Detailed financial statements for Talen Energy Corporation (TLN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Talen Energy Corporation functions as an independent power producer and infrastructure enterprise, providing electricity, capacity, and essential ancillary services to wholesale energy markets across the United States. The company's diverse generation assets include nuclear, fossil fuel, solar, and coal-powered facilities. Additionally, it is currently engaged in the development of battery energy storage projects.
Analysis Summary
Trailing-twelve-month margins: gross margin 44.6%, operating margin 7.3%, net margin -5.2%.
At $343.12 (closing price, October 30, 2026), TLN has negative trailing earnings (P/E not meaningful) and an ROE of -14.09%. Market capitalisation stands at $16.2B, placing it among large-cap names.
Balance sheet quality for TLN: current ratio of 1.3, net debt of $6.07B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.77B | $2.41B | $2.44B | $2.07B | $2.63B |
| Cost of Revenue | $1.53B | $1.64B | $1.38B | $1.41B | $1.62B |
| Gross Profit | $241.0M | $770.0M | $1.05B | $664.0M | $1.00B |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $147.0M | $106.0M | $142.0M | $163.0M | $624.0M |
| Operating Expenses | $687.0M | $666.0M | $971.0M | $499.0M | $985.0M |
| Operating Income | -$446.0M | $104.0M | $84.0M | $165.0M | $16.0M |
| EBITDA | -$405.0M | -$355.0M | $977.0M | $1.77B | $512.0M |
| Interest Expense | $326.0M | $359.0M | $335.0M | $238.0M | $302.0M |
| Pre-tax Income | -$1.29B | -$1.33B | $871.0M | $1.11B | -$166.0M |
| Income Tax | -$297.0M | -$35.0M | $263.0M | $98.0M | $53.0M |
| Net Income | -$989.0M | -$1.29B | $613.0M | $998.0M | -$219.0M |
| EPS | $-21.72 | $-28.66 | $10.38 | $18.39 | $-4.79 |
| EPS (Diluted) | $-21.72 | $-28.66 | $10.38 | $17.67 | $-4.79 |
| Shares Outstanding (Diluted) | 45.0 M | 45.0 M | 59.0 M | 56.5 M | 45.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $770.0M | $771.0M | $1.24B | $747.0M |
| Gross Profit | $353.0M | $363.0M | $489.0M | $368.0M |
| Operating Income | $227.0M | -$261.0M | $364.0M | -$72.0M |
| EBITDA | $459.0M | -$181.0M | $266.0M | $177.0M |
| Net Income | $207.0M | -$363.0M | $63.0M | -$92.0M |
| EPS | $4.53 | $-7.95 | $1.38 | $-2.00 |
| EPS (Diluted) | $4.26 | $-7.70 | $1.33 | $-2.00 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $276.0M | $988.0M | $400.0M | $329.0M | $752.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $115.0M | $408.0M | $137.0M | $123.0M | $196.0M |
| Inventory | $403.0M | $457.0M | $375.0M | $302.0M | $278.0M |
| Total Current Assets | $2.80B | $4.26B | $1.55B | $1.04B | $1.35B |
| Property, Plant & Equipment | $4.66B | $4.63B | $3.84B | $3.15B | $7.55B |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $80.0M | $73.0M | 0 | $5.0M | 0 |
| Total Assets | $10.05B | $10.72B | $7.12B | $6.11B | $10.90B |
| Accounts Payable | $280.0M | $454.0M | $344.0M | $266.0M | $281.0M |
| Short-term Debt | $1.01B | $1.86B | $9.0M | $17.0M | $39.0M |
| Total Current Liabilities | $3.51B | $4.86B | $486.0M | $455.0M | $1.05B |
| Long-term Debt | $3.73B | $2.49B | $2.81B | $2.99B | $6.78B |
| Total Liabilities | $9.32B | $11.20B | $4.59B | $4.72B | $9.81B |
