Direct Answer
NRG Energy reports revenue across 4 business segments in its fiscal 2025 Form 10-K. East is the largest, with $14.3 billion of revenue (46% of the total), followed by Texas at $11.1 billion (36%).
How Does NRG Energy Make Money?
No single line supplies a majority of revenue: the largest, East, is 46%, which spreads NRG Energy's exposure across several demand drivers. Between fiscal 2024 and 2025, East grew fastest (+21.8%) and West and Other slowest (-16.2%), so the revenue mix tilts toward East while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| East | $14.3 billion | $11.7 billion | 46.4% | 21.8% |
| Texas | $11.1 billion | $10.7 billion | 36.3% | 4.6% |
| West and Other | $3.2 billion | $3.8 billion | 10.4% | -16.2% |
| Vivint Smart Home Inc | $2.1 billion | $2.0 billion | 7.0% | 7.7% |
Which NRG Energy Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| East | $706 million | 4.9% |
| Texas | $1.1 billion | 10.0% |
| West and Other | $149 million | 4.7% |
| Vivint Smart Home Inc | $53 million | 2.5% |
Segment operating income is the profit measure NRG Energy reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within NRG Energy more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 100% of NRG Energy's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value NRG Energy reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0001013871-26-000004), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are NRG Energy's business segments?
In its fiscal 2025 Form 10-K, NRG Energy reports revenue for East, Texas, West and Other and Vivint Smart Home Inc.
Which part of NRG Energy brings in the most revenue?
East, with $14.3 billion of revenue in fiscal 2025, or 46% of the total.
Where does NRG Energy report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 24, 2026, alongside management's discussion of each segment's results.