Clearway Energy, Inc. Reports Full Year 2025 Financial Results
Rhea-AI Summary
Clearway Energy (NYSE: CWEN) reported full-year 2025 results with Net Loss of $231M, Adjusted EBITDA $1,217M, Cash from Operations $688M, and CAFD $430M. The company said results were at the top end of guidance and reaffirmed 2026 CAFD guidance of $470M–$510M.
Corporate actions include a $600M 2034 senior note offering, ~$50M equity raised, executed PPAs with Google for ~1.1GW, offers to invest in 520MW and 650MW projects, and a signed ~$90M acquisition agreement for two BESS projects.
Positive
- Reaffirmed 2026 CAFD guidance of $470M–$510M
- Closed $600M 2034 senior unsecured notes to bolster capital structure
- Raised approximately $50M of Class C equity in Q1 2026
- Executed long-term PPAs with Google for approximately 1.1GW of projects
Negative
- Net loss widened to $231M for 2025 from $63M in 2024
- Total liquidity declined ~20% to $1,061M versus year-ago period
- Fourth-quarter CAFD fell to $35M, down versus prior year due to higher project debt service
- Parent cash and equivalents declined to $37M from $138M
News Market Reaction – CWEN
On the day this news was published, CWEN gained 0.83%, reflecting a mild positive market reaction. Argus tracked a trough of -2.6% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $67M to the company's valuation, bringing the market cap to $8.14B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CWEN gained 1.15% with mixed peer moves: BEPC +1.01%, ENLT +0.76%, RNW +0.37%, CEG +1.00%, while ORA fell -2.86%, pointing to a stock-specific reaction to earnings rather than a clean sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | -0.0% | Reported Q3 2025 results and narrowed 2025 CAFD guidance while setting 2026 range. |
| Aug 05 | Q2 2025 earnings | Positive | -4.4% | Q2 2025 results with higher dividend, updated CAFD guidance, and new growth projects. |
| Apr 30 | Q1 2025 earnings | Negative | -1.3% | Q1 2025 net loss but solid EBITDA, CAFD, dividend hike, and new acquisitions. |
| Feb 24 | FY 2024 earnings | Positive | +2.5% | Full year 2024 results with higher CAFD, new investments, and reaffirmed 2025 guidance. |
| Oct 30 | Q3 2024 earnings | Positive | +8.0% | Q3 2024 results, CAFD guidance reaffirmation, new project investments, and dividend increase. |
Earnings releases often highlight growth and reaffirmed guidance, but price reactions have been mixed, with both rallies and modest selloffs around past reports.
Over the last five earnings events from Oct 2024 through Nov 2025, Clearway consistently emphasized CAFD growth, dividend increases, and a growing pipeline of renewable and storage projects. Full year 2024 results showed higher CAFD and reaffirmed guidance, and subsequent 2025 quarters added acquisitions, repowerings, and expanded 2026 CAFD targets. Today’s full year 2025 report at the top end of guidance, plus reaffirmed 2026 CAFD guidance, fits this pattern of steady, guidance-focused updates tied to visible growth investments.
Historical Comparison
Across the last five earnings releases, CWEN’s average move was about 0.94%. Today’s 1.15% gain on full year 2025 results and reaffirmed 2026 CAFD guidance is broadly in line with that typical earnings-day reaction.
Earnings updates from late 2024 through 2025 show Clearway moving from a 2024 net loss with rising CAFD into 2025 quarters focused on expanding CAFD guidance, pipeline buildout, and dividend growth, culminating in full year 2025 results at the top of the original guidance range.
Regulatory & Risk Context
The company has an effective S-3ASR shelf registration filed on 2025-08-06, valid until 2028-08-06, with at least one recorded usage via a 424B5 prospectus. This provides flexibility to raise additional capital through future registered offerings as needed.
Market Pulse Summary
This announcement highlights full year 2025 performance at the top of guidance, with Adjusted EBITDA of $1,217M, CAFD of $430M, and reaffirmed 2026 CAFD guidance of $470–$510M. It underscores ongoing growth investments, new PPAs, and liquidity of $1,061M as of year-end 2025. Investors may track execution on planned projects, future financing decisions under the active shelf registration, and how CAFD trends toward long-term per-share targets.
Key Terms
adjusted ebitda financial
cash available for distribution financial
power purchase agreements financial
restricted cash financial
revolving credit facility financial
senior unsecured notes financial
dividend equivalent rights financial
hypothetical liquidation at book value technical
AI-generated analysis. Not financial advice.
