The EPS miss appears to be a non-operational accounting distortion; focus on reaffirmed CAFD guidance and growing pipeline. Monitor Q2 for CAFD trajectory and whether the noncontrolling interest pattern persists. No immediate catalyst, but the share simplification could improve liquidity over time.
Price Chart
Executive Summary
Clearway Energy reported Q1 2026 revenue of $354M (+18.8% YoY), beating consensus of $340.7M. Adjusted EBITDA rose to $257M from $252M, but GAAP EPS of -$1.35 missed the -$0.50 estimate due to a large swing in noncontrolling interest allocation. Full-year CAFD guidance of $470M-$510M was reaffirmed. The underlying operational trends are stable, supported by growth investments and a growing pipeline.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $354M vs $298M YoY, +18.8%
- Adjusted EBITDA $257M vs $252M YoY
- GAAP net loss attributable to Clearway $163M vs $3M loss YoY; EPS -$1.35 vs -$0.50 consensus
- CAFD $70M vs $77M YoY; full-year CAFD guidance reaffirmed at $470M-$510M
- Share simplification approved; Cardinal acquisition closed for $324M
- Late-stage pipeline increased to 12.7 GW; Mesquite Sky hyperscaler PPA signed
Financial Impact
Revenue beat by $13.3M (+3.9% vs consensus); EPS large miss due to noncontrolling interest accounting
Risk Factors
- Noncontrolling interest volatility may continue to distort GAAP EPS
- Wind resource variability could impact CAFD
- Execution risk on large pipeline of growth investments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-032303 |
| Document: cwen-20260507.htm | 0001628280-26-032303 |
| Document: 0001628280-26-032303-index-headers.html | 0001628280-26-032303 |
| Document: 0001628280-26-032303-index.html | 0001628280-26-032303 |
| Document: 0001628280-26-032303.txt | 0001628280-26-032303 |
| 8-K Data (Synthetic) | 0001628280-26-032303 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 7, 2026 24w ago | 8-K | $40.43 $40.43 | · 0.00% | ▼ −0.02% | $32.77 (−18.95%) |
May 1, 2026 25w ago | 25-NSE | $40.43 $40.43 | · 0.00% | ▼ −5.28% | $32.77 (−18.95%) |
May 1, 2026 25w ago | 8-K | $40.43 $40.43 | · 0.00% | ▼ −5.28% | $32.77 (−18.95%) |
Apr 16, 2026 27w ago | DEFA14A | $39.09 $40.43 | ▲ +3.43% | ▼ −1.94% | $32.77 (−16.17%) |
Apr 10, 2026 28w ago | DEFA14A | $40.95 $40.43 | ▼ −1.27% | ▼ −9.80% | $32.77 (−19.98%) |
US Market Status
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