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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Vistra
Vistra (VST) investor relations material
Vistra Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved $5.912 billion in 2025 Adjusted EBITDA and $3.592 billion in Adjusted Free Cash Flow before Growth, both above original guidance midpoints, driven by strategic acquisitions, long-term PPAs, and disciplined execution.
Closed the Lotus acquisition (2,600 MW) and announced the Cogentrix deal (5,500 MW), expanding the generation portfolio and geographic reach, with Cogentrix expected to close in 2026.
Secured 3.8 GW of nuclear capacity under 20-year PPAs with Amazon and Meta, marking the largest corporate-supported nuclear upgrade in the U.S.
Maintained commercial availability above 90% and repurchased 30% of outstanding shares since November 2021.
U.S. electricity demand reached a record 4,200 TWh in 2025, up 2.5% year-over-year, with sustained growth expected through 2027.
Financial highlights
2025 Adjusted EBITDA reached $5.912 billion, with Adjusted Free Cash Flow before Growth at $3.592 billion, both exceeding guidance midpoints.
Generation segment delivered $4.29 billion Adjusted EBITDA; retail contributed $1.62 billion, with strong customer count and margin.
Retail's record 2025 result included non-recurring tailwinds from supply cost benefits and Energy Harbor gains, with over 10% growth year-over-year.
Net income for 2025 was $944 million, impacted by $808 million in unrealized hedge losses.
Projected over $10 billion of cash generation through 2027, with $3 billion available for further allocation after planned investments and shareholder returns.
Outlook and guidance
2026 Adjusted EBITDA guidance is $6.8–$7.6 billion, with Adjusted Free Cash Flow before Growth of $3.76–$4.56 billion.
Projected Adjusted FCFbG per share to exceed $12.50 in 2026 and reach ~$16 by 2027, with potential for $22–$25 by 2030 if all excess cash is used for share repurchases.
Cogentrix acquisition expected to close in 2026, delivering mid-single-digit accretion in 2027 and high-single-digit accretion on average from 2027–2029.
Generation hedge percentages for 2026, 2027, and 2028 are ~100%, ~84%, and ~58%, respectively.
Long-term nuclear PPAs provide a pathway to nearly 25% annual adjusted free cash flow accretion at full ramp.
How does hedging support 2026 EBITDA guidance?
What long-term value do Meta PPAs create?
How to fund remaining share repurchases by 2027?
PJM rule changes: impact on colocation deals?
Hyperscaler gas risk appetite for new build?
Drivers for FCF/share beyond 2027 to $22-25?
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Next Vistra earnings date
Q1 20266 May, 2026
Vistra
Next Vistra earnings date
Q1 20266 May, 2026
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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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