Vistra (VST) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Vistra.

Executives

Executive leadership at Vistra.

James Burke

Detailed

Chief Executive Officer

CEO

Carrie Kirby

Executive Vice President and Chief Administrative Officer

Kristopher Moldovan

Executive Vice President and Chief Financial Officer

Scott Hudson

Executive Vice President and President Vistra Retail

Stacey Doré

Chief Strategy & Sustainability Officer and Executive Vice President of Public Affairs

Stephanie Zapata Moore

Executive Vice President, General Counsel, and Chief Compliance Officer

Detailed

Chairman of the Board

Analyst Coverage

Research analysts who have asked questions during Vistra earnings calls.

David Arcaro

Morgan Stanley

5 questions for VST

Also covers: AEP, AES, ATO +32 more

Jeremy Tonet

JPMorgan Chase & Co.

4 questions for VST

Also covers: AEE, AEP, AM +45 more

Steven Fleishman

Wolfe Research

4 questions for VST

Also covers: AEP, CEG, CNP +18 more

Agnieszka Storozynski

BofA Securities

3 questions for VST

Also covers: AES, AGR, AWK +11 more

Julien Dumoulin-Smith

Jefferies

3 questions for VST

Also covers: AEE, AEP, AES +54 more

Bill Appicelli

UBS

2 questions for VST

Also covers: CNP, ETR, NEE +4 more

Durgesh Chopra

Evercore ISI

2 questions for VST

Also covers: AEE, AEP, AES +22 more

Shahriar Pourreza

Guggenheim Partners

2 questions for VST

Also covers: AEE, AEP, AVA +29 more

Shar Pereza

Wells Fargo

1 question for VST

Latest news

Recent press releases and 8-K filings for VST.

Vistra prices private offering of $2.25 B senior secured notes

VST

Debt Issuance

Vistra priced a $2.25 billion private offering of senior secured notes, comprising $1.0 billion due 2031 at 4.700% and $1.25 billion due 2036 at 5.350%.
The notes will be issued by Vistra Operations Company LLC, guaranteed by its subsidiaries and secured by first-priority liens on substantially all of the issuer’s assets.
Proceeds will fund the Cogentrix Energy acquisition, support general corporate purposes (including debt repayment) and cover offering fees and expenses.
The offering is expected to close on January 22, 2026, subject to customary closing conditions.

2 days ago

Press Release

Vistra launches private offering of senior secured notes

VST

Debt Issuance

Vistra launched a private offering of senior secured notes due 2031 and 2036, issued by Vistra Operations Company LLC and guaranteed by its subsidiaries, secured on the same collateral as its Credit Agreement.
Net proceeds will fund part of the Cogentrix Energy acquisition, general corporate purposes including debt repayment, and related fees and expenses.
The notes’ collateral will be released if Vistra’s senior unsecured long-term debt securities obtain an investment-grade rating from two of three agencies, subject to reversion upon downgrade.
The offering is targeted to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S; the notes are unregistered under the Securities Act.

3 days ago

Press Release

Vistra enters 20-year PPAs with Meta for 2.6 GW nuclear power

VST

New Projects/Investments

Vistra signed 20-year power purchase agreements with Meta to supply 2,609 MW of carbon-free power and capacity from its PJM nuclear plants—1,268 MW from Perry and 908 MW from Davis-Besse, plus uprates of 213 MW (Perry), 80 MW (Davis-Besse) and 140 MW (Beaver Valley).
Operating energy delivery is slated to begin in late 2026, with full delivery by year-end 2027; uprate delivery starts by 2031 and completes by year-end 2034.
The company plans capital expenditures from 2026 through 2034 for plant uprates, with <20% of total spend expected by year-end 2028.
At full PPA delivery, Vistra projects 8%–10% incremental Adjusted Free Cash Flow accretion from operating energy and 5%–7% from uprates, assuming 2026 guidance, with an ~80% EBITDA-to-free-cash-flow conversion rate.

