Clearway Energy, Inc. Reports Third Quarter 2026 Financial Results

The new 2027 CAFD guidance range exceeds the reaffirmed 2026 range, while earnings attributable to Clearway declined.

Rhea-AI Summary

Clearway Energy (NYSE: CWEN) reported third-quarter 2026 net income of $123 million, alongside higher operating revenue and cash flow. Revenue rose to $522 million from $429 million a year earlier, while operating cash flow increased to $324 million from $225 million. However, earnings per share fell to $0.42 from $1.97.

The company reaffirmed 2026 cash available for distribution (CAFD) guidance of $430 million–$470 million and introduced a 2027 range of $520 million–$590 million. CAFD is a non-GAAP measure. Clearway agreed to acquire interests in Honeycomb Phase 2 storage and Swan Solar for approximately $119 million and $230 million, respectively, subject to closing adjustments and third-party approvals. It also received an offer for Heartland Solar Plus Storage, with an expected potential capital commitment of approximately $130 million. Clearway set a 2031 CAFD-per-share target of $3.20–$3.40.

27 points · 0 major

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Positive

• Moderate pointThird-quarter revenue rose to $522 million from $429 million; nine-month revenue reached $1,357 million versus $1,119 million.
• Moderate pointNet income rose to $123 million from $60 million; nine-month income reversed a $32 million loss to $85 million.
• Moderate pointOperating cash flow increased to $324 million from $225 million; nine-month cash flow reached $939 million versus $511 million.
• Moderate pointAdjusted EBITDA, a non-GAAP earnings measure, rose to $435 million from $385 million; nine-month results reached $1,101 million versus $980 million.
• Moderate pointCAFD reached $173 million versus $166 million; nine-month CAFD increased to $410 million from $395 million.
• Moderate pointOperating income increased to $135 million from $112 million; nine-month income reached $271 million versus $197 million.
• Moderate point$600 million senior unsecured note issuance by Clearway Energy Operating supported liquidity. 8.6% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.2027 CAFD guidance introduced at $520 million–$590 million, above the 2026 range.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2031 CAFD-per-share target set at $3.20–$3.40, representing company-targeted 7–8% compound annual growth from 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Walnut Creek contract covers between 200 MW and 500 MW from January 2027 through December 2034.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fleet enhancement advances over 600 MW of repowerings and 774 MW of awarded and signed capacity contracts with 8–10-year tenors.
• Moderate pointHoneycomb Phase 2 agreement covers 210 MW of Utah storage for approximately $119 million, subject to closing adjustments. 1.7% of market cap
• Moderate pointSwan Solar agreement covers a 650 MW Missouri project for approximately $230 million, subject to closing adjustments. 3.3% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Heartland offer provides a potential 439 MW investment with approximately $130 million expected capital commitment and 20-year power-purchase agreements. 1.9% of market cap

13 minor points

• Minor pointRenewables & Storage net income rose to $167 million from $31 million; nine-month income reached $207 million versus $24 million.
• Minor pointFlexible Generation nine-month net income increased to $35 million from $30 million.
• Minor pointRenewables & Storage adjusted EBITDA increased to $378 million from $334 million; nine-month results reached $968 million versus $853 million.
• Minor pointFlexible Generation adjusted EBITDA rose to $70 million from $60 million; nine-month results reached $168 million versus $156 million.
• Minor pointFlexible Generation availability improved to 93.8% from 92.5%; nine-month availability reached 93.3% versus 92.3%.
• Minor pointSolar generation/sales rose to 3,413 thousand MWh from 2,936 thousand; nine-month volumes reached 9,295 thousand versus 7,654 thousand.
• Minor pointWind generation/sales increased to 2,424 thousand MWh from 2,276 thousand; nine-month volumes reached 8,680 thousand versus 8,420 thousand.
• Minor pointTotal liquidity increased to $1,102 million at September 30, 2026, from $1,061 million at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 CAFD guidance reaffirmed at $430 million–$470 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Honeycomb Phase 2 asset CAFD expected at approximately $12 million annually on a five-year average basis beginning January 1, 2028.
• Minor point. Forward-looking: it has not happened yet and may not happen.Swan Solar asset CAFD expected at approximately $24 million annually on a five-year average basis beginning January 1, 2029.
• Minor pointSponsor-developed pipeline grew to approximately 16 GW, including over 6 GW of committed and identified potential investments through 2030.
• Minor point. Forward-looking: it has not happened yet and may not happen.First co-located digital infrastructure complex targets completion over 2029–2030.

Negative

• Moderate pointNet income attributable to Clearway fell to $51 million from $232 million; nine-month income declined to $10 million from $259 million.
• Moderate pointOperating costs and expenses increased to $387 million from $317 million; nine-month costs reached $1,086 million versus $922 million.
• Moderate point$600 million senior unsecured notes issued by Clearway Energy Operating add debt due 2034. 8.6% of market cap
• Moderate point$413 million restricted cash within September 30, 2026 liquidity was restricted in use.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Heartland investment remains subject to negotiation and board committee review and approval; commercial operations targeted for second-half 2028.

7 minor points

• Minor pointEarnings per share fell to $0.42 from $1.97; nine-month EPS declined to $0.08 from $2.20.
• Minor pointCorporate net loss widened to $59 million from $10 million; nine-month loss reached $157 million versus $86 million.
• Minor pointFlexible Generation net income declined to $15 million from $39 million in the third quarter.
• Minor pointCorporate adjusted EBITDA loss widened to $13 million from $9 million; nine-month loss reached $35 million versus $29 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Honeycomb Phase 2 closing requires certain third-party approvals; Clearway expects completion in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Swan Solar closing requires certain third-party approvals; Clearway expects completion in the second half of 2028.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 and 2027 CAFD guidance depends on renewable production, performance and completing committed investments on forecast schedules.

