NRG's Q1 earnings fall despite revenue rise, hit by hedge losses and costs; full-year outlook steady.

NRG Energy reported a significant drop in first-quarter earnings with GAAP net income falling to $125 million from $750 million a year earlier, despite a 19% revenue increase to $10.256 billion. The decline was mainly due to unrealized hedge losses, mild Texas weather, and higher supply costs. Adjusted earnings per share missed analyst expectations, but the company reaffirmed its full-year guidance, expecting adjusted EPS between $7.90 and $9.90. NRG continues to invest in Texas projects and plans $1 billion in share buybacks and $407 million in dividends for 2026, with ongoing opportunities in data-center demand seen as potential upside.