NRG · 10-Q · 2026Q3 · Full report
Capital Return Program
NRG ENERGY, INC. · 2026-11-09 · Importance 65 · Surprise 60 · Contradicted
NRG completed its $3.7 billion share-repurchase authorization during the quarter ended March 31, 2026; repurchases under that authorization totaled 46,570,688 shares for $3.7 billion. The company had a separate $3.0 billion authorization through 2028 and repurchased 4,435,617 shares under it through October 31, 2026, at an average $150.47 per share. On November 6, 2026, the board approved an additional $1.0 billion of repurchases in connection with the LS Power asset-sale approval. NRG increased its annual dividend to $1.90 per share in the first quarter of 2026, paid a $0.475 quarterly dividend in the third quarter, and declared another $0.475 quarterly dividend payable November 16, 2026.
Key facts
- On November 6, 2026, in connection with approval of the sale of 4.9 GW of generation assets to LS Power, NRG's Board approved an additional $1.0 billion of share repurchases. source
- On November 6, 2026, NRG’s Board approved an additional $1.0 billion of share repurchases in connection with approval of the 4.9 GW asset sale. source
- NRG plans to use sale proceeds remaining after $2 billion of debt reduction for $1 billion of share repurchases and $1 billion for potential contracted growth investments or additional debt reduction. source
- NRG began repurchasing shares under its October 16, 2025 Board authorization, which permits up to $3.0 billion of repurchases through 2028, after completing its prior program. source
- On November 6, 2026, NRG’s Board approved an additional $1.0 billion of share repurchases in connection with approval of the sale of 4.9 GW of generation assets to LS Power. source
- Beginning in the first quarter of 2027, NRG plans to increase its annual dividend to $2.05 per share. source
- NRG’s $3.7 billion share repurchase program, begun in 2023, was completed during the quarter ended March 31, 2026. source
- NRG repurchased 46,570,688 shares under its $3.7 billion authorization at an average price of $79.43 per share, for $3.7 billion in total. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -9.2% | NRG repurchased 46,570,688 shares under its $3.7 billion authorization at an average price of $79.43 per share, for $3.7 billion in total. |
| cash | negative | committed | -3.2% | NRG began repurchasing shares under its October 16, 2025 Board authorization, which permits up to $3.0 billion of repurchases through… |
| cash | negative | probable | -2.5% | NRG plans to use sale proceeds remaining after $2 billion of debt reduction for $1 billion of share repurchases and $1 billion for… |
| liability | positive | probable | +2.5% | NRG plans to use sale proceeds remaining after $2 billion of debt reduction for $1 billion of share repurchases and $1 billion for… |
| cash | negative | realized | -2.4% | During the nine months ended September 30, 2026, NRG completed $963 million of share repurchases at an average price of $154.45 per share. |
| cash | negative | committed | -2.1% | On November 6, 2026, in connection with approval of the sale of 4.9 GW of generation assets to LS Power, NRG's Board approved an… |
| cash | negative | realized | — | NRG began repurchasing shares under its October 16, 2025 Board authorization, which permits up to $3.0 billion of repurchases through… |
| cash | negative | committed | — | Beginning in the first quarter of 2027, NRG plans to increase its annual dividend to $2.05 per share. |
| cash | negative | committed | — | Beginning in the first quarter of 2027, NRG will increase its annual dividend by 8% to $2.05 per share. |
| cash | negative | committed | — | NRG targets annual dividend growth of 7%-9% per share in subsequent years. |