News Explained

Walnut Creek’s 200–500 MW contract runs through December 2034; Class C shareholders of record December 1 are due a $0.4824 dividend December 15.

On November 4, 2026, Clearway Energy contracted with a load-serving entity for 200–500 MW of Walnut Creek capacity from January 2027 through December 2034, placing that capacity under contract.

The board declared a quarterly dividend of $0.4824 per share on Class C common stock, payable December 15, 2026 to stockholders of record December 1, 2026.

Key Figures

Net income: $123 million Adjusted EBITDA: $435 million Cash from operating activities: $324 million +5 more

Net income

$123 million

Third quarter 2026

Adjusted EBITDA

$435 million

Third quarter 2026

Cash from operating activities

$324 million

Third quarter 2026

CAFD

$173 million

Third quarter 2026

2026 CAFD guidance

$430 million to $470 million

Full-year guidance reiterated

2027 CAFD guidance

$520 million to $590 million

Initial full-year guidance

2031 CAFD/share target

$3.20 to $3.40 per share

Initial target range; 7–8% CAGR from the 2025 baseline

Class C quarterly dividend

$0.4824 per share

Payable December 15, 2026

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Quarterly earnings

   24h Move

   +5.4%

   Prior quarter disclosed a 210 MW Honeycomb Phase II offer before the current acquisition agreement.

2. Nov 04

   Quarterly earnings

   24h Move

   +6.7%

   Q3 2025 reported $60 million net income, $385 million Adjusted EBITDA and $166 million CAFD.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap financial measures, load-serving entity, power purchase agreements, senior unsecured notes

4 terms

non-gaap financial measures financial

"Adjusted EBITDA and Cash Available for Distribution (CAFD) used in this news release are non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

load-serving entity technical

"contracted with a load-serving entity"

An entity legally responsible for supplying or arranging the supply of electricity to end-use customers within a defined area; a load‑serving entity (LSE) forecasts and procures the generation, capacity and related transmission or wholesale market products needed to meet its customers’ demand, and handles settlement and billing obligations set by the local regulator or grid operator. The exact duties and the name of the entity (for example, utility, retail electric provider, municipal utility, or energy service company) vary by jurisdiction and market rules, but the core role is ensuring that customer demand is matched by contracted or owned supply.

power purchase agreements financial

"Intangible assets for power purchase agreements, net"

A power purchase agreement is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at a set price and schedule, much like a multi-year subscription for energy. For investors, these contracts matter because they lock in predictable revenue and price terms, reducing exposure to volatile wholesale power markets and making project cash flows and financing risks easier to evaluate.

senior unsecured notes financial

"issuance by Clearway Energy Operating LLC of $600 million in aggregate principal amount of its senior unsecured notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

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• Fleet Enhancement program continues to advance with over 600 MW of repowerings and 774 MW of new awarded and signed capacity contracts for the Flexible Generation fleet at 8-10 year contract tenors
• Sponsor-enabled growth program executing on-track with Swan Solar and Honeycomb 2 investments now committed and receipt of an offer for the Heartland Solar Plus Storage complex
• Growth roadmap accelerating and extending — with Sponsor-developed pipeline growing to ~16 GW, and now including over 6 GW of committed and identified opportunities for potential investment through 2030
• Reaffirming 2026 financial guidance and initiating 2027 financial guidance

PRINCETON, N.J., Nov. 09, 2026 (GLOBE NEWSWIRE) -- Clearway Energy, Inc. (NYSE: CWEN) (the “Company”) today reported third quarter 2026 financial results, including Net Income of $123 million, Adjusted EBITDA of $435 million, Cash from Operating Activities of $324 million, and Cash Available for Distribution (CAFD) of $173 million.

"Since last quarter, we have committed to two additional drop-downs from Clearway Energy Group LLC (“Clearway Group”), secured further revenue contracting for our Flexible Generation fleet at long contract tenors, and increased our committed and identified drop-down opportunities (which have increased by over 100% since the beginning of the year), enabling us to reiterate a pathway to the top end or better of our 2030 CAFD per share target. Following our annual strategic planning process, we are also pleased to announce our initial 2031 financial target range of $3.20 to $3.40 of CAFD per share, representing a compound annual growth rate of 7–8% from our 2025 baseline. Further bolstering our outlook is the advancement of our pipeline of co-located digital infrastructure projects, which could ultimately enable us to deliver above the top end of those growth goals as our first complex targets completion over 2029-2030. With the building blocks needed to fulfill these objectives increasingly transparent and in view, we have conviction that we can deliver on our long-term objectives. In the near term, execution remains on track, with our revised 2026 guidance reiterated and our initial 2027 guidance range aligned with our prior commitments," said Craig Cornelius, the Company’s President and Chief Executive Officer.

