Vistra Corp. reported third‑quarter 2025 revenue of $4.97 billion, falling short of the consensus estimate of $6.91 billion—a miss of roughly 28.5 percent. Net income declined to $652 million from $1.84 billion a year earlier, and earnings per share of $1.75 came in well below the consensus estimate of $3.50, a miss of $1.75 or 50 percent.
Operating cash flow remained robust at $1.35 billion, and free cash flow stood at $923 million, underscoring the company’s ability to generate liquidity even as headline earnings slipped.
The company reaffirmed its 2025 adjusted EBITDA guidance of $5.7 billion to $5.9 billion and launched a more ambitious 2026 outlook of $6.8 billion to $7.6 billion, signaling confidence in long‑term growth despite the quarter’s short‑term headwinds.
Vistra also announced a $1 billion share‑repurchase authorization, completed the acquisition of seven natural‑gas plants from Lotus Infrastructure Partners, launched two new gas units in West Texas, and secured a 20‑year power purchase agreement at its Comanche Peak nuclear plant—moves that expand capacity and lock in long‑term revenue streams.
The revenue miss was largely driven by lower unrealized mark‑to‑market gains on derivative positions and the impact of a Martin Lake Unit 1 outage, which reduced generation output. Compared with Q3 2024, revenue fell from $6.288 billion and net income from $1.888 billion, while adjusted EBITDA rose from $1.581 billion to $1.644 billion, indicating that margin expansion helped offset the revenue decline.
Jim Burke, Vistra’s president and CEO, said the quarter was “marked by disciplined growth and a focus on meeting customer needs across key markets, leading to several significant milestones.” He highlighted the new gas units and the Comanche Peak PPA as key drivers of future stability.
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