At a glance
Talen Energy Corporation is worth $16.66B. Revenue grew 22.0% to $2.58B in fiscal 2025, at a loss; over 3 years it has grown 5.8% a year. It pays no dividend; it spent $2.06B buying back its shares over FY2014–FY2025. The stock returned −11.7% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Talen Energy is an independent power producer: it owns power plants and earns money from the electricity they generate, rather than delivering power to homes. Its 10-K, filed February 26, 2026, lists about 13.1 gigawatts (GW) of capacity, mainly in the Mid-Atlantic, Ohio and Montana. The anchor is a 90% stake in the 2.5 GW Susquehanna nuclear plant, which has typically supplied about half its output. Acquiring the Freedom and Guernsey gas plants added 2.8 GW, and it had agreed to acquire more in Indiana and Ohio.
Talen earns revenue from energy and ancillary (grid-support) services, capacity payments for being available when the grid needs power, and gains or losses on hedges that lock in prices. A June 2025 deal with Amazon Web Services (AWS) covers up to 1,920 megawatts of Susquehanna's nuclear power at fixed prices through 2042, reaching full volume no later than 2032. Brandon Shores and H.A. Wagner, near Baltimore, earn fixed payments of $145 million and $35 million a year to stay open for grid reliability until May 31, 2029.
About 13 GW sits in PJM, the grid operator for all or parts of 13 states and Washington, D.C., so most revenue comes from there; the rest is Talen's share of Montana's Colstrip plant. Revenue was $2.58 billion in fiscal 2025, up 22%.
Price history
The interactive chart needs JavaScript.
TLN -11.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $894.0M, up 41.9% from a year earlier, and net income was $-92.0M (-227.8%).
- For fiscal 2025, revenue was $2.58B (+22.0% year over year; -5.8% a year from FY2022 to FY2025) with a -8.5% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | -5.8% weak |
|---|---|
| Operating margin | -3.5% weak |
| Free cash flow margin | 23.5% good |
| Return on equity (FY2025) | -20% weak |
| Return on assets (FY2025) | -2% weak |
| Net cash (cash minus debt) | $-9.34B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2013 | $4.50B | $-230.0M | $-173.0M |
| FY2014 | $4.58B | $410.0M | $46.0M |
| FY2015 | $4.48B | $-341.0M | $317.0M |
| FY2022 | $3.09B | $-1.29B | $-45.0M |
| FY2024 | $2.12B | $998.0M | $171.0M |
| FY2025 | $2.58B | $-219.0M | $606.0M |
Valuation snapshot
| Market value | $16.66B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Talen Energy’s market value went from $10.25B at the end of 2024 to $16.66B on Oct 28, 2026, up 63%; since the end of 2025 it is down 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $16.66B | -2.7% |
| 2025 | $17.13B | +67.1% |
| 2024 | $10.25B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TLN price data to Oct 28, 2026 | -7.2% | -11.7% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.2% |
| 2025 | +86.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($988K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | Gizman I Abbas Director | sell | $988K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.6% | Sep 30, 2025 |
| Rubric Capital Management LP | 7.88% | Sep 30, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| ECP ControlCo, LLC | 5.01% | Jun 15, 2026 |
ETFs with the most weight in TLN
| UTES Virtus Reaves Utilities ETF | 7.92% |
| ATFV Alger 35 ETF | 4.33% |
| FRTY Alger Mid Cap 40 ETF | 2.92% |
| PWRD TCW Transform Systems ETF | 2.91% |
| ALAI Alger AI Enablers & Adopters ETF | 2.67% |
| GVIP Goldman Sachs Hedge Industry VIP ETF | 2.05% |
| CNEQ Alger Concentrated Equity ETF | 1.74% |
| SAMT Strategas Macro Thematic Opportunities ETF | 1.72% |
What could go wrong
- Heavy reliance on one nuclear plant. Susquehanna has typically produced about half of Talen's power and backs the AWS contract. An outage, safety problem or new nuclear rules could cut output and bring costs unique to nuclear plants.