Adjusted EBITDA and Cash Available for Distribution (CAFD) used in this news release are non-GAAP financial 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								Nine Months Ended
Segment		9/30/26				9/30/25				9/30/26				9/30/25
Flexible Generation			15				39				35				30
Renewables & Storage			167				31				207				24
Corporate			(59	)			(10	)			(157	)			(86	)
Net Income/(Loss)		$	123			$	60			$	85			$	(32	)

Table 2: Adjusted EBITDA
($ millions)		Three Months Ended								Nine Months Ended
Segment		9/30/26				9/30/25				9/30/26				9/30/25
Flexible Generation			70				60				168				156
Renewables & Storage			378				334				968				853
Corporate			(13	)			(9	)			(35	)			(29	)
Adjusted EBITDA		$	435			$	385			$	1,101			$	980

Table 3: Cash from Operating Activities and Cash Available for Distribution (CAFD)
		Three Months Ended						Nine Months Ended
($ millions)		9/30/26			9/30/25			9/30/26			9/30/25
Cash from Operating Activities		$	324		$	225		$	939		$	511
Cash Available for Distribution (CAFD)		$	173		$	166		$	410		$	395

For the third quarter of 2026, the Company reported Net Income of $123 million, Adjusted EBITDA of $435 million, Cash from Operating Activities of $324 million, and CAFD of $173 million. Net Income increased versus the third quarter of 2025 primarily due to the contribution of growth investments and mark-to-market for interest rate swaps. Adjusted EBITDA results in the third quarter of 2026 were higher than the third quarter of 2025 due to the contribution of growth investments. CAFD results in the third quarter of 2026 were in line with the third quarter of 2025 due to higher EBITDA.

Operational Performance Table 4: Selected Operating Results1
(MWh in thousands)		Three Months Ended						Nine Months Ended
		9/30/26			9/30/25			9/30/26			9/30/25
Flexible Generation Equivalent Availability Factor		93.8	%		92.5	%		93.3	%		92.3	%
Solar MWh generated/sold		3,413			2,936			9,295			7,654
Wind MWh generated/sold		2,424			2,276			8,680			8,420
Renewables & Storage generated/sold2		5,837			5,212			17,975			16,074

In the third quarter of 2026, availability at the Flexible Generation segment was higher than the third quarter of 2025 primarily due to strong operational execution. Generation in the Renewables & Storage segment during the third quarter of 2026 was 12% higher than the third quarter of 2025 primarily due to the contribution of growth investments.

Liquidity and Capital Resources Table 5: Liquidity
($ millions)		9/30/2026			12/31/2025
Cash and Cash Equivalents:
Clearway Energy, Inc. and Clearway Energy LLC, excluding subsidiaries		$	51		$	37
Subsidiaries			282			194
Restricted Cash:
Operating accounts			177			146
Reserves, including debt service, distributions, performance obligations and other reserves			236			441
Total Cash, Cash Equivalents and Restricted Cash			746			818
Revolving credit facility availability			356			243
Total Liquidity		$	1,102		$	1,061

Total liquidity as of September 30, 2026, was $1,102 million, which was $41 million higher than as of December 31, 2025, primarily due to CAFD results year-to-date and the issuance by Clearway Energy Operating LLC of $600 million in aggregate principal amount of its senior unsecured notes due 2034.

As of September 30, 2026, the Company’s liquidity included $413 million of restricted cash. Restricted cash consists primarily of funds to satisfy the requirements of certain debt arrangements and funds held within the Company’s projects that are restricted in their use. As of September 30, 2026, these restricted funds were comprised of $177 million designated to fund operating expenses, approximately $101 million designated for current debt service payments, and $91 million of reserves for debt service, performance obligations and other items including capital expenditures. The remaining $44 million is held in distribution reserve accounts.

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 Strategic Announcements

Flexible Generation Contracting at Walnut Creek

On November 4, 2026, the Company contracted with a load-serving entity for between 200 MW and 500 MW of Walnut Creek’s capacity commencing in January 2027 and ending in December 2034. The contracted net qualifying capacity is at terms consistent with the budgetary assumptions for the Company’s long-term financial targets.

Heartland Solar Plus Storage

In the fourth quarter of 2026, Clearway Group offered the Company the opportunity to enter into a partnership arrangement to own cash equity interests in a 439 MW solar plus storage project located in California. The project has been awarded 20-year PPAs with investment-grade utilities and is targeting commercial operations in the second half of 2028. The potential corporate capital commitment for the investment is expected to be approximately $130 million. The investment is subject to negotiation with Clearway Group and the review and approval by the Corporate Governance, Conflicts and Nominating Committee of the Company’s Board of Directors.

Honeycomb Phase 2 Storage

On October 1, 2026, the Company, through an indirect subsidiary, entered into an agreement with Clearway Group to acquire equity interests in a 210 MW storage portfolio located in Utah that is expected to reach commercial operations in 2027 for approximately $119 million in cash consideration, subject to closing adjustments. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the second half of 2027. The Company expects the project to contribute asset CAFD on a five-year average annual basis of approximately $12 million beginning January 1, 2028.

Swan Solar

On September 23, 2026, the Company, through an indirect subsidiary, entered into an agreement with Clearway Group to acquire equity interests in a 650 MW solar project located in Missouri that is expected to reach commercial operations in 2028 for approximately $230 million in cash consideration, subject to closing adjustments. The consummation of the transaction is subject to customary closing conditions and certain third-party approvals and is expected in the second half of 2028. The Company expects the project to contribute asset CAFD on a five-year average annual basis of approximately $24 million beginning January 1, 2029.

Quarterly Dividend

On November 9, 2026, the Company’s Board of Directors declared a quarterly dividend on the Company’s Class C common stock of $0.4824 per share payable on December 15, 2026, to stockholders of record as of December 1, 2026.

Seasonality

The Company’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 during 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 reiterating its 2026 full-year CAFD guidance range of $430 million to $470 million. The midpoint of the 2026 financial guidance range is based on renewable energy production estimates for the remainder of the year, while the range reflects a distribution of potential outcomes on resource and performance. The guidance range also factors in completing committed growth investments on currently forecasted schedules.