- Achieved 2025 financial results at the top end of the original guidance range
- Fleet Enhancement program advanced with repowerings for 2026/2027 on schedule
- Sponsor Enabled growth program advanced with signed agreements with Clearway Group to commit to remaining planned 2026 COD projects with 291 MW storage portfolio in Colorado and California
- Outlook for sponsor enabled growth advanced further into 2027 and 2028 with receipt of offer to invest in 520 MW Royal Slope solar plus storage project and 650 MW Swan Solar project
- Clearway Group’s late-stage pipeline now includes 11.2 GW in late-stage opportunities with 2 GW of contracts signed to provide additional power solutions for data centers
- Opportunistically raised
$600 million of corporate debt and$50 million equity since last earnings call - Reaffirming 2026 financial guidance range
PRINCETON, N.J., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN, CWEN.A) today reported full year 2025 financial results, including Net Loss of
"Clearway’s full year 2025 results came in at the top end of our original guidance range, reflecting strong operational and growth execution across our platform. Our enterprise once again demonstrated meaningful progress towards meeting our long-term financial objectives across multiple growth pathways, including: enhancing long-term cash flows in our portfolio through fleet enhancements, advancing dropdown commitments for investment opportunities out into 2028, and commercializing future sponsor-enabled growth with two gigawatts of contracts signed to power data centers in the last 12 months. With this increasing foundation of visible growth, we are on a solid path to achieve our
Adjusted EBITDA and Cash Available for Distribution used in this press release are non-GAAP measures and are explained in greater detail under “Non-GAAP Financial Information” below.
Overview of Financial and Operating Results
Segment Results
Table 1: Net Income/(Loss)
| ($ millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||
| Segment | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | ||||||||||||
| Flexible Generation | 10 | 14 | 40 | 64 | ||||||||||||
| Renewables & Storage | (84 | ) | (29 | ) | (60 | ) | 31 | |||||||||
| Corporate | (125 | ) | (33 | ) | (211 | ) | (158 | ) | ||||||||
| Net Income/(Loss) | $ | (199 | ) | $ | (48 | ) | $ | (231 | ) | $ | (63 | ) | ||||
Table 2: Adjusted EBITDA
| ($ millions) | Three Months Ended | Twelve Months Ended | ||||||||||||||
| Segment | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | ||||||||||||
| Flexible Generation | 54 | 58 | 210 | 232 | ||||||||||||
| Renewables & Storage | 186 | 178 | 1,039 | 948 | ||||||||||||
| Corporate | (3 | ) | (8 | ) | (32 | ) | (34 | ) | ||||||||
| Adjusted EBITDA | $ | 237 | $ | 228 | $ | 1,217 | $ | 1,146 | ||||||||
Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
| Three Months Ended | Twelve Months Ended | |||||||||||
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | ||||||||
| Cash from Operating Activities | $ | 177 | $ | 192 | $ | 688 | $ | 770 | ||||
| Cash Available for Distribution (CAFD) | $ | 35 | $ | 40 | $ | 430 | $ | 425 | ||||
For the fourth quarter of 2025, the Company reported Net Loss of
Operational Performance
Table 4: Selected Operating Results1
| (MWh in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||
| 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | |||||||||
| Flexible Generation Equivalent Availability Factor | 96.8 | % | 91.5 | % | 93.4 | % | 90.6 | % | ||||
| Solar MWh generated/sold | 1,907 | 1,659 | 9,225 | 8,658 | ||||||||
| Wind MWh generated/sold | 2,623 | 2,473 | 10,528 | 9,951 | ||||||||
| Renewables & Storage MWh generated/sold2 | 4,530 | 4,132 | 19,753 | 18,609 | ||||||||
In the fourth quarter of 2025, availability at the Flexible Generation segment, formerly known as Conventional, was higher than the fourth quarter of 2024 primarily from outages at certain facilities in 2024. Generation in the Renewables & Storage segment during the fourth quarter of 2025 was
Liquidity and Capital Resources
Table 5: Liquidity
| ($ millions) | 12/31/2025 | 12/31/2024 | ||||
| Cash and Cash Equivalents: | ||||||
| Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries | $ | 37 | $ | 138 | ||
| Subsidiaries | 194 | 194 | ||||
| Restricted Cash: | ||||||
| Operating accounts | 146 | 184 | ||||
| Reserves, including debt service, distributions, performance obligations and other reserves | 441 | 217 | ||||
| Total Cash | $ | 818 | $ | 733 | ||
| Revolving credit facility availability | 243 | 597 | ||||
| Total Liquidity | $ | 1,061 | $ | 1,330 | ||
Total liquidity as of December 31, 2025 was
As of December 31, 2025, the Company’s liquidity included
As of December 31, 2025, the Company had
Potential future sources of liquidity include excess operating cash flow, availability under the revolving credit facility, asset dispositions, and, subject to market conditions, new corporate debt and equity financings.
Growth Investments and Commercial Agreements
Power Purchase Agreements with Google
On January 15, 2026, Clearway Group announced the execution of three long-term power purchase agreements (PPAs) signed with Google in 2025 for approximately 1.1 GW of projects located in Missouri, Texas, and West Virginia that consisted of the following projects:
- Goat Mountain Repower: The project is a Company-owned, operational wind project located in Texas that signed a 15-year PPA to underpin a repowering targeted in 2027. The Company estimates that its total corporate capital investment in the Goat Mountain repowering will be
$200 million , subject to closing adjustments. - Swan Solar: The project is a new construction solar project that was offered to the Company located in Missouri with a signed 20-year PPA and is targeting commercial operations in 2028. The Company estimates that its potential corporate capital investment in the project will be approximately
$215 million . - Catamount: The project is a new construction wind project located in West Virginia within Clearway Group’s development pipeline that signed a 20-year PPA and is targeting commercial operations in 2028. The Company estimates that its potential corporate capital investment in the project will be approximately
$155 million .
