Vistra Corp. (VST) Q3 2025 10-Q Quarterly Report
Vistra Corp. (VST) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 7, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Vistra Corp. Q3 2025 10-Q Analysis
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
Vistra Corp. Q3 2025 Quarterly FinancialsXBRL
Revenue
$4.8B
▲ +10.1% YoY▲ +27.3% QoQ
Net Income
$652M
▼ -65.5% YoY▲ +99.4% QoQ
Net Margin
13.6%
▼ -2985bp YoY▲ +493bp QoQ
Source: XBRL data from Vistra Corp. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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