Filing Flows › Vistra (VST) › Q2 2025
Vistra (VST) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Vistra (VST) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +11% from a year earlier and +8% from the quarter before. Operating margin was 12.1%, net earnings $327M (7.7% of revenue).
Vistra, Q2 2025: revenue $4.2B (+10% year over year), operating margin 12.1%, net earnings $327M, operating cash flow $572M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +8% | +11% |
| Operating profit | $515M | — | -36% |
| Net earnings | $327M | — | -30% |
| Operating cash flow | $572M | -5% | -52% |
What changed
Revenue was $4.2B in Q2 2025, up 11% year over year and up 8% from the previous quarter. Retail energy charge in ERCOT was the largest line at 52% of revenue. Wholesale generation revenue from ISO/RTO added $0.19B year over year (up 69%), 48% of the total change. Retail energy charge in Northeast/Midwest declined 20%.
Operating profit was $0.52B, a 12.1% margin (down 8.9 points year over year). Operating profit fell $0.29B even though revenue rose $0.41B versus a year earlier, so costs grew faster than sales. Total costs grew 23% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $0.33B, down 10% year over year. The effective tax rate was 18.9%.
Operating cash flow was $0.57B (down 52% year over year), 175% of net earnings. Non-cash charges added back $0.76B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.54B. Capital expenditures of $0.69B exceeded it, leaving free cash flow of −$0.12B.
Questions
What was Vistra's revenue in the second quarter 2025?
Vistra (VST) reported revenue of $4.2B for the second quarter 2025 (Q2 2025), +11% from a year earlier and +8% from the quarter before.
Was Vistra profitable in the second quarter 2025?
Operating profit was $515M (12.1% of revenue) and net earnings $327M.
Source: Vistra 10-Q on SEC EDGAR.