Investment decisions for the Swan Solar and Catamount Wind projects are subject to negotiation both with Clearway Group, and the review and approval by the Company’s Independent Directors.
Swan Solar
In the first quarter of 2026, Clearway Group offered the Company the opportunity to enter into partnership arrangements to own cash equity interests in a 650 MW solar project located in Missouri. The project signed a 20-year PPA with Google and is targeting commercial operations in 2028. The potential corporate capital commitment for the investment is expected to be approximately
Royal Slope Solar Plus Storage
In the first quarter of 2026, Clearway Group offered the Company the opportunity to enter into partnership arrangements to own cash equity interests in a 520 MW solar plus storage project located in Washington that is expected to reach commercial operations in 2027. The project has executed a 20-year PPA and ESA with a Washington state municipal utility to serve significant data center demand growth. The potential corporate capital commitment for the investment is expected to be approximately
Rosamond South II and Spindle
On November 24, 2025, the Company, through an indirect subsidiary, entered into an agreement with Clearway Group to acquire interests in Spindle, a 199 MW BESS facility currently under construction in Weld County, Colorado, and Rosamond South II, a 92 MW BESS facility currently under construction in Kern County, California, for approximately
Financing Updates
Class C Shares Issuances
In the first quarter of 2026, the Company raised gross proceeds of approximately
2034 Senior Notes
On January 13, 2026, Clearway Energy Operating LLC completed the sale of
Quarterly Dividend
On February 17, 2026, Clearway Energy, Inc.’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of
Seasonality
Clearway Energy, Inc.’s quarterly operating results are impacted by seasonal factors, as well as weather variability which can impact renewable energy resource throughout the year. Most of the Company's revenues are generated from the months of May through September, as contracted pricing and renewable resources are at their highest levels in the Company’s portfolio. Factors driving the fluctuation in Net Income, Adjusted EBITDA, Cash from Operating Activities, and CAFD include the following:
- Higher summer capacity and energy prices from flexible generation assets;
- Higher solar insolation during the summer months;
- Higher wind resources during the spring and summer months;
- Renewable energy resource throughout the year
- Debt service payments which are made either quarterly or semi-annually;
- Timing of maintenance capital expenditures and the impact of both unforced and forced outages; and
- Timing of distributions from unconsolidated affiliates
The Company takes into consideration the timing of these factors to ensure sufficient funds are available for distributions and operating activities on a quarterly basis.
Financial Guidance
The Company is reaffirming its 2026 full year CAFD guidance range of
Earnings Conference Call
On February 23, 2026, Clearway Energy, Inc. will host a conference call at 5:00 p.m. Eastern to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to Clearway Energy, Inc.’s website at http://www.clearwayenergy.com and clicking on “Presentations & Webcasts” under “Investor Relations.”
About Clearway Energy, Inc.
Clearway Energy, Inc. is one of the largest owners of clean energy generation assets in the U.S. Our portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems and approximately 2.8 GW of conventional dispatchable power capacity that provide critical grid reliability services. Through our diversified and primarily contracted clean energy portfolio, Clearway Energy endeavors to provide its investors with stable and growing dividend income. Clearway Energy, Inc.’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols CWEN and CWEN.A, respectively. Clearway Energy, Inc. is sponsored by its controlling investor, Clearway Energy Group LLC. For more information, visit investor.clearwayenergy.com.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “expect,” “estimate,” "target," “anticipate,” “forecast,” “plan,” “outlook,” “believe” and similar terms. Such forward-looking statements include, but are not limited to, statements regarding the Company’s dividend expectations and its operations, its facilities and its financial results, the anticipated consummation of the transactions described above, the anticipated benefits, opportunities, and results with respect to the transactions, including the Company’s future relationship and arrangements with Clearway Energy Group and its owners, as well as the Company's Net Income, Adjusted EBITDA, Cash from Operating Activities, Cash Available for Distribution, the Company’s future revenues, income, indebtedness, capital structure, strategy, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.
Although Clearway Energy, Inc. believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, the Company's ability to maintain and grow its quarterly dividend, risks relating to the Company's relationships with its sponsors, the Company’s ability to successfully identify, evaluate, consummate or implement acquisitions or dispositions (including receipt of third party consents and regulatory approvals), the Company's ability to acquire assets from its sponsors, the Company’s ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise, hazards customary in the power production industry and power generation operations, weather conditions, including wind and solar conditions, the Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations, the willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements, the Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices, government regulation, including compliance with regulatory requirements and changes in law, operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of the Company and its subsidiaries, cyber terrorism and inadequate cybersecurity. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.
