What is Talen Energy's operating income?

Talen Energy's total operating income in 2025 was -$90 million, based on the following breakdown: Total Gross Profit: $1.58 billion Total Operating Expenses: $1.61 billion

Talen Energy (TLN) Financials

$336.90 -21.84 (-6.09%)

As of 01:20 PM Eastern

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Annual Income Statements for Talen Energy

This table shows Talen Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2022	2024	2025
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2022	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-230	410	-341	-1,289	998	-219
Consolidated Net Income / (Loss)	-229	410	-341	-1,293	1,013	-219
Net Income / (Loss) Continuing Operations	-261	187	-341	-1,293	1,013	-219
Total Pre-Tax Income	-420	303	-368	-1,328	1,111	-166
Total Operating Income	-293	397	-39	241	226	-90
Total Gross Profit	1,280	1,267	1,494	2,057	1,298	1,576
Total Revenue	4,495	4,581	4,481	3,089	2,115	2,581
Operating Revenue	3,968	3,980	3,937	3,089	2,115	2,581
Total Cost of Revenue	3,215	3,314	2,987	1,032	817	1,005
Operating Cost of Revenue	2,201	2,250	1,870	1,032	817	1,005
Total Operating Expenses	1,573	870	1,533	1,764	1,092	1,605
Selling, General & Admin Expense	512	573	520	106	163	624
Research & Development Expense	-	-	-	610	592	620
Depreciation Expense	299	297	356	520	298	279
Other Operating Expenses / (Income)	-	-	-	40	38	82
Impairment Charge	65	0.00	657	0.00	1.00	0.00
Total Other Income / (Expense), net	-127	-94	-329	-1,621	905	-137
Interest Expense	159	124	211	359	238	302
Other Income / (Expense), net	32	30	-118	-1,092	1,143	165
Income Tax Expense	-159	116	-27	-35	98	53
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	0.00	0.00	-4.00	15	0.00
Basic Earnings per Share	($2.75)	$4.91	($3.10)	$0.00	$18.40	($4.79)
Weighted Average Basic Shares Outstanding	83.52M	83.52M	109.90M	0.00	54.25M	45.69M
Diluted Earnings per Share	($2.75)	$4.91	($3.10)	$0.00	$17.67	($4.79)
Weighted Average Diluted Shares Outstanding	83.52M	83.52M	109.90M	0.00	56.49M	45.69M
Weighted Average Basic & Diluted Shares Outstanding	-	-	128.53M	-	45.96M	45.70M

This table shows Talen Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-77	294	454	168	82	-135	72	207	-363	63
Consolidated Net Income / (Loss)	-76	319	458	168	68	-135	72	207	-363	63
Net Income / (Loss) Continuing Operations	-76	319	458	168	68	-135	72	207	-363	63
Total Pre-Tax Income	-92	388	570	179	-26	-187	97	304	-380	81
Total Operating Income	7.00	25	27	158	16	-106	66	263	-313	210
Total Gross Profit	216	324	298	398	278	96	462	526	492	542
Total Revenue	516	509	489	650	467	390	630	812	749	1,129
Operating Revenue	516	509	489	650	467	390	630	812	749	1,129
Total Cost of Revenue	300	185	191	252	189	294	168	286	257	587
Operating Cost of Revenue	300	185	191	252	189	294	168	286	257	587
Total Operating Expenses	253	272	286	247	287	261	312	257	775	290
Selling, General & Admin Expense	37	43	40	38	42	34	41	38	511	24
Research & Development Expense	140	154	164	127	147	146	192	131	151	165
Depreciation Expense	66	75	75	75	73	74	70	61	74	92
Other Operating Expenses / (Income)	8.00	0.00	7.00	7.00	24	7.00	9.00	27	39	9.00
Total Other Income / (Expense), net	-55	336	558	28	-17	-22	-53	35	-97	-171
Interest Expense	68	59	62	66	51	74	62	67	99	119
Other Income / (Expense), net	13	395	620	94	34	52	9.00	102	2.00	-52
Income Tax Expense	-16	69	112	11	-94	-52	25	97	-17	18
Basic Earnings per Share	($1.30)	$5.00	$7.90	$3.30	$2.20	($2.94)	$1.58	$4.52	($7.95)	$1.38
Weighted Average Basic Shares Outstanding	59.03M	58.81M	57.43M	50.92M	54.25M	45.85M	45.55M	45.68M	45.69M	45.61M
Diluted Earnings per Share	($1.30)	$4.84	$7.60	$3.16	$2.07	($2.94)	$1.50	$4.25	($7.60)	$1.33
Weighted Average Diluted Shares Outstanding	59.03M	60.72M	59.78M	53.17M	56.49M	45.85M	47.91M	48.58M	45.69M	47.43M
Weighted Average Basic & Diluted Shares Outstanding	-	-	51.00M	50.86M	45.96M	45.51M	45.69M	45.69M	45.70M	45.40M

