secwatch.observer — SEC 8-K summary
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Issuer:     Vistra Corp. (VST)
CIK:        0001692819
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001193125-26-073364
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Vistra FY2025 Adj EBITDA $5.912B beats guidance; FY2026 outlook $6.8-7.6B; secures ~3.8 GW nuclear PPAs
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- Ongoing Operations Adj EBITDA $5.912B for FY2025, +$269M YoY, exceeding midpoint guidance by ~$112M.
- 2026 guidance: Adj EBITDA $6.8-7.6B; Adj FCFbG $3.925-4.725B; 2027 midpoint $7.4-7.8B (ex Cogentrix & Meta PPAs).
- Signed ~3,800 MW nuclear PPAs: 1,200 MW with AWS at Comanche Peak; 2,600 MW with Meta at PJM; supports 20-year license renewal.
- Announced Cogentrix Energy acquisition (~5,500 MW nat gas), closing mid-to-late 2026; closed Lotus (2,600 MW) in Nov 2025.
- Share repurchases ~$5.9B since 2021; shares outstanding ~337M (30% reduction); $1.8B authorization remaining, expected by 2027.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1692819/000119312526073364/0001193125-26-073364-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1692819/000119312526073364/d21122d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-073364

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