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Vistra (VST) investor relations material
Vistra Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 Adjusted EBITDA rose to $1.581 billion, with Net Income at $652 million, down year-over-year due to unfavorable mark-to-market derivative impacts and higher costs, but supported by higher realized prices, nuclear PTC revenue, and Energy Harbor results.
Narrowed 2025 Adjusted EBITDA guidance to $5.7–$5.9 billion and raised Adjusted FCFbG to $3.3–$3.5 billion; 2026 guidance initiated at $6.8–$7.6 billion Adjusted EBITDA and $3.925–$4.725 billion Adjusted FCFbG.
Completed acquisition of seven natural gas plants (2,600 MW), announced two new gas units (860 MW) in West Texas, and secured a 20-year, 1,200 MW PPA at Comanche Peak Nuclear Plant.
Major incidents included Moss Landing and Martin Lake fires, resulting in asset write-offs, insurance recoveries, and ongoing remediation costs.
Focused on sustainable growth, operational execution, and value creation, with a strong team and integrated business model providing earnings visibility and downside protection.
Financial highlights
Q3 2025 Adjusted EBITDA: $1.581 billion; Net Income: $652 million; Q3 revenue: $4.97 billion; nine-month revenue: $13.15 billion.
Year-to-date Adjusted EBITDA: $4.17 billion; Net Income: $711 million; cash from operations: $2.64 billion for nine months.
Retail segment generated $37 million Adjusted EBITDA in Q3; generation segment $1.544 billion.
Capital expenditures for nine months: $1.92 billion, reflecting asset restoration and development.
Share repurchases totaled $760 million for 5.17 million shares in nine months, with an additional $1 billion authorized.
Outlook and guidance
2025 Adjusted EBITDA guidance narrowed to $5.7–$5.9 billion; Adjusted FCFbG raised to $3.3–$3.5 billion.
2026 Adjusted EBITDA guidance: $6.8–$7.6 billion; Adjusted FCFbG: $3.925–$4.725 billion.
2027 Adjusted EBITDA midpoint opportunity: $7.4–$7.8 billion; 70% of 2027 expected generation hedged.
Projected to generate ~$10 billion in cash through year-end 2027, with EBITDA to free cash flow conversion rate of at least 60%.
Available liquidity as of September 30, 2025: $3.7 billion.
How do new Permian gas units address demand?
Q3 Net Income vs. EBITDA divergence drivers?
How will the remaining $2.2B buyback be completed?
What is the 2026 EBITDA guidance excluding Lotus?
Future opportunities at Comanche Peak site?
Balance M&A with investment-grade goals?
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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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