Vistra (VST) Company Report

Vivakor Supply & Trading (VST) executed its inaugural liquefied petroleum gas (LPG) transaction valued at approximately $23 million, marking its entry into petroleum commodities beyond crude oil.
The trade was funded via Vivakor’s $40 million intermediation credit facility announced earlier this year.
VST will manage transportation, logistics, and gathering operations, leveraging Vivakor’s midstream infrastructure to enhance efficiency and scale.
Revenue recognition will be a small percentage of total contract value, varying based on market conditions and transaction structure.

Nov 10, 2025, 1:00 PM

Press Release

Vistra reports Q3 2025 results and updates guidance

VST

Earnings

Guidance Update

M&A

Vistra delivered $1.581 B in Q3 2025 adjusted EBITDA (Generation: $1.544 B; Retail: $37 M), driven by its hedging strategy and higher capacity revenues.
Narrowed 2025 guidance to $5.7–5.9 B adjusted EBITDA and $3.3–3.5 B adjusted free cash flow; introduced 2026 guidance of $6.8–7.6 B adjusted EBITDA and $3.925–4.725 B free cash flow, and 2027 adjusted EBITDA midpoint of $7.4–7.8 B.
Advanced growth pipeline with a 20-year 1,200 MW PPA at Comanche Peak through the 2050s, development of two 860 MW gas units in West Texas, and acquired 2.6 GW of gas assets from Lotus Infrastructure.
Returned over $6.7 B to shareholders since Q4 2021 and authorized an additional $1 B share repurchase; net leverage at 2.6×, targeting investment-grade ratings.

Nov 6, 2025, 3:00 PM

Transcript

Vistra reports Q3 2025 results

VST

Earnings

Guidance Update

M&A

Delivered $1.581 B adjusted EBITDA (Generation: $1.544 B; Retail: $37 M), driven by hedging gains and higher capacity revenue despite outages.
Narrowed 2025 adjusted EBITDA guidance to $5.7 B–$5.9 B and 2025 adjusted free cash flow before growth to $3.3 B–$3.5 B; introduced 2026 guidance of $6.8 B–$7.6 B adj. EBITDA and $3.925 B–$4.725 B adj. FCF.
Closed acquisition of ~2.6 GW natural gas assets from Lotus Infrastructure, targeting $270 M adj. EBITDA in 2026, and advancing 860 MW West Texas gas units for early-to-mid 2028 delivery.
Returned $6.7 B+ to shareholders since late 2021, reduced shares outstanding by ~30%, and authorized an additional $1 B buyback (total $2.2 B remaining through 2027).
Maintained strong fleet performance with 93% availability for coal/gas and 95% nuclear capacity factor; retail business saw customer growth and top-ranked complaint metrics.

Nov 6, 2025, 3:00 PM

Transcript

Vistra announces Q3 2025 results

VST

Earnings

Guidance Update

Share Buyback

Q3 2025 Adjusted EBITDA: Generation $1,581 M and Retail $1,544 M, driven by higher realized wholesale prices and capacity revenues.
2025 Adj. EBITDA guidance narrowed to $5.7–5.9 B and Adj. FCFbG raised to $3.3–3.5 B; 2026 guidance set at $6.8–7.6 B Adj. EBITDA and $3.925–4.725 B Adj. FCFbG.
Board authorized $1 B incremental share repurchases through YE 2027, targeting at least $1 B in annual share buybacks and $300 M in dividends, with net leverage ~2.6x pro forma.
Strategic execution includes 1,200 MW Comanche Peak PPA, Oak Hill 200 MW solar facility starting operations, 860 MW West Texas gas build, and ongoing nuclear uprate feasibility studies.

Nov 6, 2025, 3:00 PM

Presentation

Vistra reports Q3 2025 results

VST

Earnings

Guidance Update

Share Buyback

Vistra delivered Q3 2025 GAAP net income of $652 million and Ongoing Operations Adjusted EBITDA of $1.581 billion.
Narrowed full-year 2025 guidance to $5.7 – 5.9 billion for Ongoing Operations Adjusted EBITDA and $3.3 – 3.5 billion for Ongoing Operations Adjusted FCFbG.
Initiated 2026 guidance with Ongoing Operations Adjusted EBITDA of $6.8 – 7.6 billion and Ongoing Operations Adjusted FCFbG of $3.925 – 4.725 billion.
Board authorized an additional $1.0 billion share repurchase program, expected to be utilized by year-end 2027.
Growth initiatives include acquisition of seven natural gas plants, plan for two new 860 MW gas units in West Texas, and a 20-year, 1,200 MW PPA at Comanche Peak Nuclear Plant.

