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Talen Energy
Talen Energy (TLNE) investor relations material
Talen Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved FY 2025 Adjusted EBITDA of $1,035 million and Adjusted Free Cash Flow of $524 million, both up significantly year-over-year due to higher capacity prices, AWS PPA ramp, and acquisitions.
Reported a GAAP net loss of $(219) million for 2025, mainly due to non-recurring items and a $501 million stock-based compensation charge.
Closed Freedom and Guernsey acquisitions, adding 2.8 GW of efficient baseload generation and diversifying cash flows.
Announced the pending Cornerstone Acquisition, expected to close in summer 2026, further expanding baseload generation and presence in western PJM.
Reaffirmed 2026 guidance for Adjusted EBITDA of $1,750–$2,050 million and Adjusted Free Cash Flow of $980–$1,180 million, excluding Cornerstone impact.
Financial highlights
Q4 2025 Adjusted EBITDA was $382 million, up from $164 million in Q4 2024; FY 2025 Adjusted EBITDA was $1,035 million, up from $770 million in FY 2024.
Q4 2025 Adjusted Free Cash Flow was $283 million, up from $21 million in Q4 2024; FY 2025 Adjusted Free Cash Flow was $524 million, up from $283 million in FY 2024.
Operating revenues rose to $2,581 million in 2025 from $2,115 million in 2024, with capacity revenues increasing from $192 million to $485 million.
Liquidity as of February 2026 exceeded $2.1 billion, including $1.2 billion cash and a $900 million revolver.
Net leverage ratio at 3.0x using 2026 EBITDA guidance midpoint.
Outlook and guidance
2026 Adjusted EBITDA guidance: $1,750–$2,050 million; Adjusted Free Cash Flow: $980–$1,180 million, excluding Cornerstone Acquisition.
Cornerstone Acquisition could add $4+ per share in annual free cash flow upon closing, with >15% accretion expected.
Hedged approximately 90% of expected 2026 generation volumes and 40% for 2027, supporting cash flow stability.
Net leverage target below 3.5x by year-end 2026, including Cornerstone debt.
Free cash flow per share expected to more than double from 2025 to 2026.
Leverage target post-Cornerstone acquisition
GAAP profitability outlook beyond 2025
2027 hedging strategy and market exposure
How will Talen manage new site development?
What RBP structure enables new build financing?
How does rising contracted margin impact hedging?
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Next Talen Energy earnings date
Q1 20267 May, 2026
Talen Energy
Next Talen Energy earnings date
Q1 20267 May, 2026
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Frequently asked questions
Talen Energy Corporation is an independent power producer and infrastructure company in the United States. It operates across different wholesale power markets, including PJM, ERCOT, and WECC, and primarily serves regions like the Mid-Atlantic, Texas, and Montana. The company owns and manages a diverse generation fleet, comprising nuclear, fossil, solar, gas, and coal power plants. Talen Energy focuses on producing and selling electricity, capacity, and ancillary services. Additionally, it is engaged in battery storage projects and advancing clean energy through decarbonization efforts, including converting coal plants to lower-carbon fuels and developing zero-carbon solutions like its hyperscale data center campus next to its Susquehanna nuclear plant. The company is headquartered in Houston, Texas, and its shares are listed on the OTC Markets.
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