Vistra Corp. (VST) Income Statement
VST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVST revenue and net income
Where VST's revenue goes
2025Each bar shows an amount and its share of revenue. VST kept 5.3% of revenue as net income.
VST profit margins
VST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.0% | +8.9% | +9.2% | +12.7% |
| Gross profit | −22.5% | +51.4% | +4.7% | +12.2% |
| Operating income | −53.3% | — | +4.6% | — |
| Net income | −64.5% | — | +8.2% | — |
| EPS (diluted) | −49.7% | — | +17.4% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VST quarterly EPS vs estimates
Vistra beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 6, 2026 (estimate $2.86).
VST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.74B | $17.22B | $14.78B | $13.73B | $12.08B | $11.44B | $11.81B | $9.14B | $5.43B | $5.16B |
| Cost of revenue | $11.90B | $9.70B | $9.26B | $12.05B | $10.73B | $6.80B | $7.27B | $6.33B | $3.91B | $3.67B |
| Gross profit | $5.83B | $7.53B | $5.52B | $1.68B | $1.35B | $4.65B | $4.54B | $2.81B | $1.52B | $1.49B |
| Sales, general & admin | $1.71B | $1.60B | $1.25B | $1.19B | $1.04B | $1.03B | $904.0M | $926.0M | $600.0M | $690.0M |
| Total operating expenses | $3.93B | $3.44B | $2.81B | $2.79B | $2.86B | $3.13B | $2.54B | $2.32B | $1.30B | $1.36B |
| Operating income | $1.91B | $4.08B | $2.71B | −$1.10B | −$1.51B | $1.52B | $1.99B | $491.0M | $198.0M | $407.0M |
| Interest income | $18.0M | $65.0M | $57.0M | $368.0M | $350.0M | $2.0M | $767.0M | $495.0M | $162.0M | $1.10B |
| Interest expense | $1.18B | $900.0M | $749.0M | $853.0M | $598.0M | $296.0M | $381.0M | $525.0M | $224.0M | $1.10B |
| Income before taxes | $1.12B | $3.47B | $2.00B | −$1.56B | −$1.72B | $890.0M | $1.22B | −$101.0M | $250.0M | −$886.0M |
| Income taxes | $179.0M | $655.0M | $508.0M | −$350.0M | −$458.0M | $266.0M | $290.0M | −$45.0M | $504.0M | −$67.0M |
| Net income | $944.0M | $2.66B | $1.49B | −$1.23B | −$1.27B | $636.0M | $928.0M | −$54.0M | −$254.0M | −$819.0M |
| EBITDA | $5.25B | $7.00B | $4.57B | $1.05B | $782.0M | $3.38B | $3.66B | $1.97B | $1.29B | $1.02B |
| EPS (diluted) | $3.64 | $7.23 | $1.70 | −$2.35 | −$2.37 | $1.63 | $1.63 | $0.63 | $1.34 | −$0.38 |
| Gross margin | 32.9% | 43.7% | 37.4% | 12.3% | 11.2% | 40.6% | 38.4% | 30.7% | 28.0% | 28.9% |
| Operating margin | 10.7% | 23.7% | 18.3% | −8.0% | −12.5% | 13.3% | 16.9% | 5.4% | 3.6% | 7.9% |
| Net margin | 5.3% | 15.4% | 10.1% | −8.9% | −10.5% | 5.6% | 7.9% | −0.6% | −4.7% | −15.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.02B | $5.64B | $4.58B | $4.97B | $4.25B | $3.93B | $4.04B | $6.29B | $3.85B | $3.05B | $3.08B | $4.09B |
| Cost of revenue | $2.63B | $3.23B | $3.03B | $3.02B | $2.71B | $3.14B | $2.44B | $2.82B | $2.23B | $2.21B | $2.23B | $2.52B |
| Gross profit | $1.39B | $2.41B | $1.55B | $1.95B | $1.54B | $793.0M | $1.60B | $3.46B | $1.62B | $840.0M | $850.0M | $1.57B |
| Sales, general & admin | $392.0M | $427.0M | $460.0M | $444.0M | $419.0M | $391.0M | $464.0M | $411.0M | $375.0M | $351.0M | $355.0M | $357.0M |
