What is Clearway Energy's operating income?

Clearway Energy's total operating income in 2025 was $160 million, based on the following breakdown: Total Gross Profit: $1.43 billion Total Operating Expenses: $1.27 billion

Clearway Energy (CWEN) Financials

$32.46 -0.18 (-0.55%)

As of 01:59 PM Eastern

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Annual Income Statements for Clearway Energy

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	33	57	-16	48	-11	25	51	582	79	88	169
Consolidated Net Income / (Loss)	72	2.00	-24	54	-96	-62	-75	1,060	-14	-63	-231
Net Income / (Loss) Continuing Operations	72	2.00	-24	54	-96	-62	-75	1,060	-14	-63	-231
Total Pre-Tax Income	84	1.00	48	116	-104	-54	-63	1,282	-16	-33	-175
Total Operating Income	326	222	283	347	224	333	267	178	263	196	160
Total Gross Profit	645	727	683	726	695	833	1,286	1,190	1,314	1,371	1,429
Total Revenue	968	1,035	1,009	1,053	1,032	1,199	1,286	1,190	1,314	1,371	1,429
Operating Revenue	968	1,035	1,009	1,053	1,032	1,199	1,286	1,190	1,314	1,371	1,429
Total Cost of Revenue	323	308	326	327	337	366	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	319	505	400	379	471	500	1,019	1,012	1,051	1,175	1,269
Selling, General & Admin Expense	12	16	19	20	29	34	491	475	509	540	571
Depreciation Expense	303	303	334	336	401	428	509	512	526	627	682
Impairment Charge	1.00	185	44	0.00	33	24	6.00	16	12	0.00	0.00
Restructuring Charge	3.00	1.00	3.00	20	3.00	9.00	7.00	7.00	4.00	8.00	16
Total Other Income / (Expense), net	-242	-221	-235	-231	-328	-387	-330	1,104	-279	-229	-335
Interest Expense	276	284	310	313	420	439	365	234	343	312	395
Interest & Investment Income	31	60	71	74	83	48	32	29	12	35	31
Other Income / (Expense), net	3.00	3.00	4.00	8.00	9.00	4.00	3.00	1,309	52	48	29
Income Tax Expense	12	-1.00	72	62	-8.00	8.00	12	222	-2.00	30	56
Net Income / (Loss) Attributable to Noncontrolling Interest	39	-51	-15	2.00	-85	-87	-126	478	-93	-151	-400
Basic Earnings per Share	$0.00	$1.16	($0.32)	$1.38	($0.10)	$0.22	$0.44	$4.99	$1.34	$1.50	$2.86
Weighted Average Basic Shares Outstanding	0.00	35M	35M	35M	35M	115M	117M	117M	117M	118M	119M
Diluted Earnings per Share	$0.00	$1.16	($0.32)	$1.38	($0.10)	$0.22	$0.44	$4.99	$1.34	$1.50	$2.86
Weighted Average Diluted Shares Outstanding	0.00	35M	35M	104M	109M	35M	35M	35M	152M	153M	154M
Weighted Average Basic & Diluted Shares Outstanding	84M	98M	99M	104M	109M	35M	35M	201.97M	202.08M	202.15M	205.22M
Cash Dividends to Common per Share	$1.64	$1.89	$2.20	$2.52	$1.60	$2.10	$2.66	$2.86	$3.08	$3.30	$3.54

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	37	-2.00	51	36	3.00	-3.00	30	236	-104	-163	122
Consolidated Net Income / (Loss)	-73	-46	4.00	27	-48	-104	12	60	-199	-68	30
Net Income / (Loss) Continuing Operations	-73	-46	4.00	27	-48	-104	12	60	-199	-68	30
Total Pre-Tax Income	-142	-59	14	60	-48	-104	17	29	-117	-70	27
Total Operating Income	-22	-29	84	178	-37	0.00	85	112	-37	20	116
Total Gross Profit	249	263	366	486	256	298	392	429	310	354	481
Total Revenue	249	263	366	486	256	298	392	429	310	354	481
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	271	292	282	308	293	298	307	317	347	334	365
Selling, General & Admin Expense	121	137	126	144	133	132	142	138	159	145	164
Depreciation Expense	137	154	153	164	156	163	163	176	180	182	196
Restructuring Charge	1.00	1.00	3.00	0.00	4.00	3.00	2.00	3.00	8.00	7.00	5.00
Total Other Income / (Expense), net	-120	-30	-70	-118	-11	-104	-68	-83	-80	-90	-89
Interest Expense	141	58	90	139	25	116	83	105	91	103	108
Interest & Investment Income	1.00	12	8.00	13	2.00	5.00	7.00	15	4.00	5.00	11
Other Income / (Expense), net	20	16	12	8.00	12	7.00	8.00	7.00	7.00	8.00	8.00
Income Tax Expense	-69	-13	10	33	-	0.00	5.00	-31	82	-2.00	-3.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-110	-44	-47	-9.00	-51	-101	-18	-176	-95	95	-92
Basic Earnings per Share	$1.29	($0.04)	$0.86	$0.62	$0.81	($0.04)	$0.50	$4.00	($1.76)	($2.70)	$2.00
Weighted Average Basic Shares Outstanding	117M	117M	117M	118M	118M	118M	118M	118M	119M	121M	121M
Diluted Earnings per Share	$0.62	($0.04)	$0.86	$0.62	$0.06	($0.04)	$0.50	$4.00	($1.76)	($2.70)	$2.00
Weighted Average Diluted Shares Outstanding	152M	117M	117M	118M	153M	118M	118M	118M	154M	121M	121M
Weighted Average Basic & Diluted Shares Outstanding	202.08M	202.14M	202.14M	202.15M	202.15M	202.19M	202.19M	203.77M	205.22M	205.27M	205.27M
Cash Dividends to Common per Share	$0.79	$0.81	$0.82	$0.83	$0.84	$0.86	$0.88	$0.89	$0.91	$0.92	$0.47

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-319	244	-182	267	-166	48	189	342	55	-318	85
Net Cash From Operating Activities	425	577	517	498	477	545	701	787	702	770	688
Net Cash From Continuing Operating Activities	425	577	517	498	477	545	701	787	702	770	688
Net Income / (Loss) Continuing Operations	72	2.00	-24	54	-96	-62	-75	1,060	-14	-63	-231
Consolidated Net Income / (Loss)	72	2.00	-24	54	-96	-62	-75	1,060	-14	-63	-231
Depreciation Expense	303	303	334	335	401	428	509	512	526	627	682
Amortization Expense	71	96	95	94	95	105	160	186	196	196	202
Non-Cash Adjustments To Reconcile Net Income	30	189	60	3.00	10	67	81	-1,252	51	19	25
Changes in Operating Assets and Liabilities, net	-51	-13	52	12	67	7.00	26	281	-57	-9.00	10
Net Cash From Investing Activities	-1,098	-131	-442	-185	-468	-62	-865	1,065	-523	-725	-803
Net Cash From Continuing Investing Activities	-1,098	-131	-442	-185	-468	-62	-865	1,065	-523	-725	-803
Purchase of Property, Plant & Equipment	-29	-20	-190	-83	-228	-124	-151	-112	-212	-287	-319
Acquisitions	-1,137	-83	-73	-45	-113	-11	-762	-71	-73	-678	-642
Purchase of Investments	-	-	0.00	0.00	-29	-	-	0.00	-174	184	0.00
Sale of Property, Plant & Equipment	-	-	0.00	0.00	20	90	0.00	1,457	0.00	0.00	152
Sale and/or Maturity of Investments	42	28	47	45	56	79	47	13	14	41	15
Other Investing Activities, net	26	-56	-226	-102	-174	-96	1.00	-222	-78	15	-9.00
Net Cash From Financing Activities	354	-202	-257	-46	-175	-435	367	-1,510	-124	-363	200
Net Cash From Continuing Financing Activities	354	-202	-257	-46	-175	-435	367	-1,510	-124	-363	200
Repayment of Debt	-442	-650	-344	-914	-1,661	-1,812	-2,682	-1,533	-1,370	-1,980	-1,811
Payment of Dividends	-96	-357	-225	-238	-155	-281	-268	-361	683	1,151	744
Issuance of Debt	293	800	265	862	1,367	1,349	2,350	324	563	466	1,219
Issuance of Common Equity	599	5.00	47	244	274	309	967	60	0.00	0.00	48
Cash Interest Paid	279	271	297	292	313	325	337	317	304	324	348
Cash Income Taxes Paid	-	-	-	-	-	0.00	0.00	9.00	31	1.00	1.00

