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Vistra Reports Third Quarter 2025 Results, Narrows 2025 Guidance, and Initiates 2026 Guidance

VST
  • Vistra Corp. reported third quarter 2025 GAAP Net Income of $652 million & Ongoing Operations Adjusted EBITDA of $1,581 million.
  • The company narrowed its 2025 Ongoing Operations Adjusted EBITDA guidance range to $5.7 billion-$5.9 billion & raised the midpoint for Ongoing Operations Adjusted FCFbG to $3.3 billion-$3.5 billion.
  • Vistra initiated 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8 billion-$7.6 billion & Ongoing Operations Adjusted FCFbG guidance of $3.925 billion-$4.725 billion.
  • A midpoint opportunity of $7.4 billion-$7.8 billion was provided for 2027 Ongoing Operations Adjusted EBITDA.
  • The Board authorized an additional $1.0 billion in share repurchases, expected to be utilized by year-end 2027.
  • Vistra completed the acquisition of seven natural gas plants from Lotus Infrastructure Partners, adding approximately 2,600 MW of capacity.
  • Plans were announced to build two new natural gas power units totaling 860 MW in West Texas.
  • A 20-year power purchase agreement was secured for 1,200 MW from the Comanche Peak Nuclear Plant in Texas.
  • The company advanced clean energy projects including construction on the Newton Solar & Energy Storage Facility, Deer Creek Solar & Energy Storage Facility, Oak Hill 200 MW solar facility, & Pulaski 405 MW solar facility.
  • As of October 31, 2025, Vistra had hedged approximately 98% of its expected generation volumes for 2025, 96% for 2026, & 70% for 2027.
  • Total available liquidity as of September 30, 2025, was approximately $3,705 million.
  • Third quarter 2025 Net Income decreased by $1,185 million compared to the prior year period, primarily due to lower unrealized mark-to-market gains on derivatives & the Martin Lake Unit 1 outage.
  • Third quarter 2025 Ongoing Operations Adjusted EBITDA increased by $143 million compared to the prior year period, driven by higher energy & capacity prices & nuclear PTC revenue.
  • Vistra executed approximately $5.6 billion in share repurchases since November 2021, representing a ~30% reduction in shares outstanding.