Clearway Energy, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution are estimates as of today’s date, February 23, 2026, and are based on assumptions believed to be reasonable as of this date. Clearway Energy, Inc. expressly disclaims any current intention to update such guidance. The foregoing review of factors that could cause Clearway Energy, Inc.’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Clearway Energy, Inc.’s future results included in Clearway Energy, Inc.’s filings with the Securities and Exchange Commission at www.sec.gov. In addition, Clearway Energy, Inc. makes available free of charge at www.clearwayenergy.com, copies of materials it files with, or furnishes to, the Securities and Exchange Commission.
# # #
| Contacts: | ||
| Investors: | Media: | |
| Akil Marsh | Zadie Oleksiw | |
| investor.relations@clearwayenergy.com | media@clearwayenergy.com | |
| 609-608-1500 | 202-836-5754 |
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year ended December 31, | |||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2023 | ||||||||
| Operating Revenues | |||||||||||
| Total operating revenues | $ | 1,429 | $ | 1,371 | $ | 1,314 | |||||
| Operating Costs and Expenses | |||||||||||
| Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 530 | 501 | 473 | ||||||||
| Depreciation, amortization and accretion | 682 | 627 | 526 | ||||||||
| Impairment losses | — | — | 12 | ||||||||
| General and administrative | 41 | 39 | 36 | ||||||||
| Transaction and integration costs | 16 | 8 | 4 | ||||||||
| Total operating costs and expenses | 1,269 | 1,175 | 1,051 | ||||||||
| Operating Income | 160 | 196 | 263 | ||||||||
| Other Income (Expense) | |||||||||||
| Equity in earnings of unconsolidated affiliates | 31 | 35 | 12 | ||||||||
| Other income, net | 29 | 48 | 52 | ||||||||
| Loss on debt extinguishment | (8 | ) | (5 | ) | (6 | ) | |||||
| Interest expense | (387 | ) | (307 | ) | (337 | ) | |||||
| Total other expense, net | (335 | ) | (229 | ) | (279 | ) | |||||
| Loss Before Income Taxes | (175 | ) | (33 | ) | (16 | ) | |||||
| Income tax expense (benefit) | 56 | 30 | (2 | ) | |||||||
| Net Loss | (231 | ) | (63 | ) | (14 | ) | |||||
| Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (400 | ) | (151 | ) | (93 | ) | |||||
| Net Income Attributable to Clearway Energy, Inc. | $ | 169 | $ | 88 | $ | 79 | |||||
| Earnings Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders | |||||||||||
| Weighted average number of Class A common shares outstanding - basic and diluted | 35 | 35 | 35 | ||||||||
| Weighted average number of Class C common shares outstanding - basic and diluted | 84 | 83 | 82 | ||||||||
| Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ | 1.43 | $ | 0.75 | $ | 0.67 | |||||
| Dividends Per Class A Common Share | $ | 1.77 | $ | 1.65 | $ | 1.54 | |||||
| Dividends Per Class C Common Share | $ | 1.77 | $ | 1.65 | $ | 1.54 | |||||
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Year ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| (In millions) | |||||||||||
| Net Loss | $ | (231 | ) | $ | (63 | ) | $ | (14 | ) | ||
| Other Comprehensive Loss, net of tax | |||||||||||
| Unrealized loss on derivatives and changes in accumulated OCI, net of income tax benefit of | (3 | ) | (4 | ) | (6 | ) | |||||
| Other comprehensive loss | (3 | ) | (4 | ) | (6 | ) | |||||
| Comprehensive Loss | (234 | ) | (67 | ) | (20 | ) | |||||
| Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | (404 | ) | (151 | ) | (97 | ) | |||||
| Comprehensive Income Attributable to Clearway Energy, Inc. | $ | 170 | $ | 84 | $ | 77 | |||||
CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
| (In millions, except shares) | December 31, 2025 | December 31, 2024 | ||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 231 | $ | 332 | ||
| Restricted cash | 587 | 401 | ||||
| Accounts receivable — trade | 162 | 164 | ||||
| Accounts receivable — affiliates | 1 | — | ||||
| Inventory | 75 | 64 | ||||
| Derivative instruments | 29 | 39 | ||||
| Prepayments and other current assets | 67 | 67 | ||||
| Total current assets | 1,152 | 1,067 | ||||
| Property, plant and equipment, net | 11,596 | 9,944 | ||||
| Other Assets | ||||||
| Equity investments in affiliates | 291 | 309 | ||||
| Intangible assets for power purchase agreements, net | 2,294 | 2,125 | ||||
| Other intangible assets, net | 66 | 68 | ||||
| Deferred income taxes | 172 | — | ||||
