Vistra (VST) Company Report

Vistra delivered $5.9 billion of adjusted EBITDA and $3.6 billion of adjusted free cash flow before growth for full-year 2025, both above guidance midpoints.
The company expanded its gas fleet, closing the 2,600 MW Lotus acquisition in October and announcing the 5,500 MW Cogentrix deal at ~$730/kW, targeting mid-single-digit FCF per share accretion in 2027.
Vistra contracted 3.8 GW of nuclear capacity under 20-year PPAs, including 1,200 MW with Amazon at Comanche Peak and 2,176 MW plus 433 MW of uprates with Meta at PJM plants.
Through year-end 2027, the company projects over $10 billion of cash generation, retaining $3 billion+ for allocation after dividends, buybacks, and growth; since November 2021, it retired 167 million shares at <$36 avg cost, with $1.8 billion authorization remaining.

1 day ago

Transcript

Vistra reports Q4 and full-year 2025 results

VST

Earnings

M&A

Share Buyback

Vistra delivered approximately $5.9 billion of adjusted EBITDA and $3.6 billion of adjusted free cash flow before growth in 2025, both meaningfully above guidance midpoints.
Closed the acquisition of seven natural gas plants (≈2,600 MW) from Lotus and announced the pending purchase of Cogentrix’s 10 plants (≈5,500 MW) at ~$730/kW, expected to drive mid-single-digit FCF/share accretion in 2027.
Secured ~3.8 GW of long-term nuclear PPAs, including a 20-year, 1,200 MW agreement with Amazon Web Services and 2,176 MW (plus 433 MW uprates) with Meta, enhancing earnings stability.
Projects to generate > $10 billion of cash through year-end 2027, with FCF before growth per share of >$12.50 in 2026 and ~$16 by 2027, while targeting net debt/EBITDA of 2.3× and maintaining share repurchases (167 million shares retired at <$36 avg, $1.8 billion auth remaining).

1 day ago

Transcript

Vistra announces Q4 2025 results

VST

Earnings

M&A

Share Buyback

Vistra reported 2025 Adjusted EBITDA of $5,912 million, up from $5,643 million in 2024.
2026 Adjusted Free Cash Flow before Growth guidance of $12.60 per share midpoint, versus $10.39 in 2025, with near-term potential of ~$16 per share.
Announced agreement to acquire Cogentrix’s ~5,500 MW natural gas fleet for $4.0 billion, expected to close mid-to-late 2026 and deliver mid- to high-single-digit Adj. FCFbG accretion over 2027–2029.
Continued disciplined capital allocation with $1.8 billion remaining share repurchase authorization—30% of shares repurchased since November 2021—and targeting ≥$1 billion in annual repurchases and $300 million in dividends.

1 day ago

Presentation

Vistra reports Q4 2025 earnings and strategic progress

VST

Earnings

M&A

Share Buyback

Vistra delivered record full-year 2025 adjusted EBITDA of $5.9 billion and adjusted free cash flow of $3.6 billion, both exceeding initial guidance.
Completed strategic asset acquisitions: closed on 2,600 MW of modern gas plants from Lotus and announced the 5,500 MW Cogentrix Energy deal, growing combined cycle capacity to approximately 26 GW.
Advanced long-term nuclear contracts totaling 3.8 GW with Amazon (1,200 MW at Comanche Peak) and Meta (2,176 MW operating + 433 MW uprates), locking in durable cash flows.
Maintained shareholder returns: retired 167 million shares at an average cost below $36 and retains $1.8 billion of share repurchase authorization.

1 day ago

Transcript

Vistra reports Q4 and full-year 2025 results

VST

Earnings

Guidance Update

M&A

Full-year 2025 GAAP net income of $944 million and cash flow from operations of $4,070 million; ongoing operations Adjusted EBITDA of $5,912 million (+ $269 million vs 2024) and Adjusted FCFbG of $3,592 million.
2026 guidance for ongoing operations Adjusted EBITDA of $6.8 billion – $7.6 billion and Adjusted FCFbG of $3.925 billion – $4.725 billion.
Secured PPAs for ~3,800 MW of nuclear power, including 20-year agreements with AWS at Comanche Peak and with Meta across PJM facilities, supporting license renewals for all four units.
Growth and M&A: closed Nov 2025 acquisition of a 2,600 MW gas portfolio from Lotus Infrastructure; plans to acquire Cogentrix Energy’s 5,500 MW gas assets (expected close mid-to-late 2026); commissioned 200 MW Oak Hill solar with AWS PPA and advanced multiple solar and gas projects.

1 day ago

8-K

Vistra reports Q4 and full-year 2025 results

VST

Earnings

Guidance Update

M&A

GAAP net income of $944 million and cash flow from operations of $4.07 billion in 2025.
Ongoing Operations Adjusted EBITDA of $5.912 billion and Adjusted FCFbG of $3.592 billion, exceeding midpoints by ~$112 million and ~$292 million.
2026 guidance: Ongoing Operations Adjusted EBITDA of $6.8–$7.6 billion and Adjusted FCFbG of $3.925–$4.725 billion.
Strategic milestones: PPAs for ~3,800 MW of nuclear power with AWS and Meta, closing a 2,600 MW Lotus gas portfolio, and announcing a 5,500 MW Cogentrix acquisition.
~$5.9 billion of share repurchases since Nov 2021, ~337 million shares outstanding (30% reduction), and $1.8 billion remaining authorization.

1 day ago

Press Release

Vistra Corp. completes $2.25 billion senior secured notes offering

VST

Debt Issuance

M&A

On January 22, 2026, Vistra Operations Company LLC, a subsidiary of Vistra Corp., issued $1.0 billion of 4.700% Senior Secured Notes due January 31, 2031 and $1.25 billion of 5.350% Senior Secured Notes due January 31, 2036 in a private placement.
The Notes are guaranteed by Vistra Operations’ subsidiaries and secured by a first-priority lien on substantially all of their assets; the Issuer received approximately $2.225 billion of net proceeds.
Net proceeds will fund the acquisition of Cogentrix Energy, repay existing indebtedness and support general corporate purposes.
Interest accrues from January 22, 2026, payable semi-annually on January 31 and July 31 (first payment July 31, 2026); Notes include make-whole and par redemption options, plus a 101% change-of-control repurchase feature.

Jan 27, 2026, 10:06 PM

8-K

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.

Jan 13, 2026, 1:49 AM

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.

Jan 12, 2026, 1:42 PM

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.