Vistra Corp. Reports $944 Million Net Income for Fiscal Year 2025

Vistra Corp. reported a net income of $944 million for the fiscal year ended December 31, 2025, compared to $2.812 billion in the previous year. The company's adjusted EBITDA increased to $5.838 billion from $5.539 billion in 2024. Operating revenues totaled $17.738 billion, up from $17.224 billion in the prior year, while fuel, purchased power costs, and delivery fees increased to $9.101 billion from $7.285 billion. The company attributed the increase in operating revenues to higher retail revenue rates, increased retail customer consumption due to weather, and the inclusion of a full year of Energy Harbor results, offset by a decrease in nuclear production tax credit (PTC) revenue and energy revenues due to the Martin Lake Incident.

Compared to the previous fiscal year, Vistra experienced several significant changes in its operations. The company completed the Lotus Acquisition, adding 2,600 MW of natural gas generation facilities. Vistra also entered into a 20-year power purchase agreement (PPA) with Amazon Web Services (AWS) for 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant. Additionally, the company announced plans to add 433 MW of uprate capacity from its Perry, Davis-Besse, and Beaver Valley nuclear power plants. The company also experienced the Martin Lake Incident and the Moss Landing Incident, which impacted its financial results.

Key operational developments included the commercial operation of the Oak Hill solar facility in Texas and continued development of additional facilities in Illinois. Vistra also announced plans to repower the Coleto Creek and Miami Fort coal generation facilities as natural gas-fueled plants. The company's total generating capacity as of December 31, 2025, was approximately 43,641 MW, with a fuel mix of 62% natural gas, 20% coal, 15% nuclear, and 3% renewable sources. The company served approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas.

Vistra's outlook includes a focus on long-term earnings through its integrated business model and disciplined capital allocation. The company is also focused on maintaining a resilient balance sheet and a strategic energy transition that supports the reliability, affordability, and sustainability of the electric grid. The company's strategic priorities include executing large load offtake opportunities, managing financial leverage, and transitioning its fleet to low-to-no carbon resources. Vistra is targeting a 60% reduction in Scope 1 and Scope 2 CO2 equivalent emissions by 2030 as compared to a 2010 baseline with a long-term goal to achieve net-zero carbon emissions by 2050.