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	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	6/30/2026
Net Change in Cash & Equivalents	-105	-88	-393	104	59	-22	75	-145	177	-138	-137
Net Cash From Operating Activities	206	81	196	301	192	95	191	225	177	401	214
Net Cash From Continuing Operating Activities	206	81	196	301	192	95	191	225	177	401	214
Net Income / (Loss) Continuing Operations	-73	-46	4.00	27	-48	-104	12	60	-199	-68	30
Consolidated Net Income / (Loss)	-73	-46	4.00	27	-48	-104	12	60	-199	-68	30
Depreciation Expense	137	154	153	164	156	163	163	176	180	182	196
Amortization Expense	112	50	46	83	28	91	26	31	54	23	34
Non-Cash Adjustments To Reconcile Net Income	34	2.00	-12	12	17	7.00	2.00	2.00	14	292	2.00
Changes in Operating Assets and Liabilities, net	-4.00	-79	5.00	15	39	-62	-12	-44	128	-28	-48
Net Cash From Investing Activities	-252	-203	-444	-27	-51	-46	-352	-341	-64	-441	-216
Net Cash From Continuing Investing Activities	-252	-203	-444	-27	-51	-46	-352	-341	-64	-441	-216
Purchase of Property, Plant & Equipment	-69	-98	-104	-35	-50	-56	-76	-81	-106	-75	-84
Acquisitions	-145	-111	111	-671	-7.00	-4.00	-284	-36	-318	-304	-94
Sale and/or Maturity of Investments	-	4.00	31	3.00	3.00	6.00	4.00	4.00	1.00	5.00	3.00
Other Investing Activities, net	-79	2.00	-482	492	3.00	8.00	4.00	-228	207	-67	-41
Net Cash From Financing Activities	-59	34	-145	-170	-82	-71	236	-29	64	-98	-135
Net Cash From Continuing Financing Activities	-59	34	-145	-170	-82	-71	236	-29	64	-98	-135
Repayment of Debt	-970	-166	-1,416	-90	-308	-63	-443	-768	-537	-684	-353
Payment of Dividends	-387	126	1,109	-99	-1,478	-43	240	261	286	-346	34
Issuance of Debt	270	74	162	19	211	35	439	478	267	882	184

This table presents Clearway 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,689	8,962	8,489	8,500	9,700	10,592	12,813	12,312	14,701	14,329	16,655
Total Current Assets	416	670	482	756	608	708	1,531	1,276	1,560	1,067	1,152
Cash & Equivalents	111	322	148	407	155	268	179	657	535	332	231
Restricted Cash	131	176	168	176	262	197	475	339	516	401	587
Accounts Receivable	101	95	95	104	118	143	144	153	171	164	163
Inventories, net	36	39	39	40	40	42	37	47	55	64	75
Prepaid Expenses	20	22	19	29	33	58	65	54	68	67	67
Other Current Assets	0.00	-	-	-	-	0.00	631	26	41	39	29
Plant, Property, & Equipment, net	5,878	5,554	5,410	5,245	6,063	7,217	7,650	7,421	9,526	9,944	11,596
Total Noncurrent Assets	2,395	2,738	2,597	2,499	3,029	2,667	3,632	3,615	3,615	3,318	3,907
Long-Term Investments	697	1,152	1,178	1,172	1,183	741	381	364	360	309	291
Intangible Assets	1,362	1,303	1,228	1,156	1,428	1,370	2,499	2,565	2,374	2,193	2,360
Noncurrent Deferred & Refundable Income Taxes	170	216	128	57	92	104	95	-	-	0.00	172
Other Noncurrent Operating Assets	136	67	63	114	326	452	657	686	881	816	1,084
Total Liabilities & Shareholders' Equity	8,689	8,962	8,489	8,500	9,700	10,592	12,813	12,312	14,701	14,329	16,655
Total Liabilities	5,951	6,363	6,330	6,276	7,437	7,877	9,513	8,279	9,706	8,765	10,741
Total Current Liabilities	489	505	540	704	2,057	634	1,631	617	906	718	1,018
Short-Term Debt	264	323	339	535	1,824	384	772	322	558	430	708
Accounts Payable	23	23	46	45	74	72	74	55	130	82	95
Accrued Expenses	77	86	50	57	71	79	84	114	79	66	79
Other Current Liabilities	125	73	67	23	47	55	153	72	82	87	84
Other Current Nonoperating Liabilities	-	-	38	44	41	44	548	54	57	53	52
Total Noncurrent Liabilities	5,462	5,858	5,790	5,572	5,380	7,243	7,882	7,662	8,800	8,047	9,723
Long-Term Debt	5,329	5,726	5,659	5,447	4,956	6,585	6,939	6,491	7,479	6,750	7,898
Capital Lease Obligations	-	-	-	0.00	227	345	-	548	627	569	796
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00	13	119	127	89	45
Other Noncurrent Operating Liabilities	133	123	131	125	197	313	930	504	567	639	984
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	0.00	7.00	1.00	0.00	103
Total Equity & Noncontrolling Interests	2,738	2,599	2,159	2,224	2,263	2,715	3,300	4,026	4,994	5,564	5,811
Total Preferred & Common Equity	1,841	1,850	1,747	1,822	1,850	1,825	1,834	2,234	2,101	2,063	1,924
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,841	1,850	1,747	1,822	1,850	1,825	1,834	2,234	2,101	2,063	1,924
Common Stock	1,856	1,880	1,844	1,898	1,937	1,923	1,873	1,762	1,733	1,806	1,716
Retained Earnings	12	-2.00	-69	-58	-72	-84	-33	463	361	254	213
Accumulated Other Comprehensive Income / (Loss)	-27	-28	-28	-18	-15	-14	-6.00	9.00	7.00	3.00	-5.00
Noncontrolling Interest	897	749	412	402	413	890	1,466	1,792	2,893	3,501	3,887

