Vistra Corp.VST
Vistra Corp. Financial Overview 2020–2024
Vistra Corp. generated $2.812 billion in net income in FY2024, supercharged by $556 million in nuclear tax credits that prove the immediate financial impact of its clean-energy transition. This profitability highlights a clear investment thesis: Vistra has successfully shifted from a fossil-heavy generator exposed to severe weather risks into a highly profitable, integrated power heavyweight. The company now balances a diverse 40,657 MW generation fleet with a stable base of 5 million retail customers to insulate cash flows from commodity volatility.
This strategic pivot is evident in the company's long-term trajectory. Adjusted EBITDA expanded from $3.685 billion in FY2020 to $5.539 billion in FY2024, overcoming intermediate setbacks like a $2.2 billion pre-tax earnings hit from Winter Storm Uri in FY2021. Vistra catalyzed this growth by acquiring 4,048 MW of zero-carbon nuclear capacity via the Energy Harbor merger while systematically retiring legacy coal plants. Management aggressively directed the resulting cash flow toward shareholder returns, spending $1.2 billion to retire 16.6 million shares in FY2024 alone.
Consequently, the company's equity base shrank from 0.49 billion outstanding shares at the end of FY2020 to just 0.34 billion by the close of FY2024. This relentless buyback strategy, paired with expanding operational margins, drove earnings to $7.00 per share at the end of FY2024, up sharply from the $1.30 per share reported at the close of FY2020.
Recent Developments (Q2 and Q3 2025)
Vistra expanded its portfolio in Q3 2025, completing a $1.9 billion acquisition of a 2,600 MW natural gas fleet. Core operational profitability surged, with year-to-date adjusted EBITDA rising by $507 million to $4.112 billion. However, unfavorable commodity derivatives drove year-to-date net income down to $711 million from $2,322 million a year earlier.
Management also secured a 20-year power purchase agreement for 1,200 MW of carbon-free nuclear generation while authorizing an additional $1.0 billion for share repurchases. Operational setbacks at the Moss Landing and Martin Lake facilities created material headwinds, triggering $755 million in combined asset write-offs and restoration estimates. Bulls see surging operational cash flow and aggressive capacity expansions driving long-term value. Bears warn that derivative volatility and severe equipment failures obscure core earnings predictability, suggesting the stock is fully priced at 27.3x earnings as of the Q3 2025 report date.
What to watch: progress on insurance claims for damaged facilities; cash flow realization from the new nuclear capacity agreements.
Rev
$17.22B
FY2024
NI
$2.66B
FY2024
EPS
$7.16
FY2024
OCF
$4.56B
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Vistra Corp. 8-K Report, Material Agreement (Jan 27, 2026)
Vistra Corp. (VST), through its subsidiary Vistra Operations Company LLC, has successfully completed a private offering of $2.250 billion in aggregate principal amount of senior secured notes. This offering comprises $1.0 billion of 4.700% notes due 2031 and $1.250 billion of 5.350% notes due 2036. The net proceeds, approximately $2.225 billion after fees and expenses, will be utilized to partially fund the acquisition of Cogentrix Energy, repay existing debt, and cover offering-related expenses. The issuance of these notes is secured by a first-priority lien on substantially all assets of the Issuer and its Subsidiary Guarantors, mirroring collateral under their existing credit agreement. A significant provision allows for the release of this collateral if Vistra's senior, unsecured long-term debt achieves an investment grade rating from two of the three major rating agencies. The filing also outlines conditions for mandatory repurchase offers upon a change of control coupled with a credit rating downgrade, and a potential repurchase related to tax credit ineligibility with certain foreign entities.
Vistra Corp. 8-K Report, Regulation FD Disclosure (Jan 9, 2026)
Vistra Corp. (VST) has announced significant long-term agreements with Meta Platforms, Inc. (Meta), entering into 20-year power purchase agreements (PPAs) to supply 2,609 MW of carbon-free power and capacity from its PJM nuclear fleet. These PPAs include both existing operating power from the Perry and Davis-Besse plants, as well as uprated capacity from Perry, Davis-Besse, and Beaver Valley. This strategic move is expected to significantly enhance Vistra's financial performance, with projected incremental Adjusted Free Cash Flow before Growth accretion of 8%-10% from operating capacity and an additional 5%-7% from uprated capacity, alongside strong levered return targets.
Vistra Corp. 8-K Report, Material Agreement (Jan 5, 2026)
Vistra Corp. (VST) has announced a significant acquisition through its indirect wholly-owned subsidiary, Vistra Operations Company LLC. The company has entered into a Purchase and Sale Agreement to acquire 100% of the limited liability company interests in Q-Generation, LLC, alongside a related Agreement and Plan of Merger for Hamilton Holdings II, LLC. This strategic move is expected to expand Vistra's operational footprint and market presence. The total transaction consideration includes approximately $2.3 billion in cash, subject to adjustments for assumed indebtedness of approximately $1.5 billion, and 5,000,000 shares of Vistra common stock valued at $185 per share. Vistra plans to finance the cash portion primarily through a committed $2.0 billion senior secured bridge loan facility. The acquisition is subject to customary closing conditions, including significant regulatory approvals from bodies such as FERC, HSR, and state-level commissions in New Hampshire, Texas, and Connecticut, indicating potential complexities in the closing process.
Vistra Corp. 8-K Report, Corporate Update (Dec 17, 2025)
Vistra Corp. (VST) has announced its results from the PJM Capacity Auction for the 2027/2028 planning year. The company successfully cleared approximately 10,566 megawatts (MW) of capacity. This significant cleared capacity is expected to generate substantial revenue, as it achieved a weighted average clearing price of $333.44 per megawatt-day across various PJM zones. This outcome from the capacity auction is a key driver for Vistra's forward revenue streams and demonstrates the company's ability to secure valuable capacity in a critical energy market. Investors should note that the weighted average clearing price of $333.44 per megawatt-day represents a strong pricing environment for Vistra's generation assets within PJM, contributing to the company's financial performance in the specified planning year. The detailed breakdown by zone indicates a broad geographic reach for their cleared capacity within the PJM market.
Vistra Corp. 8-K Report, Regulation FD Disclosure (Nov 17, 2025)
Vistra Corp. has filed an 8-K report to disclose information regarding an annual tax payment under its Amended and Restated Tax Receivable Agreement (TRA). The company will pay an aggregate of $687,690 on December 1, 2025, to holders of TRA Rights. This payment comprises $590,353 as a return of basis and $97,337 as interest income, specifically for the 2024 taxable year. Investors holding these TRA Rights should be aware that payments are made proportionally to their ownership and are subject to a record date of November 24, 2025. The filing also includes important information about potential tax withholdings of up to 30% on the interest income portion if holders fail to provide correct taxpayer identification numbers. Holders with concerns about withholdings are directed to contact the Transfer Agent, Equiniti Trust Company, LLC.
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