This table details how cash moves in and out of Talen Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2022	2024	2025
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2022	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-174	113	-211	245	-536	387
Net Cash From Operating Activities	410	462	768	187	256	704
Net Cash From Continuing Operating Activities	410	462	768	187	256	704
Net Income / (Loss) Continuing Operations	-229	410	-341	-1,293	1,013	-219
Consolidated Net Income / (Loss)	-229	410	-341	-1,293	1,013	-219
Depreciation Expense	318	313	356	549	285	279
Amortization Expense	156	163	222	94	123	97
Non-Cash Adjustments To Reconcile Net Income	722	-243	625	537	-1,110	530
Changes in Operating Assets and Liabilities, net	-557	-181	-94	300	-55	17
Net Cash From Investing Activities	-631	497	-915	-368	1,171	-4,003
Net Cash From Continuing Investing Activities	-631	497	-915	-368	1,171	-4,003
Purchase of Property, Plant & Equipment	-583	-416	-451	-232	-85	-98
Acquisitions	-42	-46	-673	-	0.00	-3,793
Purchase of Investments	-159	-170	-196	-2,433	-2,295	-1,962
Sale of Property, Plant & Equipment	0.00	900	0.00	0.00	1,400	40
Sale and/or Maturity of Investments	144	154	180	2,243	2,263	1,927
Other Investing Activities, net	9.00	75	109	54	-112	-117
Net Cash From Financing Activities	47	-846	-64	426	-1,963	3,686
Net Cash From Continuing Financing Activities	47	-846	-64	426	-1,963	3,686
Repayment of Debt	-1,122	-309	-529	520	168	3,714
Repurchase of Common Equity	-	-	-	0.00	-1,974	-103
Payment of Dividends	-408	-1,906	-217	0.00	-125	0.00
Issuance of Debt	-	630	600	62	0.00	75
Issuance of Common Equity	1,577	739	82	0.00	0.00	0.00
Other Financing Activities, net	-	-	-	-156	-32	0.00

This table details how cash moves in and out of Talen Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	179	35	17	-767	-45	-185	362	255	275
Net Cash From Operating Activities	173	-23	96	10	119	-184	489	280	461
Net Cash From Continuing Operating Activities	173	-23	96	10	119	-184	489	280	461
Net Income / (Loss) Continuing Operations	319	458	168	68	-135	72	207	-363	63
Consolidated Net Income / (Loss)	319	458	168	68	-135	72	207	-363	63
Depreciation Expense	74	70	72	69	72	69	67	71	66
Amortization Expense	35	28	30	30	26	18	27	26	24
Non-Cash Adjustments To Reconcile Net Income	-302	-686	-150	28	256	-163	-93	530	190
Changes in Operating Assets and Liabilities, net	47	107	-24	-185	-100	-180	281	16	118
Net Cash From Investing Activities	265	714	246	-54	-68	-46	-42	-3,847	-72
Net Cash From Continuing Investing Activities	265	714	246	-54	-68	-46	-42	-3,847	-72
Purchase of Property, Plant & Equipment	-25	-20	-13	-27	-18	-33	-21	-26	-42
Purchase of Investments	-564	-546	-561	-629	-592	-609	-651	-110	-112
Sale and/or Maturity of Investments	553	542	551	617	581	605	641	100	99
Other Investing Activities, net	-38	-12	-40	-16	-39	-9.00	-51	-18	-17
Net Cash From Financing Activities	-259	-656	-325	-723	-96	45	-85	3,822	-114
Net Cash From Continuing Financing Activities	-259	-656	-325	-723	-96	45	-85	3,822	-114
Repayment of Debt	-190	-4.00	-20	382	-13	-10	-85	3,822	-514
Repurchase of Common Equity	-30	-624	-302	-1,018	-83	-20	-	-	-100
Issuance of Debt	-	-	-	-	0.00	-	-	-	500

This table presents Talen Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2023	12/31/2024	12/31/2025
Total Assets	10,760	12,809	7,121	6,106	10,905
Total Current Assets	2,701	2,762	1,554	1,040	1,349
Cash & Equivalents	352	141	400	328	689
Restricted Cash	176	106	501	37	63
Accounts Receivable	440	365	137	123	196
Inventories, net	455	508	375	302	278
Other Current Assets	26	966	141	250	123
Plant, Property, & Equipment, net	6,436	8,587	3,839	3,154	7,546
Total Noncurrent Assets	1,623	1,460	1,728	1,912	2,010
Other Noncurrent Operating Assets	1,264	1,125	1,728	1,912	2,010
Total Liabilities & Shareholders' Equity	10,760	12,809	7,121	6,106	10,905
Total Liabilities	6,853	8,506	4,587	4,719	9,812
Total Current Liabilities	2,890	2,088	486	455	1,050
Short-Term Debt	1,165	1,007	9.00	17	29
Accounts Payable	411	291	344	266	281
Current Employee Benefit Liabilities	-	-	-	0.00	501
Other Current Liabilities	1,270	731	101	154	179
Other Current Nonoperating Liabilities	16	43	32	18	60
Total Noncurrent Liabilities	3,963	6,418	4,101	4,264	8,762
Long-Term Debt	1,683	3,787	2,811	2,987	6,782
Asset Retirement Reserve & Litigation Obligation	415	490	469	468	494
Noncurrent Deferred & Payable Income Tax Liabilities	1,250	1,602	407	362	486
Noncurrent Employee Benefit Liabilities	299	340	368	305	229
Other Noncurrent Operating Liabilities	316	199	46	142	771
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,907	4,303	2,534	1,387	1,093
Total Preferred & Common Equity	3,907	4,303	2,457	1,387	1,093
Total Common Equity	3,907	4,303	2,457	1,387	1,093
Common Stock	0.00	4,702	2,346	1,725	1,709
Retained Earnings	0.00	-373	134	-326	-612
Accumulated Other Comprehensive Income / (Loss)	-23	-26	-23	-12	-4.00

