Clearway Energy (CWEN) Q1 2026 earnings summary

Executive summary

• Reaffirmed 2026 CAFD guidance and 2027 CAFD per share target of $2.70 or better, with increased visibility to exceed the 2030 CAFD per share target range of $2.90–$3.10 and aiming for 5–8%+ annual growth into 2031.

• Portfolio includes 13.6 GW of gross capacity across 27 states, with 10.8 GW in wind, solar, and BESS, and 2.8 GW in flexible generation assets providing grid reliability services.

• Share class simplification approved and completed, increasing public float, trading liquidity, and capital allocation flexibility.

• Growth pipeline expanded to 12.7 GW, with Honeycomb Phase I funded and Cardinal solar portfolio acquisition completed in Q1 2026.

• Digital infrastructure, especially co-located data center campuses, is a growing long-term opportunity, with first load in Wyoming targeted for 2028 and Montana for 2030.

Financial highlights

• Q1 2026 Adjusted EBITDA was $257 million and CAFD was $70 million; operating revenues rose to $354 million from $298 million year-over-year.

• Net loss for Q1 2026 was $68 million, an improvement from $104 million in Q1 2025.

• Cash from operating activities increased to $401 million from $95 million year-over-year.

• Dividends per share increased to $0.4676 for Q2 2026.

• Reaffirmed full-year 2026 CAFD guidance of $470–$510 million and Adjusted EBITDA guidance of $1,441–1,481 million.

Outlook and guidance

• On track to deliver 2027 CAFD per share target of $2.70+ and aiming for the top end or better of the 2030 target of $2.90–$3.10.

• Plan to roll forward explicit CAFD per share growth target into 2031, targeting high end of 5–8% annual growth.

• 2026–2029 corporate capital deployment expected to reach $3 billion, excluding upside from M&A or digital infrastructure.

• Management expects to continue paying comparable cash dividends, supported by stable contracted cash flows.

• Liquidity position remains strong, with $1,229 million in cash, restricted cash, and revolver availability as of March 31, 2026.