Check out my Porsche merch store at: https://arcdriver.myspreadshop.com/

The upcoming Porsche 911 turbo and turbo S have recently been spotted carrying out their winter testing phase, and these latest prototypes are the most revealing yet, and give us a good idea how the next generation vehicles are going to look. 

Up front the most obvious change is the addition of the vertical slats installed in front of the two outer radiators, similar to what first appeared on the carrera prototypes. These active shutters open during acceleration to allow more air into the radiators, and close while cruising to improve airflow and fuel efficiency. 
There's also a redesigned center radiator with an updated radar sensor module mounted in the middle 
The new headlamp lenses have a cleaner and more simple design, and the lights themselves feature a redesigned five-dot matrix system. Also, the daytime running LEDs in each assembly now function as turn signals. 

There's still a fair amount of camouflage covering the front, but other than the new vertical shutters, the front of the 992.2 turbo will look mostly the same as the 992.1 turbo.
The rear of the car has received a much more significant update. The exhaust system has been redesigned and now features quad exhaust tail pipes which have been relocated farther outboard to accommodate a larger center air vent.  The lower side vents have been deleted, giving the car a cleaner look, and the rear reflectors have been extended and relocated higher up. 
Two bulky plastic plates cover the bottom center of the rear fascia, and conceal a newly designed air vent. 
The rear lightbar assembly has also been redesigned, with the lower horizontal light strips stretching deeper towards the center, and flanking the repositioned porsche lettering, which is covered by tape, The lettering is rumored to light up when the headlamps are turned on.

For the past couple years people have incorrectly been reporting that the Turbos S will be a hybrid, this is because Porsche has been testing hybrid prototypes based on the Turbo S platform. We know these are hybrids because of the yellow sticker on the rear window, which lets fire responders know the car contains electrical components such as lithium batteries that require special fire retardant chemicals if they catch fire. 
but the actual Turbo S prototypes have been spotted and there is no yellow sticker, or any evidence of the cars being powered by anything other than an internal combustion engine. 
The first 911 hybrid will most likely be the 992.2 GT2 RS, and we likely won't be seeing any other hybrid or electric versions of the 911 for several years, as Porsche has stated they are going to keep the 911 naturally aspirated for as long as possible, and we have at least until 2035 when Europe will begin banning the production naturally aspirated engines. But this date will most likely be pushed back. So we're looking at at least another decade of internal combustion 911s.  
The most up to date information we have states that the 992.2 Turbo and turbo S will be powered by a smaller but more advanced twin-turbo 3.6-liter engine. Porsche states that the current Turbo and Turbo S produce 572 and 640 horsepower, respectively, and we can expect these numbers to increase between 10 and 15 horsepower for the upcoming models. 

The chassis, fenders, doors, hood, windshield and rear spoiler will remain unchanged, and from the very limited interior photos we've seen, the only real difference seems to be the all digital dash, but these pictures are about a year old now, so more modifications could have been made since then. 

Most people reporting about the 992.2 turbo are referring to it as a 2025 model, but unfortunately, it'll be much longer before it hits the market. 
The 992.1 carrera was revealed back in November of 2018 and the Turbo S was revealed nearly a year and a half later in march of 2020, with the reveal of the standard Turbo happening 4 months later in July of 2020.
we can expect the base model 992.2 carrera to be revealed mid to late 2025, and if Porsche follows their standard release schedule, we may not see the Turbo until 2027, but porsche can be unpredictable from time to time so hopefully the turbo will be revealed some time in 2026.