Clearway Energy (CWEN) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 results at the top end of guidance, with 1.3 GW of new projects added and robust execution on growth objectives, including major PPAs with hyperscalers and utilities serving data centers.

• Advanced fleet repowerings, contract extensions, and sponsor-enabled growth programs, with a late-stage pipeline expanded to 11.2 GW and 2 GW contracted for data centers.

• Reaffirmed 2026 CAFD guidance and 2027 CAFD per share target of $2.70 or better, with a clear pathway to $2.90–$3.10 per share by 2030, representing a 7–8% CAGR from 2025.

• Significant progress in commercializing new projects, with all committed projects on track and advanced permitting and tax credit qualification for 2026–2027 repowerings.

• Robust demand from data centers and hyperscalers is driving new contracting and growth opportunities.

Financial highlights

• Full-year 2025 CAFD reached $430 million, at the top end of original $400–$440 million guidance; Adjusted EBITDA was $1,217 million.

• Q4 2025 Adjusted EBITDA was $237 million; CAFD was $35 million.

• 2026 CAFD guidance reiterated at $470–$510 million.

• 2025 net income was a loss of $231 million, with significant non-cash charges and adjustments reflected in non-GAAP metrics.

• Operating revenues for 2025 were $1,429 million, up from $1,371 million in 2024.

Outlook and guidance

• 2027 CAFD per share target reaffirmed at $2.70 or better; 2030 target set at $2.90–$3.10 per share, with 5–8%+ annual growth targeted beyond 2030.

• Confident in sustaining 5–8%+ CAFD per share growth beyond 2030.

• Formal long-term guidance update expected later in the year.

• Guidance reflects variability in resource performance, energy pricing, and timing of growth investments.

• Forward-looking statements subject to risks including market conditions, regulatory changes, weather, counterparties, and ability to execute growth investments.