Vistra Corp. (NYSE: VST) reported full‑year 2025 results that included a net income of $944 million and an adjusted EBITDA of $5.912 billion, surpassing the company’s guidance midpoint by $112 million. The year‑over‑year adjusted EBITDA rose from $5.656 billion in 2024, underscoring the company’s continued operational momentum.
The fourth‑quarter performance fell short of expectations, with earnings per share of $2.13 versus the consensus estimate of $2.33, a miss of 8.58%. Revenue for the quarter was $4.58 billion, 13.58% below the $5.3 billion forecast. The fact‑check report notes that the reason for the miss was not disclosed by management.
Strategic milestones highlighted in the release include a 20‑year power purchase agreement with Amazon Web Services for up to 1,200 MW of carbon‑free power from the Comanche Peak Nuclear Power Plant, the acquisition of a 2,600‑MW gas portfolio from Lotus Infrastructure Partners, and the commissioning of a 200‑MW Oak Hill Solar Facility on a retired coal mine site. These developments reinforce Vistra’s strategy to secure premium pricing from data‑center customers while expanding its renewable portfolio.
Management reiterated its 2026 guidance, maintaining an adjusted EBITDA range of $6.8 billion to $7.6 billion and a free‑cash‑flow‑to‑growth range of $3.925 billion to $4.725 billion. The company also confirmed its ongoing capital return program, noting that it has repurchased 165 million shares since October 2021 and has $1.8 billion of share‑repurchase authorization remaining, expected to be completed by year‑end 2027.
The market reacted to the earnings release with a 5.34% decline in pre‑market trading, reflecting investor concern over the Q4 miss. The drop was driven primarily by the lower-than‑expected EPS and revenue figures for the quarter.
"I am proud of the 2025 performance of our Vistra team – this was truly a transformational year for our company," said Jim Burke, president and CEO. He highlighted the AWS PPA, the Lotus acquisition, and the Oak Hill Solar Facility as key achievements that position the company for continued growth.
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