Vistra said net income for the 3 months ended September 30, 2025 was $652 million, a decrease of $1.185 billion compared to the same period in the prior year. The company cited a decrease of $1.671 billion in unrealized mark-to-market gains on commodity derivative positions as a primary driver.

1. 01

   Vistra said net income for the 3 months ended September 30, 2025 was $652 million, a decrease of $1.185 billion compared to the same period in the prior year. The company cited a decrease of $1.671 billion in unrealized mark-to-market gains on commodity derivative positions as a primary driver.

2. 02

   On October 22, 2025, Vistra Operations acquired 100% of the membership interests of subsidiaries of Lotus, adding 7 natural gas generation facilities totaling 2,600 MW. The base purchase price was $1.9 billion, and cash consideration payable at closing, excluding adjustments, was $1.1 billion.

3. 03

   In September 2025, Vistra entered into a 20-year power purchase agreement with a large, investment grade company to supply 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant, with options to extend for up to an additional 20 years. The company said power delivery is anticipated to begin in Q4 2027 and ramp to full capacity by 2032.

4. 04

   Vistra said operating cash flow for the 9 months ended September 30, 2025 was $2.638 billion, a decrease of $572 million compared to $3.210 billion in the same period in the prior year. The company cited a decrease of $1.216 billion in net cash flow related to margin deposits as a primary driver.

Key figures

Quarter ended September 30, 2025

Revenue

$4.8B

Operating income

$1.0B

Net income

$652M

EPS

$1.75

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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