Talen Energy Corp
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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15. Stockholders' Equity
- Stockholders’ Equity
Share Repurchase Program
As of September 30, 2025, the Company had repurchased approximately 23% of its outstanding shares of common stock for a total of approximately $2 billion, exclusive of transaction costs and excise taxes.
In September 2025, the Board of Directors approved an increase in the existing capacity of the Company’s SRP from $995 million to $2 billion and extended the expiration date from December 31, 2026 to December 31, 2028. The execution of this additional authorization is contingent on the completion of the Freedom and Guernsey Acquisitions.
See Note 18 to the Annual Financial Statements for additional information relating to the SRP.
Summary of activity under the SRP:
| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |||||
|---|---|---|---|---|---|---|
| Number of Shares | Share Price (a) | Total Amount | Number of Shares | Share Price (a) | Total Amount | |
| Share repurchases | — | $— | $— | 452,130 | $186.24 | $85 |
| Share retirements | — | — | — | 452,130 | 186.24 | 85 |
(a)Weighted average price per share, including transaction costs and excise taxes.
Acquisition of Noncontrolling Interests
Purchase of Equity in Cumulus Digital. In March 2024, TES acquired all of the equity of Cumulus Digital held by affiliates of Orion Energy Partners andtwo former members of Talen senior management in exchange for an aggregate of $39 million. Following these transactions, TES owns 100% of the equity of Cumulus Digital.
Accumulated Other Comprehensive Income
Changes in AOCI for the periods were:
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Beginning balance | $(12) | $(23) |
| Gains (losses) arising during the period | 14 | 26 |
| Reclassifications to Consolidated Statements of Operations | (7) | (1) |
| Income tax benefit (expense) | (3) | (7) |
| Other comprehensive income (loss) | 4 | 18 |
| Accumulated other comprehensive income (loss) | $(8) | $(5) |
The components of AOCI, net of tax, as of September 30, were:
| 2025 | 2024 | |
|---|---|---|
| Available-for-sale securities unrealized gain (loss), net | $3 | $7 |
| Postretirement benefit prior service credits (costs), net | 12 | 16 |
| Postretirement benefit actuarial gain (loss), net | (23) | (28) |
| Accumulated other comprehensive income (loss) | $(8) | $(5) |
Reclassification adjustments from AOCI to the Consolidated Statements of Operations were non-material amounts for the nine months ended September 30, 2025 and 2024.
The postretirement obligations components of AOCI are not presented in their entirety on the Consolidated Statements of Operations during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 12 for additional information.
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