The Company is establishing a 2027 full-year CAFD guidance range of $520 million to $590 million. The midpoint of the 2027 financial guidance range is based on median renewable energy production estimates for the full year, while the range reflects a distribution of potential outcomes on resource and performance in the fiscal year. The guidance range also factors in completing committed growth investments on currently forecasted schedules.

Earnings Conference Call

On November 9, 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 US and is leading the transition to a world powered by clean energy. Our portfolio comprises approximately 13.9 GW of gross capacity in 27 states, including 11.1 GW of wind, solar, and energy storage and over 2.8 GW of dispatchable power generation providing 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 common stock is traded on the New York Stock Exchange under the symbol CWEN. 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, statements regarding the likelihood, terms, timing and/or consummation of the transactions described in this news release, the potential benefits, opportunities, and results with respect to the transactions, including the Company’s future relationship and arrangements with Global Infrastructure Partners, TotalEnergies, and Clearway Group (collectively and together with their affiliates, “Related Persons”), 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 the Company believes that the expectations are reasonable at this time, 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 in this news release include, among others, the Company's ability to maintain and grow its quarterly dividend; potential risks relating to the Company's relationships with Clearway Group and its owners; the Company’s ability to successfully identify, evaluate and consummate investment opportunities, as well as acquisitions from, and dispositions to, third parties; risks related to the Company's ability to acquire assets, including risks that offered or committed transactions from Related Persons may not be approved, on the terms proposed or otherwise, by the Corporate Governance, Conflicts, and Nominating Committee of the Company’s Board of Directors (the “GCN”), or if approved, timely consummated; the Company’s ability to borrow additional funds and access capital markets due to its indebtedness, corporate structure, market conditions or otherwise; the Company’s substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward; changes in law, including judicial decisions; hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards; 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 regulations, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws; operating and financial restrictions placed on the Company that are contained in the facility-level debt facilities and other agreements of the Company and its subsidiaries; and cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company’s insurers to provide coverage. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations.​

In addition, this news release contains reference to certain offered and committed transactions with Related Persons, which transactions are subject to the review, negotiation and approval of the GCN. Transactions referred to as “offered” (or any variation thereof) have been presented to the Company by the Related Persons, but the terms remain subject to review and negotiation by the GCN. Transactions may have been recently offered or undergone more extensive negotiations. Unless otherwise noted, no assumptions should be made with respect to the stage of negotiation of an offered transaction, nor should any assumptions be made that any offered transaction will be approved, committed or ultimately consummated on the terms described herein or at all. Transactions referred to as “committed” or “signed” (or any variation thereof) represent transactions which have been approved by the GCN and for which definitive agreements have been delivered; however, such transactions have not yet been consummated and remain subject to various risks and uncertainties (including financing, third party consents and arrangements and regulatory approvals). The Company provides information regarding offered and committed transactions believing that such information is useful to an understanding of the Company’s business and operations; however, given the uncertainty of such transactions, undue reliance should not be placed on any expectations regarding such transactions and the Company can give no assurance that such expectations will prove to be correct, as actual results may vary materially.

Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Cash Available for Distribution guidance and CAFD per share targets included in this news release are estimates as of today’s date, November 9, 2026, and are based on assumptions believed to be reasonable as of this date. The Company expressly disclaims any current intention to update such guidance or targets. The foregoing review of factors that could cause the Company's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should not be construed as exhaustive and should be considered in connection with information regarding risks and uncertainties that may affect the Company's future results included in the Company's filings with the Securities and Exchange Commission at www.sec.gov. In addition, the Company 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 investor.relations@clearwayenergy.com  609-608-1500	Zadie Oleksiw media@clearwayenergy.com  202-836-5754

CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three months ended September 30,								Nine months ended September 30,
(In millions, except per share amounts)		2026				2025				2026				2025
Operating Revenues
Total operating revenues	$	522			$	429			$	1,357			$	1,119
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below		167				128				450				381
Depreciation, amortization and accretion		198				176				576				502
General and administrative		13				10				39				31
Transaction and integration costs		9				3				21				8
Total operating costs and expenses		387				317				1,086				922
Operating Income		135				112				271				197
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		29				15				45				27
Other income, net		12				7				28				22
Loss on debt extinguishment		—				(7	)			(5	)			(7	)
Interest expense		(43	)			(98	)			(249	)			(297	)
Total other expense, net		(2	)			(83	)			(181	)			(255	)
Income (Loss) Before Income Taxes		133				29				90				(58	)
Income tax expense (benefit)		10				(31	)			5				(26	)
Net Income (Loss)		123				60				85				(32	)
Less: Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests		72				(172	)			75				(291	)
Net Income Attributable to Clearway Energy, Inc.	$	51			$	232			$	10			$	259
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				15				35
Weighted average number of Class C common shares outstanding - basic and diluted		121				83				106				83
Earnings Per Weighted Average Class A and Class C Common Share - Basic and Diluted	$	0.42			$	1.97			$	0.08			$	2.20
Dividends Per Class A Common Share	$	—			$	0.4456			$	0.4602			$	1.3152
Dividends Per Class C Common Share	$	0.4750			$	0.4456			$	1.4028			$	1.3152