This table presents Clearway 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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	12,749	12,624	13,370	14,862	14,517	14,249	14,647	16,033	16,066	16,931	16,772
Total Current Assets	1,289	1,289	1,734	1,497	1,021	1,051	1,039	1,187	1,059	1,057	1,062
Cash & Equivalents	576	547	566	478	226	292	297	260	251	325	251
Restricted Cash	437	371	590	485	344	382	414	526	390	355	292
Accounts Receivable	150	216	196	184	256	199	183	233	238	198	298
Inventories, net	49	51	55	58	60	63	67	70	71	87	88
Prepaid Expenses	50	70	61	60	84	81	54	73	87	60	86
Other Current Assets	27	34	51	54	51	34	24	25	22	32	47
Plant, Property, & Equipment, net	7,863	7,748	8,025	9,746	9,952	9,895	10,329	11,385	11,296	11,816	11,686
Total Noncurrent Assets	3,597	3,587	3,611	3,619	3,544	3,303	3,279	3,461	3,711	4,058	4,024
Long-Term Investments	346	352	373	349	321	322	300	297	301	362	375
Intangible Assets	2,518	2,471	2,424	2,331	2,285	2,240	2,150	2,280	2,408	2,442	2,388
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	26	0.00	0.00
Other Noncurrent Operating Assets	733	764	814	939	938	741	829	884	976	1,254	1,261
Total Liabilities & Shareholders' Equity	12,749	12,624	13,370	14,862	14,517	14,249	14,647	16,033	16,066	16,931	16,772
Total Liabilities	8,587	8,482	9,102	9,815	8,800	8,616	9,227	10,453	10,277	11,363	11,175
Total Current Liabilities	638	606	844	874	701	661	684	834	687	955	880
Short-Term Debt	366	330	522	565	412	412	392	460	342	612	570
Accounts Payable	70	63	73	123	86	78	98	159	152	123	130
Accrued Expenses	77	54	82	64	77	71	56	60	72	69	68
Other Current Liabilities	89	105	126	80	71	65	101	103	85	108	40
Other Current Nonoperating Liabilities	36	54	41	42	55	35	37	52	36	43	72
Total Noncurrent Liabilities	7,949	7,876	8,258	8,941	8,099	7,955	8,543	9,619	9,590	10,408	10,295
Long-Term Debt	6,769	6,708	6,995	7,579	6,797	6,732	7,231	8,251	8,084	8,504	8,491
Capital Lease Obligations	-	-	-	642	626	570	594	635	792	826	829
Noncurrent Deferred & Payable Income Tax Liabilities	98	118	152	111	35	58	68	42	21	155	143
Other Noncurrent Operating Liabilities	1,082	1,050	1,111	609	641	595	650	691	693	923	832
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	9.00	15	18	2.00	6.00	9.00	-	38	74	65	124
Total Equity & Noncontrolling Interests	4,153	4,127	4,250	5,045	5,711	5,624	5,420	5,542	5,715	5,503	5,473
Total Preferred & Common Equity	2,147	2,140	2,110	2,058	2,150	2,134	1,943	1,849	2,049	1,763	1,851
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,147	2,140	2,110	2,058	2,150	2,134	1,943	1,849	2,049	1,763	1,851
Common Stock	1,720	1,719	1,729	1,742	1,831	1,832	1,736	1,671	1,690	1,769	1,731
Retained Earnings	419	412	370	311	314	301	207	188	372	-6.00	111
Accumulated Other Comprehensive Income / (Loss)	8.00	9.00	11	5.00	5.00	1.00	0.00	-10	-13	0.00	9.00
Noncontrolling Interest	2,006	1,987	2,140	2,987	3,561	3,490	3,477	3,693	3,666	3,740	3,622

