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The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement relates to an effective registration statement under the Securities Act of 1933, as amended. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities, and neither we nor the selling stockholders are soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(7)

Registration File No. 333-293137

SUBJECT TO COMPLETION, DATED MARCH 2, 2026

PRELIMINARY PROSPECTUS SUPPLEMENT
(To prospectus dated February 2, 2026)

NRG Energy, Inc.

Common Stock

This prospectus supplement relates to the sale by the selling stockholders named herein (the “Selling Stockholders”) of up to an aggregate of shares of common stock, par value $0.01 per share (the “common stock”), of NRG Energy, Inc., a Delaware corporation (“NRG,” “we,” “our,” or “us), by the Selling Stockholders. We are not selling any shares of our common stock under this prospectus supplement, and we will not receive any of the proceeds from the sale of common stock by the Selling Stockholders.

We have entered into a stock purchase agreement (the “Stock Purchase Agreement”) with the Selling Stockholders to repurchase $300 million of our common stock in a privately negotiated transaction at a price per share equal to the public offering price (the “Share Repurchase”). The closing of the Share Repurchase is expected to be concurrent with the closing of this offering. The repurchased shares of common stock will be held as treasury shares after this offering. The completion of the Share Repurchase is conditioned upon the completion of this offering, and subject to customary closing conditions. The completion of this offering is not conditioned upon the completion of the Share Repurchase. We cannot assure you that this offering or the Share Repurchase will be consummated.

Our common stock is listed on the New York Stock Exchange (the “NYSE”) and NYSE Texas and trades under the ticker symbol “NRG.” On February 27, 2026, the last reported sale price for our common stock was $178.96 per share.

The Selling Stockholders have granted the underwriters an option to purchase from time to time, on a pro rata basis, up to an aggregate additional shares of common stock at the public offering price, less the underwriting discounts and commissions, within 30 days from the date of this prospectus supplement (the “underwriters’ option”). We will not receive any of the proceeds from the sale of shares by the Selling Stockholders pursuant to any exercise of the underwriters’ option.

Our business and an investment in our securities involve certain risks. These risks are described under the caption “Risk Factors” beginning on page S-6 of this prospectus supplement, as well as those contained in the accompanying prospectus and in the documents incorporated by reference herein.

	Per Share	Total
Public offering price
Underwriting discount(1)
Proceeds, before expenses, to the Selling Stockholders

(1)

See “Underwriting” for a description of the compensation payable to the underwriters.

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement and the accompanying prospectus. Any representation to the contrary is a criminal offense.

References to “underwriters” in this prospectus supplement refer to the underwriters named in the “Underwriting” section of this prospectus supplement.

The underwriters expect to deliver the shares against payment on or about , 2026.

Book-Running Managers

Barclays

Citigroup

The date of this prospectus supplement is , 2026

	Page
Prospectus Supplement
About This Prospectus Supplement		S-ii
Cautionary Note Regarding Forward-Looking Statements		S-1
Prospectus Supplement Summary		S-3
The Offering		S-5
Risk Factors		S-6
Use of Proceeds		S-8
Selling Stockholders		S-9
Material U.S. Federal Income Tax Consequences to Non-U.S. Holders		S-13
Underwriting		S-18
Where You Can Find More Information		S-25
Legal Matters		S-26
Experts		S-26

	Page
Prospectus
About this Prospectus		1
Forward-Looking Statements		2
Where You Can Find More Information		4
Risk Factors		5
The Company		6
Use of Proceeds		7
Description of Common Stock		8
Selling Stockholders		11
Plan of Distribution		14
Legal Opinions		18
Experts		19

Underwriter			Number of Shares
Barclays Capital Inc.
Citigroup Global Markets Inc.
Total

	Page
ABOUT THIS PROSPECTUS		1
FORWARD LOOKING STATEMENTS		2
WHERE YOU CAN FIND MORE INFORMATION		4
RISK FACTORS		5
THE COMPANY		6
USE OF PROCEEDS		7
DESCRIPTION OF COMMON STOCK		8
SELLING STOCKHOLDERS		11
PLAN OF DISTRIBUTION		14
LEGAL OPINIONS		18
EXPERTS		19

	Common Stock Beneficially Owned						Common Stock Beneficially Owned After the Sale of the Maximum Number of Common Stock That May be Offered for Resale
Name of Beneficial Owner	Number of Shares		Percent of Common Stock Outstanding		Common Stock that May be Offered for Resale		Number of Shares		Percent of Common Stock Outstanding
Lightning Power Holdings, LLC(1)(2)		19,025,277		8.86%		19,025,277		—		—
Thunder Generation, LLC(3)(4)		4,020,678		1.87%		4,020,678		—		—
CCS Power Holdings, LLC(5)(6)		1,204,045		*		1,204,045		—		—

SEC Form 424B7 filed by NRG Energy Inc.