Vistra (VST) Q2 FY2025 earnings: revenue $4.2 billion, up 10.5% on the year
Vistra Corp. (VST) reported revenue of $4.2 billion for Q2 FY2025, the quarter ended 30 June 2025, up 10.5% on the same quarter a year earlier. Net income was $327 million, down 10.4% on the year, and diluted earnings per share $0.81. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2025.
Revenue
$4.2 billion
+10.5% on the year · +8.1% on the quarter
Q3 FY2023Q2 FY2025
Operating margin
12.1%
21.0% a year earlier
Q3 FY2023Q2 FY2025
Net income
$327 million
-10.4% on the year
Q3 FY2023Q2 FY2025
Diluted EPS
$0.81
-10.0% on the year
Q3 FY2023Q2 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
Income statement (profit and loss)
$ million
Q2 FY2025
Q1 FY2025
Q2 FY2024
On the quarter
On the year
Last 8 quarters
Revenue
4,250
3,933
3,845
+8.1%
+10.5%
Selling, general and administrative
419
391
375
+7.2%
+11.7%
Operating income
515
-120
808
-36.3%
Operating margin
12.1%
-3.1%
21.0%
Interest expense
303
319
241
-5.0%
+25.7%
Pre-tax income
403
-444
626
-35.6%
Income tax
76.0
-176
159
-52.2%
Effective tax rate
18.9%
n/a
25.4%
Net income
327
-268
365
-10.4%
Net margin
7.7%
-6.8%
9.5%
Diluted EPS
$0.81
-$0.93
$0.90
-10.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q2 FY2025
Q1 FY2025
Q2 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
572
599
1,196
-4.5%
-52.2%
Capital expenditure
690
768
498
-10.2%
+38.6%
Free cash flow
-118
-169
698
Free cash flow margin
-2.8%
-4.3%
18.2%
Cash from investing
-610
-1,061
-669
Cash from financing
-63.0
-164
18.0
Depreciation and amortisation
541
522
437
+3.6%
+23.8%
Share-based compensation
25.0
21.0
32.0
+19.0%
-21.9%
Buybacks
252
337
331
-25.2%
-23.9%
Dividends paid
69.0
83.0
73.0
-16.9%
-5.5%
Dividend per share
$0.23
$0.22
$0.22
+0.7%
+3.4%
Diluted shares, weighted
346m
340m
354m
+1.7%
-2.5%
Shares outstanding at period end
339m
340m
345m
-0.3%
-1.8%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q2 FY2025
Q1 FY2025
Q2 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
4,823
4,825
5,593
-0.0%
-13.8%
Non-controlling interest
13.0
13.0
1,714
0.0%
-99.2%
Short-term borrowings
n/a
1,355
0.0
Debt
16,631
16,305
15,886
+2.0%
+4.7%
Operating lease liabilities
72.0
81.0
63.0
-11.1%
+14.3%
Finance lease liabilities
217
217
228
0.0%
-4.8%
Other liabilities
16,390
15,432
15,641
+6.2%
+4.8%
Total liabilities and equity
38,146
38,228
39,125
-0.2%
-2.5%
Fixed assets
17,736
17,716
18,208
+0.1%
-2.6%
Goodwill
2,810
2,810
2,922
0.0%
-3.8%
Intangible assets
2,252
2,321
2,263
-3.0%
-0.5%
Investments
4,752
4,476
4,310
+6.2%
+10.3%
Cash and equivalents
458
561
1,624
-18.4%
-71.8%
Receivables
2,229
1,924
2,094
+15.9%
+6.4%
Inventory
965
960
964
+0.5%
+0.1%
Other assets
6,944
7,460
6,740
-6.9%
+3.0%
Total assets
38,146
38,228
39,125
-0.2%
-2.5%
Questions
What was Vistra's revenue in Q2 FY2025?
Vistra (VST) reported revenue of $4.2 billion for Q2 FY2025, the quarter ended 30 June 2025, up 10.5% on the same quarter a year earlier.
How much did Vistra earn in Q2 FY2025?
Net income for Q2 FY2025 was $327 million, down 10.4% on the year, and diluted earnings per share $0.81.
When did Vistra report Q2 FY2025 results?
Vistra filed its 10-Q for the quarter ended 30 June 2025 with the SEC on 8 August 2025.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 30 June 2025, filed 8 August 2025: the filing.