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.91%	6.92%	-2.51%	4.36%	-1.99%	16.18%	7.26%	-7.47%	10.42%	4.34%	4.23%
EBITDA Growth	19.97%	-11.24%	14.74%	9.50%	-7.02%	19.34%	7.93%	132.69%	-52.54%	4.15%	0.56%
EBIT Growth	5.45%	-31.61%	27.56%	23.69%	-34.37%	44.64%	-19.88%	450.74%	-78.82%	-22.54%	-22.54%
NOPAT Growth	-5.30%	58.90%	-131.87%	214.16%	-2.93%	48.66%	-19.82%	-21.25%	25.09%	-25.48%	-18.37%
Net Income Growth	-33.33%	-97.22%	-1,300.00%	325.00%	-277.78%	35.42%	-20.97%	1,513.33%	-101.32%	-350.00%	-266.67%
EPS Growth	0.00%	0.00%	-127.59%	531.25%	-107.25%	320.00%	100.00%	1,034.09%	-73.15%	11.94%	90.67%
Operating Cash Flow Growth	17.40%	35.76%	-10.40%	-3.68%	-4.22%	14.26%	28.62%	12.27%	-10.80%	9.69%	-10.65%
Free Cash Flow Firm Growth	87.72%	283.18%	-80.16%	123.43%	-388.19%	12.87%	-59.29%	139.67%	-448.59%	105.81%	-1,642.30%
Invested Capital Growth	10.99%	-5.21%	-4.37%	-3.07%	18.72%	14.99%	18.69%	-4.14%	21.98%	0.15%	15.70%
Revenue Q/Q Growth	-5.28%	-2.91%	-1.46%	-0.19%	0.58%	3.90%	3.04%	-4.03%	-1.43%	0.51%	3.93%
EBITDA Q/Q Growth	-6.52%	-22.68%	21.36%	4.67%	-3.19%	4.32%	-0.74%	-2.06%	12.96%	-7.69%	1.04%
EBIT Q/Q Growth	-3.52%	-45.78%	67.84%	11.64%	-17.38%	6.65%	12.03%	-2.62%	-6.25%	-8.61%	-2.58%
NOPAT Q/Q Growth	-21.73%	31.05%	-220.32%	31.17%	-17.65%	7.07%	13.14%	-18.81%	609.03%	-7.11%	0.00%
Net Income Q/Q Growth	41.18%	-98.55%	41.46%	12.50%	30.94%	-67.57%	18.48%	0.19%	-380.00%	28.41%	-188.75%
EPS Q/Q Growth	100.00%	45.00%	-136.36%	105.97%	89.01%	-70.27%	-33.33%	-45.76%	132.92%	7.91%	-38.89%
Operating Cash Flow Q/Q Growth	0.47%	3.41%	1.97%	-7.78%	0.21%	0.18%	10.74%	1.03%	3.85%	-1.79%	-2.13%
Free Cash Flow Firm Q/Q Growth	12.29%	200.22%	-71.52%	166.04%	-4,586.73%	-33.89%	30.78%	4.27%	-220.12%	106.09%	-13.72%
Invested Capital Q/Q Growth	24.99%	-1.03%	1.22%	-1.67%	13.10%	14.78%	5.09%	4.69%	19.50%	-0.50%	1.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.63%	70.24%	67.69%	68.95%	67.35%	69.47%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	72.62%	60.29%	70.96%	74.45%	70.64%	72.56%	73.02%	183.61%	78.92%	78.77%	75.09%
Operating Margin	33.68%	21.45%	28.05%	32.95%	21.71%	27.77%	20.76%	14.96%	20.02%	14.30%	11.20%
EBIT Margin	33.99%	21.74%	28.44%	33.71%	22.58%	28.11%	21.00%	124.96%	23.97%	17.80%	13.23%
Profit (Net Income) Margin	7.44%	0.19%	-2.38%	5.13%	-9.30%	-5.17%	-5.83%	89.08%	-1.07%	-4.60%	-16.17%
Tax Burden Percent	85.71%	200.00%	-50.00%	46.55%	92.31%	114.81%	119.05%	82.68%	87.50%	190.91%	132.00%
Interest Burden Percent	25.53%	0.44%	16.72%	32.68%	-44.64%	-16.02%	-23.33%	86.21%	-5.08%	-13.52%	-92.59%
Effective Tax Rate	14.29%	-100.00%	150.00%	53.45%	0.00%	0.00%	0.00%	17.32%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.98%	6.17%	-2.06%	2.45%	2.21%	2.81%	1.93%	1.43%	1.64%	1.11%	0.84%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.80%	-3.59%	0.56%	0.01%	-2.99%	-2.28%	-1.99%	15.18%	-1.32%	-1.73%	-3.70%
Return on Net Nonoperating Assets (RNNOA)	-1.29%	-6.09%	1.06%	0.02%	-6.49%	-5.30%	-4.42%	27.48%	-1.95%	-2.31%	-4.87%
Return on Equity (ROE)	2.69%	0.07%	-1.01%	2.46%	-4.28%	-2.49%	-2.49%	28.91%	-0.31%	-1.19%	-4.03%
Cash Return on Invested Capital (CROIC)	-6.44%	11.51%	2.40%	5.57%	-14.91%	-11.13%	-15.16%	5.66%	-18.16%	0.96%	-13.72%
Operating Return on Assets (OROA)	3.98%	2.55%	3.29%	4.18%	2.56%	3.32%	2.31%	11.84%	2.33%	1.68%	1.22%
Return on Assets (ROA)	0.87%	0.02%	-0.28%	0.64%	-1.05%	-0.61%	-0.64%	8.44%	-0.10%	-0.43%	-1.49%
Return on Common Equity (ROCE)	1.54%	0.05%	-0.76%	2.01%	-3.50%	-1.84%	-1.52%	16.04%	-0.15%	-0.47%	-1.40%
Return on Equity Simple (ROE_SIMPLE)	3.91%	0.11%	-1.37%	2.96%	-5.19%	-3.40%	-4.09%	47.45%	-0.67%	-3.05%	0.00%
Net Operating Profit after Tax (NOPAT)	279	444	-142	162	157	233	187	147	184	137	112
NOPAT Margin	28.87%	42.90%	-14.02%	15.34%	15.19%	19.44%	14.53%	12.37%	14.01%	10.01%	7.84%
Net Nonoperating Expense Percent (NNEP)	4.77%	9.76%	-2.63%	2.44%	5.20%	5.09%	3.92%	-13.75%	2.96%	2.85%	4.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.29%	1.35%	1.03%	0.74%
Cost of Revenue to Revenue	33.37%	29.76%	32.31%	31.05%	32.66%	30.53%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	1.24%	1.55%	1.88%	1.90%	2.81%	2.84%	38.18%	39.92%	38.74%	39.39%	39.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.28%	0.48%	0.42%	0.47%	0.17%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.95%	48.79%	39.64%	35.99%	45.64%	41.70%	79.24%	85.04%	79.98%	85.70%	88.80%
Earnings before Interest and Taxes (EBIT)	329	225	287	355	233	337	270	1,487	315	244	189
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	703	624	716	784	729	870	939	2,185	1,037	1,080	1,073
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.86	1.01	1.40	1.35	1.59	2.71	3.21	2.38	2.30	2.40	3.33
Price to Tangible Book Value (P/TBV)	3.29	3.40	4.72	3.71	6.96	10.88	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.63	1.80	2.43	2.34	2.85	4.13	4.57	4.47	3.68	3.61	4.48
Price to Earnings (P/E)	47.82	32.64	0.00	51.43	0.00	198.04	115.30	9.15	61.20	56.16	37.89
Dividend Yield	7.24%	9.29%	8.28%	9.84%	5.27%	4.28%	4.56%	5.42%	6.44%	6.77%	5.63%
Earnings Yield	2.09%	3.06%	0.00%	1.94%	0.00%	0.50%	0.87%	10.93%	1.63%	1.78%	2.64%
Enterprise Value to Invested Capital (EV/IC)	0.96	1.00	1.10	1.09	1.14	1.35	1.33	1.30	1.22	1.23	1.31
Enterprise Value to Revenue (EV/Rev)	7.36	6.77	7.30	6.74	8.49	9.97	10.90	11.03	11.40	11.05	13.08
Enterprise Value to EBITDA (EV/EBITDA)	10.14	11.23	10.29	9.05	12.01	13.73	14.93	6.01	14.45	14.03	17.41
Enterprise Value to EBIT (EV/EBIT)	21.67	31.15	25.67	19.99	37.58	35.46	51.93	8.83	47.56	62.09	98.87
Enterprise Value to NOPAT (EV/NOPAT)	25.51	15.78	0.00	43.94	55.85	51.26	75.03	89.17	81.38	110.43	166.84
Enterprise Value to Operating Cash Flow (EV/OCF)	16.77	12.15	14.25	14.25	18.36	21.92	20.00	16.67	21.34	19.68	27.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	8.45	44.79	19.31	0.00	0.00	0.00	22.50	0.00	128.18	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.04	2.33	2.78	2.69	3.10	2.69	2.34	1.83	1.73	1.39	1.59
Long-Term Debt to Equity	1.95	2.20	2.62	2.45	2.29	2.55	2.10	1.75	1.62	1.32	1.47
Financial Leverage	1.62	1.70	1.88	2.01	2.17	2.33	2.22	1.81	1.48	1.33	1.32
Leverage Ratio	3.09	3.31	3.67	3.88	4.06	4.08	3.89	3.43	2.99	2.75	2.70