| Derivative instruments | 127 | 136 | ||||
| Right-of-use assets, net | 714 | 547 | ||||
| Other non-current assets | 243 | 133 | ||||
| Total other assets | 3,907 | 3,318 | ||||
| Total Assets | $ | 16,655 | $ | 14,329 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current Liabilities | ||||||
| Current portion of long-term debt | $ | 708 | $ | 430 | ||
| Accounts payable — trade | 95 | 82 | ||||
| Accounts payable — affiliates | 32 | 31 | ||||
| Derivative instruments | 52 | 56 | ||||
| Accrued interest expense | 52 | 53 | ||||
| Accrued expenses and other current liabilities | 79 | 66 | ||||
| Total current liabilities | 1,018 | 718 | ||||
| Other Liabilities | ||||||
| Long-term debt | 7,898 | 6,750 | ||||
| Deferred income taxes | 45 | 89 | ||||
| Derivative instruments | 308 | 315 | ||||
| Long-term lease liabilities | 796 | 569 | ||||
| Other non-current liabilities | 676 | 324 | ||||
| Total other liabilities | 9,723 | 8,047 | ||||
| Total Liabilities | 10,741 | 8,765 | ||||
| Redeemable noncontrolling interest in subsidiaries | 103 | — | ||||
| Commitments and Contingencies | ||||||
| Stockholders’ Equity | ||||||
| Preferred stock, | — | — | ||||
| Class A, Class B, Class C and Class D common stock, | 1 | 1 | ||||
| Additional paid-in capital | 1,715 | 1,805 | ||||
| Retained earnings | 213 | 254 | ||||
| Accumulated other comprehensive (loss) income | (5 | ) | 3 | |||
| Noncontrolling interest | 3,887 | 3,501 | ||||
| Total Stockholders’ Equity | 5,811 | 5,564 | ||||
| Total Liabilities and Stockholders’ Equity | $ | 16,655 | $ | 14,329 | ||
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Cash Flows from Operating Activities | (In millions) | ||||||||||
| Net loss | $ | (231 | ) | $ | (63 | ) | $ | (14 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Equity in earnings of unconsolidated affiliates | (31 | ) | (35 | ) | (12 | ) | |||||
| Distributions from unconsolidated affiliates | 32 | 34 | 30 | ||||||||
| Depreciation, amortization and accretion | 682 | 627 | 526 | ||||||||
| Amortization of financing costs and debt discounts | 15 | 14 | 13 | ||||||||
| Amortization of intangibles | 187 | 182 | 185 | ||||||||
| Loss on debt extinguishment | 8 | 5 | 6 | ||||||||
| Reduction in carrying amount of right-of-use assets | 16 | 15 | 15 | ||||||||
| Impairment losses | — | — | 12 | ||||||||
| Changes in deferred income taxes | 53 | 25 | 13 | ||||||||
| Changes in derivative instruments and amortization of accumulated OCI | (13 | ) | 13 | (2 | ) | ||||||
| Changes in other working capital | (30 | ) | (47 | ) | (70 | ) | |||||
| Net Cash Provided by Operating Activities | 688 | 770 | 702 | ||||||||
| Cash Flows from Investing Activities | |||||||||||
| Acquisitions, net of cash acquired | (324 | ) | — | — | |||||||
| Acquisition of Drop Down Assets, net of cash acquired | (318 | ) | (678 | ) | (45 | ) | |||||
| Capital expenditures | (319 | ) | (287 | ) | (212 | ) | |||||
| Payment for equipment deposit | — | — | (27 | ) | |||||||
| Payment for equipment deposit and asset purchase from affiliate | (27 | ) | — | (55 | ) | ||||||
| Proceeds from transfer of assets | 152 | — | — | ||||||||
| Return of investments from unconsolidated affiliates | 15 | 41 | 14 | ||||||||
| Decrease (increase) in note receivable — affiliate | — | 184 | (174 | ) | |||||||
| Investments in unconsolidated affiliates | — | — | (28 | ) | |||||||
| Other | 18 | 15 | 4 | ||||||||
| Net Cash Used in Investing Activities | (803 | ) | (725 | ) | (523 | ) | |||||
| Cash Flows from Financing Activities | |||||||||||
| Contributions from noncontrolling interests, net of distributions | 1,124 | 1,493 | 1,028 | ||||||||
| Proceeds from the issuance of Class C common stock | 48 | — | — | ||||||||
| Payments of dividends and distributions | (358 | ) | (334 | ) | (311 | ) | |||||
| Pro-rata distributions to CEG | (19 | ) | — | — | |||||||
| Tax-related distributions | — | (1 | ) | (21 | ) | ||||||
| Buyouts of noncontrolling interest and redeemable noncontrolling interest | (3 | ) | (7 | ) | (13 | ) | |||||
| Proceeds from the revolving credit facility | 701 | — | — | ||||||||
| Payments for the revolving credit facility | (340 | ) | — | — | |||||||
| Proceeds from issuance of long-term debt | 518 | 466 | 563 | ||||||||
| Payments of debt issuance costs | (8 | ) | (13 | ) | (18 | ) | |||||
| Payments for long-term debt | (1,461 | ) | (1,966 | ) | (1,349 | ) | |||||
