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 increased 6.7% to $134.6 million, supported by new assets, higher merchant prices, and a legal settlement, partially offset by energy curtailment and well field work.
Electricity segment revenue declined 3.8% to $159.9 million due to maintenance and curtailment, while product and energy storage segments grew 57.6% and 62.7%, respectively.
Gross margin compressed to 24.3% from 28.8%, mainly due to temporary electricity segment margin pressure; product and energy storage margins improved significantly.
Net income rose 26.1% to $28 million, with adjusted net income up 19.8% to $29.1 million, reflecting strong portfolio resilience despite electricity segment challenges.
Ormat reported record Q2 2025 revenue of $234 million, a 9.9% increase year-over-year, driven by product segment recovery and energy storage growth.
Electric utility earnings decreased to $10.4 million from $15.5 million due to higher payroll and outage costs, partially offset by increased commercial sales and rate relief.
MDU maintains a strong balance sheet with no equity needs in 2025 but plans to reestablish an ATM program to support a $3.1 billion capital investment over five years.
MDU Resources reported Q2 2025 income from continuing operations of $14.1 million or $0.07 per diluted share, down from $20.2 million or $0.10 per share in Q2 2024.
Natural gas utility posted a seasonal loss of $7.4 million, worsened by warmer weather and higher operating expenses, partially offset by rate relief and higher transportation revenue.
Pipeline segment earnings were $15.4 million, down from a record $17.3 million in 2024, impacted by higher operating expenses but supported by expansion projects and strong transportation demand.
Second quarter earnings were $13.7 million or $0.07 per share compared to $60.4 million or $0.30 per share in the prior year, impacted by the separation of Everus in October 2024.
Adjusted EBITDA for Q2 2025 was $17.5 million, slightly down from $18.9 million in Q2 2024, but improved when excluding noncomparable income from 2024.
Clean Energy Fuels reported $102 million in revenue for Q2 2025, with over 61 million gallons of renewable natural gas (RNG) sold.
GAAP net loss for Q2 2025 was $20.2 million compared to $16.3 million in Q2 2024, impacted by the expiration of a $6 million alternative fuel tax credit.
Operating cash and investments increased to $241 million at the end of June 2025, up from $217 million at the start of the year.
RNG volumes increased 21% compared to Q1 2025, recovering from production challenges due to cold weather earlier in the year.
Dafinchi