Compound Leverage Factor	0.79	0.01	0.61	1.27	-1.81	-0.65	-0.91	2.95	-0.15	-0.37	-2.50
Debt to Total Capital	67.13%	69.95%	73.53%	72.90%	75.59%	72.93%	70.03%	64.60%	63.43%	58.21%	61.39%
Short-Term Debt to Total Capital	3.17%	3.74%	4.16%	6.52%	19.68%	3.83%	7.01%	2.83%	4.09%	3.23%	4.62%
Long-Term Debt to Total Capital	63.97%	66.21%	69.38%	66.38%	55.91%	69.10%	63.02%	61.78%	59.35%	54.98%	56.76%
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%	0.00%
Noncontrolling Interests to Total Capital	10.77%	8.66%	5.05%	4.90%	4.46%	8.87%	13.31%	15.79%	21.19%	26.30%	26.05%
Common Equity to Total Capital	22.10%	21.39%	21.42%	22.20%	19.96%	18.20%	16.66%	19.61%	15.38%	15.50%	12.56%
Debt to EBITDA	7.96	9.69	8.38	7.63	9.61	8.41	8.21	3.37	8.35	7.18	8.76
Net Debt to EBITDA	6.62	7.05	6.29	5.39	7.42	7.02	7.11	2.75	6.99	6.21	7.73
Long-Term Debt to EBITDA	7.58	9.18	7.90	6.95	7.11	7.97	7.39	3.22	7.82	6.78	8.10
Debt to NOPAT	20.02	13.62	-42.39	37.03	44.69	31.38	41.26	50.01	47.06	56.48	83.95
Net Debt to NOPAT	16.66	9.91	-31.83	26.17	34.48	26.20	35.72	40.77	39.40	48.88	74.04
Long-Term Debt to NOPAT	19.07	12.90	-39.99	33.72	33.05	29.73	37.13	47.83	44.03	53.35	77.63
Altman Z-Score	0.39	0.40	0.44	0.50	0.23	0.59	0.53	1.00	0.55	0.54	0.51
Noncontrolling Interest Sharing Ratio	42.66%	30.84%	24.40%	18.57%	18.16%	26.18%	39.17%	44.52%	51.98%	60.56%	65.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.85	1.33	0.89	1.07	0.30	1.12	0.94	2.07	1.72	1.49	1.13
Quick Ratio	0.47	0.86	0.47	0.73	0.13	0.65	0.20	1.31	0.97	0.69	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-453	829	165	368	-1,059	-923	-1,470	583	-2,033	118	-1,823
Operating Cash Flow to CapEx	1,465.52%	2,885.00%	272.11%	600.00%	229.33%	1,602.94%	464.24%	0.00%	331.13%	268.29%	411.98%
Free Cash Flow to Firm to Interest Expense	-1.64	2.92	0.53	1.17	-2.52	-2.10	-4.03	2.49	-5.93	0.38	-4.62
Operating Cash Flow to Interest Expense	1.54	2.03	1.67	1.59	1.14	1.24	1.92	3.36	2.05	2.47	1.74
Operating Cash Flow Less CapEx to Interest Expense	1.43	1.96	1.05	1.33	0.64	1.16	1.51	9.11	1.43	1.55	1.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.12	0.12	0.11	0.12	0.11	0.09	0.10	0.09	0.09
Accounts Receivable Turnover	8.84	10.56	10.62	10.58	9.30	9.19	8.96	8.01	8.11	8.19	8.74
Inventory Turnover	9.50	8.21	8.36	8.28	8.43	8.93	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.18	0.18	0.18	0.20	0.18	0.18	0.17	0.16	0.16	0.14	0.13
Accounts Payable Turnover	14.36	13.39	9.45	7.19	5.66	5.01	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	41.29	34.56	34.37	34.49	39.26	39.73	40.73	45.55	45.00	44.59	41.76
Days Inventory Outstanding (DIO)	38.42	44.44	43.67	44.09	43.32	40.89	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	25.43	27.26	38.63	50.79	64.44	72.80	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	54.28	51.74	39.40	27.79	18.14	7.81	40.73	45.55	45.00	44.59	41.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,392	7,007	6,701	6,495	7,711	8,867	10,524	10,088	12,305	12,324	14,259
Invested Capital Turnover	0.14	0.14	0.15	0.16	0.15	0.14	0.13	0.12	0.12	0.11	0.11
Increase / (Decrease) in Invested Capital	732	-385	-306	-206	1,216	1,156	1,657	-436	2,217	19	1,935
Enterprise Value (EV)	7,129	7,008	7,368	7,097	8,757	11,949	14,022	13,123	14,982	15,150	18,686
Market Capitalization	1,578	1,860	2,452	2,468	2,937	4,951	5,880	5,323	4,835	4,942	6,403
Book Value per Share	$10.07	$10.12	$9.45	$9.43	$9.57	$9.05	$9.09	$11.07	$10.40	$10.21	$9.44
Tangible Book Value per Share	$2.62	$2.99	$2.81	$3.45	$2.18	$2.26	($3.29)	($1.64)	($1.35)	($0.64)	($2.14)
Total Capital	8,331	8,648	8,157	8,206	9,270	10,029	11,011	11,394	13,659	13,313	15,316
Total Debt	5,593	6,049	5,998	5,982	7,007	7,314	7,711	7,361	8,664	7,749	9,402
Total Long-Term Debt	5,329	5,726	5,659	5,447	5,183	6,930	6,939	7,039	8,106	7,319	8,694
Net Debt	4,654	4,399	4,504	4,227	5,407	6,108	6,676	6,001	7,253	6,707	8,293
Capital Expenditures (CapEx)	29	20	190	83	208	34	151	-1,345	212	287	167
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-51	-10	-35	4.00	-42	-7.00	18	-15	161	46	24
Debt-free Net Working Capital (DFNWC)	191	488	281	587	375	458	672	981	1,212	779	842
Net Working Capital (NWC)	-73	165	-58	52	-1,449	74	-100	659	654	349	134
Net Nonoperating Expense (NNE)	207	442	-118	108	253	295	262	-913	198	200	343
Net Nonoperating Obligations (NNO)	4,654	4,408	4,542	4,271	5,448	6,152	7,224	6,055	7,310	6,760	8,345
Total Depreciation and Amortization (D&A)	374	399	429	429	496	533	669	698	722	836	884
Debt-free, Cash-free Net Working Capital to Revenue	-5.27%	-0.97%	-3.47%	0.38%	-4.07%	-0.58%	1.40%	-1.26%	12.25%	3.36%	1.68%
Debt-free Net Working Capital to Revenue	19.73%	47.15%	27.85%	55.75%	36.34%	38.20%	52.26%	82.44%	92.24%	56.82%	58.92%
Net Working Capital to Revenue	-7.54%	15.94%	-5.75%	4.94%	-140.41%	6.17%	-7.78%	55.38%	49.77%	25.46%	9.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.80	$0.58	$0.00	$0.92	($0.20)	$0.66	$0.44	$4.99	$0.67	$2.25	$2.86
Adjusted Weighted Average Basic Shares Outstanding	182.85M	0.00	0.00	193.40M	198.93M	201.71M	201.95M	117M	117M	118M	119M
Adjusted Diluted Earnings per Share	$0.80	$0.00	$0.00	$0.92	($0.20)	$0.66	$0.44	$4.99	$0.67	$1.50	$2.86
Adjusted Weighted Average Diluted Shares Outstanding	182.85M	0.00	0.00	193.40M	198.93M	116M	117M	35M	35M	153M	154M
Adjusted Basic & Diluted Earnings per Share	$0.80	$0.58	($0.32)	$0.92	($0.20)	$0.66	$0.44	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	84M	98M	99M	104M	109M	115M	117M	201.97M	202.08M	202.15M	205.22M
Normalized Net Operating Profit after Tax (NOPAT)	283	286	231	257	182	256	196	166	195	143	123
Normalized NOPAT Margin	29.22%	27.59%	22.89%	24.40%	17.64%	21.37%	15.24%	13.97%	14.86%	10.42%	8.62%
Pre Tax Income Margin	8.68%	0.10%	4.76%	11.02%	-10.08%	-4.50%	-4.90%	107.73%	-1.22%	-2.41%	-12.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.19	0.79	0.93	1.13	0.55	0.77	0.74	6.35	0.92	0.78	0.48
NOPAT to Interest Expense	1.01	1.56	-0.46	0.52	0.37	0.53	0.51	0.63	0.54	0.44	0.28
EBIT Less CapEx to Interest Expense	1.09	0.72	0.31	0.87	0.06	0.69	0.33	12.10	0.30	-0.14	0.06
NOPAT Less CapEx to Interest Expense	0.91	1.49	-1.07	0.25	-0.12	0.45	0.10	6.38	-0.08	-0.48	-0.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	133.33%	17,850.00%	-937.50%	440.74%	-161.46%	-453.23%	-357.33%	34.06%	-2,464.29%	-542.86%	322.08%