This table presents Talen Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	7,082	6,848	5,865	5,827	6,097	10,993
Total Current Assets	1,953	1,673	846	830	1,048	1,509
Cash & Equivalents	632	648	295	122	497	1,025
Restricted Cash	483	484	25	13	0.00	2.00
Accounts Receivable	151	97	100	226	180	158
Inventories, net	280	297	219	224	263	244
Other Current Assets	407	147	207	245	108	80
Plant, Property, & Equipment, net	3,250	3,228	3,138	3,089	3,075	7,499
Total Noncurrent Assets	1,879	1,947	1,881	1,908	1,974	1,985
Other Noncurrent Operating Assets	1,879	1,947	1,881	1,908	1,974	1,985
Total Liabilities & Shareholders' Equity	7,082	6,848	5,865	5,827	6,097	10,993
Total Liabilities	4,510	4,403	4,685	4,581	4,628	9,920
Total Current Liabilities	433	408	522	452	457	1,210
Short-Term Debt	9.00	9.00	17	87	17	29
Accounts Payable	212	210	203	226	192	248
Current Employee Benefit Liabilities	-	-	-	-	-	477
Other Current Liabilities	181	135	248	109	195	330
Other Current Nonoperating Liabilities	31	54	54	30	53	126
Total Noncurrent Liabilities	4,077	3,995	4,163	4,129	4,171	8,710
Long-Term Debt	2,617	2,616	2,975	2,972	2,969	6,778
Asset Retirement Reserve & Litigation Obligation	473	475	468	478	477	496
Noncurrent Deferred & Payable Income Tax Liabilities	495	452	294	297	409	487
Noncurrent Employee Benefit Liabilities	364	318	289	282	243	221
Other Noncurrent Operating Liabilities	128	134	137	100	73	728
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,572	2,445	1,180	1,246	1,469	1,073
Total Preferred & Common Equity	2,511	2,387	1,180	1,246	1,469	1,073
Total Common Equity	2,511	2,387	1,180	1,246	1,469	1,073
Common Stock	2,092	1,980	1,718	1,711	1,726	1,722
Retained Earnings	448	412	-528	-456	-249	-638
Accumulated Other Comprehensive Income / (Loss)	-29	-5.00	-10	-9.00	-8.00	-11

This table displays calculated financial ratios and metrics derived from Talen Energy's official financial filings.

