Vistra Corp (NYSE:VST) reported a Q3 FY23 operating revenue decline of 20.6% YoY to $4.09 billion, missing the estimate of $4.78 million. Net income from ongoing operations was $519 million, down from $662 million a year ago. However, adjusted EBITDA from ongoing operations of $1.61 billion was higher than $1.04 billion a year ago, led by higher energy margins. Vistra has hedged ~90% of its expected generation volumes on average for 2023 through 2025. The company has ~$1 billion remaining under its $4.25 billion share repurchase authorization, expected to be fully utilized by FY24. Despite the decline, Vistra is optimistic about its 2025 earnings outlook.