Filing Flows › Vistra (VST) › Q3 2025
Vistra (VST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Vistra (VST) reported revenue of $5.0B for the third quarter 2025 (Q3 2025), -21% from a year earlier and +17% from the quarter before. Operating margin was 20.9%, net earnings $652M (13.1% of revenue).
Vistra, Q3 2025: revenue $5.0B (-21% year over year), operating margin 20.9%, net earnings $652M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.0B | +17% | -21% |
| Operating profit | $1.0B | +101% | -60% |
| Net earnings | $652M | +99% | -65% |
| Operating cash flow | $1.5B | +156% | -14% |
| Free cash flow | $1.0B | — | -0.8% |
What changed
Revenue was $5.0B in Q3 2025, down 21% year over year and up 17% from the previous quarter. Retail energy charge in ERCOT was the largest line at 54% of revenue. Hedging revenues — unrealized lost $1.8B year over year (down 92%), 137% of the total change.
Operating profit was $1.0B, a 20.9% margin (down 20.3 points year over year). Total costs grew 6% against a revenue fall of 21%. Net earnings were $0.65B, down 65% year over year. The effective tax rate was 23.8%.
Operating cash flow was $1.5B (down 14% year over year), 225% of net earnings. Non-cash charges added back $0.69B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.46B left free cash flow of $1.0B.
Questions
What was Vistra's revenue in the third quarter 2025?
Vistra (VST) reported revenue of $5.0B for the third quarter 2025 (Q3 2025), -21% from a year earlier and +17% from the quarter before.
Was Vistra profitable in the third quarter 2025?
Operating profit was $1.0B (20.9% of revenue) and net earnings $652M.
Source: Vistra 10-Q on SEC EDGAR.