Vistra Corp

Strong Financial Performance: Vistra Corp. reported full-year adjusted EBITDA of $5.656 billion, exceeding original guidance, even before accounting for a $545 million benefit from a nuclear production tax credit (PTC) recognized in Q4. This represents over $300 million above the midpoint guidance initially set.

Future Cash Flow Guidance: The company reaffirmed its adjusted free cash flow before growth guidance for 2025 and 2026, projecting between $3 billion to $3.6 billion, with an anticipated adjusted EBITDA midpoint opportunity of over $6 billion for 2026. This indicates positive expectations for ongoing business growth and operational efficiency.

Growth in Retail and Generation Capacity: The retail business saw significant growth, reaching performance levels not achieved in two decades, while Vistra Corp. is enhancing generation capacity. Key projects include 500 megawatts in gas asset upgrades and the conversion of old coal plants to gas, ensuring capability to meet forthcoming load growth.