| Retained Earnings | 0 | 0 | $134.0M | -$326.0M | -$612.0M |
| Total Equity | $733.0M | -$573.0M | $2.46B | $1.39B | $1.09B |
| Total Debt | $4.74B | $4.35B | $2.82B | $3.00B | $6.82B |
| Net Debt | $4.47B | $3.36B | $2.42B | $2.67B | $6.07B |
| Working Capital | -$707.0M | -$598.0M | $1.07B | $585.0M | $299.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $497.0M | $752.0M | $1.03B | $231.0M |
| Total Assets | $6.10B | $10.90B | $10.99B | $15.07B |
| Total Liabilities | $4.63B | $9.81B | $9.92B | $13.43B |
| Total Equity | $1.47B | $1.09B | $1.07B | $1.62B |
| Total Debt | $2.99B | $6.82B | $6.81B | $9.57B |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$977.0M | -$1.29B | $613.0M | $998.0M | -$219.0M |
| Depreciation & Amortization | $555.0M | $614.0M | $507.0M | $421.0M | $376.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $526.0M |
| Change in Working Capital | -$20.0M | $348.0M | $188.0M | -$9.0M | -$103.0M |
| Operating Cash Flow | -$294.0M | $187.0M | $864.0M | $243.0M | $615.0M |
| Capital Expenditure | -$224.0M | -$312.0M | -$348.0M | -$189.0M | -$206.0M |
| Acquisitions | -$65.0M | 0 | $35.0M | $1.27B | -$3.75B |
| Stock Repurchased | 0 | 0 | -$40.0M | -$1.96B | -$103.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$518.0M | -$125.0M | $516.0M | $54.0M | $409.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $489.0M | $280.0M | $461.0M | -$434.0M |
| Capital Expenditure | -$65.0M | -$40.0M | -$69.0M | -$112.0M |
| Free Cash Flow | $424.0M | $240.0M | $392.0M | -$546.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $484.0M | -$1.0M | $70.0M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +35.9% | +1.1% | -15.0% | +26.7% |
| Net Income Growth (YoY) | | -30.3% | +147.6% | +62.8% | -121.9% |
| EPS Growth (YoY) | | -32.0% | +136.2% | +77.2% | -126.0% |
| Shares Change (YoY) | | +0.0% | +31.2% | -4.3% | -19.1% |
| FCF Growth (YoY) | | +75.9% | +512.8% | -89.5% | +657.4% |
| Gross Margin | 13.6% | 31.9% | 43.3% | 32.0% | 38.1% |
| Operating Margin | -25.1% | 4.3% | 3.4% | 8.0% | 0.6% |
| EBITDA Margin | -22.8% | -14.7% | 40.1% | 85.4% | 19.5% |
| Net Margin | -55.7% | -53.4% | 25.1% | 48.1% | -8.3% |
| FCF Margin | -29.2% | -5.2% | 21.2% | 2.6% | 15.6% |
| Effective Tax Rate | 23.1% | 2.6% | 30.2% | 8.8% | -31.9% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-11.52 | $-2.78 | $8.74 | $0.96 | $8.95 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 45.0 M | 45.0 M | 59.0 M | 54.3 M | 45.7 M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | -14.09% |
| Return on Invested Capital | 1.87% |
| Return on Assets | -1.23% |
| Gross Margin | 44.57% |
| Operating Margin | 7.31% |
| Net Margin | -5.24% |
Financial Health
| Debt / Equity | 5.92 |
| Current Ratio | 0.78 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.25 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.14 | -1.62 | 6.17 | 10.96 | -78.25 |
| P/B | 2.85 | -3.65 | 1.54 | 7.88 | 15.67 |
| P/S | 1.18 | 0.87 | 1.55 | 5.27 | 6.52 |
| Gross Margin | 13.6% | 31.9% | 43.3% | 32.0% | 38.1% |
| Operating Margin | -25.1% | 4.3% | 3.4% | 8.0% | 0.6% |
| Net Margin | -55.7% | -53.4% | 25.1% | 48.1% | -8.3% |