| Other | (2 | ) | (1 | ) | (3 | ) | |||||
| Net Cash Provided by (Used in) Financing Activities | 200 | (363 | ) | (124 | ) | ||||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 85 | (318 | ) | 55 | |||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 733 | 1,051 | 996 | ||||||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 818 | $ | 733 | $ | 1,051 | |||||
| Supplemental Disclosures: | |||||||||||
| Interest paid, net of amount capitalized | $ | (348 | ) | $ | (324 | ) | $ | (304 | ) | ||
| Income taxes paid, net of refunds received | (1 | ) | (1 | ) | (31 | ) | |||||
| Non-cash financing activity: | |||||||||||
| Non-cash adjustment for change in tax basis | 40 | 61 | 4 | ||||||||
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
| (In millions) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest | Total Stockholders’ Equity | ||||||||||||||||||
| Balances at December 31, 2022 | $ | — | $ | 1 | $ | 1,761 | $ | 463 | $ | 9 | $ | 1,792 | $ | 4,026 | |||||||||||
| Net income (loss) | — | — | — | 79 | — | (110 | ) | (31 | ) | ||||||||||||||||
| Unrealized loss on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | (2 | ) | (4 | ) | (6 | ) | |||||||||||||||
| Distributions to CEG, net of contributions, cash | — | — | — | — | — | (78 | ) | (78 | ) | ||||||||||||||||
| Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 1,123 | 1,123 | ||||||||||||||||||
| Distributions to noncontrolling interests, non-cash | — | — | — | — | — | (7 | ) | (7 | ) | ||||||||||||||||
| Tax-related distributions | — | — | — | — | — | (21 | ) | (21 | ) | ||||||||||||||||
| Transfer of assets under common control | — | — | (62 | ) | — | — | 348 | 286 | |||||||||||||||||
| Buyout of noncontrolling interest | — | — | 16 | — | — | (26 | ) | (10 | ) | ||||||||||||||||
| Buyout of redeemable noncontrolling interest | — | — | 10 | — | — | 7 | 17 | ||||||||||||||||||
| Non-cash adjustments for change in tax basis | — | — | 4 | — | — | — | 4 | ||||||||||||||||||
| Stock-based compensation | — | — | 3 | (1 | ) | — | — | 2 | |||||||||||||||||
| Common stock dividends and distributions to CEG unit holders | — | — | — | (180 | ) | — | (131 | ) | (311 | ) | |||||||||||||||
| Balances at December 31, 2023 | — | 1 | 1,732 | 361 | 7 | 2,893 | 4,994 | ||||||||||||||||||
| Net income (loss) | — | — | — | 88 | — | (164 | ) | (76 | ) | ||||||||||||||||
| Unrealized loss on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
| Contributions from CEG, net of distributions, cash | — | — | — | — | — | 194 | 194 | ||||||||||||||||||
| Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 1,321 | 1,321 | ||||||||||||||||||
| Distributions to noncontrolling interests, non-cash | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
| Tax-related distributions | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
| Transfer of assets under common control | — | — | 7 | — | — | (600 | ) | (593 | ) | ||||||||||||||||
| Buyout of noncontrolling interest | — | — | (2 | ) | — | — | (5 | ) | (7 | ) | |||||||||||||||
| Buyout of redeemable noncontrolling interest | — | — | 4 | — | — | 3 | 7 | ||||||||||||||||||
| Non-cash adjustments for change in tax basis | — | — | 61 | — | — | — | 61 | ||||||||||||||||||
| Stock-based compensation | — | — | 2 | (1 | ) | — | — | 1 | |||||||||||||||||
| Common stock dividends and distributions to CEG unit holders | — | — | — | (194 | ) | — | (140 | ) | (334 | ) | |||||||||||||||
| Other | — | — | 1 | — | — | 1 | 2 | ||||||||||||||||||
| Balances at December 31, 2024 | — | 1 | 1,805 | 254 | 3 | 3,501 | 5,564 | ||||||||||||||||||
| Net income (loss) | — | — | — | 169 | — | (180 | ) | (11 | ) | ||||||||||||||||
| Unrealized gain (loss) on derivatives and changes in accumulated OCI, net of tax | — | — | — | — | 1 | (4 | ) | (3 | ) | ||||||||||||||||
| Contributions from CEG, net of distributions, cash | — | — | — | — | — | 112 | 112 | ||||||||||||||||||
| Contributions from noncontrolling interests, net of distributions, cash | — | — | — | — | — | 708 | 708 | ||||||||||||||||||
| Distributions to noncontrolling interests, non-cash | — | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||
| Pro-rata distributions to CEG, cash | — | — | — | — | — | (19 | ) | (19 | ) | ||||||||||||||||
| Transfer of assets under common control | — | — | (182 | ) | — | (9 | ) | (76 | ) | (267 | ) | ||||||||||||||
| Buyout of noncontrolling interest | — | — | — | — | — | (3 | ) | (3 | ) | ||||||||||||||||