Augmented Payout Ratio	133.33%	17,850.00%	-937.50%	440.74%	-161.46%	-453.23%	-357.33%	34.06%	-2,464.29%	-542.86%	322.08%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	205,218,918.00	205,267,917.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	205,218,918.00	205,267,917.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.79	0.59
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.09%	-8.68%	-9.85%	31.00%	2.81%	13.31%	7.10%	-11.73%	21.09%	18.79%	22.70%
EBITDA Growth	92.97%	-16.45%	4.61%	56.32%	-35.63%	36.65%	-5.05%	-18.30%	13.33%	-10.73%	25.53%
EBIT Growth	-110.53%	-126.00%	-39.24%	70.64%	-1,150.00%	153.85%	-3.13%	-36.02%	-20.00%	300.00%	33.33%
NOPAT Growth	-300.00%	-169.05%	-79.67%	309.02%	-68.18%	100.00%	150.00%	189.29%	0.00%	0.00%	114.81%
Net Income Growth	-35.19%	-15.00%	-95.24%	80.00%	34.25%	-126.09%	200.00%	122.22%	-314.58%	34.62%	150.00%
EPS Growth	112.94%	0.00%	30.30%	933.33%	-90.32%	250.00%	-34.88%	545.16%	-3,033.33%	-6,650.00%	300.00%
Operating Cash Flow Growth	14.44%	8.00%	46.27%	4.88%	-6.80%	17.28%	-2.55%	-25.25%	-7.81%	322.11%	12.04%
Free Cash Flow Firm Growth	-603.13%	-320.31%	-926.48%	-213.20%	97.99%	96.17%	58.98%	26.16%	-4,267.26%	-1,734.00%	44.85%
Invested Capital Growth	21.98%	25.96%	27.62%	20.29%	0.15%	0.80%	9.27%	13.85%	15.70%	14.59%	5.37%
Revenue Q/Q Growth	-32.88%	5.62%	39.16%	32.79%	-47.33%	16.41%	31.54%	9.44%	-27.74%	14.19%	35.88%
EBITDA Q/Q Growth	-10.83%	-22.49%	52.85%	46.78%	-63.28%	64.15%	8.05%	15.60%	-37.42%	14.22%	51.93%
EBIT Q/Q Growth	-101.83%	-550.00%	838.46%	93.75%	-113.44%	128.00%	1,228.57%	27.96%	-125.21%	193.33%	342.86%
NOPAT Q/Q Growth	-178.64%	-31.82%	218.23%	233.75%	-132.33%	100.00%	0.00%	286.21%	-111.18%	154.05%	820.63%
Net Income Q/Q Growth	-586.67%	36.99%	108.70%	575.00%	-277.78%	-116.67%	111.54%	400.00%	-431.67%	65.83%	144.12%
EPS Q/Q Growth	933.33%	20.00%	2,250.00%	-27.91%	-90.32%	0.00%	833.33%	614.29%	-144.00%	-53.41%	174.07%
Operating Cash Flow Q/Q Growth	-28.22%	-60.68%	141.98%	53.57%	-36.21%	-50.52%	101.05%	17.80%	-21.33%	126.55%	-46.63%
Free Cash Flow Firm Q/Q Growth	-248.04%	-16.88%	-4.55%	26.36%	97.76%	-122.72%	-1,019.00%	-32.55%	-32.20%	6.47%	66.35%
Invested Capital Q/Q Growth	19.50%	2.10%	1.22%	-2.60%	-0.50%	2.75%	9.73%	1.48%	1.12%	1.77%	0.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	99.20%	73.38%	80.60%	89.09%	62.11%	87.58%	71.94%	75.99%	65.81%	65.82%	73.60%
Operating Margin	-8.84%	-11.03%	22.95%	36.63%	-14.45%	0.00%	21.68%	26.11%	-11.94%	5.65%	24.12%
EBIT Margin	-0.80%	-4.94%	26.23%	38.27%	-9.77%	2.35%	23.72%	27.74%	-9.68%	7.91%	25.78%
Profit (Net Income) Margin	-29.32%	-17.49%	1.09%	5.56%	-18.75%	-34.90%	3.06%	13.99%	-64.19%	-19.21%	6.24%
Tax Burden Percent	51.41%	77.97%	28.57%	45.00%	100.00%	100.00%	70.59%	206.90%	170.09%	97.14%	111.11%
Interest Burden Percent	7,100.00%	453.85%	14.58%	32.26%	192.00%	-1,485.71%	18.28%	24.37%	390.00%	-250.00%	21.77%
Effective Tax Rate	0.00%	0.00%	71.43%	55.00%	0.00%	0.00%	29.41%	-106.90%	0.00%	0.00%	-11.11%
Return on Invested Capital (ROIC)	-0.73%	-0.88%	0.72%	1.98%	-1.13%	0.00%	1.65%	5.61%	-0.90%	0.43%	2.96%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.59%	-1.27%	0.41%	1.15%	-1.44%	-1.41%	1.02%	3.33%	-3.19%	-0.58%	1.82%
Return on Net Nonoperating Assets (RNNOA)	-2.35%	-1.84%	0.53%	1.49%	-1.92%	-1.99%	1.38%	4.39%	-4.20%	-0.86%	2.82%
Return on Equity (ROE)	-3.08%	-2.72%	1.26%	3.47%	-3.05%	-1.99%	3.03%	10.00%	-5.10%	-0.42%	5.78%
Cash Return on Invested Capital (CROIC)	-18.16%	-21.78%	-23.48%	-17.12%	0.96%	0.46%	-7.67%	-12.10%	-13.72%	-12.67%	-4.19%
Operating Return on Assets (OROA)	-0.08%	-0.46%	2.41%	3.78%	-0.92%	0.22%	2.22%	2.52%	-0.89%	0.74%	2.47%
Return on Assets (ROA)	-2.85%	-1.63%	0.10%	0.55%	-1.77%	-3.33%	0.29%	1.27%	-5.92%	-1.81%	0.60%
Return on Common Equity (ROCE)	-1.48%	-1.24%	0.55%	1.49%	-1.20%	-0.76%	1.07%	3.66%	-1.77%	-0.14%	1.91%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-0.97%	-4.65%	-4.12%	0.00%	-6.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-20	24	80	-26	0.00	60	232	-26	14	129
NOPAT Margin	-6.18%	-7.72%	6.56%	16.48%	-10.12%	0.00%	15.31%	54.02%	-8.35%	3.95%	26.80%
Net Nonoperating Expense Percent (NNEP)	0.86%	0.39%	0.31%	0.83%	0.31%	1.41%	0.63%	2.28%	2.29%	1.01%	1.14%
Return On Investment Capital (ROIC_SIMPLE)	-0.11%	-	-	-	-0.19%	0.00%	0.40%	1.55%	-0.17%	0.09%	0.84%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	48.59%	52.09%	34.43%	29.63%	51.95%	44.30%	36.22%	32.17%	51.29%	40.96%	34.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	108.84%	111.03%	77.05%	63.37%	114.45%	100.00%	78.32%	73.89%	111.94%	94.35%	75.88%
Earnings before Interest and Taxes (EBIT)	-2.00	-13	96	186	-25	7.00	93	119	-30	28	124
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	247	193	295	433	159	261	282	326	204	233	354
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.30	2.08	2.13	2.70	2.40	2.96	3.31	2.66	3.33	4.56	3.79
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.68	3.32	3.67	4.22	3.61	4.09	4.27	3.96	4.48	5.41	4.46
Price to Earnings (P/E)	61.20	55.55	50.90	47.17	56.16	61.20	80.50	19.73	37.89	893.16	69.47
Dividend Yield	6.44%	7.42%	7.06%	5.71%	6.77%	5.91%	5.65%	6.46%	5.63%	4.59%	5.34%
Earnings Yield	1.63%	1.80%	1.96%	2.12%	1.78%	1.63%	1.24%	5.07%	2.64%	0.11%	1.44%
Enterprise Value to Invested Capital (EV/IC)	1.22	1.17	1.19	1.29	1.23	1.30	1.30	1.24	1.31	1.43	1.35
Enterprise Value to Revenue (EV/Rev)	11.40	11.44	12.08	11.71	11.05	11.69	12.65	12.70	13.08	13.97	12.54
Enterprise Value to EBITDA (EV/EBITDA)	14.45	14.73	14.88	13.65	14.03	14.29	15.96	16.44	17.41	19.85	17.67
Enterprise Value to EBIT (EV/EBIT)	47.56	58.49	79.43	59.82	62.09	62.26	69.40	90.01	98.87	98.78	81.88
Enterprise Value to NOPAT (EV/NOPAT)	81.38	109.67	169.76	108.14	110.43	104.36	114.49	155.90	166.84	164.63	133.61
Enterprise Value to Operating Cash Flow (EV/OCF)	21.34	20.82	19.60	20.37	19.68	20.96	23.25	24.84	27.16	20.87	19.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	128.18	285.85	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.73	1.74	1.37	1.37	1.39	1.52	1.67	1.59	1.59	1.79	1.77
Long-Term Debt to Equity	1.62	1.63	1.30	1.30	1.32	1.44	1.59	1.53	1.47	1.68	1.67
