Filing Flows › Vistra (VST) › Q1 2025
Vistra (VST) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Vistra (VST) reported revenue of $3.9B for the first quarter 2025 (Q1 2025), +29% from a year earlier and -3% from the quarter before. Operating margin was -3.1%, net loss $268M (6.8% of revenue).
Vistra, Q1 2025: revenue $3.9B (+29% year over year), operating margin -3.1%, net loss $268M, operating cash flow $599M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | -3% | +29% |
| Operating profit | −$120M | — | — |
| Net earnings | −$268M | — | — |
| Operating cash flow | $599M | -56% | +92% |
What changed
Revenue was $3.9B in Q1 2025, up 29% year over year and down 3% from the previous quarter. Retail energy charge in ERCOT was the largest line at 50% of revenue. Wholesale generation revenue from ISO/RTO added $0.39B year over year (up 79%), 44% of the total change.
Operating costs exceeded revenue by $0.12B, an operating margin of -3.1%. Total costs grew 37% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+40%). The quarter ended with a net loss of $0.27B, after a profit of $0.49B the previous quarter. Net interest and other expense of $0.32B was the main reason.
Operating cash flow was $0.60B (up 92% year over year). Non-cash charges added back $0.77B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.07B. Capital expenditures of $0.77B exceeded it, leaving free cash flow of −$0.17B.
Questions
What was Vistra's revenue in the first quarter 2025?
Vistra (VST) reported revenue of $3.9B for the first quarter 2025 (Q1 2025), +29% from a year earlier and -3% from the quarter before.
Was Vistra profitable in the first quarter 2025?
Operating loss was $120M (-3.1% of revenue) and net loss $268M.
Source: Vistra 10-Q on SEC EDGAR.