| Total operating expenses | $837.0M | $911.0M | $1.08B | $904.0M | $960.0M | $913.0M | $1.00B | $877.0M | $812.0M | $754.0M | $748.0M | $732.0M |
| Operating income | $553.0M | $1.50B | $474.0M | $1.04B | $583.0M | −$120.0M | $599.0M | $2.59B | $808.0M | $86.0M | $102.0M | $834.0M |
| Interest income | $4.0M | $7.0M | $4.0M | $4.0M | $4.0M | $6.0M | $15.0M | $9.0M | $18.0M | $23.0M | $44.0M | $102.0M |
| Interest expense | $312.0M | $279.0M | $271.0M | $286.0M | $303.0M | $271.0M | $157.0M | $332.0M | $241.0M | $170.0M | $234.0M | $186.0M |
| Income before taxes | $427.0M | $1.21B | $308.0M | $856.0M | $403.0M | −$444.0M | $451.0M | $2.39B | $626.0M | −$2.0M | −$146.0M | $671.0M |
| Income taxes | $122.0M | $183.0M | $75.0M | $204.0M | $76.0M | −$176.0M | −$39.0M | $555.0M | $159.0M | −$20.0M | $38.0M | $169.0M |
| Net income | $305.0M | $1.03B | $233.0M | $652.0M | $327.0M | −$268.0M | $441.0M | $1.89B | $365.0M | −$35.0M | −$184.0M | $502.0M |
| EBITDA | $1.30B | $2.17B | $1.30B | $1.79B | $1.41B | $571.0M | $1.35B | $3.44B | $1.49B | $723.0M | $539.0M | $1.33B |
| EPS (diluted) | $1.80 | $2.87 | $2.18 | $1.38 | $1.01 | −$0.93 | $0.94 | $5.25 | $0.80 | $0.24 | −$0.55 | $1.25 |
| Gross margin | 34.6% | 42.7% | 33.9% | 39.1% | 36.3% | 20.2% | 39.6% | 55.1% | 42.1% | 27.5% | 27.6% | 38.3% |
| Operating margin | 13.8% | 26.6% | 10.3% | 21.0% | 13.7% | −3.1% | 14.8% | 41.2% | 21.0% | 2.8% | 3.3% | 20.4% |
| Net margin | 7.6% | 18.2% | 5.1% | 13.1% | 7.7% | −6.8% | 10.9% | 30.0% | 9.5% | −1.1% | −6.0% | 12.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VST's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VST financial results
In fiscal year 2025 (ended December 31, 2025), Vistra reported revenue of $17.7 billion, up 3.0% from the year before. It had net income of $944.0 million (down 64.5%), a net profit margin of 5.3%. Diluted earnings per share came to $3.64. Over five years revenue grew at an average rate of 9.2% a year.
See the VST stock overview for the latest quote and news, or the VST chart for price history and technical indicators.
VST income statement FAQ
What is Vistra's annual revenue?
Vistra reported total revenue of $17.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.0% from $17.2 billion the previous year.
Is Vistra profitable?
Yes. Vistra reported net income of $944.0 million in fiscal 2025, a net profit margin of 5.3%; its operating margin was 10.7%.
What is Vistra's gross margin?
Vistra's gross margin was 32.9% in fiscal 2025: for every $100 of revenue, Vistra kept $33 after the direct cost of its products and services.
How fast is Vistra growing?
Revenue grew 9.2% a year on average over the last five fiscal years, from $11.4 billion to $17.7 billion.
What are Vistra's earnings per share?
Vistra earned $3.64 per diluted share in fiscal 2025, compared with $7.23 a year earlier.
When will Vistra report its next earnings?
Vistra is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 before the market opens.
When does Vistra's fiscal year end?
Vistra's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.