Filing Flows › Vistra (VST) › Q4 2025
Vistra (VST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Vistra (VST) reported revenue of $4.6B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -8% from the quarter before. Operating margin was 10.3%, net earnings $233M (5.1% of revenue).
Vistra, Q4 2025: revenue $4.6B (+14% year over year), operating margin 10.3%, net earnings $233M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6B | -8% | +14% |
| Operating profit | $474M | -54% | -21% |
| Net earnings | $233M | -64% | -52% |
| Operating cash flow | $1.4B | -2% | +6% |
| Free cash flow | $596M | -41% | -35% |
What changed
Revenue was $4.6B in Q4 2025, up 14% year over year and down 8% from the previous quarter. Retail energy charge in ERCOT was the largest line at 45% of revenue.
Operating profit was $0.47B, a 10.3% margin (down 4.5 points year over year). Operating profit fell $0.12B even though revenue rose $0.55B versus a year earlier, so costs grew faster than sales. Total costs grew 20% against revenue growth of 14%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.23B, down 47% year over year. The effective tax rate was 24.4%.
Operating cash flow was $1.4B (up 6% year over year), 615% of net earnings. Non-cash charges added back $0.72B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.44B. Capital expenditures of $0.84B left free cash flow of $0.60B.
Questions
What was Vistra's revenue in the fourth quarter 2025?
Vistra (VST) reported revenue of $4.6B for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and -8% from the quarter before.
Was Vistra profitable in the fourth quarter 2025?
Operating profit was $474M (10.3% of revenue) and net earnings $233M.
Source: Vistra 10-K on SEC EDGAR.