CLEARWAY ENERGY, INC. CONSOLIDATED BALANCE SHEETS  (Unaudited)
(In millions, except shares)	September 30, 2026			December 31, 2025
ASSETS	(Unaudited)
Current Assets
Cash and cash equivalents	$	333		$	231
Restricted cash		413			587
Accounts receivable — trade		244			162
Accounts receivable — affiliates		—			1
Inventory		89			75
Derivative instruments		122			29
Prepayments and other current assets		86			67
Total current assets		1,287			1,152
Property, plant and equipment, net		12,111			11,596
Other Assets
Equity investments in affiliates		391			291
Intangible assets for power purchase agreements, net		2,271			2,294
Other intangible assets, net		63			66
Deferred income taxes		—			172
Derivative instruments		292			127
Right-of-use assets, net		768			714
Other non-current assets		190			243
Total other assets		3,975			3,907
Total Assets	$	17,373		$	16,655
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt	$	539		$	708
Accounts payable — trade		173			95
Accounts payable — affiliates		30			32
Derivative instruments		11			52
Accrued interest expense		43			52
Accrued expenses and other current liabilities		82			79
Total current liabilities		878			1,018
Other Liabilities
Long-term debt		8,897			7,898
Deferred income taxes		175			45
Derivative instruments		61			308
Long-term lease liabilities		823			796
Other non-current liabilities		772			676
Total other liabilities		10,728			9,723
Total Liabilities		11,606			10,741
Redeemable noncontrolling interest in subsidiaries		123			103
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued		—			—
Class B, Class C and Class D common stock, $0.01 par value; 2,500,000,000 shares authorized (Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 205,274,852 shares issued and outstanding (Class B 42,738,750, Class C 121,174,960, Class D 41,361,142) at September 30, 2026 and 203,773,674 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 84,844,929, Class D 41,576,142) at December 31, 2025		1			1
Additional paid-in capital		1,732			1,715
Retained earnings		104			213
Accumulated other comprehensive income (loss)		77			(5	)
Noncontrolling interest		3,730			3,887
Total Stockholders’ Equity		5,644			5,811
Total Liabilities and Stockholders’ Equity	$	17,373		$	16,655

CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Nine months ended September 30,
(In millions)		2026				2025
Cash Flows from Operating Activities
Net Income (Loss)	$	85			$	(32	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates		(45	)			(27	)
Distributions from unconsolidated affiliates		25				19
Depreciation, amortization and accretion		576				502
Amortization of financing costs and debt discounts		15				11
Amortization of intangibles and out-of-market contracts		150				137
Loss on debt extinguishment		5				7
Reduction in carrying amount of right-of-use assets		14				12
Changes in deferred income taxes		7				(26	)
Changes in derivative instruments and amortization of accumulated OCI/OCL		(126	)			4
Proceeds from transferable tax credits		282				—
Changes in other working capital		(49	)			(96	)
Net Cash Provided by Operating Activities		939				511
Cash Flows from Investing Activities
Acquisitions, net of cash acquired		(223	)			(324	)
Acquisition of Drop Down Assets, net of cash acquired		(90	)			(219	)
Capital expenditures		(407	)			(213	)
Payments for equipment deposits and asset purchases from affiliate		(107	)			—
Return of investment from unconsolidated affiliates		16				14
Investments in unconsolidated affiliates		(91	)			—
Other		6				3
Net Cash Used in Investing Activities		(896	)			(739	)
Cash Flows from Financing Activities
(Distributions to) contributions from noncontrolling interests, net		(112	)			734
Proceeds from the issuance of Class C common stock		50				—
Payments of dividends and distributions		(288	)			(266	)
Pro-rata distributions to CEG		—				(7	)
Buyout of noncontrolling interest		(3	)			(3	)
Proceeds from the revolving credit facility		262				480
Payments for the revolving credit facility		(479	)			(75	)
Proceeds from the issuance of long-term debt		1,245				472
Payments of debt issuance costs		(27	)			(7	)
Payments for long-term debt		(760	)			(1,191	)
Other		(3	)			(1	)
Net Cash (Used in) Provided by Financing Activities		(115	)			136
Net Decrease in Cash, Cash Equivalents and Restricted Cash		(72	)			(92	)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		818				733
Cash, Cash Equivalents and Restricted Cash at End of Period	$	746			$	641

CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Nine Months Ended September 30, 2026 (Unaudited)
(In millions)	Preferred Stock			Common Stock			Additional Paid-In Capital				Retained Earnings (Accumulated Deficit)				Accumulated Other Comprehensive (Loss) Income				Noncontrolling Interest				Total Stockholders’ Equity
Balances at December 31, 2025	$	—		$	1		$	1,715			$	213			$	(5	)		$	3,887			$	5,811
Net (loss) income		—			—			—				(163	)			—				133				(30	)
Unrealized gain on derivatives and changes in accumulated OCL, net of tax		—			—			—				—				5				5				10
Distributions to CEG, net of contributions, cash		—			—			—				—				—				(64	)			(64	)
Distributions to noncontrolling interests, net of contributions, cash		—			—			—				—				—				(178	)			(178	)
Transfers of assets under common control		—			—			—				—				—				(1	)			(1	)
Cardinal Portfolio acquisition		—			—			—				—				—				2				2
Buyout of noncontrolling interest		—			—			2				—				—				(5	)			(3	)
Proceeds from the issuance of Class C common stock		—			—			50				—				—				—				50
Stock-based compensation		—			—			1				—				—				—				1
Common stock dividends and distributions to CEG unit holders		—			—			—				(56	)			—				(39	)			(95	)
Balances at March 31, 2026		—			1			1,768				(6	)			—				3,740				5,503
Net income		—			—			—				122				—				100				222
Unrealized gain on derivatives and changes in accumulated OCI, net of tax		—			—			—				—				9				10				19
Distributions to CEG, net of contributions, cash		—			—			—				—				—				(62	)			(62	)
Distributions to noncontrolling interests, net of contributions, cash		—			—			—				—				—				(45	)			(45	)
Transfers of assets under common control		—			—			—				—				—				(81	)			(81	)
Non-cash adjustments for change in tax basis		—			—			12				—				—				—				12
Stock-based compensation		—			—			2				(1	)			—				—				1
Common stock dividends and distributions to CEG unit holders		—			—			(52	)			(4	)			—				(39	)			(95	)
Other		—			—			—				—				—				(1	)			(1	)
Balances at June 30, 2026		—			1			1,730				111				9				3,622				5,473
Net income		—			—			—				51				—				101				152
Unrealized gain on derivatives and changes in accumulated OCI, net of tax		—			—			—				—				62				70				132
Contributions from CEG, net of distributions, cash		—			—			—				—				—				6				6
Distributions to noncontrolling interests, net of contributions, cash		—			—			—				—				—				(28	)			(28	)
Transfer of assets under common control		—			—			—				—				6				(2	)			4
Non-cash adjustments for change in tax basis		—			—			1				—				—				—				1
Stock-based compensation		—			—			1				—				—				—				1
Common stock dividends and distributions to CEG unit holders		—			—			—				(58	)			—				(40	)			(98	)
Other		—			—			—				—				—				1				1
Balances at September 30, 2026	$	—		$	1		$	1,732			$	104			$	77			$	3,730			$	5,644

