Vistra Corp. (VST) Q3 2025 Financial Results Summary
Release Date: November 6, 2025
Vistra Corp. (NYSE: VST) announced its financial results for the third quarter of 2025, highlighting several key performance metrics and strategic initiatives.
Key Financial Highlights:
- Net Income:
- Q3 2025: $652 million
- Q3 2024: $1,837 million
- Change: Decrease of 64.5%
- Ongoing Operations Adjusted EBITDA:
- Q3 2025: $1,581 million
- Q3 2024: $1,438 million
- Change: Increase of 9.9%
- Operating Revenues:
- Q3 2025: $4,971 million
- Q3 2024: $6,288 million
- Change: Decrease of 20.9%
- Cash from Operating Activities for Nine Months:
- YTD Q3 2025: $2,638 million
- YTD Q3 2024: $3,210 million
- Change: Decrease of 17.8%
- Total Available Liquidity (as of September 30, 2025):
- $3,705 million including cash and cash equivalents of $602 million.
Segment Performance:
- Retail:
- Q3 2025: $37 million Adjusted EBITDA (decrease from $102 million in Q3 2024).
- Texas:
- Q3 2025: $784 million (increase from $762 million in Q3 2024).
- East:
- Q3 2025: $719 million (increase from $529 million in Q3 2024).
- West:
- Q3 2025: $63 million (decrease from $70 million in Q3 2024).
- Corporate and Other:
- Q3 2025: $(22 million) (loss) compared to $(25 million) in Q3 2024.
- Asset Closure:
- Q3 2025: $(17 million) (loss) compared to $(11 million) in Q3 2024.
2025 Guidance Revisions:
- Ongoing Operations Adjusted EBITDA Guidance:
- Updated range: $5.7 billion to $5.9 billion (previously broader).
- Ongoing Operations Adjusted Free Cash Flow (FCFbG) Guidance:
- Updated range: $3.3 billion to $3.5 billion.
2026 Guidance Initiatives:
- Ongoing Operations Adjusted EBITDA Guidance:
- Range: $6.8 billion to $7.6 billion.
- Ongoing Operations Adjusted FCFbG Guidance:
- Range: $3.925 billion to $4.725 billion.
Corporate Actions and Developments:
- Share Repurchase:
- Board authorized an additional $1.0 billion for share repurchases expected to be completed by year-end 2027.
- Executed approximately $5.6 billion in share repurchases since November 2021, representing a 30% reduction in outstanding shares.
- Acquisition Activity:
- Completed the acquisition of seven natural gas plants from Lotus Infrastructure Partners, adding approximately 2,600 MW capacity.
- Development Initiatives:
- Announced construction plans for two new natural gas power units totaling 860 MW in West Texas.
- Initiated a 20-year power purchase agreement (PPA) for 1,200 MW from the Comanche Peak Nuclear Plant.
Conclusion:
Vistra’s third-quarter performance reflects significant shifts in profitability, primarily due to lower unrealized gains in derivatives and operational outages. Despite the declines in net income and revenues, the increase in Adjusted EBITDA suggests potential operational efficiency. The company’s proactive approach in guiding future expectations, alongside strategic investments, positions it for growth in the upcoming years. The initiatives in share repurchases and renewable energy projects also mark Vistra’s commitment to enhancing shareholder value and promoting sustainable energy solutions.
Here are the extracted tables in HTML format:
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars)
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating revenues | $ 4,971 | $ 6,288 | $ 13,154 | $ 13,187 |
| Fuel, purchased power costs, and delivery fees | $(2,370) | $(2,207) | $(6,791) | $(5,520) |
| Operating costs | $(655) | $(616) | $(2,081) | $(1,742) |
| Depreciation and amortization | $(460) | $(466) | $(1,523) | $(1,306) |
| Selling, general, and administrative expenses | $(444) | $(411) | $(1,254) | $(1,137) |
| Impairment of long-lived assets | $(5) | $ — | $(73) | $ — |
| Operating income | $ 1,037 | $ 2,588 | $ 1,432 | $ 3,482 |
| Other income, net | $ 105 | $ 136 | $ 291 | $ 282 |
| Interest expense and related charges | $(286) | $(332) | $(908) | $(743) |
| Impacts of Tax Receivable Agreement | $ — | $ — | $ — | $(5) |
| Net income before income taxes | $ 856 | $ 2,392 | $ 815 | $ 3,016 |
| Income tax expense | $(204) | $(555) | $(104) | $(694) |
| Net income | $ 652 | $ 1,837 | $ 711 | $ 2,322 |
| Net (income) loss attributable to noncontrolling interest | $ — | $ 51 | $ — | $(104) |
| Net income attributable to Vistra | $ 652 | $ 1,888 | $ 711 | $ 2,218 |
| Cumulative dividends attributable to preferred stock | $(48) | $(48) | $(144) | $(144) |
| Net income attributable to Vistra common stock | $ 604 | $ 1,840 | $ 567 | $ 2,074 |
