VST Q3 2025 Earnings
Reported Nov 6, 2025 at 2:00 AM ET · SEC Source
Q3 25 EPS
$N/A
Q3 25 Revenue
$4.97B
vs S&P Since Q3 25
-25.4%
TRAILING MARKET
VST -17.9% vs S&P +7.5%
Market Reaction
Did VST Beat Earnings? Q3 2025 Results
Vistra Corp. Delivered a mixed third quarter for 2025, falling short on revenue with $4.97 billion reported while posting GAAP net income of $652 million, a sharp $1.19 billion decline from $1.84 billion a year ago, driven largely by $1.67 billion in… Read more Vistra Corp. Delivered a mixed third quarter for 2025, falling short on revenue with $4.97 billion reported while posting GAAP net income of $652 million, a sharp $1.19 billion decline from $1.84 billion a year ago, driven largely by $1.67 billion in lower unrealized mark-to-market gains on derivative positions and headwinds from the Martin Lake Unit 1 outage. Yet beneath the headline weakness, Ongoing Operations Adjusted EBITDA rose $143 million year-over-year to $1.58 billion, buoyed by nuclear production tax credit revenue and higher capacity prices. The company also moved decisively on growth, completing the acquisition of roughly 2,600 MW of natural gas capacity from Lotus Infrastructure Partners and securing a landmark 20-year, 1,200 MW power purchase agreement at Comanche Peak Nuclear Plant. Vistra narrowed its 2025 Adjusted EBITDA guidance to $5.70 billion–$5.90 billion and initiated 2026 guidance of $6.80 billion–$7.60 billion, while the board authorized an additional $1 billion in share repurchases, signaling confidence in the company's longer-term earnings trajectory.
Key Takeaways
- • Higher realized energy and capacity prices
- • Recognition of nuclear production tax credit (PTC) revenue
- • Comprehensive hedging program supporting guidance
- • Martin Lake Unit 1 outage negatively impacted results
- • Lower unrealized mark-to-market gains on derivative positions reduced GAAP net income
VST YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Vistra wrapped up an active third quarter marked by disciplined growth and a focus on meeting customer needs across key markets, leading to several significant milestones. In September we announced plans to move forward with two new natural gas power units, which together will add approximately 860 MW of capacity in the Permian to aid in meeting West Texas' growing power needs, particularly as the oil and gas industry electrifies operations. Next, we entered into a 20-year PPA at our Comanche Peak Nuclear Power Plant that we expect will underwrite continued operations at the plant through the middle of this century. And most recently, we successfully closed the acquisition of seven natural gas plants, adding approximately 2,600 MW of capacity to our portfolio, furthering our capabilities across the Midwest, Northeast, and California markets. These announcements underscore our commitment to deliver solutions to meet the growing power demand needs while growing our earnings over the medium and long-term.”
— Jim Burke, Q3 2025 Earnings Press Release
VST Earnings Trends
VST vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VST EPS Trend
Earnings per share: estimate vs actual
VST Revenue Trend
Quarterly revenue: estimate vs actual
VST Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | $1.33 | — | — | — | — |
| FY Full Year | — | — | — | $17.74B | — |
| Q3 25 | — | — | — | $4.97B | — |
| Q2 25 | — | — | — | $4.25B | — |
| Q1 25 | $0.68 | — | — | $3.93B | +4.18% |