CLEARWAY ENERGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY For the Nine Months Ended September 30, 2025 (Unaudited)
(In millions)	Preferred Stock			Common Stock			Additional Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Noncontrolling Interest				Total Stockholders’ Equity
Balances at December 31, 2024	$	—		$	1		$	1,805			$	254			$	3			$	3,501			$	5,564
Net loss		—			—			—				(3	)			—				(101	)			(104	)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax		—			—			—				—				(2	)			(3	)			(5	)
Distributions to CEG, net of contributions, cash		—			—			—				—				—				(2	)			(2	)
Contributions from noncontrolling interests, net of distributions, cash		—			—			—				—				—				51				51
Distributions to noncontrolling interests, non-cash		—			—			—				—				—				(4	)			(4	)
Transfers of assets under common control		—			—			(89	)			—				(1	)			79				(11	)
Non-cash adjustments for change in tax basis		—			—			18				—				—				—				18
Stock-based compensation		—			—			1				—				—				—				1
Common stock dividends and distributions to CEG unit holders		—			—			—				(51	)			—				(36	)			(87	)
Other		—			—			—				—				—				(1	)			(1	)
Balances at March 31, 2025		—			1			1,735				200				—				3,484				5,420
Net income (loss)		—			—			—				30				—				(12	)			18
Unrealized loss on derivatives and changes in accumulated OCI, net of tax		—			—			—				—				(4	)			(9	)			(13	)
Contributions from CEG, net of distributions, cash		—			—			—				—				—				46				46
Contributions from noncontrolling interest, net of distributions, cash		—			—			—				—				—				238				238
Distributions to CEG, net of contributions, cash		—			—			—				—				—				(7	)			(7	)
Transfers of assets under common control		—			—			(93	)			—				(6	)			(8	)			(107	)
Non-cash adjustments for change in tax basis		—			—			27				—				—				—				27
Stock-based compensation		—			—			1				—				—				—				1
Common stock dividends and distributions to CEG unit holders		—			—			—				(51	)			—				(38	)			(89	)
Other		—			—			—				(1	)			—				2				1
Balances at June 30, 2025		—			1			1,670				178				(10	)			3,696				5,535
Net income (loss)		—			—			—				232				—				(10	)			222
Unrealized loss on derivatives and changes in accumulated OCL, net of tax		—			—			—				—				(3	)			(2	)			(5	)
Contributions from CEG, cash		—			—			—				—				—				5				5
Contributions from noncontrolling interests, net of distributions, cash		—			—			—				—				—				144				144
Transfer of assets under common control		—			—			—				—				—				(143	)			(143	)
Buyout of noncontrolling interest		—			—			—				—				—				(3	)			(3	)
Non-cash adjustments for change in tax basis		—			—			18				—				—				—				18
Stock-based compensation		—			—			1				—				—				—				1
Common stock dividends and distributions to CEG unit holders		—			—			—				(53	)			—				(37	)			(90	)
Other		—			—			—				1				—				—				1
Balances at September 30, 2025	$	—		$	1		$	1,689			$	358			$	(13	)		$	3,650			$	5,685

Appendix Table A-1: Three Months Ended September 30, 2026, 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)		$	15		$	167			$	(59	)		$	123
Plus:
Income Tax Expense			—			—				10				10
Interest Expense, net			9			4				25				38
Depreciation, Amortization, and ARO			28			169				1				198
Contract Amortization			5			45				—				50
Mark to Market (MtM) (Gain)/Loss on economic hedges			9			(11	)			—				(2	)
Transaction and integration costs			—			—				9				9
Other non-recurring			2			—				—				2
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates			2			4				—				6
Non-Cash Equity Compensation			—			—				1				1
Adjusted EBITDA		$	70		$	378			$	(13	)		$	435

Appendix Table A-2: Three Months Ended September 30, 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)		$	39			$	31		$	(10	)		$	60
Plus:
Income Tax Benefit			—				—			(31	)			(31	)
Interest Expense, net			8				55			28				91
Depreciation, Amortization, and ARO			28				148			—				176
Contract Amortization			5				45			—				50
Mark to Market (MtM) (Gain)/Loss on economic hedges			(25	)			30			—				5
Transaction and integration costs			—				—			3				3
Other non-recurring			2				8			—				10
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates			3				10			—				13
Non-Cash Equity Compensation			—				—			1				1
Adjusted EBITDA		$	60			$	334		$	(9	)		$	385

