Vistra Corp Exceeds 2025 Financial Targets

By Chris Stiles • Thursday, February 26 13:03 • Permanent Link

Vistra Corp. has reported its fourth quarter and full-year 2025 financial results, showcasing a mix of strong performance and strategic milestones. Here are the key figures:

GAAP full-year 2025 net income stood at $944 million, including an unrealized loss from hedges of $808 million, while cash flow from operations amounted to $4,070 million.
Ongoing operations adjusted EBITDA for 2025 reached $5,912 million, exceeding the midpoint of the original guidance range by approximately $112 million. Additionally, ongoing operations adjusted FCFBG for 2025 was $3,592 million, surpassing the midpoint of the original guidance range by approximately $292 million.
Adjusted EBITDA by segment for the full year 2025:
Retail: $1,622 million
Texas: $1,834 million
East: $2,282 million
West: $244 million
Corporate and Other: ($70) million
Asset Closure: ($74) million
The company announced industry-leading power purchase agreements (PPAs) for approximately 3,800 megawatts of nuclear power with Amazon Web Services (AWS) at its Comanche Peak nuclear facility.
Vistra reported a net income of $944 million for the full year 2025, reflecting a decrease of $1,868 million from the full year 2024, primarily driven by unrealized losses resulting from commodity hedging transactions. Ongoing operations adjusted EBITDA for the full year 2025 increased by $269 million compared to the full-year 2024.
For 2026, Vistra has provided ongoing operations adjusted EBITDA guidance ranges of $6.8 billion to $7.6 billion and ongoing operations adjusted FCFBG guidance ranges of $3.925 billion to $4.725 billion, excluding any potential impact from the acquisition of the Cogentrix assets.
Vistra executed approximately $5.9 billion in share repurchases since November 2021 and had around 337 million shares outstanding as of February 18, 2026, representing a 30% reduction from November 2, 2021.
As of December 31, 2025, Vistra had total available liquidity of approximately $2,783 million, including cash and cash equivalents of $785 million and $1,996 million of availability under its corporate revolving credit facility.
In January 2026, Vistra increased its available liquidity through the issuance of $2.25 billion aggregate principal amount of senior secured notes.

The company is set to host a webcast to discuss these results and related matters, highlighting its focus on reliability, affordability, and sustainability.

As a result of these announcements, the company's shares have moved -7.54% on the market, and are now trading at a price of $166.60. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.