Financial Leverage	1.48	1.45	1.30	1.29	1.33	1.41	1.36	1.32	1.32	1.47	1.55
Leverage Ratio	2.99	3.00	2.75	2.79	2.75	2.82	2.70	2.65	2.70	2.87	2.94
Compound Leverage Factor	212.44	13.61	0.40	0.90	5.28	-41.89	0.49	0.65	10.53	-7.18	0.64
Debt to Total Capital	63.43%	63.51%	57.81%	57.80%	58.21%	60.26%	62.62%	61.42%	61.39%	64.10%	63.86%
Short-Term Debt to Total Capital	4.09%	4.08%	3.04%	3.09%	3.23%	2.87%	3.08%	2.28%	4.62%	3.95%	3.68%
Long-Term Debt to Total Capital	59.35%	59.43%	54.77%	54.71%	54.98%	57.38%	59.53%	59.15%	56.76%	60.15%	60.18%
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%	0.00%
Noncontrolling Interests to Total Capital	21.19%	21.61%	26.32%	26.22%	26.30%	25.50%	25.00%	24.92%	26.05%	24.53%	24.19%
Common Equity to Total Capital	15.38%	14.88%	15.86%	15.99%	15.50%	14.25%	12.39%	13.65%	12.56%	11.37%	11.95%
Debt to EBITDA	8.35	8.78	7.73	6.59	7.18	7.15	8.23	8.68	8.76	9.51	8.85
Net Debt to EBITDA	6.99	7.47	6.85	5.74	6.21	6.27	7.28	7.79	7.73	8.52	8.03
Long-Term Debt to EBITDA	7.82	8.21	7.32	6.24	6.78	6.80	7.83	8.36	8.10	8.93	8.34
Debt to NOPAT	47.06	65.37	88.13	52.23	56.48	52.17	59.08	82.30	83.95	78.90	66.96
Net Debt to NOPAT	39.40	55.61	78.11	45.48	48.88	45.75	52.23	73.89	74.04	70.63	60.74
Long-Term Debt to NOPAT	44.03	61.17	83.50	49.44	53.35	49.68	56.17	79.25	77.63	74.05	63.10
Altman Z-Score	0.48	0.42	0.48	0.60	0.48	0.52	0.50	0.49	0.47	0.52	0.52
Noncontrolling Interest Sharing Ratio	51.98%	54.34%	56.49%	57.14%	60.56%	61.78%	64.60%	63.38%	65.26%	66.27%	66.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.72	1.71	1.46	1.59	1.49	1.52	1.42	1.54	1.13	1.11	1.21
Quick Ratio	0.97	0.96	0.69	0.74	0.69	0.70	0.59	0.71	0.39	0.55	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,232	-2,609	-2,728	-2,009	-45	-100	-1,119	-1,483	-1,961	-1,834	-617
Operating Cash Flow to CapEx	298.55%	82.65%	188.46%	860.00%	384.00%	169.64%	251.32%	277.78%	166.98%	534.67%	254.76%
Free Cash Flow to Firm to Interest Expense	-15.83	-44.99	-30.31	-14.45	-1.80	-0.86	-13.48	-14.13	-21.55	-17.81	-5.71
Operating Cash Flow to Interest Expense	1.46	1.40	2.18	2.17	7.68	0.82	2.30	2.14	1.95	3.89	1.98
Operating Cash Flow Less CapEx to Interest Expense	0.97	-0.29	1.02	1.91	5.68	0.34	1.39	1.37	0.78	3.17	1.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.09	0.09	0.10	0.09	0.10	0.09	0.09	0.09	0.09	0.10
Accounts Receivable Turnover	8.11	7.72	5.29	6.91	8.19	7.66	5.86	6.29	8.74	7.80	5.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.16	0.15	0.14	0.15	0.14	0.14	0.13	0.13	0.13	0.13	0.14
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	45.00	47.29	68.97	52.85	44.59	47.64	62.32	58.00	41.76	46.82	61.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	45.00	47.29	68.97	52.85	44.59	47.64	62.32	58.00	41.76	46.82	61.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,305	12,563	12,716	12,386	12,324	12,663	13,895	14,101	14,259	14,511	14,641
Invested Capital Turnover	0.12	0.11	0.11	0.12	0.11	0.11	0.11	0.10	0.11	0.11	0.11
Increase / (Decrease) in Invested Capital	2,217	2,589	2,752	2,089	19	100	1,179	1,715	1,935	1,848	746
Enterprise Value (EV)	14,982	14,740	15,092	15,972	15,150	16,436	18,112	17,461	18,686	20,743	19,734
Market Capitalization	4,835	4,277	4,581	5,755	4,942	5,753	6,118	5,445	6,403	8,038	7,016
Book Value per Share	$10.40	$17.59	$10.64	$10.56	$10.21	$9.61	$9.15	$10.13	$9.44	$8.59	$9.02
Tangible Book Value per Share	($1.35)	($2.33)	($0.67)	($0.52)	($0.64)	($1.02)	($2.13)	($1.78)	($2.14)	($3.31)	($2.62)
Total Capital	13,659	13,833	13,552	13,347	13,313	13,637	14,926	15,007	15,316	15,510	15,487
Total Debt	8,664	8,786	7,835	7,714	7,749	8,217	9,346	9,218	9,402	9,942	9,890
Total Long-Term Debt	8,106	8,221	7,423	7,302	7,319	7,825	8,886	8,876	8,694	9,330	9,320
Net Debt	7,253	7,474	6,944	6,718	6,707	7,206	8,263	8,276	8,293	8,900	8,972
Capital Expenditures (CapEx)	69	98	104	35	50	56	76	81	106	75	84
Debt-free, Cash-free Net Working Capital (DFCFNWC)	161	225	162	128	46	36	27	73	24	34	209
Debt-free Net Working Capital (DFNWC)	1,212	1,188	732	802	779	747	813	714	842	714	752
Net Working Capital (NWC)	654	623	320	390	349	355	353	372	134	102	182
Net Nonoperating Expense (NNE)	58	26	20	53	22	104	48	172	173	82	99
Net Nonoperating Obligations (NNO)	7,310	7,516	6,999	6,753	6,760	7,243	8,315	8,312	8,345	8,943	9,044
Total Depreciation and Amortization (D&A)	249	206	199	247	184	254	189	207	234	205	230
Debt-free, Cash-free Net Working Capital to Revenue	12.25%	17.46%	12.97%	9.38%	3.36%	2.56%	1.89%	5.31%	1.68%	2.29%	13.28%
Debt-free Net Working Capital to Revenue	92.24%	92.16%	58.61%	58.80%	56.82%	53.13%	56.77%	51.93%	58.92%	48.08%	47.78%
Net Working Capital to Revenue	49.77%	48.33%	25.62%	28.59%	25.46%	25.25%	24.65%	27.05%	9.38%	6.87%	11.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.29	($0.04)	$0.86	$0.62	$0.81	$0.06	$0.56	$4.00	($1.76)	($2.70)	$2.00
Adjusted Weighted Average Basic Shares Outstanding	117M	117M	117M	118M	118M	118M	118M	118M	119M	121M	121M
Adjusted Diluted Earnings per Share	$0.62	($0.04)	$0.86	$0.62	$0.06	$0.06	$0.56	$4.00	($1.76)	($2.70)	$2.00
Adjusted Weighted Average Diluted Shares Outstanding	152M	117M	117M	118M	153M	118M	118M	118M	154M	121M	121M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	202.08M	202.14M	202.14M	202.15M	202.15M	202.19M	202.19M	203.77M	205.22M	205.27M	205.27M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-20	61	125	-23	2.10	61	81	-20	19	85
Normalized NOPAT Margin	-5.90%	-7.45%	16.64%	25.64%	-9.02%	0.70%	15.67%	18.76%	-6.55%	5.34%	17.61%
Pre Tax Income Margin	-57.03%	-22.43%	3.83%	12.35%	-18.75%	-34.90%	4.34%	6.76%	-37.74%	-19.77%	5.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.01	-0.22	1.07	1.34	-1.00	0.06	1.12	1.13	-0.33	0.27	1.15
NOPAT to Interest Expense	-0.11	-0.35	0.27	0.58	-1.04	0.00	0.72	2.21	-0.28	0.14	1.19
EBIT Less CapEx to Interest Expense	-0.50	-1.91	-0.09	1.09	-3.00	-0.42	0.20	0.36	-1.49	-0.46	0.37
NOPAT Less CapEx to Interest Expense	-0.60	-2.04	-0.89	0.32	-3.04	-0.48	-0.19	1.44	-1.45	-0.59	0.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2,464.29%	-2,080.00%	787.00%	851.14%	-542.86%	-422.31%	-1,221.24%	-1,275.00%	322.08%	226.15%	132.77%
Augmented Payout Ratio	-2,464.29%	-2,080.00%	787.00%	851.14%	-542.86%	-422.31%	-1,221.24%	-1,275.00%	322.08%	226.15%	132.77%

