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Clearway Energy (CWEN)
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Clearway Energy Income Statement 2025-2010 | CWEN
Brief overview of profit and loss at Clearway Energy
This overview is based on financial performance over the past five years. Revenue at Clearway Energy moved from 1.2 billion dollars in 2020 to 1.4 billion dollars in 2025. The total change was +19.2%, with a CAGR of approximately 3.6%. Sales changed only slightly and remained broadly flat.
Gross profit changed from $833 million to $899 million (+7.9%). Cost of revenue developed less favorably than sales and pressured gross profitability. Gross profit as a share of revenue changed from 69.5% to 62.9%. A lower margin indicates deterioration in the economics of the core business.
EBITDA changed from $761 million to $842 million (+10.6%). EBITDA broadly followed the top-line trend. EBITDA margin moved from 63.5% to 58.9%. Operating return per unit of revenue declined.
Net income changed from $25 million to $169 million (+576%). Revenue converted into net income more efficiently.
Market value was 3.2 billion dollars at the start and 7.9 billion dollars at the end. Market value lagged the financial performance.
Conclusion
The results contain several connected negative signals. Key strengths include improving net profitability. The main areas of concern are a declining EBITDA margin, weak sales momentum and pressure from direct costs. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Clearway Energy
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
7.92 B | 7.86 B | 4.57 B | 6.32 B | 6.67 B | 5.86 B | 2.35 B | 1.54 B | 1.87 B | 1.62 B | 1.11 B | - | - | - | - | - |
Shares |
204 M | 202 M | 202 M | 202 M | 202 M | 202 M | 109 M | 104 M | 99 M | 98 M | 84 M | - | - | - | - | - |
Historical Prices |
38.9 | 38.9 | 22.6 | 31.3 | 33 | 29 | 19 | 12.8 | 15 | 12.7 | 9.33 | - | - | - | - | - |
Net Income |
169 M | 88 M | 79 M | 582 M | 51 M | 25 M | -11 M | 48 M | -16 M | 57 M | 33 M | 16 M | 13 M | 13 M | 15 M | - |
Revenue |
1.43 B | 1.37 B | 1.31 B | 1.19 B | 1.29 B | 1.2 B | 1.03 B | 1.05 B | 1.01 B | 1.02 B | 869 M | 583 M | 313 M | 175 M | 164 M | - |
Cost of Revenue |
530 M | 501 M | 473 M | 435 M | 451 M | 366 M | 337 M | 327 M | 326 M | 308 M | 323 M | 277 M | 154 M | 114 M | 108 M | - |
Gross Profit |
899 M | 870 M | 841 M | 755 M | 835 M | 833 M | 690 M | 721 M | 683 M | 715 M | 557 M | 369 M | 186 M | 69 M | 61 M | - |
Operating Income |
160 M | 196 M | 263 M | 1.47 B | 267 M | 333 M | 224 M | 347 M | 283 M | 222 M | 326 M | 306 M | 181 M | 29 M | 28 M | - |
Interest Expense |
387 M | 307 M | 337 M | 232 M | 312 M | 415 M | 404 M | 306 M | 307 M | 284 M | 267 M | 216 M | 72 M | 28 M | 19 M | - |
EBITDA |
842 M | 823 M | 789 M | 1.98 B | 776 M | 761 M | 656 M | 698 M | 664 M | 699 M | 545 M | 361 M | 179 M | 56 M | 50 M | - |
Operating Expenses |
739 M | 674 M | 578 M | -715 M | 568 M | 500 M | 430 M | 354 M | 353 M | 313 M | 277 M | 144 M | 58 M | 38 M | 33 M | - |
General and Administrative Expenses |
41 M | 39 M | 36 M | 40 M | 40 M | 34 M | 29 M | 20 M | 19 M | 16 M | 12 M | 8 M | 7 M | 13 M | 11 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Clearway Energy
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
205 M | 205 M | 205 M | 204 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 202 M | 201 M | 201 M | 199 M | 199 M | 193 M | 193 M | 193 M | 193 M | 193 M | 193 M | 193 M | - | - | - | - | 63 M | 63 M | 63 M | 63 M | - | - | - | 35 M | 35 M | 31 M | 23 M | 23 M | 23 M | 23 M | - | - | - | - | - | - | - | - | - | - |
Net Income |
123 M | 30 M | -68 M | -199 M | 60 M | 12 M | -104 M | -48 M | 27 M | 4 M | -46 M | -73 M | 15 M | 84 M | -40 M | -54 M | 62 M | 1.15 B | -97 M | -56 M | 25 M | 31 M | -78 M | -25 M | 32 M | 47 M | -29 M | -6 M | 39 M | -24 M | -20 M | -68 M | 21 M | 79 M | 16 M | -70 M | 29 M | 28 M | -3 M | -13 M | 33 M | 32 M | 5 M | 11 M | 17 M | 10 M | -5 M | 4 M | 6 M | 6 M | 4 M | 37 M | 9 M | 35 M | 11 M | 5 M | 4 M | -1 M | 5 M | - | - | - | - |
