Short answer
Vistra Corp. (VST) filed its Q3 2025 10-Q quarterly report on Nov 7, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $4.8B (up 10.1% year over year) with net income of $652M.
Q3 2025 key financials · XBRL
- Revenue
- $4.8B
- +10.1% YoY · +27.3% QoQ
- Net income
- $652M
- −65.5% YoY · +99.4% QoQ
- Operating margin
- 21.7%
- EPS (diluted)
- $1.75
- −66.3% YoY · +113.4% QoQ
Source: XBRL data from the Vistra Corp. (VST) Q3 2025 10-Q on SEC EDGAR. USD.
Vistra Corp. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $4.97B Q3 2025, down from $6.29B Q3 2024 (21% YoY decline) driven by Retail ($4.14B vs $4.25B) and Texas ($1.80B vs $4.24B) segments
- Net income $652M Q3 2025, down $1.185B YoY from $1.837B; Operating margin approx. 13.1% (operating income $650M/$4.97B) vs 41.2% YoY (operating income $2.59B/$6.29B)
- Best performing segment: Asset Closure with $1.04B operating income Q3 2025 vs. prior losses; Worst performing: East segment loss $68M Q3 2025 vs loss $26M Q3 2024
- Operating cash flow $2.64B YTD 2025, decreased $572M YoY, mainly due to $1.216B lower net cash flows on margin deposits; Capital expenditures $1.92B YTD 2025, up $268M YoY due to development projects and Martin Lake incident
- Management highlights 20-year Comanche Peak power agreement starting 2027; ongoing supply chain and labor constraints affecting project timing; impacts of Moss Landing and Martin Lake incidents; expects liquidity sufficiency for 12 months; hedge-related unrealized losses increased $2.09B YTD impacting net income
Risk Factors
- No material changes to risk factors from 2024 Form 10-K
- Continued exposure to market risks including energy price volatility
- Regulatory compliance risk from evolving environmental regulations
- Operational risk from reliance on infrastructure and supply chain stability
- Financial risk related to liquidity management and debt maturities
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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