Vistra Corp. reported a transformational year in 2025, marked by strategic milestones and record financial performance driven by its integrated business model. The company achieved significant growth through acquisitions and new power purchase agreements, positioning itself for continued expansion in 2026 with strong guidance for Adjusted EBITDA and Free Cash Flow.
Ongoing Operations Adjusted EBITDA of $5,912 million and Adjusted FCFbG of $3,592 million exceeded guidance midpoint.
positiveAnnounced plans to acquire Cogentrix Energy (5,500 MW natural gas portfolio) and closed a 2,600 MW acquisition from Lotus Infrastructure Partners.
positiveSecured industry-leading PPAs with AWS for ~3,800 MW of nuclear power and with Meta for over 2,600 MW of energy, capacity, and uprates.
positiveCompleted ~5.9 billion in share repurchases since November 2021, reducing shares outstanding by ~30%.
positiveFull-year 2025 Net Income decreased by $1,868 million from 2024, primarily driven by $808 million in unrealized pre-tax net losses from commodity hedging transactions.
negativeOperating income for FY2025 was $1,906 million, a significant decrease from $4,081 million in FY2024.
negativeCash provided by operating activities decreased to $4,070 million in 2025 from $4,563 million in 2024.
negativeCash used in investing activities increased to $4,396 million in 2025 from $2,145 million in 2023, largely due to acquisitions.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Retail | N/A | — | — | — |
Texas | N/A | — | — | — |
East | N/A | — | — | — |
West | N/A | — | — | — |
Asset Closure | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was a transformational year with several strategic milestones achieved.
Delivered a record year financially, demonstrating the strength and consistency of our integrated business model.
Momentum has carried into 2026 with new acquisitions and PPA signings.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.