Revenue |
522 M | 481 M | 354 M | 310 M | 429 M | 392 M | 298 M | 256 M | 486 M | 366 M | 263 M | 249 M | 371 M | 406 M | 288 M | 268 M | 340 M | 368 M | 214 M | 318 M | 351 M | 380 M | 237 M | 280 M | 332 M | 329 M | 55 M | 235 M | 64 M | 57 M | 55 M | 229 M | 63 M | 57 M | 61 M | 231 M | 269 M | 288 M | 221 M | 235 M | 276 M | 287 M | 237 M | 224 M | 256 M | 259 M | 214 M | 212 M | 199 M | 194 M | 141 M | 118 M | 126 M | 82 M | 53 M | 42 M | 47 M | 42 M | 44 M | - | - | - | - |
Cost of Revenue |
167 M | 149 M | 134 M | 149 M | 128 M | 131 M | 122 M | 123 M | 135 M | 117 M | 126 M | 113 M | 134 M | 118 M | 108 M | 97 M | 98 M | 112 M | 128 M | 117 M | 117 M | 107 M | 110 M | 91 M | 95 M | 87 M | 93 M | 92 M | 84 M | 78 M | 83 M | 80 M | 84 M | 74 M | 89 M | 85 M | 79 M | 77 M | 85 M | 70 M | 76 M | 77 M | 85 M | 77 M | 82 M | 75 M | 84 M | 104 M | 60 M | 53 M | 60 M | - | 44 M | 32 M | 29 M | - | 28 M | - | - | - | - | - | - |
Gross Profit |
355 M | 332 M | 220 M | 161 M | 301 M | 261 M | 176 M | 133 M | 351 M | 249 M | 137 M | 136 M | 237 M | 288 M | 180 M | 171 M | 242 M | 256 M | 86 M | 201 M | 234 M | 273 M | 127 M | 189 M | 237 M | 242 M | -38 M | 143 M | -20 M | -21 M | -28 M | 149 M | -21 M | -17 M | -28 M | 146 M | 190 M | 211 M | 136 M | 165 M | 200 M | 210 M | 152 M | 147 M | 174 M | 184 M | 130 M | 108 M | 139 M | 141 M | 81 M | - | 82 M | 50 M | - | - | - | - | - | - | - | - | - |
Operating Income |
135 M | 116 M | 20 M | -37 M | 112 M | 85 M | - | -37 M | 178 M | 84 M | -29 M | -22 M | 94 M | 149 M | 42 M | 12 M | 105 M | 1.41 B | -53 M | 59 M | 89 M | 133 M | -14 M | 28 M | 123 M | 130 M | 52 M | 6 M | 90 M | 87 M | 41 M | 54 M | 100 M | 144 M | 49 M | 20 M | 84 M | 125 M | 54 M | -100 M | 119 M | 130 M | 73 M | 70 M | 101 M | 99 M | 50 M | 71 M | 84 M | 60 M | 51 M | 54 M | 63 M | 38 M | 12 M | 3 M | 11 M | 8 M | 9 M | - | - | - | - |
Interest Expense |
12 M | 8 M | 8 M | 7 M | 7 M | 8 M | 7 M | 12 M | 8 M | 12 M | 16 M | 20 M | 15 M | 9 M | 8 M | 7 M | 5 M | 5 M | 47 M | - | 1 M | 1 M | 1 M | 2 M | 85 M | 93 M | 2 M | 3 M | 2 M | 1 M | 3 M | 4 M | 2 M | 1 M | 1 M | 1 M | 1 M | 1 M | 1 M | - | 1 M | 2 M | 74 M | 1 M | 71 M | 51 M | 1 M | 4 M | 1 M | 34 M | 1 M | - | 21 M | 1 M | 5 M | - | 5 M | - | - | - | - | - | - |
EBITDA |
333 M | 312 M | 202 M | -350 M | 288 M | 248 M | 163 M | -324 M | 342 M | 237 M | 125 M | -225 M | 227 M | 277 M | 170 M | -193 M | 234 M | 1.53 B | 71 M | -185 M | 220 M | 261 M | 114 M | -184 M | 225 M | 229 M | 154 M | -210 M | 204 M | 177 M | 126 M | -122 M | 184 M | 226 M | 130 M | -155 M | 174 M | 204 M | 131 M | -253 M | 194 M | 205 M | 147 M | 85 M | 170 M | 169 M | 117 M | 80 M | 118 M | 114 M | 75 M | 54 M | 81 M | 48 M | 22 M | 3 M | 17 M | 14 M | 9 M | - | - | - | - |
Operating Expenses |
220 M | 216 M | 200 M | 198 M | 189 M | 176 M | 176 M | 170 M | 173 M | 165 M | 166 M | 158 M | 143 M | 139 M | 138 M | 159 M | 137 M | -1.15 B | 139 M | 142 M | 145 M | 140 M | 141 M | 161 M | 114 M | 112 M | -90 M | 137 M | -110 M | -108 M | -69 M | 95 M | 84 M | 74 M | 89 M | 85 M | 79 M | 77 M | 85 M | 70 M | 76 M | 77 M | 85 M | 77 M | 82 M | 75 M | 84 M | 104 M | 60 M | 53 M | 60 M | - | 44 M | 32 M | 29 M | - | 28 M | - | - | - | - | - | - |
General and Administrative Expenses |
13 M | 15 M | 11 M | 10 M | 10 M | 11 M | 10 M | 10 M | 9 M | 9 M | 11 M | 8 M | 9 M | 9 M | 10 M | 9 M | 8 M | 11 M | 12 M | 10 M | 10 M | 10 M | 10 M | 4 M | 9 M | 12 M | 9 M | 9 M | 7 M | 7 M | 6 M | 3 M | 6 M | 6 M | 5 M | 5 M | 4 M | 6 M | 4 M | 6 M | 4 M | 3 M | 3 M | 3 M | 3 M | 3 M | 3 M | 1 M | 3 M | 2 M | 2 M | - | 1 M | 2 M | 2 M | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Clearway Energy (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.