Vistra Posts $5.9 B EBITDA, Secures 3.8 GW Nuclear PPAs and Cogentrix Deal
Vistra delivered 2025 adjusted EBITDA of $5.912 billion—$4.29 billion from generation, $1.622 billion from retail—and $3.6 billion of free cash flow before growth, topping guidance midpoints. Secured 3.8 GW of nuclear PPAs with Amazon and Meta, agreeing to buy 5,500 MW Cogentrix at $730 per kW.
1. Record 2025 Financial Performance
Vistra reported adjusted EBITDA of $5.912 billion for 2025, with generation contributing $4.29 billion and retail $1.622 billion. The company also delivered $3.6 billion of free cash flow before growth, both metrics exceeding the midpoints of initial guidance ranges.
2. Long-Term Nuclear PPA Agreements
Vistra contracted 3.8 GW of nuclear capacity under 20-year PPAs, including 1,200 MW at Comanche Peak for Amazon and 2,176 MW at Perry and Davis-Besse for Meta. Initial energization is slated for late 2026–2027, with full ramp by 2032–2034, underpinning durable cash flows and license extension plans.
3. Generation Portfolio Expansion
The company closed its Lotus acquisition of seven gas plants totalling 2,600 MW and agreed to acquire Cogentrix’s 5,500 MW fleet at approximately $730 per kW. Management expects mid-single-digit per-share accretion in 2027 and high-single-digit average accretion through 2029, with closing anticipated in 2026.
4. Outlook and Capital Allocation
Vistra projects over $10 billion of cash generation by year-end 2027, earmarking roughly $3 billion for shareholder returns and $4 billion for growth investments, targeting a net debt/EBITDA ratio of about 2.3x. U.S. electricity demand reached 4,200 TWh in 2025 (up 2.5%) with further growth expected into 2027.