| Proceeds from the issuance of Class C common stock | — | — | 48 | — | — | — | 48 | ||||||||||||||||||
| Non-cash adjustments for change in tax basis | — | — | 40 | — | — | — | 40 | ||||||||||||||||||
| Stock-based compensation | — | — | 4 | (1 | ) | — | — | 3 | |||||||||||||||||
| Common stock dividends and distributions to CEG unit holders | — | — | — | (209 | ) | — | (149 | ) | (358 | ) | |||||||||||||||
| Other | — | — | — | — | — | 1 | 1 | ||||||||||||||||||
| Balances at December 31, 2025 | $ | — | $ | 1 | $ | 1,715 | $ | 213 | $ | (5 | ) | $ | 3,887 | $ | 5,811 | ||||||||||
Appendix Table A-1: Three Months Ended December 31, 2025, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | Flexible Generation | Renewables & Storage | Corporate | Total | |||||||||||
| Net Income (Loss) | $ | 10 | $ | (84 | ) | $ | (125 | ) | $ | (199 | ) | ||||
| Plus: | |||||||||||||||
| Income tax (benefit)/expense | — | (1 | ) | 83 | 82 | ||||||||||
| Interest expense, net | 7 | 52 | 24 | 83 | |||||||||||
| Depreciation, amortization, and ARO | 28 | 152 | — | 180 | |||||||||||
| Contract amortization | 4 | 46 | — | 50 | |||||||||||
| Loss on debt extinguishment | — | 1 | — | 1 | |||||||||||
| Mark to Market (MtM) losses/(gains) on economic hedges | 1 | (7 | ) | — | (6 | ) | |||||||||
| Transaction and integration costs | — | — | 8 | 8 | |||||||||||
| Other non-recurring | 1 | 18 | 6 | 25 | |||||||||||
| Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates | 3 | 9 | — | 12 | |||||||||||
| Non-cash equity compensation | — | — | 1 | 1 | |||||||||||
| Adjusted EBITDA | $ | 54 | $ | 186 | $ | (3 | ) | $ | 237 | ||||||
Appendix Table A-2: Three Months Ended December 31, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | Flexible Generation | Renewables & Storage | Corporate | Total | |||||||||||
| Net Income (Loss) | $ | 14 | $ | (29 | ) | $ | (33 | ) | $ | (48 | ) | ||||
| Plus: | |||||||||||||||
| Income tax (benefit)/expense | — | 1 | (1 | ) | — | ||||||||||
| Interest Expense, net | 9 | (18 | ) | 21 | 12 | ||||||||||
| Depreciation, amortization, and ARO | 27 | 129 | — | 156 | |||||||||||
| Contract amortization | 4 | 42 | — | 46 | |||||||||||
| Loss on Debt Extinguishment | — | 2 | — | 2 | |||||||||||
| Mark to Market (MtM) losses on economic hedges | 1 | 40 | — | 41 | |||||||||||
| Transaction and integration costs | — | — | 4 | 4 | |||||||||||
| Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates | 3 | 11 | — | 14 | |||||||||||
| Non-cash equity compensation | — | — | 1 | 1 | |||||||||||
| Adjusted EBITDA | $ | 58 | $ | 178 | $ | (8 | ) | $ | 228 | ||||||
Appendix Table A-3: Twelve Months Ended December 31, 2025, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | Flexible Generation | Renewables & Storage | Corporate | Total | ||||||||||||
| Net Income (Loss) | 40 | (60 | ) | (211 | ) | $ | (231 | ) | ||||||||
| Plus: | ||||||||||||||||
| Income tax (benefit)/expense | — | (1 | ) | 57 | 56 | |||||||||||
| Interest expense, net | 31 | 230 | 97 | 358 | ||||||||||||
| Depreciation, amortization, and ARO | 112 | 570 | — | 682 | ||||||||||||
| Contract amortization | 18 | 171 | — | 189 | ||||||||||||
| Loss on debt extinguishment | — | 8 | — | 8 | ||||||||||||
| Mark to Market (MtM) losses/(gains) on economic hedges | (6 | ) | 29 | — | 23 | |||||||||||
| Transaction and integration costs | — | — | 16 | 16 | ||||||||||||
| Other non-recurring | 3 | 54 | 6 | 63 | ||||||||||||
| Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates | 12 | 38 | — | 50 | ||||||||||||
| Non-cash equity compensation | — | — | 3 | 3 | ||||||||||||
| Adjusted EBITDA | $ | 210 | $ | 1,039 | $ | (32 | ) | $ | 1,217 | |||||||
Appendix Table A-4: Twelve Months Ended December 31, 2024, Segment Adjusted EBITDA Reconciliation
The following table summarizes the calculation of Adjusted EBITDA and provides a reconciliation to Net Income/(Loss):
| ($ in millions) | Flexible Generation | Renewables & Storage | Corporate | Total | |||||||||||
| Net Income (Loss) | $ | 64 | $ | 31 | $ | (158 | ) | $ | (63 | ) | |||||
| Plus: | |||||||||||||||
| Income tax expense | — | 1 | 29 | 30 | |||||||||||
| Interest expense, net | 30 | 145 | 85 | 260 | |||||||||||
| Depreciation, amortization, and ARO | 115 | 512 | — | 627 | |||||||||||
| Contract amortization | 18 | 166 | — | 184 | |||||||||||
| Impairment losses and impairment on equity investment | — | — | — | — | |||||||||||
