Vistra Posts $944M Net Income, Beats 2025 EBITDA Guidance by $112M, Sets $6.8–7.6B 2026 Target
Vistra delivered GAAP net income of $944 million in 2025, driven by $4.07 billion cash flow from operations and Ongoing Adjusted EBITDA of $5.912 billion, beating midpoint guidance by $112 million. The company set 2026 Adjusted EBITDA guidance at $6.8–7.6 billion and plans to acquire 5,500 MW Cogentrix assets.
1. Full-Year 2025 Financial Results
Vistra reported GAAP net income of $944 million for full-year 2025, which incorporated an $808 million unrealized hedge loss expected to settle in future years. Cash flow from operations reached $4.07 billion, while Ongoing Operations Adjusted EBITDA climbed to $5.912 billion and Adjusted FCF to $3.592 billion, surpassing midpoint guidance by $112 million and $292 million respectively.
2. 2026 Financial Guidance
Vistra raised its 2026 Ongoing Operations Adjusted EBITDA guidance range to $6.8–7.6 billion and Adjusted free cash flow to $3.925–4.725 billion, both excluding any potential contribution from the planned Cogentrix acquisition. The company also maintained a 2027 EBITDA midpoint opportunity of $7.4–7.8 billion, underscoring its sustained growth trajectory.
3. Strategic Acquisitions and PPAs
Vistra secured industry-leading power purchase agreements totaling roughly 3,800 MW of nuclear energy with AWS at its Comanche Peak facility and with Meta across PJM sites, supporting subsequent 20-year license renewals for four nuclear units. The company commissioned a 200 MW Oak Hill Solar project under an AWS PPA, closed a 2,600 MW gas portfolio acquisition from Lotus in November 2025, and expects to close the 5,500 MW Cogentrix acquisition by mid-to late 2026.