Clearway Energy (CWEN) Q3 2026 earnings summary

Executive summary

• Reaffirmed 2026 CAFD guidance of $430–470M, initiated 2027 guidance of $520–590M and set a 2031 target of $3.20–$3.40 CAFD/share, implying 7–8%+ CAGR from 2025.

• Sponsor-enabled investment opportunities through 2029 exceeded $2.3B across 6+ GW; the broader sponsor-developed pipeline reached ~16 GW.

• Q3 2026 Adjusted EBITDA was $435M and CAFD was $173M; revenue increased to $522M from $429M YoY.

Financial highlights

• Q3 Adjusted EBITDA was $435M and CAFD was $173M; YTD Adjusted EBITDA was $1.101B and CAFD was $410M.

• Q3 revenue was $522M vs. $429M YoY and operating income was $135M vs. $112M; 9M revenue was $1.357B vs. $1.119B.

• 9M operating cash flow was $939M vs. $511M; investing cash use was $896M and financing cash use was $115M.

• Q3 net income was $123M vs. $60M YoY, primarily reflecting growth investments and interest-rate swap mark-to-market.

Outlook and guidance

• 2026 CAFD guidance remains $430–470M, reflecting updated renewable production expectations and potential variation in resource, performance, pricing and project timing.

• 2027 CAFD guidance is $520–590M, with a $555M midpoint based on median renewable production at P50; the DPS target is ~$1.98.

• The 2031 target is $3.20–$3.40 CAFD/share, representing 7–8%+ CAGR from 2025; management sees potential to reach the top end or better.

• The 2026–2030 capital plan is ~$4.1B, with annual investment in 2027–2030 expected to be roughly double 2026’s level.

• Digital infrastructure projects could support results above stated growth goals; a 60–70% payout ratio from 2031 supports ~6% CAFD/share growth with minimal external equity under the stated scenario.