Metric	2013	2014	2015	2022	2024	2025
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2022	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	45,687,828.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	45,687,828.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-4.79
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	1.91%	-2.18%	0.00%	0.00%	22.03%
EBITDA Growth	0.00%	323.94%	-53.38%	0.00%	0.00%	-74.62%
EBIT Growth	0.00%	263.60%	-136.77%	0.00%	0.00%	-94.52%
NOPAT Growth	0.00%	219.46%	-111.14%	0.00%	0.00%	-130.57%
Net Income Growth	0.00%	279.04%	-183.17%	0.00%	0.00%	-121.62%
EPS Growth	0.00%	278.55%	-163.14%	0.00%	0.00%	-127.11%
Operating Cash Flow Growth	0.00%	12.68%	66.23%	0.00%	0.00%	175.00%
Free Cash Flow Firm Growth	0.00%	0.00%	34.56%	0.00%	0.00%	0.00%
Invested Capital Growth	0.00%	0.00%	61.78%	0.00%	0.00%	78.34%
Revenue Q/Q Growth	0.00%	0.00%	-28.73%	0.00%	0.00%	12.27%
EBITDA Q/Q Growth	0.00%	0.00%	-37.44%	0.00%	0.00%	-44.59%
EBIT Q/Q Growth	0.00%	0.00%	-213.77%	0.00%	0.00%	-82.80%
NOPAT Q/Q Growth	0.00%	0.00%	-119.78%	0.00%	0.00%	-123.38%
Net Income Q/Q Growth	0.00%	0.00%	-347.10%	0.00%	0.00%	-203.30%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-198.16%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	5.49%	0.00%	0.00%	62.21%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	19.98%	0.00%	0.00%	79.81%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	28.48%	27.66%	33.34%	66.59%	61.37%	61.06%
EBITDA Margin	4.74%	19.71%	9.40%	-6.73%	84.02%	17.47%
Operating Margin	-6.52%	8.67%	-0.87%	7.80%	10.69%	-3.49%
EBIT Margin	-5.81%	9.32%	-3.50%	-27.55%	64.73%	2.91%
Profit (Net Income) Margin	-5.09%	8.95%	-7.61%	-41.86%	47.90%	-8.49%
Tax Burden Percent	54.52%	135.31%	92.66%	97.36%	91.18%	131.93%
Interest Burden Percent	160.92%	70.96%	234.39%	156.05%	81.15%	-221.33%
Effective Tax Rate	0.00%	38.28%	0.00%	0.00%	8.82%	0.00%
Return on Invested Capital (ROIC)	0.00%	9.54%	-0.41%	0.00%	5.10%	-1.12%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	36.44%	-12.40%	0.00%	35.47%	-4.67%
Return on Net Nonoperating Assets (RNNOA)	0.00%	11.44%	-7.90%	0.00%	67.94%	-16.54%
Return on Equity (ROE)	0.00%	20.99%	-8.31%	0.00%	73.04%	-17.66%
Cash Return on Invested Capital (CROIC)	0.00%	-190.46%	-47.61%	0.00%	0.00%	-57.41%
Operating Return on Assets (OROA)	0.00%	3.97%	-1.33%	0.00%	20.70%	0.88%
Return on Assets (ROA)	0.00%	3.81%	-2.89%	0.00%	15.32%	-2.57%
Return on Common Equity (ROCE)	0.00%	20.99%	-8.31%	0.00%	71.60%	-17.66%
Return on Equity Simple (ROE_SIMPLE)	0.00%	10.49%	-7.92%	0.00%	73.04%	0.00%
Net Operating Profit after Tax (NOPAT)	-205	245	-27	169	206	-63
NOPAT Margin	-4.56%	5.35%	-0.61%	5.46%	9.74%	-2.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	-26.89%	12.00%	0.00%	-30.37%	3.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	4.69%	-0.80%
Cost of Revenue to Revenue	71.52%	72.34%	66.66%	33.41%	38.63%	38.94%
SG&A Expenses to Revenue	11.39%	12.51%	11.60%	3.43%	7.71%	24.18%
R&D to Revenue	0.00%	0.00%	0.00%	19.75%	27.99%	24.02%
Operating Expenses to Revenue	34.99%	18.99%	34.21%	57.11%	51.63%	62.19%
Earnings before Interest and Taxes (EBIT)	-261	427	-157	-851	1,369	75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	213	903	421	-208	1,777	451
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	7.39	15.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	7.39	15.67
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	4.84	6.64
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	10.27	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	9.74%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	3.19	3.21
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	6.09	8.98
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	7.25	51.41
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	9.41	309.13
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	62.53	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	50.33	32.93
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.73	1.11	0.00	2.17	6.23
Long-Term Debt to Equity	0.00	0.43	0.88	0.00	2.15	6.20
Financial Leverage	0.00	0.31	0.64	0.00	1.92	3.54
Leverage Ratio	0.00	2.75	2.87	0.00	3.37	6.86
Compound Leverage Factor	0.00	1.95	6.73	0.00	2.74	-15.18
