Vistra 2025 net income falls to $944 million; adjusted EBITDA rises to $5.9 billion
Vistra reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Full-year GAAP net income fell $1,868 million to $944 million, mainly due to an $808 million unrealized pre-tax hedge loss, while Ongoing Operations Adjusted EBITDA rose $269 million to $5,912 million. Shareholders face a mixed picture: operating earnings measures improved for the year, but reported profit declined sharply and fourth-quarter results were lower than a year earlier.
Key points
- Full-year 2025 net income was $944 million versus $2,812 million in 2024, including an $808 million unrealized pre-tax hedge loss.
- Full-year 2025 Ongoing Operations Adjusted EBITDA was $5,912 million, up from $5,643 million, and about $112 million above the midpoint of the original guidance range.
- Fourth-quarter 2025 net income was $233 million versus $490 million, and Adjusted EBITDA was $1,742 million versus $1,983 million.
- 2026 guidance: Ongoing Operations Adjusted EBITDA of $6.8 billion to $7.6 billion and Adjusted FCFbG of $3.925 billion to $4.725 billion, excluding any impact from the Cogentrix assets.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 26, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.