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Vistra VST Q4 2025 Annual earnings

Reported February 26, 2026 · Before market open

Revenue$4.6BMiss by $1.2B
EPS$0.54Miss by $1.77
Revenue estimate$5.8B
EPS estimate$2.31

Next report

Nov 6, 2026 (in a month)
Revenue estimate$7.2B
EPS estimate$2.89

Financials

Q4 2025

Income statement

See full
Revenue$4.6B+13.5%
Operating income$474.0M-20.9%
Net income$233.0M-47.2%
EPS (diluted)$0.54-52.6%

Balance sheet

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Cash & equivalents$822.0M-32.7%
Total debt$19.2B+15.2%
Total equity$5.1B-8.5%
Total assets$41.6B+10.0%

Cash flow

See full
Operating cash flow$1.4B+5.8%
CapEx$836.0M+94.4%
Free cash flow$596.0M-35.4%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$54.66B+16.5%
Enterprise value$73.01B+17.2%
P/E57.9×+40.3×
P/S3.1×+0.4×

Profitability

See full
Operating margin10.7%-12.9pp
Net margin5.3%-10.1pp
FCF margin7.4%-7.0pp

Returns & leverage

See full
Return on equity17.7%-31.2pp
Debt / equity3.8×+0.8×
Current ratio0.8×-0.2×

Segments

By product

See full
Retail energy charge in ERCOT$2.1B+13.9%
Retail energy charge in Northeast/Midwest$1.2B+31.8%
Wholesale generation revenue from ISO/RTO$1.2B+68.2%
Revenue from other wholesale contracts$301.0M+24.9%
Capacity revenue from ISO/RTO$98.0M+390%

By segment

See full
Retail$3.5B+21.4%
East$1.6B+10.1%
Texas$1.6B+231%
Asset Closure$48.0M+380%

FAQ

When did Vistra report Q4 2025 earnings?
Vistra (VST) reported Q4 2025 earnings on February 26, 2026 before market open.
What were Vistra's Q4 2025 revenue and EPS?
Vistra reported revenue of $4.6B and eps of $0.54 for Q4 2025.
Did Vistra beat estimates in Q4 2025?
Revenue missed the consensus estimate of $5.8B by $1.2B. EPS missed the consensus estimate of $2.31 by $1.77.
How did Vistra's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 37.7% from $7.4B a year earlier and eps declined 52.4% from $1.14.
Where can I find Vistra's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-073364) and the 10-K periodic report (0001692819-26-000006) directly on SEC EDGAR. The filing index links above go to sec.gov.