5 days ago

8-K

Vistra signs 20-year PPAs with Meta for PJM nuclear supply

VST

New Projects/Investments

Vistra entered 20-year power purchase agreements to supply Meta with 2,609 MW of zero-carbon nuclear energy from its Perry, Davis-Besse, and Beaver Valley plants in PJM.
Under the agreements, Meta will purchase 2,176 MW of operating generation from Perry and Davis-Besse plus 433 MW of incremental capacity from equipment uprates across the three plants.
Deliveries commence in late 2026 and ramp through 2034 to full capacity, supported by plans to secure subsequent 20-year license renewals for each reactor.
The uprate projects are expected to support approximately 3,000 project-related jobs over nine years and bolster local tax revenues and economic development.

6 days ago

Press Release

Vistra to acquire Cogentrix Energy for $4 billion

VST

M&A

Vistra agreed to acquire Cogentrix Energy in a $4 billion transaction, including $2.3 billion cash, 5 million Vistra shares (~$900 million), and assumption of $1.5 billion debt.
The deal adds about 5,500 MW of natural-gas generation across PJM, ISO New England, and ERCOT.
The portfolio is valued at $730/kW with an enterprise multiple near 7.25× expected 2027 adjusted EBITDA; closing is expected mid-to-late 2026, subject to regulatory approvals.
Vistra expects the acquisition to be accretive to free cash flow per share beginning in 2027, with mid-single-digit accretion initially and high single digits through 2029.

Jan 5, 2026, 10:49 PM

Bloomberg

Vistra acquires 5,500 MW Cogentrix gas portfolio

VST

M&A

Share Buyback

Vistra Corp. agreed to acquire Cogentrix Energy’s 10 natural gas generation facilities (≈5,500 MW) for a net purchase price of $4.0 billion (≈$730/kW), funded by $2.3 billion cash, $0.9 billion stock (5 million shares at $185), and assumption of $1.5 billion debt, net of $0.7 billion tax benefits.
The deal implies a 7.25× multiple on 2027 expected Adjusted EBITDA and is expected to exceed Vistra’s mid-teens levered return target.
Acquisition is forecast to deliver mid-single-digit ongoing operations AFCFbG accretion per share in 2027 and high-single-digit accretion on average over 2027–2029.
Vistra reiterates its capital allocation plan: maintain net leverage < 3×, return $300 million annually in dividends, and repurchase at least $1 billion of shares each year.
Transaction is subject to FERC, DOJ (Hart-Scott-Rodino), and state approvals, with closing expected mid-to-late 2026.

Jan 5, 2026, 9:42 PM

8-K

Vistra acquires Cogentrix Energy portfolio

VST

M&A

Vistra will acquire Cogentrix Energy’s portfolio of 10 modern gas generation facilities totaling 5,496 MW across PJM, ISO New England, and ERCOT.
The net purchase price is $4.0 billion, including ~$2.3 billion cash, ~$0.9 billion stock, assumption of ~$1.5 billion debt, less ~~$0.7 billion tax benefits (~~$730/kW).
The deal is expected to deliver mid-single-digit per share accretion in 2027 and high single-digit accretion on average over 2027–2029, supporting a leverage target of <3× and capital returns of $300 million dividends and ≥$1 billion buybacks annually.
Subject to regulatory approvals, the transaction is expected to close in mid-to-late 2026.

Jan 5, 2026, 9:15 PM

Press Release

Vistra announces PJM 2027/2028 capacity auction results

VST

On December 17, 2025, Vistra cleared 10,566.1 MW in the PJM Capacity Auction for planning year 2027/2028 at a weighted average clearing price of $333.44/MW-day.
Cleared capacity by zone included 3,975.5 MW in RTO, 2,036.1 MW in ATSI, 1,717.7 MW in EMAAC, 1,123.6 MW in COMED, 939.0 MW in DEOK, 561.3 MW in MAAC and 212.9 MW in DOM.

Dec 17, 2025, 10:30 PM

8-K

Vivakor initiates first LPG commodity trade under $40M credit facility

VST

New Projects/Investments

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.