25.03B | $23.30B | $28.44B |
Nrg Energy brought in $28.44B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $61.50B it reports by statement business segments, so these segments do not cover all of its revenue. Operating Segments was the largest at $28.53B (100.3%).
The total is net of Corporate/Eliminations, which took $82.00M off revenue in fiscal 2025.
East was Nrg Energy’s largest segment in fiscal 2025, bringing in $28.53B of $61.50B (46%).
| Statement Business Segments | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2014 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| East | $33.53B | $25.10B | $23.42B | $28.53B | |||||||||||
| Texas | $20.11B | $20.95B | $21.30B | $22.28B | |||||||||||
| Retail | — | — | — | — | |||||||||||
| Generation | — | — | — | — | |||||||||||
| Reliant Energy | — | — | — | — | |||||||||||
| Nrg Home Retail | — | — | — | — | |||||||||||
| West/Other | — | $8.48B | $7.64B | $6.40B | |||||||||||
| West/Services/Other | $9.41B | — | — | — | |||||||||||
| Wholesale Power Generation | — | — | — | — | |||||||||||
| Conventional Power Generation | — | — | — | — | |||||||||||
| Conventional Generation | — | — | — | — | |||||||||||
| Vivint Smart Home | — | $3.18B | $3.98B | $4.29B | |||||||||||
| Nrg Yield | — | — | — | — | |||||||||||
| Renewables | — | — | — | — | |||||||||||
| Thermal | — | — | — | — | |||||||||||
| Alternative Energy | — | — | — | — | |||||||||||
| Corporate | — | — | — | — | |||||||||||
| Home Solar | — | — | — | — | |||||||||||
| Eliminations | — | — | — | — | |||||||||||
| Elimination | — | — | — | — | |||||||||||
| Total | $63.05B | $57.71B | $56.34B | $61.50B |
Nrg Energy brought in $61.50B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 9.2% from $56.34B in fiscal 2024. East was the largest at $28.53B (46.4%), ahead of Texas at $22.28B (36.2%) and West/Other at $6.40B (10.4%). The remaining segment, Vivint Smart Home, brought in $4.29B.
Compared with fiscal 2024, East grew fastest, up 21.8% to $28.53B, while West/Other fell the most, down 16.2% to $6.40B.
Nrg Energy began breaking out Vivint Smart Home in fiscal 2023, when it brought in $3.18B. Nrg Energy stopped reporting West/Services/Other as a separate segment after fiscal 2022, when it brought in $9.41B.
Guarantor Subsidiaries was Nrg Energy’s largest revenue line in fiscal 2012, bringing in $16.00B of $16.84B (95%).
| Legal Entity | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 |
|---|---|---|---|---|---|
| Guarantor Subsidiaries | $17.17B | $17.01B | $17.46B | $16.00B | |
| Total Operating Revenues | — | — | — | — | |
| Non-Guarantor Subsidiaries | $714.00M | $748.00M | $762.00M | $1.02B | |
| Nrg Energy, Inc | $62.00M | — | — | — | |
| Eliminations | -$40.00M | -$64.00M | -$64.00M | -$170.00M | |
| Total | $17.90B | $17.70B | $18.16B | $16.84B |
Nrg Energy brought in $16.84B from its three revenue lines in fiscal 2012, the year ended December 31, 2012. That was down 7.2% from $18.16B in fiscal 2011. Guarantor Subsidiaries was the largest at $16.00B (95.0%), ahead of Non-Guarantor Subsidiaries at $1.02B (6.0%).
Compared with fiscal 2011, Non-Guarantor Subsidiaries grew 33.6% to $1.02B, while Guarantor Subsidiaries fell 8.4% to $16.00B.
Nrg Energy stopped reporting Nrg Energy, Inc as a separate revenue line after fiscal 2009, when it brought in $62.00M. The total is net of Eliminations, which took $170.00M off revenue in fiscal 2012.
Nrg Energy (NRG) reports its revenue by segment, by statement business segments and by legal entity. In fiscal 2025, Operating Segments was its largest segment, bringing in $28.53B (100.3% of the total).
Operating Segments was Nrg Energy's largest segment in fiscal 2025, bringing in $28.53B, or 100.3% of the $28.44B total across its two segments.
Guarantor Subsidiaries was Nrg Energy's largest revenue line in fiscal 2012, bringing in $16.00B, or 95.0% of the $16.84B total across its three revenue lines.
Among Nrg Energy's segments that make up at least 2% of revenue, East grew fastest in fiscal 2025, up 21.8% from $23.42B to $28.53B.
Every figure comes from Nrg Energy's annual financial filings, as reported. Each line keeps the name Nrg Energy gives it, and years follow its fiscal calendar.
Nrg Energy's revenue by segment goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.