Financial Performance - Clearway Energy, Inc. reported a full year 2025 Net Loss of $231 million and Adjusted EBITDA of $1,217 million, with Cash from Operating Activities of $688 million and Cash Available for Distribution (CAFD) of $430 million[2][4]. - For the fourth quarter of 2025, Clearway reported a Net Loss of $199 million and Adjusted EBITDA of $237 million, with Cash from Operating Activities of $177 million and CAFD of $35 million[8]. - Total operating revenues for 2025 reached $1,429 million, an increase of 4.2% from $1,371 million in 2024[33]. - Operating income decreased to $160 million in 2025, down 18.4% from $196 million in 2024[33]. - Net loss attributable to Clearway Energy, Inc. was $169 million in 2025, compared to a net income of $88 million in 2024[33]. - Comprehensive income attributable to Clearway Energy, Inc. was $170 million in 2025, compared to $84 million in 2024, indicating a significant recovery[35]. - Net loss for the year ended December 31, 2025, was $231 million, compared to a loss of $63 million in 2024 and $14 million in 2023[40]. - Net income for the twelve months ended December 31, 2025, was a loss of $231 million, compared to a loss of $63 million in 2024[46][45]. Cash Flow and Liquidity - Net cash provided by operating activities for 2025 was $688 million, a decrease from $770 million in 2024 and an increase from $702 million in 2023[40]. - Total liquidity as of December 31, 2025, was $1,061 million, which is $269 million lower than the same period in 2024, primarily due to growth investments[11]. - Cash, cash equivalents, and restricted cash at the end of the period were $818 million in 2025, up from $733 million in 2024[40]. - The change in total cash, cash equivalents, and restricted cash for 2025 was an increase of $85 million[49]. Debt and Capital Expenditures - The company raised $600 million in corporate debt and $50 million in equity since the last earnings call, reaffirming its 2026 financial guidance range of $470 million to $510 million for CAFD[4][25]. - Long-term debt rose to $7,898 million in 2025, an increase of 17% from $6,750 million in 2024[38]. - Payments for long-term debt in 2025 totaled $1,461 million, highlighting significant debt management efforts[49]. - The company reported capital expenditures of $319 million in 2025, compared to $287 million in 2024 and $212 million in 2023[40]. Growth and Future Outlook - The company achieved its 2025 financial results at the top end of the original guidance range, with a target of $2.90 to $3.10 of CAFD per share for 2030, and an expected growth of CAFD per share by 5-8%+ beyond 2030[3][4]. - Clearway's late-stage pipeline now includes 11.2 GW in opportunities, with 2 GW of contracts signed to provide power solutions for data centers[4]. - Clearway is targeting commercial operations for the 650 MW Swan Solar project in 2028, with a potential corporate capital commitment of approximately $215 million[17]. - The company has entered into an agreement to acquire interests in a 199 MW BESS facility and a 92 MW BESS facility for approximately $90 million, expected to close in the second half of 2026[19]. Shareholder Returns - Earnings per share attributable to Class A and Class C common stock increased to $1.43 in 2025, up from $0.75 in 2024[33]. - Dividends per Class A and Class C common share were $1.77 in 2025, compared to $1.65 in 2024, reflecting a 7.3% increase[33]. Operational Insights - Clearway's quarterly operating results are impacted by seasonal factors, with most revenues generated from May through September due to higher contracted pricing and renewable resources[23]. - Adjusted EBITDA for the total segment was $237 million for the three months ended December 31, 2025, with contributions of $54 million from Flexible Generation and $186 million from Renewables & Storage[43]. - The company reported depreciation, amortization, and accretion expenses of $682 million in 2025, compared to $627 million in 2024[40]. - The company experienced a net income of $88 million in 2024, which turned into a net loss of $76 million in 2025[42].
Clearway Energy(CWEN_A) - 2025 Q4 - Annual Results