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Sep 30, 2025
Vistra Q3 2025 Earnings Report
Vistra reported strong third quarter results with solid earnings and strategic growth moves.
Key Takeaways
Vistra delivered $652 million in net income and nearly $5 billion in revenue for Q3 2025, supported by higher energy prices and key strategic developments including acquisitions and new capacity announcements.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Vistra raised its 2025 FCF guidance midpoint and initiated strong guidance for 2026.
Positive Outlook
- Raised 2025 Adjusted FCFbG midpoint to $3.4B
- Initiated 2026 EBITDA guidance: $6.8B–$7.6B
- Initiated 2026 Adjusted FCFbG guidance: $3.925B–$4.725B
- Announced new gas plant builds adding 860 MW
- Closed acquisition of 7 natural gas plants (2,600 MW)
Challenges Ahead
- Q3 Net Income declined YoY due to lower unrealized gains
- Retail segment EBITDA dropped significantly
- West segment EBITDA declined YoY
- Asset closure costs increased slightly
- Ongoing exposure to market volatility despite hedging
Historical Earnings Impact
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Avg. Return Before/After Earnings
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