Financials Breakdown Chart

Key Financial Trends

Clearway Energy (NYSE:CWEN) showed a sharp rebound in profitability and operating cash flow in Q1 2026, but the latest quarter also highlighted a highly leveraged balance sheet and continued dependence on debt and noncontrolling interests.

Compared with Q1 2025, revenue improved meaningfully and operating results moved back into positive territory. At the same time, Clearway’s cash generation remained strong enough to cover a sizable dividend, although investing activity and debt service continued to consume a large amount of cash.

Revenue rebounded to $354 million in Q1 2026 from $298 million in Q1 2025, showing a solid year-over-year recovery.
Operating income turned positive at $20 million versus break-even operating income in Q1 2025, indicating better core profitability.
Operating cash flow was strong at $401 million in Q1 2026, up from $95 million a year earlier, helped by heavy non-cash add-backs such as depreciation and amortization.
Cash and equivalents increased to $325 million from $297 million at the end of Q1 2025, while restricted cash remained substantial at $355 million.
Common equity improved modestly to $1.763 billion from $1.943 billion a year earlier, despite continued volatility in other equity components.
Dividend coverage remains a key focus; Q1 2026 cash dividends to common stockholders were $0.9204 per share, versus diluted EPS of -$2.70, so earnings did not cover the payout.
Noncontrolling interests remain large at $3.74 billion, meaning a meaningful portion of the enterprise is not attributable to common shareholders.
Capital spending and acquisitions stayed elevated, with $75 million of PP&E purchases and $304 million of acquisitions in Q1 2026.
Net loss widened for common shareholders to $163 million in Q1 2026 from $3 million in Q1 2025, largely due to a big swing in noncontrolling interest attribution and still-heavy financing costs.
Leverage remains high, with long-term debt of $8.504 billion and total liabilities of $11.363 billion versus total assets of $16.931 billion.

Looking at the broader trend over the last four years, Clearway Energy has generally generated stable operating cash flow, but reported earnings have been volatile due to depreciation, interest expense, acquisition activity, and the structure of its assets. The company’s revenue trend has improved since 2023, and 2025 ended on a stronger note before the Q1 2026 setback at the common-shareholder level.

For retail investors, the main takeaway is that Clearway still looks like a cash-generating infrastructure/renewable platform, but the stock’s investment case depends heavily on disciplined capital allocation, debt management, and whether future operating gains can outpace financing costs and dividend obligations.

08/21/26 11:49 AM ETAI Generated. May Contain Errors.

Clearway Energy Financials - Frequently Asked Questions

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

Clearway Energy's net income appears to be on an upward trend, with a most recent value of -$231 million in 2025, falling from $72 million in 2015. The previous period was -$63 million in 2024. See where experts think Clearway Energy is headed by visiting Clearway Energy's forecast page.

Clearway Energy's total operating income in 2025 was $160 million, based on the following breakdown:

Total Gross Profit: $1.43 billion
Total Operating Expenses: $1.27 billion

Over the last 10 years, Clearway Energy's total revenue changed from $968 million in 2015 to $1.43 billion in 2025, a change of 47.6%.

Clearway Energy's total liabilities were at $10.74 billion at the end of 2025, a 22.5% increase from 2024, and a 80.5% increase since 2015.

In the past 10 years, Clearway Energy's cash and equivalents has ranged from $111 million in 2015 to $657 million in 2022, and is currently $231 million as of their latest financial filing in 2025.

Over the last 10 years, Clearway Energy's book value per share changed from 10.07 in 2015 to 9.44 in 2025, a change of -6.2%.

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Financial statements for NYSE:CWEN last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Clearway Energy (CWEN) Financials

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Clearway Energy (CWEN) Financials

Annual Income Statements for Clearway Energy

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Annual Cash Flow Statements for Clearway Energy

Quarterly Cash Flow Statements for Clearway Energy

Annual Balance Sheets for Clearway Energy

Quarterly Balance Sheets for Clearway Energy

Annual Metrics And Ratios for Clearway Energy

Quarterly Metrics And Ratios for Clearway Energy

Financials Breakdown Chart

Key Financial Trends

Clearway Energy Financials - Frequently Asked Questions

When does Clearway Energy's financial year end?

How has Clearway Energy's net income changed over the last 10 years?

What is Clearway Energy's operating income?

How has Clearway Energy's revenue changed over the last 10 years?

How much debt does Clearway Energy have?

How much cash does Clearway Energy have?

How has Clearway Energy's book value per share changed over the last 10 years?

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