Core Insights - Vistra Corp. reported a net loss of $268 million for Q1 2025, a significant decline from a net income of $18 million in Q1 2024, primarily due to unrealized mark-to-market losses on derivative positions as energy prices increased [4][19] - Ongoing Operations Adjusted EBITDA for Q1 2025 was $1,240 million, up from $810 million in Q1 2024, driven by strong retail performance and higher wholesale prices [4][6] - The company reaffirmed its 2025 guidance for Ongoing Operations Adjusted EBITDA in the range of $5.5 billion to $6.1 billion, and Ongoing Operations Adjusted Free Cash Flow before Growth in the range of $3.0 billion to $3.6 billion [6][7] Financial Performance - Operating revenues for Q1 2025 were $3,933 million, compared to $3,054 million in Q1 2024, reflecting a year-over-year increase [19] - The company’s cash flow from operations was $599 million for Q1 2025, an increase from $312 million in Q1 2024 [21] - Total available liquidity as of March 31, 2025, was approximately $3,903 million, including cash and cash equivalents of $561 million [8] Segment Performance - Adjusted EBITDA by segment for Q1 2025 included: Retail at $184 million (up from $(28) million), Texas at $490 million (up from $429 million), East at $514 million (up from $367 million), and West at $62 million (up from $56 million) [4][22] - The retail segment showed significant improvement, contributing positively to the overall financial results [4][22] Strategic Initiatives - Vistra is focusing on expanding its fleet of zero-carbon resources, including solar, energy storage, and nuclear, as part of its long-term strategy [8][11] - The company has hedged approximately 100% of its expected generation volumes for 2025 and about 90% for 2026, which supports its financial guidance [7][11] Shareholder Returns - Since November 2021, Vistra has executed approximately $5.2 billion in share repurchases, with about $1.5 billion of the share repurchase authorization remaining available [11][12] - The company continues to prioritize returning capital to shareholders while investing in growth opportunities [11][12]