Debt to Total Capital	0.00%	42.16%	52.70%	0.00%	68.41%	86.17%
Short-Term Debt to Total Capital	0.00%	17.25%	11.07%	0.00%	0.39%	0.37%
Long-Term Debt to Total Capital	0.00%	24.91%	41.63%	0.00%	68.03%	85.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	57.84%	47.30%	0.00%	31.59%	13.83%
Debt to EBITDA	0.00	3.15	11.39	0.00	1.69	15.10
Net Debt to EBITDA	0.00	1.34	9.41	0.00	1.49	13.43
Long-Term Debt to EBITDA	0.00	1.86	9.00	0.00	1.68	15.04
Debt to NOPAT	0.00	11.62	-175.60	0.00	14.58	-108.11
Net Debt to NOPAT	0.00	4.94	-145.05	0.00	12.81	-96.17
Long-Term Debt to NOPAT	0.00	6.87	-138.72	0.00	14.50	-107.65
Altman Z-Score	0.00	0.00	0.00	0.00	2.43	1.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	1.96%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.93	1.32	0.00	2.29	1.28
Quick Ratio	0.00	0.68	0.54	0.00	0.99	0.84
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-4,889	-3,199	0.00	0.00	-3,231
Operating Cash Flow to CapEx	70.33%	0.00%	170.29%	80.60%	0.00%	1,213.79%
Free Cash Flow to Firm to Interest Expense	0.00	-39.43	-15.16	0.00	0.00	-10.70
Operating Cash Flow to Interest Expense	2.58	3.73	3.64	0.52	1.08	2.33
Operating Cash Flow Less CapEx to Interest Expense	-1.09	7.63	1.50	-0.13	6.60	2.14
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.43	0.38	0.00	0.32	0.30
Accounts Receivable Turnover	0.00	10.41	11.13	0.00	16.27	16.18
Inventory Turnover	0.00	7.28	6.20	0.00	2.41	3.47
Fixed Asset Turnover	0.00	0.71	0.60	0.00	0.60	0.48
Accounts Payable Turnover	0.00	8.06	8.51	0.00	2.68	3.67
Days Sales Outstanding (DSO)	0.00	35.06	32.79	0.00	22.44	22.56
Days Inventory Outstanding (DIO)	0.00	50.11	58.84	0.00	151.23	105.32
Days Payable Outstanding (DPO)	0.00	45.27	42.89	0.00	136.26	99.33
Cash Conversion Cycle (CCC)	0.00	39.90	48.73	0.00	37.40	28.55
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	5,134	8,306	0.00	4,044	7,212
Invested Capital Turnover	0.00	1.78	0.67	0.00	0.52	0.46
Increase / (Decrease) in Invested Capital	0.00	5,134	3,172	0.00	0.00	3,168
Enterprise Value (EV)	0.00	0.00	0.00	0.00	12,885	23,185
Market Capitalization	0.00	0.00	0.00	0.00	10,246	17,126
Book Value per Share	$0.00	$46.78	$33.48	$0.00	$27.27	$23.92
Tangible Book Value per Share	$0.00	$42.84	$31.07	$0.00	$27.27	$23.92
Total Capital	0.00	6,755	9,097	0.00	4,391	7,904
Total Debt	0.00	2,848	4,794	0.00	3,004	6,811
Total Long-Term Debt	0.00	1,683	3,787	0.00	2,987	6,782
Net Debt	0.00	1,211	3,960	0.00	2,639	6,059
Capital Expenditures (CapEx)	583	-484	451	232	-1,315	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-631	872	0.00	237	-424
Debt-free Net Working Capital (DFNWC)	0.00	976	1,681	0.00	602	328
Net Working Capital (NWC)	0.00	-189	674	0.00	585	299
Net Nonoperating Expense (NNE)	24	-165	314	1,462	-807	156
Net Nonoperating Obligations (NNO)	0.00	1,227	4,003	0.00	2,657	6,119
Total Depreciation and Amortization (D&A)	474	476	578	643	408	376
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-13.77%	19.46%	0.00%	11.21%	-16.43%
Debt-free Net Working Capital to Revenue	0.00%	21.31%	37.51%	0.00%	28.46%	12.71%
Net Working Capital to Revenue	0.00%	-4.13%	15.04%	0.00%	27.66%	11.58%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.75)	$4.91	($3.10)	$0.00	$18.40	($4.79)
Adjusted Weighted Average Basic Shares Outstanding	83.52M	83.52M	109.90M	0.00	54.25M	45.69M
Adjusted Diluted Earnings per Share	($2.75)	$4.91	($3.10)	$0.00	$17.67	($4.79)
Adjusted Weighted Average Diluted Shares Outstanding	83.52M	83.52M	109.90M	0.00	56.49M	45.69M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	128.53M	0.00	45.96M	45.70M
Normalized Net Operating Profit after Tax (NOPAT)	328	245	433	510	207	-63
Normalized NOPAT Margin	7.30%	5.35%	9.65%	16.52%	9.79%	-2.44%
Pre Tax Income Margin	-9.34%	6.61%	-8.21%	-42.99%	52.53%	-6.43%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-1.64	3.44	-0.74	-2.37	5.75	0.25
NOPAT to Interest Expense	-1.29	1.98	-0.13	0.47	0.87	-0.21
EBIT Less CapEx to Interest Expense	-5.31	7.35	-2.88	-3.02	11.28	0.06
NOPAT Less CapEx to Interest Expense	-4.96	5.88	-2.27	-0.18	6.39	-0.40
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	-178.17%	464.88%	-63.64%	0.00%	12.34%	0.00%
Augmented Payout Ratio	-178.17%	464.88%	-63.64%	0.00%	207.21%	-47.03%

