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Jun 30, 2025
Vistra Q2 2025 Earnings Report
Vistra reported solid second-quarter performance with steady revenue and positive net income.
Key Takeaways
Vistra posted a strong Q2 2025 with $4.25 billion in revenue and $327 million in net income. The company reaffirmed its full-year guidance and announced the acquisition of natural gas assets and a 20-year license extension for the Perry Nuclear Power Plant.
Generated $327 million in GAAP net income and $1.349 billion in adjusted EBITDA.
Reported $4.25 billion in operating revenue for Q2 2025.
Reaffirmed 2025 adjusted EBITDA guidance range of $5.5–$6.1 billion.
Announced acquisition of seven natural gas facilities totaling ~2,600 MW of capacity.
Revenue by Segment
Forward Guidance
Vistra reaffirmed its 2025 adjusted EBITDA and free cash flow guidance while raising the midpoint opportunity for 2026 EBITDA.
Positive Outlook
- Reaffirmed 2025 adjusted EBITDA guidance range of $5.5–$6.1 billion.
- Reaffirmed 2025 adjusted FCFbG guidance range of $3.0–$3.6 billion.
- Increased 2026 adjusted EBITDA midpoint opportunity to over $6.8 billion.
- Secured nearly 100% hedging of expected 2025 generation volumes.
- $1.4 billion of remaining share repurchase authorization expected to be completed by 2026.
Challenges Ahead
- Q2 2025 adjusted EBITDA declined $63 million YoY due to higher plant outage costs.
- Net income dropped $140 million YoY primarily from increased outage and depreciation costs.
- No availability remaining under the commodity-linked revolving credit facility.
- Ongoing operations net income declined YoY from $498 million to $370 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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