Clearway Energy, Inc. reported its full‑year 2025 financial results, posting a net loss of $231 million, adjusted EBITDA of $1,217 million, and cash available for distribution (CAFD) of $430 million. While the company’s CAFD remained essentially flat from the $425 million reported in 2024, the net loss widened compared with the $63 million loss in 2024, and the Q4 earnings per share fell to a loss of $0.89 versus the consensus estimate of a loss of $0.21.
Revenue for the year reached $310 million, beating the consensus estimate of $304.8 million. The beat was driven by strong demand from data‑center customers, while the EPS miss was largely attributable to higher income‑tax expense and mark‑to‑market adjustments to economic hedges, as well as a higher project‑level debt service that reduced Q4 CAFD to $35 million from $40 million in Q4 2024.
Full‑year adjusted EBITDA rose to $1,217 million from $1,146 million in 2024, reflecting contributions from growth investments offset by lower wind resource at certain facilities. The net loss increase was driven by higher tax expense and hedging adjustments, while the modest CAFD increase of $5 million underscores the company’s ability to generate cash flow even amid higher operating costs.
Management reaffirmed its 2026 CAFD guidance of $470 million to $510 million and reiterated the 2030 per‑share target of $2.90 to $3.10. The company highlighted new 20‑year power purchase agreements with hyperscale data‑center customers in Missouri, Texas and West Virginia, positioning it to accelerate future CAFD growth and support the long‑term cash‑flow trajectory.
CEO Craig Cornelius said, “Clearway’s full year 2025 results came in at the top end of our original guidance range, reflecting strong operational and growth execution across our platform.” CFO Sarah Rubenstein added, “For the fourth quarter, Clearway delivered Adjusted EBITDA of $237 million and Cash Available for Distribution or free cash flow of $35 million.”
The results illustrate a company that is investing heavily in repowering projects and securing long‑term contracts, while facing headwinds from lower wind resources and higher debt service costs. The Q4 EPS miss signals short‑term earnings pressure, but the steady CAFD and robust guidance suggest management remains confident in its long‑term growth strategy and the expanding demand for renewable power from data‑center operators.
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