Appendix Table A-3: Nine Months Ended September 30, 2026, 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)		$	35		$	207			$	(157	)		$	85
Plus:
Income Tax Expense			—			—				5				5
Interest Expense, net			23			117				89				229
Depreciation, Amortization, and ARO			84			490				2				576
Contract Amortization			14			138				—				152
Loss on Debt Extinguishment			—			5				—				5
Mark to Market (MtM) (Gain)/Loss on economic hedges			—			(34	)			—				(34	)
Transaction and Integration costs			—			—				21				21
Other Non-recurring			4			18				2				24
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates			8			27				—				35
Non-Cash Equity Compensation			—			—				3				3
Adjusted EBITDA		$	168		$	968			$	(35	)		$	1,101

Appendix Table A-4: Nine Months Ended September 30, 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)		$	30			$	24		$	(86	)		$	(32	)
Plus:
Income Tax Benefit			—				—			(26	)			(26	)
Interest Expense, net			24				178			73				275
Depreciation, Amortization, and ARO			84				418			—				502
Contract Amortization			14				125			—				139
Mark to Market (MtM) (Gain)/Loss on economic hedges			(7	)			36			—				29
Transaction and Integration costs			—				—			8				8
Other Non-recurring			2				36							38
Adjustments to reflect CWEN’s pro-rata share of Adjusted EBITDA from Unconsolidated Affiliates			9				29			—				38
Non-Cash Equity Compensation			—				—			2				2
Adjusted EBITDA		$	156			$	853		$	(29	)		$	980

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								Nine Months Ended
($ in millions)	9/30/26				9/30/25				9/30/26				9/30/25
Adjusted EBITDA	$	435			$	385			$	1,101			$	980
Cash interest paid		(137	)			(102	)			(319	)			(273	)
Changes in prepaid and accrued liabilities for tolling agreements		21				20				5				4
Adjustments to reflect sale-type leases and payments for lease expenses		2				2				5				5
Pro-rata Adjusted EBITDA from unconsolidated affiliates		(35	)			(27	)			(80	)			(65	)
Distributions from unconsolidated affiliates		10				6				25				19
Proceeds from transferable tax credits3		—				—				3				—
Changes in working capital and other		28				(59	)			199				(159	)
Cash from Operating Activities		324				225				939				511
Changes in working capital and other		(28	)			59				(199	)			159
Return of investment from unconsolidated affiliates		8				4				16				14
Net contributions (to)/from non-controlling interest4		(25	)			(28	)			(73	)			(62	)
Cash receipts from notes receivable		11				4				13				7
Maintenance capital expenditures		(4	)			(2	)			(9	)			(11	)
Principal amortization of indebtedness5		(114	)			(96	)			(279	)			(235	)
Cash Available for Distribution before Adjustments		172				166				408				383
Net impact of drop downs from timing of construction debt service		1				—				2				12
Cash Available for Distribution	$	173			$	166			$	410			$	395

Appendix Table A-6: Nine Months Ended September 30, 2026, Sources and Uses of Liquidity The following table summarizes the sources and uses of liquidity in 2026:
		Nine Months Ended
($ in millions)		9/30/26
Sources:
Proceeds from issuance of long-term debt		$	1,245
Net cash provided by operating activities			939
Proceeds from the revolving credit facility			262
Proceeds from the issuance of Class C common stock			50
Return of investments from unconsolidated affiliates			16
Uses:
Payments for long-term debt			(760	)
Payments for the revolving credit facility			(479	)
Capital expenditures			(407	)
Payments of dividends and distributions			(288	)
Acquisitions, net of cash acquired			(223	)
(Distributions to) contributions from noncontrolling interests, net			(112	)
Payments for equipment deposits and asset purchases from affiliate			(107	)
Investments in unconsolidated affiliates			(91	)
Acquisition of Drop Down Assets, net of cash acquired			(90	)
Payments of debt issuance costs			(27	)
Change in total cash, cash equivalents and restricted cash		$	(72	)

Appendix Table A-7: Adjusted EBITDA and Cash Available for Distribution Guidance
($ in millions)	2026 Full Year Guidance Range	2027 Full Year Guidance Range
Net Income	(35) - 5	35 - 105
Income Tax Expense	(2)	—
Interest Expense, net	388	448
Depreciation, Amortization, Contract Amortization and ARO	980	1,062
Adjustment to reflect CWEN share of Adjusted EBITDA in unconsolidated affiliates	58	55
Non-Cash Equity Compensation	4	6
Adjusted EBITDA	1,393 - 1,433	1,606 - 1,676
Cash interest paid	(388)	(440)
Changes in prepaid and accrued liabilities for tolling agreements	(3)	(2)
Adjustments to reflect sale-type leases and payments for lease expenses	6	6
Pro-rata Adjusted EBITDA from unconsolidated affiliates	(95)	(96)
Cash distributions from unconsolidated affiliates6	43	44
Cash from Operating Activities	956 - 996	1,118 - 1,188
Net distributions to non-controlling interest7	(134)	(150)
Cash receipts from notes receivable	6	9
Maintenance capital expenditures	(14)	(35)
Principal amortization of indebtedness8	(384)	(422)
Cash Available for Distribution	430 - 470	520 - 590

Appendix Table A-8: Adjusted EBITDA and Cash Available for Distribution Growth Projects
($ in millions)		Honeycomb 2 Portfolio 5 Year Ave. 2028-2032	Swan Solar 5 Year Ave. 2029-2033
Net Income		1	(12)
Interest Expense, net		6	28
Depreciation, Amortization, and ARO		23	54
Adjusted EBITDA		30	70
Cash interest paid		(7)	(28)
Cash from Operating Activities		23	42
Net distributions to non-controlling interest		(4)	(11)
Maintenance capital expenditures		(2)	—
Principal amortization of indebtedness		(5)	(7)
Estimated Cash Available for Distribution		12	24

Non-GAAP Financial Information

EBITDA and Adjusted EBITDA

EBITDA, Adjusted EBITDA, and Cash Available for Distribution (CAFD) are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of non-GAAP financial measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items.