This table displays calculated financial ratios and metrics derived from Talen Energy's official financial filings.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	50,855,417.00	-	-	-	45,687,828.00	45,695,007.00
DEI Adjusted Shares Outstanding	-	-	-	-	50,855,417.00	-	-	-	45,687,828.00	45,695,007.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	1.61	-	-	-	-7.95	1.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	25.97%	0.00%	-23.38%	28.83%	24.92%	60.39%	189.49%
EBITDA Growth	0.00%	0.00%	0.00%	311.63%	0.00%	-91.68%	-78.26%	29.66%	-243.62%	463.64%
EBIT Growth	0.00%	0.00%	0.00%	1,160.00%	0.00%	-112.86%	-88.41%	44.84%	-722.00%	392.59%
NOPAT Growth	0.00%	0.00%	0.00%	2,926.34%	0.00%	-461.00%	125.81%	20.76%	-2,056.25%	320.13%
Net Income Growth	0.00%	0.00%	0.00%	321.05%	0.00%	-142.32%	-84.28%	23.21%	-633.82%	146.67%
EPS Growth	0.00%	0.00%	0.00%	343.08%	0.00%	-160.74%	-80.26%	34.49%	-467.15%	145.24%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-31.21%	-700.00%	409.38%	2,700.00%	287.40%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	104.16%	0.00%	26.90%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.09%	0.48%	78.34%	78.67%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	32.92%	-28.15%	0.00%	61.54%	28.89%	-7.76%	50.73%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-50.97%	-57.91%	0.00%	268.18%	183.33%	-146.62%	215.89%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-61.05%	-80.16%	0.00%	238.89%	386.67%	-185.21%	150.80%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	583.53%	-92.45%	0.00%	166.02%	265.55%	-222.35%	174.55%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-63.32%	-59.52%	0.00%	153.33%	187.50%	-275.36%	117.36%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-58.42%	-34.49%	0.00%	151.02%	183.33%	-278.82%	117.50%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-89.58%	1,090.00%	-254.62%	365.76%	-42.74%	64.64%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	100.00%	0.00%	99.07%	532.53%	-2,215.85%	14.10%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-2.97%	1.30%	0.00%	7.53%	-4.50%	79.81%	-3.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.86%	63.65%	60.94%	61.23%	59.53%	24.62%	73.33%	64.78%	65.69%	48.01%
EBITDA Margin	16.67%	103.93%	147.65%	54.46%	31.91%	11.28%	25.71%	56.53%	-28.57%	21.97%
Operating Margin	1.36%	4.91%	5.52%	24.31%	3.43%	-27.18%	10.48%	32.39%	-41.79%	18.60%
EBIT Margin	3.88%	82.51%	132.31%	38.77%	10.71%	-13.85%	11.90%	44.95%	-41.52%	13.99%
Profit (Net Income) Margin	-14.73%	62.67%	93.66%	25.85%	14.56%	-34.62%	11.43%	25.49%	-48.46%	5.58%
Tax Burden Percent	82.61%	82.22%	80.35%	93.85%	-261.54%	72.19%	74.23%	68.09%	95.53%	77.78%
Interest Burden Percent	-460.00%	92.38%	88.10%	71.03%	-52.00%	346.30%	129.33%	83.29%	122.19%	51.27%
Effective Tax Rate	0.00%	17.78%	19.65%	6.15%	0.00%	0.00%	25.77%	31.91%	0.00%	22.22%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	1.25%	-19.44%	4.00%	12.67%	-13.42%	8.83%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	3.39%	-23.91%	5.02%	14.04%	-16.69%	6.50%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	6.50%	-55.23%	5.91%	14.66%	-59.08%	24.91%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	7.75%	-74.67%	9.91%	27.34%	-72.49%	33.73%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-57.41%	-57.32%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	3.42%	-4.71%	3.94%	15.97%	-12.60%	5.51%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	4.66%	-11.78%	3.78%	9.05%	-14.71%	2.20%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	7.60%	-74.67%	9.75%	26.93%	-72.49%	33.73%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	47.37%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4.90	21	22	148	11	-74	49	179	-219	163
NOPAT Margin	0.95%	4.04%	4.44%	22.81%	2.40%	-19.03%	7.78%	22.05%	-29.25%	14.47%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	-28.29%	-2.55%	-2.14%	4.46%	-1.02%	-1.37%	3.28%	2.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	0.26%	-1.78%	1.14%	4.02%	-2.77%	2.07%
Cost of Revenue to Revenue	58.14%	36.35%	39.06%	38.77%	40.47%	75.38%	26.67%	35.22%	34.31%	51.99%
SG&A Expenses to Revenue	7.17%	8.45%	8.38%	5.85%	8.99%	8.72%	6.51%	4.68%	68.22%	2.13%
R&D to Revenue	27.13%	30.26%	33.54%	19.54%	31.48%	37.44%	30.48%	16.13%	20.16%	14.61%
Operating Expenses to Revenue	49.03%	53.44%	58.49%	38.00%	61.46%	66.92%	49.52%	31.65%	103.47%	25.69%
Earnings before Interest and Taxes (EBIT)	20	420	647	252	50	-54	75	365	-311	158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	86	529	722	354	149	44	162	459	-214	248
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	3.81	7.39	7.78	10.62	13.23	15.67	13.59
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	3.81	7.39	7.78	10.62	13.23	15.67	13.59
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	4.84	4.60	6.19	8.45	6.64	4.39
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	10.27	16.13	70.76	85.99	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	9.74%	6.20%	1.41%	1.16%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	2.67	3.19	3.03	3.85	5.47	3.21	2.92
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	6.09	5.94	7.56	9.54	8.98	6.13
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	7.25	9.17	22.79	26.93	51.41	31.10
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	9.41	13.24	50.02	50.28	309.13	70.97
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	62.53	119.60	43.91	81.34	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	50.33	58.66	394.07	50.51	32.93	19.47
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	1.02	1.07	2.17	2.54	2.46	2.03	6.23	6.34
Long-Term Debt to Equity	0.00	0.00	1.02	1.07	2.15	2.52	2.39	2.02	6.20	6.32
Financial Leverage	0.00	0.00	0.60	0.63	1.92	2.31	1.18	1.04	3.54	3.83
