Adjusted EBITDA and net income for Q2 were down year-over-year due to the absence of earnings from the Airtron sale, lease expiration at Cottonwood, deactivation of Indian River Unit 4, and higher phantom stock expense.
For the first half of 2025, adjusted EPS was $4.42, a 48% increase on a normalized basis, with adjusted EBITDA exceeding $2.35 billion, up 11% year-over-year.
Free cash flow before growth was $914 million in Q2 and $1.207 billion in the first half of 2025, exceeding prior year periods by $251 million and $584 million respectively.
NRG delivered adjusted earnings per share of $1.73 in Q2 2025, representing 8% year-over-year growth when normalized for asset sales and retirements.
The Smart Home business achieved record customer retention over 90% and adjusted EBITDA of $255 million in Q2, reflecting consistent customer growth and margin expansion.
The Texas segment produced $512 million of adjusted EBITDA in Q2, up over 13% from the prior year quarter, driven by strong plant performance, increased retail margins, and favorable weather.
Adjusted EBITDA for the quarter was $102 million, reflecting strong cost management and operational efficiency.
Free cash flow for Q2 was approximately $71 million, representing an annualized cash flow yield of nearly 15% on the current share price.
Gross debt stood at $553 million with a net loan-to-value ratio comfortably under 15%, highlighting a strong balance sheet.
Net income for Q2 2025 was $62 million or $1.25 per diluted share, with adjusted net income excluding vessel sale gains at $50 million or $1.02 per diluted share.
Total liquidity ended the quarter at over $700 million, including $149 million in cash and $560 million in undrawn revolver capacity.
Dafinchi