Short answer
Vistra Corp. (VST) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $17.6B (+19.1% year over year) and net income of $944M.
- Top risk flagged: Total debt ~$20.7B ($19.9B net of cash) at Dec 31, 2025; variable-rate Vistra Operations Credit Facilities partially unhedged, exposing to rate spikes
FY2025 key financial metrics · XBRL
- Revenue
- $17.6B
- +19.1% YoY
- Net income
- $944M
- −64.5% YoY
- Operating margin
- 10.8%
- −16.8 pp YoY
- EPS (diluted)
- $2.18
- −68.9% YoY
- ROE
- 18.5%
- −29.2 pp YoY
- Operating cash flow
- $4.1B
- −10.8% YoY
Source: XBRL data from the Vistra Corp. (VST) FY2025 10-K on SEC EDGAR. USD.
Vistra Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Integrated retail + generation model (~44,000 MW capacity, ~5M customers across 18 states + D.C.) with commodity risk management linking wholesale and retail
- 2025 acquisition of 2,557 MW natural gas facilities across PJM, ISO-NE, NYISO, and CAISO; January 2026 announcement of 433 MW nuclear uprates at Perry, Davis-Besse, and Beaver Valley
- Strategic pivot toward large load offtake agreements (data centers/co-location) as explicit earnings underwriter; FERC December 2025 ruling on PJM co-location rules removes key regulatory barrier
- ~6,390 full-time employees as of December 31, 2025; carbon intensity improved from 0.48 to 0.47 short tons CO₂/MWh YoY; ~102 million short tons CO₂ emitted in 2025
- ERCOT implemented real-time co-optimization in December 2025, replacing the ORDC with individual ancillary service demand curves: structurally changes scarcity pricing mechanics for Vistra's largest market (46% of capacity)
Management Discussion & Analysis
- Revenue $17.74B in 2025 vs $17.22B in 2024, up ~$514M YoY; driven by higher retail rates, weather, and full-year Energy Harbor, offset by $1.8B unrealized mark-to-market losses
- Net income fell $1.868B YoY to $944M; Adjusted EBITDA rose $299M to $5.838B; operating margin 10.7% vs 23.7% (GAAP, dragged by unrealized hedging losses and $228M impairments)
- Best segment: East Adjusted EBITDA $2.282B (+$265M YoY); worst: West, hit by Moss Landing fire, $400M write-off plus $155M impairment on 100MW battery
- Operating cash flow $4.07B vs $4.56B; capex ~$2.587B guided for 2026; buybacks $1.0B (6.6M shares); dividends $306M to common stockholders
- Key risks: Cogentrix acquisition (~$2.3B cash + $1.5B assumed debt) closing mid-to-late 2026; Moss Landing remediation ~$110M; Russian uranium supply disruption; nuclear PTC regulatory interpretation uncertainty
Risk Factors
- Total debt ~$20.7B ($19.9B net of cash) at Dec 31, 2025; variable-rate Vistra Operations Credit Facilities partially unhedged, exposing to rate spikes
- One Big Beautiful Bill Act (OBBBA, July 4 2025) accelerates phase-out of solar/wind tax credits, directly threatening Vistra Zero renewables portfolio economics
- Nuclear fuel supply exposed to trade restrictions (tariffs, embargoes) amid Russia-Ukraine conflict; uprate obligations under executed customer agreements add execution risk
- AI data center load growth in ERCOT/Permian Basin key to growth thesis; demand disappointment or more energy-efficient AI could derail long-term offtake strategy
- Cogentrix acquisition termination fees up to ~$150M combined ($77.8M + $72.2M) if HSR or other closing conditions not met by Dec 31, 2026
Generated from the filing text; verify against the original. How to read a 10-K
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