- Large debt load and acquisition financing. Debt was about $9.6 billion against $231 million of cash and investments as of June 30, 2026. Talen planned more borrowing for the Cornerstone deal and had to close it even without financing.
- PJM market overhaul and state interference. Most revenue comes from PJM, where the 10-K describes delayed capacity auctions and ongoing rule changes. New auction designs or state intervention could lower the prices Talen receives.
- Data center demand may fall short. Talen's plans lean on rising power demand from artificial intelligence (AI) data centers, manufacturing and electrification. If that growth stalls or supply catches up, power and capacity prices could fall.
- Volatile power and natural gas prices. Electricity cannot be stored in bulk, so wholesale prices swing sharply. Talen's margins depend on the gap between power and natural gas prices, and falling or volatile gas prices can squeeze them.
- Weather, outages and grid penalties. Mild weather lowers demand and prices. Unplanned outages cut output, and in grid emergencies PJM can levy large penalties on plants that fail to perform. Talen has faced such penalties before.
Recent events
- Executive or board change; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
For income and retirement investors
Talen Energy pays no dividend, and its 10-K warns that it may not pay one in the future. For an income investor, that means no regular cash payouts; any return depends on the share price. Talen has instead returned cash through share repurchases (buybacks), spending $1.96 billion in fiscal 2024 and $103 million in fiscal 2025. Shares outstanding fell 6.1% between August 13, 2024, and August 5, 2026. Its share-price record spans only about 2.3 years as of October 28, 2026, which is too short to show how it held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its price has swung widely: the deepest fall from a peak was 36.7%, and a beta of 2.1 means it moved about twice as much as the broad market over the year to that date. A single stock like Talen carries more risk than a diversified fund.
Questions investors ask
Does Talen Energy pay a dividend?
No. Talen Energy paid no dividends in fiscal 2024 or 2025, and its 10-K warns that it may not pay any dividends on its common stock in the future. It has returned cash through share repurchases instead, spending $1.96 billion in fiscal 2024 and $103 million in fiscal 2025. That means the stock provides no regular income; any return depends on changes in the share price.
How does Talen Energy make money?
Talen makes money by generating electricity and getting paid for it in wholesale power markets, mainly PJM, the grid operator for all or parts of 13 states and Washington, D.C. Payments come for energy, grid-support services, capacity (being available when needed) and hedging. Long-term contracts add steadier income, including a fixed-price nuclear power deal with Amazon Web Services and fixed reliability payments for two plants near Baltimore. Revenue was $2.58 billion in fiscal 2025.
What is Talen Energy's deal with Amazon?
It is a long-term power purchase agreement with Amazon Web Services (AWS), expanded in June 2025. Talen will supply up to 1,920 megawatts of carbon-free power from its Susquehanna nuclear plant to the AWS data center campus next door, at fixed prices through 2042, with options to extend. Deliveries ramp up over time and are expected to reach full volume no later than 2032. The contract has minimum commitments, giving Talen steadier revenue than wholesale market prices alone.
Is Talen Energy profitable?
Not on a net basis in fiscal 2025. That year Talen reported a net loss of $219 million, or $4.79 per diluted share, on revenue of $2.58 billion, after earning $998 million in fiscal 2024. Cash generation was stronger: free cash flow, the cash left after capital spending, was $606 million. In the quarter ended June 30, 2026, revenue rose 41.9% from a year earlier, but Talen posted a $92 million net loss.
How has Talen Energy stock performed?
Talen shares rose 86.05% in calendar 2025 but fell 7.2% from the start of 2026 to October 28, 2026, leaving them down 11.7% over the 12 months to that date. Across their roughly 2.3-year price record, they gained 55.9%. The swings have been large: the deepest drop from a peak was 36.7%, and one-year volatility was 57%, far higher than a broad stock market fund typically shows. Past returns do not predict future results.