Vistra Energy reported a 53% decline in fourth-quarter net income to $233 million, down from $490 million a year earlier, as adjusted EBITDA fell to $1.74 billion from $1.98 billion. The energy company's shares rose about 1% in premarket trading Thursday, signaling investor optimism despite the weaker results.

For the full year 2025, Vistra posted net income of $944 million, including an unrealized loss from hedges expected to settle in future years of $808 million. The company's adjusted EBITDA grew to $5.91 billion from $5.64 billion, while cash flow from operations reached $4.07 billion. These figures demonstrate the company's ability to maintain operational strength despite quarterly volatility.

to 2026, Vistra guided for ongoing operations adjusted EBITDA of $6.8 billion to $7.6 billion and ongoing operations adjusted free cash flow of $3.925 billion to $4.725 billion, excluding potential contributions from Cogentrix assets. This forward guidance suggests management confidence in the company's strategic positioning and market fundamentals.