Nov 6, 2025, 12:00 PM

8-K

Vistra reports Q3 2025 results and updates guidance

VST

Earnings

Guidance Update

Share Buyback

Vistra delivered $652 million in GAAP Net Income and $1.581 billion in Ongoing Operations Adjusted EBITDA for Q3 2025.
Narrowed 2025 Ongoing Operations Adjusted EBITDA guidance to $5.7–$5.9 billion and raised Adjusted Free Cash Flow before Growth guidance to $3.3–$3.5 billion.
Initiated 2026 guidance for Ongoing Operations Adjusted EBITDA of $6.8–$7.6 billion and Adjusted Free Cash Flow before Growth of $3.925–$4.725 billion.
Board authorized an additional $1.0 billion of share repurchases, expected to be completed by year-end 2027.
Completed the acquisition of seven natural gas plants, adding approximately 2,600 MW of capacity.

Nov 6, 2025, 12:00 PM

Press Release

Vistra declares quarterly and preferred dividends

VST

Dividends

Board declared a quarterly $0.2270 per share common dividend (approx $75 M, +2% vs. Q4 2024), payable Dec. 31, 2025; record & ex-div Dec. 22, 2025
Declared semi-annual dividend on 7.0% Series B preferred at $35.00 per share (annualized $70.00), payable Dec. 15, 2025; record Dec. 1, 2025
Declared semi-annual dividend on 8.875% Series C preferred at $44.375 per share (annualized $88.75), payable Jan. 15, 2026; record Jan. 1, 2026

Oct 30, 2025, 8:15 PM

Press Release

Vistra completes acquisition of seven natural gas plants

VST

M&A

New Projects/Investments

Vistra completed the acquisition of seven modern natural gas generation facilities totaling 2,600 MW of capacity from Lotus Infrastructure Partners.
The assets expand Vistra’s geographically diverse portfolio in PJM, New England, New York, and California.
The transaction’s base purchase price was $1.9 billion, subject to customary adjustments, and included assumption of approximately $800 million of debt, funded with cash and credit facility assumption.
The acquisition supports Vistra’s strategy to enhance its ability to deliver reliable, affordable, and flexible power with a focus on returns and scale.

Oct 28, 2025, 8:30 PM

8-K

Vistra completes acquisition of seven natural gas plants

VST

M&A

New Projects/Investments

Completed acquisition of seven modern natural gas generation facilities totaling 2,600 MW of capacity from Lotus Infrastructure Partners, following regulatory approvals.
Expanded Vistra’s generation footprint in PJM, New England, New York, and California, enhancing its ability to deliver reliable, affordable, and flexible power.
Transaction reflects Vistra’s disciplined, opportunistic growth strategy, focusing on returns, scale, and seamless asset integration.

Oct 22, 2025, 1:56 PM

Press Release

Vistra Corp. completes $2 billion senior secured notes offering

VST

Debt Issuance

On October 10, 2025, Vistra Operations Company LLC issued $2 billion aggregate principal of senior secured notes: $750 million 4.300% due 2028, $500 million 4.600% due 2030 and $750 million 5.250% due 2035 in a Rule 144A/Reg S private placement.
The notes are fully guaranteed by subsidiary guarantors and secured by a first-priority lien on substantially all assets (including stock of the Issuer and Subsidiary Guarantors), with collateral release upon obtaining an investment-grade rating on Vistra’s senior unsecured debt.
Net proceeds of approximately $1.979 billion, after fees and expenses, will support refinancing of existing indebtedness, general corporate purposes (including funding the acquisition of Lotus Infrastructure Partners’ subsidiaries) and payment of offering-related costs.
Issuance was effected under Vistra’s Base Indenture (dated June 11, 2019) as supplemented by the Twenty-First Supplemental Indenture (dated October 10, 2025), allowing for future additional notes issuance on identical terms.

Oct 15, 2025, 8:01 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Vistra.

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