Vistra Corp. (VST) Announced Q4 2025 Earnings on February 26, 2026, Reporting "$5.912 billion in adjusted EBITDA for full year 2025".

Vistra Corp. reported its fourth quarter and full year 2025 results, delivering $5.912 billion in adjusted EBITDA for the full year 2025. This included $4.290 billion from the Generation segment and $1.622 billion from the Retail segment. The company also generated approximately $3.6 billion of adjusted free cash flow before growth for the full year. Management noted that the retail segment benefited from strong customer counts and margin performance, as well as supply cost benefits and gains related to the Energy Harbor acquisition.

Throughout 2025, Vistra executed significant strategic asset acquisitions and entered into long-term power purchase agreements. The company closed the acquisition of seven natural gas generation facilities from Lotus Infrastructure Partners in October. Additionally, Vistra announced an agreement to acquire Cogentrix Energy, which includes ten natural gas generation facilities totaling approximately 5,500 megawatts of capacity. On the partnership front, Vistra signed a 20-year agreement with Amazon Web Services for 1,200 megawatts at the Comanche Peak nuclear power plant, and 20-year agreements with Meta covering 2,176 megawatts of operating capacity and 433 megawatts of uprates at its PJM nuclear plants.

Looking ahead, Vistra management projects the company will generate more than $10 billion of cash through year-end 2027. The company expects adjusted free cash flow before growth per share to exceed $12.5 for 2026, and anticipates this metric will increase to approximately $16 per share when incorporating the Cogentrix acquisition, Meta power purchase agreements, and assumptions regarding share repurchases. Vistra currently has approximately $1.8 billion of share repurchase authorization remaining to meet its annual share repurchase target through 2027.