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Vistra Corp. (VST) FY2025 10-K Annual Report

Filed: Feb 27, 2026
Utilities
Electric ServicesSEC EDGAR
Vistra Corp. Overview

Vistra Corp. (VST) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

Vistra Corp. FY2025 10-K Analysis

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
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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)
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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
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Vistra Corp. FY2025 Key Financial Metrics
XBRL

Revenue

$17.6B

▲ +19.1% YoY

Net Income

$944M

▼ -64.5% YoY

Operating Margin

10.8%

▼ -1681bp YoY

Net Margin

5.4%

▼ -1265bp YoY

ROE

18.5%

▼ -2922bp YoY

Total Assets

$41.5B

▲ +10.0% YoY

EPS (Diluted)

$2.18

▼ -68.9% YoY

Operating Cash Flow

$4.1B

▼ -10.8% YoY

Source: XBRL data from Vistra Corp. FY2025 10-K filing on SEC EDGAR. All figures in USD.

Other Vistra Corp. Annual Reports

FY2024 10-K

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