Vistra (VST) Q3 FY2025 earnings: revenue $5.0 billion, down 20.9% on the year

Vistra Corp. (VST) reported revenue of $5.0 billion for Q3 FY2025, the quarter ended 30 September 2025, down 20.9% on the same quarter a year earlier. Net income was $652 million, down 65.5% on the year, and diluted earnings per share $1.75. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2025.

Revenue

$5.0 billion

-20.9% on the year · +17.0% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

20.9%

41.2% a year earlier

Q4 FY2023Q3 FY2025

Net income

$652 million

-65.5% on the year · +99.4% on the quarter

Q4 FY2023Q3 FY2025

Diluted EPS

$1.75

-66.7% on the year · +116.0% on the quarter

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	4,971	4,250	6,288	+17.0%	-20.9%
Selling, general and administrative	444	419	411	+6.0%	+8.0%
Operating income	1,037	515	2,588	+101.4%	-59.9%
Operating margin	20.9%	12.1%	41.2%
Interest expense	286	303	332	-5.6%	-13.9%
Pre-tax income	856	403	2,392	+112.4%	-64.2%
Income tax	204	76.0	555	+168.4%	-63.2%
Effective tax rate	23.8%	18.9%	23.2%
Net income	652	327	1,888	+99.4%	-65.5%
Net margin	13.1%	7.7%	30.0%
Diluted EPS	$1.75	$0.81	$5.25	+116.0%	-66.7%

$ million except per share.

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. 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	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	1,467	572	1,702	+156.5%	-13.8%
Capital expenditure	458	690	685	-33.6%	-33.1%
Free cash flow	1,009	-118	1,017		-0.8%
Free cash flow margin	20.3%	-2.8%	16.2%
Cash from investing	-491	-610	-762
Cash from financing	-833	-63.0	-1,661
Depreciation and amortisation	460	541	466	-15.0%	-1.3%
Share-based compensation	36.0	25.0	23.0	+44.0%	+56.5%
Buybacks	187	252	399	-25.8%	-53.1%
Dividends paid	77.0	69.0	80.0	+11.6%	-3.8%
Dividend per share	$0.23	$0.23	$0.22	+0.4%	+3.0%
Diluted shares, weighted	345m	346m	350m	-0.1%	-1.5%
Shares outstanding at period end	339m	339m	341m	-0.1%	-0.6%

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	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	5,210	4,823	5,441	+8.0%	-4.2%
Non-controlling interest	13.0	13.0	14.0	0.0%	-7.1%
Redeemable equity	n/a	n/a	3,198
Debt	15,988	16,631	14,730	-3.9%	+8.5%
Operating lease liabilities	72.0	72.0	99.0	0.0%	-27.3%
Finance lease liabilities	217	217	220	0.0%	-1.4%
Other liabilities	16,520	16,390	14,176	+0.8%	+16.5%
Total liabilities and equity	38,020	38,146	37,878	-0.3%	+0.4%
Fixed assets	17,725	17,736	18,388	-0.1%	-3.6%
Goodwill	2,810	2,810	2,802	0.0%	+0.3%
Intangible assets	2,097	2,252	2,157	-6.9%	-2.8%
Investments	5,008	4,752	4,520	+5.4%	+10.8%
Cash and equivalents	602	458	905	+31.4%	-33.5%
Receivables	2,327	2,229	2,179	+4.4%	+6.8%
Inventory	970	965	949	+0.5%	+2.2%
Other assets	6,481	6,944	5,978	-6.7%	+8.4%
Total assets	38,020	38,146	37,878	-0.3%	+0.4%

Questions

What was Vistra's revenue in Q3 FY2025?

Vistra (VST) reported revenue of $5.0 billion for Q3 FY2025, the quarter ended 30 September 2025, down 20.9% on the same quarter a year earlier.

How much did Vistra earn in Q3 FY2025?

Net income for Q3 FY2025 was $652 million, down 65.5% on the year, and diluted earnings per share $1.75.

When did Vistra report Q3 FY2025 results?

Vistra filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 7 November 2025.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,991	3,314	3,125	1,588	5,146	3,869	4,425	3,189	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250	4,971	4,584	5,640	4,017
SG&A	269	268	288	280	323	298	288	309	357	354	351	375	411	464	391	419	444	460	427	392
Operating income	119	887	-288	-1,683	894	-100	1,131	591	834	105	86.0	808	2,588	599	-120	515	1,037	474	1,499	553
Operating margin	4%	27%	-9%	-106%	17%	-3%	26%	19%	20%	3%	3%	21%	41%	15%	-3%	12%	21%	10%	27%	14%
Interest expense	124	96.0	7.0	109	71.0	181	207	100	143	290	170	241	332	157	319	303	286	271	263	312
Pre-tax income	41.0	842	-375	-1,764	914	-335	876	599	671	-146	-2.0	626	2,392	451	-444	403	856	308	1,212	427
Tax rate	76%	13%	n/a	n/a	26%	n/a	20%	21%	25%	n/a	n/a	25%	23%	-9%	n/a	19%	24%	24%	15%	29%
Net income	7.0	726	-285	-1,365	668	-245	699	476	502	-184	-35.0	365	1,888	441	-268	327	652	233	1,029	305
Net margin	0%	22%	-9%	-86%	13%	-6%	16%	15%	12%	-6%	-1%	9%	30%	11%	-7%	8%	13%	5%	18%	8%
Diluted EPS	$0.01	$1.44	-$0.72	-$3.27	$1.51	-$0.78	$1.71	$1.17	$1.25	-$0.55	-$0.24	$0.90	$5.25	$1.09	-$0.93	$0.81	$1.75	$0.55	$2.87	$0.76
Operating cash flow	564	287	591	-1,314	815	393	1,435	1,577	1,560	881	312	1,196	1,702	1,353	599	572	1,467	1,432	1,199	1,023
Capital expenditure	244	243	373	240	296	392	484	442	336	414	465	498	685	430	768	690	458	836	883	689
Free cash flow	320	44.0	218	-1,554	519	1.0	951	1,135	1,224	467	-153	698	1,017	923	-169	-118	1,009	596	316	334
Buybacks	0.0	296	710	484	396	359	301	251	314	379	291	331	399	245	337	252	187	252	372	337
Dividends paid	72.0	71.0	77.0	75.0	75.0	75.0	77.0	76.0	75.0	85.0	77.0	73.0	80.0	75.0	83.0	69.0	77.0	77.0	77.0	77.0
Shares outstanding	483m	469m	439m	421m	405m	390m	379m	370m	362m	351m	349m	345m	341m	340m	340m	339m	339m	338m	338m	336m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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 September 2025, filed 7 November 2025: the filing.