| Loss on debt extinguishment | — | 5 | — | 5 | |||||||||||
| Mark to Market (MtM) losses/(gains) on economic hedges | (8 | ) | 44 | — | 36 | ||||||||||
| Transaction and integration costs | — | — | 8 | 8 | |||||||||||
| Other non-recurring | 1 | 8 | — | 9 | |||||||||||
| Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates | 12 | 36 | — | 48 | |||||||||||
| Non-cash equity compensation | — | — | 2 | 2 | |||||||||||
| Adjusted EBITDA | $ | 232 | $ | 948 | $ | (34 | ) | $ | 1,146 | ||||||
Appendix Table A-5: Cash Available for Distribution Reconciliation
The following table summarizes the calculation of Cash Available for Distribution and provides a reconciliation to Cash from Operating Activities:
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| ($ in millions) | 12/31/25 | 12/31/24 | 12/31/25 | 12/31/24 | |||||||||||
| Adjusted EBITDA | $ | 237 | $ | 228 | $ | 1,217 | $ | 1,146 | |||||||
| Cash interest paid3 | (78 | ) | (63 | ) | (351 | ) | (315 | ) | |||||||
| Changes in prepaid and accrued liabilities for tolling agreements | (8 | ) | (8 | ) | (4 | ) | (5 | ) | |||||||
| Adjustments to reflect sale-type leases and payments for lease expenses | 1 | 2 | 6 | (3 | ) | ||||||||||
| Pro-rata Adjusted EBITDA from unconsolidated affiliates | (16 | ) | (19 | ) | (81 | ) | (83 | ) | |||||||
| Distributions from unconsolidated affiliates | 13 | 13 | 32 | 34 | |||||||||||
| Income tax payments | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||
| Proceeds from transferable tax credits | 3 | — | 3 | — | |||||||||||
| Changes in working capital and other | 26 | 40 | (133 | ) | (3 | ) | |||||||||
| Cash from Operating Activities | 177 | 192 | 688 | 770 | |||||||||||
| Changes in working capital and other | (26 | ) | (40 | ) | 133 | 3 | |||||||||
| Return of investment from unconsolidated affiliates4 | 1 | 3 | 15 | 13 | |||||||||||
| Net contributions (to)/from non-controlling interest5 | (44 | ) | (36 | ) | (106 | ) | (79 | ) | |||||||
| Cash receipts from notes receivable | 2 | 2 | 9 | 2 | |||||||||||
| Maintenance capital expenditures | 5 | (3 | ) | (6 | ) | (11 | ) | ||||||||
| Principal amortization of indebtedness6 | (84 | ) | (78 | ) | (319 | ) | (283 | ) | |||||||
| Cash Available for Distribution before Adjustments | 31 | 40 | 414 | 415 | |||||||||||
| 2025 Impact of drop down from timing of construction debt service and pre-funded expenditures; 2024 Impact of drop down from timing of construction debt service | 4 | — | 16 | 10 | |||||||||||
| Cash Available for Distribution | $ | 35 | $ | 40 | $ | 430 | $ | 425 | |||||||
Appendix Table A-6: Twelve Months Ended December 31, 2025, Sources and Uses of Liquidity
The following table summarizes the sources and uses of liquidity in 2025:
| Twelve Months Ended | |||
| ($ in millions) | 12/31/25 | ||
| Sources: | |||
| Contributions from noncontrolling interests, net of distributions | $ | 1,124 | |
| Proceeds from the revolving credit facility | 701 | ||
| Net Cash Provided by Operating Activities | 688 | ||
| Proceeds from issuance of long-term debt | 518 | ||
| Proceeds from transfer of assets | 152 | ||
| Proceeds from the issuance of common stock | 48 | ||
| Return of investments from unconsolidated affiliates | 15 | ||
| Uses: | |||
| Payments for long-term debt | $ | (1,461 | ) |
| Payments of dividends and distributions | (358 | ) | |
| Payments for the revolving credit facility | (340 | ) | |
| Acquisitions, net of cash acquired | (324 | ) | |
| Acquisition of Drop Down Assets, net of cash acquired | (318 | ) | |
| Capital expenditures | (319 | ) | |
| Payment for equipment deposit and asset purchase from affiliate | (27 | ) | |
| Other net cash outflows | (14 | ) | |
| Change in total cash, cash equivalents, and restricted cash | $ | 85 | |
______________________________________
1 Excludes equity method investments
2 Generation sold excludes MWh that are reimbursable for economic curtailment
3 2024 includes
4 2024 excludes
5 2025 excludes
6 2025 excludes
FAQ
What were Clearway Energy's full-year 2025 headline results (CWEN)?
What is Clearway Energy's 2026 CAFD guidance (CWEN)?
How did Clearway finance its recent activities and capital needs (CWEN)?
What growth projects and PPAs did Clearway announce in 2025–2026 (CWEN)?
Did Clearway make any acquisitions or purchase agreements in 2025 (CWEN)?
What dividend did Clearway declare and when is it payable (CWEN)?
