Clearway Energy Financials

CWEN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Clearway Energy (CWEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 48/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Clearway Energy has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 14.3% the prior year.

Growth

Clearway Energy's revenue grew a modest 4.2% year-over-year to $1.4B. This slow but positive growth earns a score of 40/100.

Leverage

Clearway Energy carries a low D/E ratio of 1.36, meaning only $1.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Clearway Energy's current ratio of 1.13 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.

Cash Flow

Clearway Energy converts 25.8% of revenue into free cash flow ($369.0M). This strong cash generation earns a score of 90/100.

Returns

Clearway Energy generates a 2.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is up from 1.6% the prior year.

Altman Z-Score Distress

0.42

Clearway Energy scores 0.42, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.9B) relative to total liabilities ($10.7B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

4/9

Clearway Energy passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

4.07x

For every $1 of reported earnings, Clearway Energy generates $4.07 in operating cash flow ($688.0M OCF vs $169.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

0.4x

Clearway Energy earns $0.4 in operating income for every $1 of interest expense ($160.0M vs $387.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.4B

YoY+4.2%

5Y CAGR+3.6%

10Y CAGR+4.0%

Clearway Energy generated $1.4B in revenue in fiscal year 2025. This represents an increase of 4.2% from the prior year.

EBITDA

$842.0M

YoY+2.3%

5Y CAGR+2.0%

10Y CAGR+3.0%

Clearway Energy's EBITDA was $842.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.3% from the prior year.

Net Income

$169.0M

YoY+92.0%

5Y CAGR+46.6%

10Y CAGR+8.9%

Clearway Energy reported $169.0M in net income in fiscal year 2025. This represents an increase of 92.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$369.0M

YoY-23.6%

5Y CAGR-2.6%

10Y CAGR-0.7%

Clearway Energy generated $369.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 23.6% from the prior year.

Cash & Debt

$231.0M

YoY-30.4%

5Y CAGR-2.9%

10Y CAGR+7.6%

Clearway Energy held $231.0M in cash against $7.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

204M

YoY+0.8%

5Y CAGR+0.2%

Clearway Energy had 204M shares outstanding in fiscal year 2025. This represents an increase of 0.8% from the prior year.

Margins & Returns

Gross Margin

62.9%

YoY-0.6pp

5Y CAGR-6.6pp

10Y CAGR-3.7pp

Clearway Energy's gross margin was 62.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.

Operating Margin

11.2%

YoY-3.1pp

5Y CAGR-16.6pp

10Y CAGR-22.5pp

Clearway Energy's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is down 3.1 percentage points from the prior year.

Net Margin

11.8%

YoY+5.4pp

5Y CAGR+9.7pp

10Y CAGR+4.4pp

Clearway Energy's net profit margin was 11.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.4 percentage points from the prior year.

Return on Equity

2.9%

YoY+1.3pp

5Y CAGR+2.0pp

10Y CAGR+0.4pp

Clearway Energy's ROE was 2.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$319.0M

YoY+11.1%

5Y CAGR+20.8%

10Y CAGR+27.1%

Clearway Energy invested $319.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 11.1% from the prior year.

CWEN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.4B+4.2%	$1.4B+4.3%	$1.3B+10.4%	$1.2B-7.5%	$1.3B+7.3%	$1.2B
Cost of Revenue	$530.0M+5.8%	$501.0M+5.9%	$473.0M+8.7%	$435.0M-3.5%	$451.0M+23.2%	$366.0M
Gross Profit	$899.0M+3.3%	$870.0M+3.4%	$841.0M+11.4%	$755.0M-9.6%	$835.0M+0.2%	$833.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$41.0M+5.1%	$39.0M+8.3%	$36.0M-10.0%	$40.0M0.0%	$40.0M+17.6%	$34.0M
Operating Income	$160.0M-18.4%	$196.0M-25.5%	$263.0M-82.1%	$1.5B+450.6%	$267.0M-19.8%	$333.0M
Interest Expense	$387.0M+26.1%	$307.0M-8.9%	$337.0M+45.3%	$232.0M-25.6%	$312.0M-24.8%	$415.0M
Income Tax	$56.0M+86.7%	$30.0M+1600.0%	-$2.0M-100.9%	$222.0M+1750.0%	$12.0M+50.0%	$8.0M
Net Income	$169.0M+92.0%	$88.0M+11.4%	$79.0M-86.4%	$582.0M+1041.2%	$51.0M+104.0%	$25.0M
EPS (Diluted)	N/A	$0.75+11.9%	$0.67-86.6%	$4.99+1034.1%	$0.44+100.0%	$0.22

