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Investor Relations14 Oct 2025
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Vistra (VST) investor relations material
Vistra Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 adjusted EBITDA was $1.35B, with net income of $327M, and operating revenues of $4.25B, reflecting strong operational and financial performance despite higher outage and incident costs.
Announced acquisition of seven natural gas facilities (~2,600 MW) from Lotus Infrastructure Partners for $1.9B, expected to close late 2025 or early 2026, further diversifying the generation fleet.
Successfully relicensed Perry Nuclear Power Plant through 2046, securing long-term carbon-free baseload capacity.
Major incidents included the Moss Landing 300 battery fire and Martin Lake Unit 1 fire, resulting in asset write-offs, increased expenses, and ongoing insurance recoveries.
Strategic priorities include integrated business model, disciplined capital allocation, and energy transition initiatives.
Financial highlights
Q2 2025 adjusted EBITDA was $1.349B, with $593M from generation and $756M from retail; net income was $327M, down year-over-year due to higher outage and incident costs.
Operating revenues for Q2 2025 were $4.25B, up 10% year-over-year; six-month revenues rose to $8.18B.
Share repurchases totaled $5.4B since late 2021, reducing shares outstanding by ~30%; quarterly dividend increased to $0.226 per share.
Net leverage ratio at 3.0x adjusted EBITDA, with significant deleveraging expected by year-end 2026.
Capital expenditures for the first half of 2025 were $1.46B, with $2.2B projected for the full year.
Outlook and guidance
Reaffirmed 2025 adjusted EBITDA guidance of $5.5B–$6.1B and adjusted FCFbG of $3.0B–$3.6B.
Raised 2026 adjusted EBITDA midpoint opportunity to at least $6.8B, with formal 2026 guidance and 2027 outlook to be provided in Q3.
Approximately 100% of 2025 and 95% of 2026 expected generation volumes hedged.
Management expects continued insurance recoveries for major incidents, though timing and amounts remain uncertain.
Ongoing supply chain and labor constraints may impact project timelines and costs.
What's driving the decrease in Q2 Net Income?
How will Lotus Infrastructure assets impact 2026 EBITDA?
When will the share repurchase program complete?
Assess Comanche Peak deal's regulatory status.
Explain the drivers of FCF conversion improvement.
How does long-term contracting attractiveness vary?
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Next Vistra earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Vistra Corp is a wholesale generator and electricity retailer. The company's central business includes the production of electricity from coal and natural gas combustion, as well as wind turbines; the sale of electricity to retail electric distribution companies (Distribution Companies) in Texas; and retail sales of electricity and other products to residential, commercial, and industrial customers through its retail operations. The company also owns and operates co-generation facilities located at power plants that utilize waste heat produced in the generation of electricity to generate steam for sale or use in industrial applications.
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