10-K · February 24, 2026
Clearway positions itself as a large, contracted U.S. owner/operator of clean energy with a 12.9 GW portfolio (≈10.1 GW wind/solar/BESS and ≈2.8 GW Flexible Generation) and a strategy to grow via acquisitions and…
Earnings analysis · 10-Q
CWEN earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Clearway Energy, Inc. reported Q1 2026 results showing impressive revenue growth, with actual revenue hitting $354 million, an increase of 19% year-over-year compared to $298 million in Q1 2025. However, EPS was notably…
Read full summary
Clearway Energy, Inc. reported Q1 2026 results showing impressive revenue growth, with actual revenue hitting $354 million, an increase of 19% year-over-year compared to $298 million in Q1 2025. However, EPS was notably down at -$1.35, significantly missing the expected -$0.40, driven by high operating costs and interest expenses. Management remains committed to maintaining dividend distributions and anticipates growth in Cash Available for Distribution (CAFD) for 2026 despite current challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.35
- Segment
- Flexible Generation
- Segment
- Renewables & Storage
What stood out
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Revenue Growth of 19% YoY
Q1 2026 revenue was $354 million, up from $298 million in Q1 2025.
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Operating Income Record
Operating income for Q1 2026 was $20 million, compared to losses in the previous year.
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Increase in Cash from Operations
Net cash provided by operating activities was $401 million, significantly up from $95 million in Q1 2025.
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Successful Acquisition
Acquisition of the 610 MW Cardinal Portfolio completed for $324 million, expanding operational capacity.
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Stable Cash Position
Liquidity increased to $1,229 million at the end of Q1 2026, up from $1,061 million.
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Dividends Maintained
Dividends per Class C share were $0.4602, reflecting commitment to shareholder returns.
What to watch
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Significant EPS Decline
EPS was -$1.35 versus expected -$0.40, raising concerns over profitability.
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Increasing Interest Expenses
Interest expenses decreased to $101 million from $116 million, but remain high relative to revenue.
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Potential Regulatory Risks
Undergoing regulatory scrutiny could affect operational stability and profitability.
Management's outlook
CAFD guidance for 2026 remains unchanged at $470 million to $510 million.
Earlier filings 4
10-K · February 25, 2025
Clearway Energy, Inc. continues to position itself as a leading clean energy provider in North America, with a focus on long-term contracted renewable energy and battery storage assets, comprising approximately 11.8 GW…
10-Q · August 1, 2024
Clearway reported Q2 operating revenues of $366.0M (down $40.0M vs. Q2 2023) and operating income of $84M, leaving an operating margin of ~23.0%. GAAP EPS rose to $0.43 from $0.33 a year ago, supported by non-operating…
10-K · February 22, 2024
Clearway Energy positions itself as a large, North America‑focused owner of contracted renewable and conventional generation with approximately 6,000 net MW of installed wind, solar and storage and ~8,500 net MW of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.