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Jun 30
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.
Vistra
Vistra
Vistra Revenue by Segment
Revenue by Segment
Retail Revenue
CapyFin.comTexas Revenue
CapyFin.comEast Revenue
CapyFin.comWest Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.comAsset Closure Revenue
CapyFin.com 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.
- Lower segment EBITDA performance across most units compared to prior year.