Leverage Ratio	0.00	0.00	2.75	2.80	3.37	4.97	3.38	3.31	6.86	7.48
Compound Leverage Factor	0.00	0.00	2.43	1.99	-1.75	17.21	4.37	2.75	8.38	3.84
Debt to Total Capital	0.00%	0.00%	50.52%	51.78%	68.41%	71.72%	71.06%	67.03%	86.17%	86.38%
Short-Term Debt to Total Capital	0.00%	0.00%	0.17%	0.18%	0.39%	0.41%	2.02%	0.38%	0.37%	0.37%
Long-Term Debt to Total Capital	0.00%	0.00%	50.35%	51.60%	68.03%	71.31%	69.04%	66.64%	85.80%	86.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	1.17%	1.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	0.00%	48.31%	47.08%	31.59%	28.28%	28.94%	32.97%	13.83%	13.62%
Debt to EBITDA	0.00	0.00	0.00	0.00	1.69	2.32	4.31	3.67	15.10	10.39
Net Debt to EBITDA	0.00	0.00	0.00	0.00	1.49	2.07	4.12	3.06	13.43	8.82
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	1.68	2.30	4.19	3.65	15.04	10.35
Debt to NOPAT	0.00	0.00	0.00	0.00	14.58	30.20	8.31	11.08	-108.11	-146.29
Net Debt to NOPAT	0.00	0.00	0.00	0.00	12.81	26.97	7.95	9.24	-96.17	-124.22
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	14.50	30.03	8.08	11.02	-107.65	-145.67
Altman Z-Score	0.00	0.00	0.00	0.00	1.72	1.43	2.11	3.15	1.14	1.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	1.96%	0.00%	1.60%	1.48%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	4.51	4.10	2.29	1.62	1.84	2.29	1.28	1.25
Quick Ratio	0.00	0.00	1.81	1.83	0.99	0.76	0.77	1.48	0.84	0.98
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	-3,844	0.00	-3,980	-37	160	-3,387	-2,910
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	40.00%	661.11%	-557.58%	0.00%	1,076.92%	1,097.62%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-58.24	0.00	-53.79	-0.60	2.39	-34.21	-24.45
Operating Cash Flow to Interest Expense	0.00	2.93	0.00	1.45	0.20	1.61	-2.97	7.30	2.83	3.87
Operating Cash Flow Less CapEx to Interest Expense	0.00	8.25	0.00	5.94	-0.29	1.36	-3.50	7.58	2.57	3.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.32	0.34	0.33	0.36	0.30	0.39
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	16.27	19.96	11.34	16.60	16.18	25.74
Inventory Turnover	0.00	0.00	0.00	0.00	2.41	4.23	3.58	3.35	3.47	5.61
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.60	0.64	0.67	0.73	0.48	0.62
Accounts Payable Turnover	0.00	0.00	0.00	0.00	2.68	4.56	4.12	4.66	3.67	5.76
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	22.44	18.29	32.20	21.99	22.56	14.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	151.23	86.32	101.86	109.07	105.32	65.10
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	136.26	80.02	88.52	78.30	99.33	63.41
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	37.40	24.59	45.53	52.76	28.55	15.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	4,114	3,992	4,044	3,906	4,200	4,011	7,212	6,979
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.52	1.02	0.51	0.57	0.46	0.61
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	3,992	0.00	3,906	86	19	3,168	3,073
Enterprise Value (EV)	0.00	0.00	0.00	10,641	12,885	11,849	16,157	21,923	23,185	20,367
Market Capitalization	0.00	0.00	0.00	9,090	10,246	9,177	13,233	19,434	17,126	14,587
Book Value per Share	$0.00	$0.00	$19.53	$46.80	$27.27	$25.67	$27.38	$32.15	$23.92	$23.48
Tangible Book Value per Share	$0.00	$0.00	$19.53	$46.80	$27.27	$25.67	$27.38	$32.15	$23.92	$23.48
Total Capital	0.00	0.00	5,198	5,070	4,391	4,172	4,305	4,455	7,904	7,880
Total Debt	0.00	0.00	2,626	2,625	3,004	2,992	3,059	2,986	6,811	6,807
Total Long-Term Debt	0.00	0.00	2,617	2,616	2,987	2,975	2,972	2,969	6,782	6,778
Net Debt	0.00	0.00	1,511	1,493	2,639	2,672	2,924	2,489	6,059	5,780
Capital Expenditures (CapEx)	0.00	-314	0.00	-296	25	18	33	-19	26	42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	414	142	237	21	330	111	-424	-699
Debt-free Net Working Capital (DFNWC)	0.00	0.00	1,529	1,274	602	341	465	608	328	328
Net Working Capital (NWC)	0.00	0.00	1,520	1,265	585	324	378	591	299	299
Net Nonoperating Expense (NNE)	81	-298	-436	-20	-57	61	-23	-28	144	100
Net Nonoperating Obligations (NNO)	0.00	0.00	1,542	1,547	2,657	2,726	2,954	2,542	6,119	5,906
Total Depreciation and Amortization (D&A)	66	109	75	102	99	98	87	94	97	90
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	11.21%	1.05%	15.44%	4.83%	-16.43%	-21.05%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	28.46%	17.08%	21.76%	26.45%	12.71%	9.88%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	27.66%	16.23%	17.69%	25.71%	11.58%	9.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$7.90	$3.30	$2.20	($2.94)	$1.58	$4.52	($7.95)	$1.38
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	57.43M	50.92M	54.25M	45.85M	45.55M	45.68M	45.69M	45.61M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$7.60	$3.16	$2.07	($2.94)	$1.50	$4.25	($7.60)	$1.33
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	59.78M	53.17M	56.49M	45.85M	47.91M	48.58M	45.69M	47.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	51.00M	50.86M	45.96M	45.51M	45.69M	45.69M	45.70M	45.40M
Normalized Net Operating Profit after Tax (NOPAT)	6.30	21	22	148	11	-74	49	179	-219	163
Normalized NOPAT Margin	1.22%	4.04%	4.44%	22.81%	2.40%	-19.03%	7.78%	22.05%	-29.25%	14.47%
Pre Tax Income Margin	-17.83%	76.23%	116.56%	27.54%	-5.57%	-47.95%	15.40%	37.44%	-50.73%	7.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.29	7.12	10.44	3.82	0.98	-0.73	1.21	5.45	-3.14	1.33
NOPAT to Interest Expense	0.07	0.35	0.35	2.25	0.22	-1.00	0.79	2.67	-2.21	1.37
EBIT Less CapEx to Interest Expense	0.00	12.44	0.00	8.30	0.49	-0.97	0.68	5.73	-3.40	0.97
NOPAT Less CapEx to Interest Expense	0.00	5.67	0.00	6.73	-0.27	-1.25	0.26	2.96	-2.48	1.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	12.34%	15.38%	49.71%	40.57%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	207.21%	378.00%	872.25%	569.34%	-47.03%	-571.43%