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$310.0M-27.7%	$429.0M+9.4%	$392.0M+31.5%	$298.0M+16.4%	$256.0M-47.3%	$486.0M+32.8%	$366.0M+39.2%	$263.0M
Cost of Revenue	$149.0M+16.4%	$128.0M-2.3%	$131.0M+7.4%	$122.0M-0.8%	$123.0M-8.9%	$135.0M+15.4%	$117.0M-7.1%	$126.0M
Gross Profit	$161.0M-46.5%	$301.0M+15.3%	$261.0M+48.3%	$176.0M+32.3%	$133.0M-62.1%	$351.0M+41.0%	$249.0M+81.8%	$137.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$10.0M0.0%	$10.0M-9.1%	$11.0M+10.0%	$10.0M0.0%	$10.0M+11.1%	$9.0M0.0%	$9.0M-18.2%	$11.0M
Operating Income	-$37.0M-133.0%	$112.0M+31.8%	$85.0M	$0+100.0%	-$37.0M-120.8%	$178.0M+111.9%	$84.0M+389.7%	-$29.0M
Interest Expense	$90.0M-8.2%	$98.0M+18.1%	$83.0M-28.4%	$116.0M+404.3%	$23.0M-83.5%	$139.0M+58.0%	$88.0M+54.4%	$57.0M
Income Tax	$82.0M+364.5%	-$31.0M-720.0%	$5.0M	$0	$0-100.0%	$33.0M+230.0%	$10.0M+176.9%	-$13.0M
Net Income	-$90.0M-138.8%	$232.0M+673.3%	$30.0M+1100.0%	-$3.0M-200.0%	$3.0M-91.7%	$36.0M-29.4%	$51.0M+2650.0%	-$2.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CWEN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$16.7B+16.2%	$14.3B-2.5%	$14.7B+19.4%	$12.3B-3.9%	$12.8B+21.0%	$10.6B
Current Assets	$1.2B+8.0%	$1.1B-31.6%	$1.6B+22.3%	$1.3B-16.7%	$1.5B+116.2%	$708.0M
Cash & Equivalents	$231.0M-30.4%	$332.0M-37.9%	$535.0M-18.6%	$657.0M+267.0%	$179.0M-33.2%	$268.0M
Inventory	$75.0M+17.2%	$64.0M+16.4%	$55.0M+17.0%	$47.0M+27.0%	$37.0M-11.9%	$42.0M
Accounts Receivable	$162.0M-1.2%	$164.0M-4.1%	$171.0M+11.8%	$153.0M+6.3%	$144.0M+0.7%	$143.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.7B+22.5%	$8.8B-9.7%	$9.7B+17.2%	$8.3B-13.0%	$9.5B+20.8%	$7.9B
Current Liabilities	$1.0B+41.8%	$718.0M-20.8%	$906.0M+46.8%	$617.0M-62.2%	$1.6B+157.3%	$634.0M
Long-Term Debt	$7.9B+17.0%	$6.8B-9.7%	$7.5B+15.2%	$6.5B-6.5%	$6.9B+5.4%	$6.6B
Total Equity	$5.8B+4.4%	$5.6B+11.4%	$5.0B+24.0%	$4.0B+22.0%	$3.3B+21.5%	$2.7B
Retained Earnings	$213.0M-16.1%	$254.0M-29.6%	$361.0M-22.0%	$463.0M+1503.0%	-$33.0M+60.7%	-$84.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$16.7B+3.7%	$16.1B+0.2%	$16.0B+9.5%	$14.6B+2.2%	$14.3B+0.6%	$14.2B-1.8%	$14.5B-2.3%	$14.9B
Current Assets	$1.2B+8.8%	$1.1B-10.8%	$1.2B+14.2%	$1.0B-2.6%	$1.1B+1.5%	$1.1B+2.9%	$1.0B-31.8%	$1.5B
Cash & Equivalents	$231.0M-8.0%	$251.0M-3.5%	$260.0M-12.5%	$297.0M-10.5%	$332.0M+13.7%	$292.0M+29.2%	$226.0M-52.7%	$478.0M
Inventory	$75.0M+5.6%	$71.0M+1.4%	$70.0M+4.5%	$67.0M+4.7%	$64.0M+1.6%	$63.0M+5.0%	$60.0M+3.4%	$58.0M
Accounts Receivable	$162.0M-31.9%	$238.0M+2.6%	$232.0M+26.8%	$183.0M+11.6%	$164.0M-17.6%	$199.0M-22.0%	$255.0M+38.6%	$184.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.7B+4.5%	$10.3B-1.7%	$10.5B+13.3%	$9.2B+5.3%	$8.8B+1.7%	$8.6B-2.1%	$8.8B-10.3%	$9.8B
Current Liabilities	$1.0B+48.2%	$687.0M-17.6%	$834.0M+21.9%	$684.0M-4.7%	$718.0M+8.6%	$661.0M-5.7%	$701.0M-19.8%	$874.0M
Long-Term Debt	$7.9B-2.3%	$8.1B-2.0%	$8.3B+14.1%	$7.2B+7.1%	$6.8B+0.3%	$6.7B-1.0%	$6.8B-10.3%	$7.6B
Total Equity	$5.8B+2.2%	$5.7B+2.7%	$5.5B+2.1%	$5.4B-2.6%	$5.6B-1.1%	$5.6B-1.5%	$5.7B+13.2%	$5.0B
Retained Earnings	$213.0M-40.5%	$358.0M+101.1%	$178.0M-11.0%	$200.0M-21.3%	$254.0M-15.6%	$301.0M-4.1%	$314.0M+1.0%	$311.0M

