2026년 2월 26일 · Unknown · financial · 출처 Yahoo Finance
Earnings Release Highlights
GAAP full-year 2025 Net Income of $944 million, including an unrealized loss from hedges expected to settle in future years of $808 million, and Cash Flow from Operations of $4,070 million. Ongoing Operations Adjusted EBITDA1 of $5,912 million and Ongoing Operations Adjusted FCFbG1 of $3,592 million, exceeding the midpoint of the original guidance range by approximately $112 million and approximately $292 million, respectively. 2026 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of $6.8 billion to $7.6 billion and $3.925 billion to $4.725 billion, respectively, excluding any potential impact from the Cogentrix assets. Industry-leading power purchase agreements (PPAs) for ~3,800 megawatts of nuclear power with Amazon Web Services (AWS) at our Comanche Peak nuclear facility and nuclear energy, capacity, and uprates with Meta at our various PJM nuclear facilities; agreements at our PJM facilities support subsequent license renewal of additional 20 years for all four nuclear units. Announced plans to acquire Cogentrix Energy, consisting of approximately 5,500 MW of natural gas-fueled generation capacity, with expectations to close in mid-to-late 2026; closed 2,600-MW acquisition from Lotus Infrastructure Partners in November 2025.
IRVING, Texas, Feb. 26, 2026 /PRNewswire/ -- Vistra Corp. (NYSE: VST) today reported its fourth quarter and full-year 2025 financial results and other highlights.Vistra Corp. Logo (PRNewsfoto/Vistra Corp.)
"I am proud of the 2025 performance of our Vistra team – this was truly a transformational year for our company," said Jim Burke, president and CEO of Vistra. "With our One Team mindset, we achieved several strategic milestones, including a 20-year power purchase agreement with AWS for up to 1,200 MW of carbon-free power at our Comanche Peak Nuclear Power Plant; the announcement and successful closing of our acquisition of the 2,600-MW gas portfolio from Lotus in just five months; commissioning of the 200-MW Oak Hill Solar Facility on our retired and reclaimed coal mine site, which includes a PPA also with AWS; significant construction progress at our Pulaski and Newton solar facilities in Illinois; execution of uprates across our Texas gas fleet; commencement of construction on two natural gas units totaling 860 MW at our Permian Basin plant, tripling its existing capacity; and TXU Energy becoming the top-rated large retail energy provider in the Texas Public Utility Commission rankings. In addition to this meaningful growth, the team also delivered a record year financially, further demonstrating the strength and consistency of our integrated business model."
Story Continues
Burke continued, "Our momentum has already carried into 2026 – first with the announcement of our plans to acquire Cogentrix Energy and its 5,500-MW natural gas portfolio, followed by the signing of 20-year PPAs with Meta for more than 2,600 MW of energy, capacity, and uprates across our PJM nuclear facilities. The team continues to execute operationally, with strong fleet performance during Winter Storm Fern. As the power landscape continues to evolve, we remain focused on delivering safe, reliable, and affordable electricity to our customers and strong financial performance for our shareholders. We look forward to continuing to take advantage of these opportunities and creating long-term value for all of our stakeholders."
Summary of Financial Results for the Three and Twelve Months Ended December 31, 2025 and 2024 (Unaudited) (Millions of Dollars) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net income (loss) $ 233 $ 490 $ 944 $ 2,812 Ongoing operations Adjusted EBITDA $ 1,742 $ 1,983 $ 5,912 $ 5,643 Adjusted EBITDA by Segment Retail $ 645 $ 600 $ 1,622 $ 1,463 Texas $ 418 $ 598 $ 1,834 $ 2,032 East $ 631 $ 774 $ 2,282 $ 2,017 West $ 70 $ 42 $ 244 $ 225 Corporate and Other $ (22) $ (31) $ (70) $ (94) Asset Closure $ (16) $ (49) $ (74) $ (104)
For the year ended December 31, 2025, Vistra reported Net Income of $944 million, including an unrealized pre-tax net loss from hedges expected to settle in future years of $808 million and Ongoing Operations Adjusted EBITDA1 of $5,912 million. Net Income for the full year 2025 decreased $(1,868) million from the full year 2024 driven primarily by unrealized losses resulting from commodity hedging transactions. Unrealized losses from hedges typically occur as forward commodity prices increase, which generally benefits the entire Vistra portfolio in future periods.
Ongoing Operations Adjusted EBITDA for the full year 2025 increased by $269 million compared to the full-year 2024 driven primarily by the inclusion of two additional months of owning the Energy Harbor assets, two months of owning the Lotus assets, and higher retail margins from favorable supply costs.
Guidance ($ in millions) 2026 Guidance Ranges Ongoing Operations Adjusted EBITDA $6,800 - $7,600 Ongoing Operations Adjusted FCFbG $3,925 - $4,725
2027 Ongoing Operations Adjusted EBITDA Midpoint Opportunity2 unchanged at $7.4 billion to $7.8 billion, excluding any estimated impact from the acquisition of the Cogentrix assets or the execution of the PPAs with Meta. As of February 18, 2026, Vistra has hedged approximately 100% of its expected generation volumes for 2026 and approximately 84% and 58% for 2027 and 2028, respectively. The company's comprehensive hedging program supports our 2026 guidance ranges and the 2027 midpoint opportunity.
Share Repurchase Program
As of February 18, 2026:
Vistra executed ~$5.9 billion in share repurchases since November 2021. Vistra had ~337 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on November 2, 2021. ~$1.8 billion dollars of the share repurchase authorization remains available, which we expect to complete by year end 2027.
Liquidity
As of D…