Clearway Energy | 10-K: FY2025 Revenue Misses Estimate at USD 1.429 B

Revenue: As of FY2025, the actual value is USD 1.429 B, missing the estimate of USD 1.432 B.

EPS: As of FY2025, the actual value is USD 1.43.

EBIT: As of FY2025, the actual value is USD 212 M.

Segment Operating Revenues

• For the year ended December 31, 2025, Flexible Generation reported $291 million, Renewables & Storage reported $1,138 million, and Corporate reported $0, totaling $1,429 million.
• For the year ended December 31, 2024, Flexible Generation reported $342 million, Renewables & Storage reported $1,029 million, and Corporate reported $0, totaling $1,371 million.
• For the year ended December 31, 2023, Flexible Generation reported $420 million, Renewables & Storage reported $894 million, and Corporate reported $0, totaling $1,314 million.
• Total operating revenues increased by $58 million to $1,429 million in 2025, from $1,371 million in 2024. This increase was primarily driven by acquisitions in the Renewables & Storage segment ($80 million from solar and BESS acquisitions, $46 million from wind acquisitions) and partially offset by a decrease in energy revenue in the Flexible Generation segment (- $48 million).

Segment Net Income (Loss)

• For the year ended December 31, 2025, Flexible Generation reported $40 million, Renewables & Storage reported - $60 million, and Corporate reported - $211 million, totaling - $231 million.
• For the year ended December 31, 2024, Flexible Generation reported $64 million, Renewables & Storage reported $31 million, and Corporate reported - $158 million, totaling - $63 million.
• For the year ended December 31, 2023, Flexible Generation reported $109 million, Renewables & Storage reported - $12 million, and Corporate reported - $111 million, totaling - $14 million.

Segment Total Assets

• As of December 31, 2025, Flexible Generation had $1,803 million, Renewables & Storage had $14,557 million, and Corporate had $295 million, totaling $16,655 million.
• As of December 31, 2024, Flexible Generation had $1,933 million, Renewables & Storage had $12,236 million, and Corporate had $160 million, totaling $14,329 million.

Overall Operating Costs and Expenses

• Cost of fuels decreased by $35 million in 2025 compared to 2024, to $8 million, primarily due to lower generation at certain Flexible Generation facilities.
• Operations and maintenance increased by $57 million in 2025 compared to 2024, to $409 million, mainly due to solar and BESS acquisitions and higher maintenance activities in the Flexible Generation segment.
• Depreciation, amortization and accretion increased by $55 million in 2025 compared to 2024, to $682 million, due to solar and BESS acquisitions and accelerated depreciation from wind facility repowerings.
• Total operating costs and expenses were $1,269 million in 2025, compared to $1,175 million in 2024 and $1,051 million in 2023.

Operating Income

• Operating income was $160 million in 2025, down from $196 million in 2024 and $263 million in 2023.

Net Income Attributable to Clearway Energy, Inc.

• Net income attributable to Clearway Energy, Inc. was $169 million in 2025, up from $88 million in 2024 and $79 million in 2023.

MWh Generated/Sold (in thousands)

• Solar: 9,225 in 2025, 8,658 in 2024, 5,425 in 2023.
• Wind: 10,528 in 2025, 9,951 in 2024, 9,414 in 2023.
• Renewables & Storage Total: 19,753 in 2025, 18,609 in 2024, 14,839 in 2023.
• Flexible Generation: 323 in 2025, 847 in 2024, 996 in 2023.

Weighted-Average Capacity Factor

• Solar: 28.9% in 2025, 29.8% in 2024, 27.5% in 2023.
• Wind: 30.6% in 2025, 30.1% in 2024, 28.3% in 2023.
• Flexible Generation Equivalent Availability Factor: 93.4% in 2025, 90.6% in 2024, 90.2% in 2023.

Cash Flow

• Net cash provided by operating activities was $688 million in 2025, compared to $770 million in 2024.
• Net cash used in investing activities was - $803 million in 2025, compared to - $725 million in 2024.
• Net cash provided by (used in) financing activities was $200 million in 2025, compared to - $363 million in 2024.

Liquidity and Capital Resources

• As of December 31, 2025, total liquidity was $1,061 million, including $818 million in cash, cash equivalents, and restricted cash, and $243 million in revolving credit facility availability.

Outlook / Guidance

• Clearway Energy, Inc. estimates $32 million in maintenance capital expenditures for 2026 and does not anticipate material income tax payments through at least 2030 due to expected NOLs and tax credits. The Company expects to continue paying comparable cash dividends in the foreseeable future, subject to available capital, market conditions, and compliance.