CWEN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$688.0M-10.6%	$770.0M+9.7%	$702.0M-10.8%	$787.0M+12.3%	$701.0M+28.6%	$545.0M
Capital Expenditures	$319.0M+11.1%	$287.0M+35.4%	$212.0M+89.3%	$112.0M-25.8%	$151.0M+21.8%	$124.0M
Free Cash Flow	$369.0M-23.6%	$483.0M-1.4%	$490.0M-27.4%	$675.0M+22.7%	$550.0M+30.6%	$421.0M
Investing Cash Flow	-$803.0M-10.8%	-$725.0M-38.6%	-$523.0M-149.1%	$1.1B+223.1%	-$865.0M-1295.2%	-$62.0M
Financing Cash Flow	$200.0M+155.1%	-$363.0M-192.7%	-$124.0M+91.8%	-$1.5B-511.4%	$367.0M+184.4%	-$435.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$177.0M-21.3%	$225.0M+17.8%	$191.0M+101.1%	$95.0M-50.5%	$192.0M-36.2%	$301.0M+53.6%	$196.0M+142.0%	$81.0M
Capital Expenditures	$106.0M+30.9%	$81.0M+6.6%	$76.0M+35.7%	$56.0M+12.0%	$50.0M+42.9%	$35.0M-66.3%	$104.0M+6.1%	$98.0M
Free Cash Flow	$71.0M-50.7%	$144.0M+25.2%	$115.0M+194.9%	$39.0M-72.5%	$142.0M-46.6%	$266.0M+189.1%	$92.0M+641.2%	-$17.0M
Investing Cash Flow	-$64.0M+81.2%	-$341.0M+3.1%	-$352.0M-665.2%	-$46.0M+9.8%	-$51.0M-88.9%	-$27.0M+93.9%	-$444.0M-118.7%	-$203.0M
Financing Cash Flow	$64.0M+320.7%	-$29.0M-112.3%	$236.0M+432.4%	-$71.0M+13.4%	-$82.0M+51.8%	-$170.0M-17.2%	-$145.0M-526.5%	$34.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CWEN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	62.9%-0.6pp	63.5%-0.5pp	64.0%+0.6pp	63.4%-1.5pp	64.9%-4.5pp	69.5%
Operating Margin	11.2%-3.1pp	14.3%-5.7pp	20.0%-103.5pp	123.5%+102.8pp	20.8%-7.0pp	27.8%
Net Margin	11.8%+5.4pp	6.4%+0.4pp	6.0%-42.9pp	48.9%+44.9pp	4.0%+1.9pp	2.1%
Return on Equity	2.9%+1.3pp	1.6%0.0pp	1.6%-12.9pp	14.5%+12.9pp	1.6%+0.6pp	0.9%
Return on Assets	1.0%+0.4pp	0.6%+0.1pp	0.5%-4.2pp	4.7%+4.3pp	0.4%+0.2pp	0.2%
Current Ratio	1.13-0.4	1.49-0.2	1.72-0.3	2.07+1.1	0.94-0.2	1.12
Debt-to-Equity	1.36+0.1	1.21-0.3	1.50-0.1	1.61-0.5	2.10-0.3	2.43
FCF Margin	25.8%-9.4pp	35.2%-2.1pp	37.3%-19.4pp	56.7%+14.0pp	42.8%+7.7pp	35.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	51.9%-18.2pp	70.2%+3.6pp	66.6%+7.5pp	59.1%+7.1pp	51.9%-20.3pp	72.2%+4.2pp	68.0%+15.9pp	52.1%
Operating Margin	-11.9%-38.0pp	26.1%+4.4pp	21.7%+21.7pp	0.0%+14.4pp	-14.4%-51.1pp	36.6%+13.7pp	22.9%+34.0pp	-11.0%
Net Margin	-29.0%-83.1pp	54.1%+46.4pp	7.6%+8.7pp	-1.0%-2.2pp	1.2%-6.2pp	7.4%-6.5pp	13.9%+14.7pp	-0.8%
Return on Equity	-1.6%-5.6pp	4.1%+3.5pp	0.5%+0.6pp	-0.1%-0.1pp	0.1%-0.6pp	0.6%-0.2pp	0.9%+0.9pp	-0.0%
Return on Assets	-0.5%-2.0pp	1.4%+1.3pp	0.2%+0.2pp	-0.0%-0.0pp	0.0%-0.2pp	0.3%-0.1pp	0.4%+0.4pp	-0.0%
Current Ratio	1.13-0.4	1.54+0.1	1.42-0.1	1.52+0.0	1.49-0.1	1.59+0.1	1.46-0.3	1.71
Debt-to-Equity	1.36-0.1	1.42-0.1	1.49+0.2	1.33+0.1	1.21+0.0	1.200.0	1.19-0.3	1.50
FCF Margin	22.9%-10.7pp	33.6%+4.2pp	29.3%+16.3pp	13.1%-42.4pp	55.5%+0.7pp	54.7%+29.6pp	25.1%+31.6pp	-6.5%

