Vistra reports FY2025 Adjusted EBITDA of $5.9 billion and guides 2026 to $6.8–7.6 billion

Vistra reported full-year 2025 Ongoing Operations Adjusted EBITDA of $5,912 million, above the midpoint of its original guidance, and fourth-quarter EBITDA of $1,742 million, down from $1,983 million a year earlier. For 2026 it guided Ongoing Operations Adjusted EBITDA to $6.8–7.6 billion and Adjusted FCFbG to $3.925–4.725 billion, both excluding Cogentrix. The company still had about $1.8 billion of buyback authorization left, which it expects to complete by the end of 2027.

• FY2025 Ongoing Operations Adjusted EBITDA $5,912 million
• Q4 2025 Adjusted EBITDA $1,742 million versus $1,983 million a year earlier
• 2026 guidance: Adjusted EBITDA $6.8–7.6 billion; Adjusted FCFbG $3.925–4.725 billion
• About 337 million shares outstanding, roughly 30% fewer than in November 2021
• About $1.8 billion of buyback authorization remaining

SEC filing 8-K · accession 0001193125-26-073364 · sec.gov ↗