NRG Energy Inc 2026年季度报告

FORM 10-Q ☒Quarterly report pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934For the Quarterly Period Ended:March 31, 2026☐Transition report pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-15891 NRG Energy, Inc.(Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (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 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. Large Accelerated Filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). As of April30, 2026, there were 210,986,470 shares of common stock outstanding, par value $0.01 per share. TABLE OF CONTENTSIndexCAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION3GLOSSARY OF TERMS5PART I — FINANCIAL INFORMATION8ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES8ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS47ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK71ITEM 4 — CONTROLS AND PROCEDURES73PART II — OTHER INFORMATION74ITEM 1 — LEGAL PROCEEDINGS74ITEM 1A — RISK FACTORS74ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS74ITEM 3 — DEFAULTS UPON SENIOR SECURITIES74ITEM 4 — MINE SAFETY DISCLOSURES74ITEM 5 — OTHER INFORMATION75ITEM 6 — EXHIBITS76SIGNATURES77 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report on Form10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within themeaning of Section27A of the Securities Act of 1933, as amended, or the Securities Act, and Section21E of the Securities Exchange Act of1934, as amended, or the Exchange Act. The words “believes,” “projects,” “anticipates,” “plans,” “expects,” “intends,” “estimates,”“should,” “forecasts,” “targets,” and similar expressions are intended to identify forward-looking statements. These forward-lookingstatements involve known and unknown risks, uncertainties and other factors, many of which are beyond NRG’s control, that may causeNRG’s actual results, performance and achievements, or industry results, to be materially different from any future results, performance orachievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include any factors describedunderRisk Factors, in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Part II,Item 1A of this Form 10-Q and the following: •NRG’s ability to obtain and maintain retail market share;•General economic conditions, changes in the wholesale power and gas markets and fluctuations in the cost of fuel;•Volatile power and gas supply costs and demand for power and gas, including the impacts of weather;•The imposition of tariffs, the escalation of international trade disputes, and the occurrence or re-escalation of geopolitical conflicts(including the hostilities with Iran and the conflicts in the Middle East), and inflationary impacts resulting therefrom;•The inability of the Company to realize expected benefits from the integration of LSP Portfolio’s assets and businesses;•Hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility,unusual weather conditions, catastrophic weather-related or other damage to facilities, unscheduled or forced generation outages,maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportationproblems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and thepossibility that NRG may not have adequate insurance to cover