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Frequently Asked Questions

What is Clearway Energy's annual revenue?

Clearway Energy (CWEN) reported $1.4B in total revenue for fiscal year 2025. This represents a 4.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Clearway Energy's revenue growing?

Clearway Energy (CWEN) revenue grew by 4.2% year-over-year, from $1.4B to $1.4B in fiscal year 2025.

Is Clearway Energy profitable?

Yes, Clearway Energy (CWEN) reported a net income of $169.0M in fiscal year 2025, with a net profit margin of 11.8%.

What is Clearway Energy's EBITDA?

Clearway Energy (CWEN) had EBITDA of $842.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Clearway Energy have?

As of fiscal year 2025, Clearway Energy (CWEN) had $231.0M in cash and equivalents against $7.9B in long-term debt.

What is Clearway Energy's gross margin?

Clearway Energy (CWEN) had a gross margin of 62.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Clearway Energy's operating margin?

Clearway Energy (CWEN) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Clearway Energy's net profit margin?

Clearway Energy (CWEN) had a net profit margin of 11.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Clearway Energy's return on equity (ROE)?

Clearway Energy (CWEN) has a return on equity of 2.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Clearway Energy's free cash flow?

Clearway Energy (CWEN) generated $369.0M in free cash flow during fiscal year 2025. This represents a -23.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Clearway Energy's operating cash flow?

Clearway Energy (CWEN) generated $688.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Clearway Energy's total assets?

Clearway Energy (CWEN) had $16.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Clearway Energy's capital expenditures?

Clearway Energy (CWEN) invested $319.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Clearway Energy have outstanding?

Clearway Energy (CWEN) had 204M shares outstanding as of fiscal year 2025.

What is Clearway Energy's current ratio?

Clearway Energy (CWEN) had a current ratio of 1.13 as of fiscal year 2025, which is considered adequate.

What is Clearway Energy's debt-to-equity ratio?

Clearway Energy (CWEN) had a debt-to-equity ratio of 1.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Clearway Energy's return on assets (ROA)?

Clearway Energy (CWEN) had a return on assets of 1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Clearway Energy's Altman Z-Score?

Clearway Energy (CWEN) has an Altman Z-Score of 0.42, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Clearway Energy's Piotroski F-Score?

Clearway Energy (CWEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Clearway Energy's earnings high quality?

Clearway Energy (CWEN) has an earnings quality ratio of 4.07x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Clearway Energy cover its interest payments?

Clearway Energy (CWEN) has an interest coverage ratio of 0.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Clearway Energy?

Clearway Energy (CWEN) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.