VST
Vistra Corp.173.45
+5.20+3.09%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms outlook, colors PJM contracting.
Q&A largely reaffirmed prepared remarks on Cogentrix, Meta PPAs, and load growth, while addressing PJM rule flux directly—no impact on Meta, upside for Beaver Valley colocation. Hyperscalers eye gas deals with fixed capacity plus variable gas risk, blending existing assets' speed with new builds. Buybacks lean in on weakness via 10b5-1 tweaks. Nuclear uprates cap near 600MW. Management demurred on timing next contracts. Confident yet measured; watch PPA pace amid regulatory clarity.
Key Stats
Market Cap
58.77BP/E (TTM)
62.39Basic EPS (TTM)
2.78Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Vistra's FY2025 delivered $944M net income on $17.7B revenue, down from $2.8B in FY2024 amid $808M unrealized hedging losses, yet Adjusted EBITDA climbed 5% to $5.8B, buoyed by full-year Energy Harbor integration and elevated realized power prices. Q4 shone with Texas nuclear at 95% capacity factor (up from 93% FY avg) and East nuclear at 91%, while retail sales volumes hit 139 TWh (up 4% y/y). Margins expanded on strong customer counts and supply optimization, but Moss Landing battery fire spurred $555M impairments/write-offs; insurance offset $500M. East nuclear drove gains via capacity auctions ($270-330/MW-day PJM), yet Q4 momentum slowed on $1.1B hedging swings. Debt rose to $20.7B post-Lotus buy (2.6 GW gas), but S&P upgraded to BBB-; $2B liquidity. Cogentrix 5.5 GW deal eyes mid-2026 close. Extreme weather spikes risk grid reliability.
8-K
Vistra beats EBITDA guidance
Vistra posted 2025 GAAP net income of $944 million, down from $2,812 million due to $808 million unrealized hedging losses, yet Ongoing Operations Adjusted EBITDA climbed to $5,912 million, up $269 million on new asset contributions. Signed long-term nuclear PPAs with AWS and Meta totaling ~3,800 MW; plans Cogentrix 5,500 MW gas acquisition closing mid-to-late 2026. Momentum builds. Guides 2026 Adjusted EBITDA to $6.8-7.6 billion.
8-K
Vistra closes $2.25B notes
Vistra Operations completed a $2.250 billion private offering of senior secured notes on January 22, 2026—$1.0 billion 4.700% due 2031 and $1.250 billion 5.350% due 2036—yielding $2.225 billion net proceeds. Funds will support the Cogentrix Energy acquisition, repay debt, and cover fees. Secured by key assets. Notes carry change-of-control repurchase at 101%. Covenants restrict liens and mergers.
8-K
Vistra-Meta nuclear PPAs
Vistra inked 20-year PPAs with Meta for 2,609 MW carbon-free power from PJM nuclear plants, including Perry, Davis-Besse, and Beaver Valley. Delivery ramps up late 2026 for operating capacity, full by 2027; uprates start 2031, complete 2034, with capex through then but <20% by 2028. Deals promise 8-10% Adjusted FCF accretion from operations, plus 5-7% from uprates. Uprates hinge on contingencies.
8-K
Vistra buys 5,500 MW gas assets
Vistra signed deals on December 31, 2025, to acquire Cogentrix's 5,500 MW natural gas portfolio across PJM, ISO-NE, and ERCOT for $2.3B cash—net of $1.5B debt—and 5M VST shares at $185 each. This expands Vistra's fleet to ~50,000 MW, targeting mid-single-digit Ongoing Operations AFCFbG per share accretion in 2027. Deal awaits FERC, HSR, and state approvals; close eyed for mid-to-late 2026. Regulatory hurdles loom large.
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