EBITDA represents net income before interest (including loss on debt extinguishment), taxes, depreciation and amortization. EBITDA is presented because the Company considers it an important supplemental measure of its performance and believes debt and equity holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

• EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
• EBITDA does not reflect changes in, or cash requirements for, working capital needs;
• EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments;
• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
• Other companies in this industry may calculate EBITDA differently than the Company does, limiting its usefulness as a comparative measure.
  

Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of the Company’s business. The Company compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. See the statements of cash flow included in the financial statements that are a part of this news release.

Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for mark-to-market gains or losses, non-cash equity compensation expense, asset write-offs and impairments; and factors which we do not consider indicative of future operating performance such as transition and integration related costs. The reader is encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future the Company may incur expenses similar to the adjustments in this news release.

Management believes Adjusted EBITDA is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

Additionally, Management believes that investors commonly adjust EBITDA information to eliminate the effect of restructuring and other expenses, which vary widely from company to company and impair comparability. As we define it, Adjusted EBITDA represents EBITDA adjusted for the effects of impairment losses, gains or losses on sales, non-cash equity compensation expense, dispositions or retirements of assets, any mark-to-market gains or losses from accounting for derivatives, adjustments to exclude gains or losses on the repurchase, modification or extinguishment of debt, and any extraordinary, unusual or non-recurring items plus adjustments to reflect the Adjusted EBITDA from our unconsolidated investments. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends.

In summary, our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance.

Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the Company has not provided a reconciliation other than the reconciliation of 2026 and 2027 guidance set forth in Appendix Table A-7. The Company could not provide such reconciliation without unreasonable effort because such EBITDA and Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including EBITDA. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Cash Available for Distribution

A non-GAAP measure, Cash Available for Distribution, or CAFD, is defined as of September 30, 2026 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments, and adjusted for development expenses. Management believes CAFD is a relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors.

We believe CAFD is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD is used by our management team for determining future acquisitions and managing our growth. The GAAP measure most directly comparable to CAFD is cash provided by operating activities.

However, CAFD has limitations as an analytical tool because it does not include changes in operating assets and liabilities and excludes the effect of certain other cash flow items, all of which could have a material effect on our financial condition and results from operations. CAFD is a non-GAAP measure and should not be considered an alternative to cash provided by operating activities or any other performance or liquidity measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs. In addition, our calculations of CAFD are not necessarily comparable to CAFD as calculated by other companies. Investors should not rely on these measures as a substitute for any GAAP measure, including cash provided by operating activities.

Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the Company has not provided a reconciliation other than the reconciliation of 2026 and 2027 guidance set forth in Appendix Table A-7. The Company could not provide such reconciliation without unreasonable effort because such CAFD numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including CAFD. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

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¹ Excludes equity method investments
² MWh generated/sold includes 72 and 62 MWh (in thousands) associated with curtailment activities for the three months ended September 30, 2026 and 2025, respectively, and 1,099 and 852 for the nine months ended September 30, 2026 and 2025, respectively.
³ 2026 excludes $279 million of proceeds from tax credit transfers related to Pine Forest, which were primarily used to repay bridge loans.
⁴ 2026 excludes $39 million of net distributions primarily related to Goat Mountain, Honeycomb, Pine Forest, Rosamond South I and Rosamond South II; 2025 excludes $796 million of net contributions primarily related to Dan’s Mountain, Luna Valley, Pine Forest and Rosamond South I.
⁵ 2026 excludes $481 million primarily for the repayment of bridge loans in connection with Honeycomb and Pine Forest; 2025 excludes $844 million for the repayment of bridge loans in connection with Dan’s Mountain, Luna Valley, Pine Forest and Rosamond South I, and $112 million for the refinancing of Buckthorn solar.
⁶ Distribution from unconsolidated affiliates can be classified as Return of Investment on Unconsolidated Affiliates when actuals are reported. This is below cash from operating activities
⁷ Includes tax equity proceeds and distributions to tax equity partners
⁸ Excludes maturities assumed to be refinanced

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Clearway Energy's CAFD guidance for 2026 and 2027?

Clearway reaffirmed 2026 CAFD guidance of $430 million to $470 million and established 2027 guidance of $520 million to $590 million. Both ranges incorporate renewable energy production and performance outcomes, along with completing committed growth investments on currently forecast schedules.

How did Clearway Energy's third-quarter 2026 earnings compare with 2025?

Third-quarter net income increased to $123 million from $60 million, but earnings per share declined to $0.42 from $1.97. Net income attributable to Clearway fell to $51 million from $232 million, reflecting the distinction between consolidated income and income attributable to the company.

When will Clearway Energy pay its declared Class C dividend?

The declared Class C quarterly dividend of $0.4824 per share is payable on December 15, 2026, to stockholders of record as of December 1, 2026.

Why are Clearway Energy's quarterly results seasonal?

Most of Clearway's revenue is generated from May through September, when contracted pricing and renewable resources are at their highest portfolio levels. Quarterly results also vary with weather, debt-service timing, maintenance spending and outages, and distributions from unconsolidated affiliates.