VST Q1 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Vistra delivered a tale of two results in Q1 2025, posting a GAAP net loss of $268 million while its underlying operating performance told a meaningfully stronger story. Revenue of $3.93 billion topped consensus estimates of $3.78 billion by 4.18%, r… Read more Vistra delivered a tale of two results in Q1 2025, posting a GAAP net loss of $268 million while its underlying operating performance told a meaningfully stronger story. Revenue of $3.93 billion topped consensus estimates of $3.78 billion by 4.18%, rising 40.8% year-over-year from $3.05 billion, with the incremental contribution from the Energy Harbor acquisition adding two additional months of results and fueling a surge in Ongoing Operations Adjusted EBITDA to $1.24 billion, up $430 million from the year-ago quarter. The GAAP loss, which widened from a $268 million loss the prior year, was driven largely by unrealized mark-to-market losses on derivative hedging positions as forward energy prices climbed, an accounting headwind that obscured the company's robust cash generation, with operating cash flow nearly doubling to $599 million. Shares have climbed roughly 31% over the past month as investors focused on the operational strength rather than the accounting noise. Vistra reaffirmed its full-year 2025 Adjusted EBITDA guidance of $5.50 billion to $6.10 billion and maintained its 2026 midpoint opportunity above $6 billion, with approximately 100% of 2025 generation volumes already hedged.