VST Vistra Corp.
FY2025 10-K
Vistra Corp. (VST) filed its fiscal year 2025 10-K annual report with the SEC on Feb 27, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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)
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
Financial SummaryXBRL
Revenue
$17.6B
Net Income
$944M
Operating Margin
10.8%
Net Margin
5.4%
ROE
18.5%
Total Assets
$41.5B
EPS (Diluted)
$2.18
Operating Cash Flow
$4.1B
Source: XBRL data from Vistra Corp. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Vistra Corp. Annual Reports
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