Financials Breakdown Chart

Key Financial Trends

Talen Energy’s latest quarterly results show a dramatic improvement in profitability and cash generation compared with the same period a year ago. In Q1 2026, the company posted $1.13 billion in revenue and $63 million in net income, versus a $135 million loss in Q1 2025. Operating cash flow also strengthened to $461 million, a big step up from $119 million a year earlier.

What stands out most is how much the balance sheet has improved over the past year. Total liabilities fell sharply to $9.92 billion from $4.63 billion a year earlier, while total equity rose to $1.07 billion from $1.47 billion in Q3 2025 and $1.18 billion in Q1 2025. Talen also ended Q1 2026 with $1.03 billion in cash and equivalents, up from $497 million in Q3 2025.

That said, the quarter was not completely clean. Revenue grew strongly, but costs also remained high, and the company still carries a large debt load. Talen generated positive operating income of $210 million in Q1 2026, but interest expense and other non-operating costs still took a meaningful bite out of pretax earnings.

Revenue surged to $1.13 billion in Q1 2026 from $630 million in Q2 2025 and $749 million in Q4 2025, showing strong top-line momentum.
Net income rebounded sharply to $63 million in Q1 2026, compared with a $135 million loss in Q1 2025.
Operating cash flow was solid at $461 million, indicating the business is still generating meaningful cash from operations.
Cash and equivalents rose to $1.03 billion at the end of Q1 2026, providing a stronger liquidity cushion.
Gross profit remained healthy at $542 million, reflecting strong generation economics despite elevated costs.
Operating income improved to $210 million, reversing the operating losses seen in some prior quarters.
Debt came down materially from the prior-year quarter on the balance sheet, with long-term debt at $6.78 billion versus $2.97 billion in Q2 2025 and $2.62 billion in Q3 2024, but still remains elevated.
Depreciation and amortization remain significant, which is typical for an asset-heavy power business and continues to affect reported earnings.
Capital spending was modest at $42 million in Q1 2026, suggesting limited near-term investment outlay in the quarter.
Interest expense remains a burden at $119 million in Q1 2026, limiting how much operating profit reaches the bottom line.

The longer-term picture is mixed but improving. Compared with 2024, Talen’s quarterly revenue and profitability have been volatile, with several periods of strong earnings offset by weak or loss-making quarters. However, the most recent quarter suggests the company may be regaining consistency, especially in operating cash flow and liquidity.

For investors, the key question is sustainability. If Talen can maintain this revenue level while keeping costs under control, the earnings recovery could have room to continue. But the balance between strong operating performance and the company’s still-substantial debt obligations will likely remain the main story.

06/10/26 01:20 PM ETAI Generated. May Contain Errors.

Talen Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Talen Energy's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Talen Energy's net income appears to be on a downward trend, with a most recent value of -$219 million in 2025, falling from -$229 million in 2013. The previous period was $1.01 billion in 2024. View Talen Energy's forecast to see where analysts expect Talen Energy to go next.

Talen Energy's total operating income in 2025 was -$90 million, based on the following breakdown:

Total Gross Profit: $1.58 billion
Total Operating Expenses: $1.61 billion

Over the last 5 years, Talen Energy's total revenue changed from $4.50 billion in 2013 to $2.58 billion in 2025, a change of -42.6%.

Talen Energy's total liabilities were at $9.81 billion at the end of 2025, a 107.9% increase from 2024, and a 43.2% increase since 2014.

In the past 4 years, Talen Energy's cash and equivalents has ranged from $141 million in 2015 to $689 million in 2025, and is currently $689 million as of their latest financial filing in 2025.

Over the last 5 years, Talen Energy's book value per share changed from 0.00 in 2013 to 23.92 in 2025, a change of 2,392.3%.

Related Companies

Financial statements for NASDAQ:TLN last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Talen Energy (TLN) Financials

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Talen Energy (TLN) Financials

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