Vistra Corp.

Listed Company

VSTCIK 0001692819NYSELarge AcceleratedElectric ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$17.74B

Net Income

$944.00M

Total Assets

$41.55B

Equity

$5.10B

Shares Out

336.95M

Op. Cash Flow

$4.07B

Business

Vistra Corp. is an integrated retail electricity and power generation company that combines customer-focused retail sales with wholesale generation and commodity risk management. It offers retail electricity, natural gas and related customer services, along with power generation from a diverse portfolio of natural gas, coal, nuclear, solar and battery storage assets and plant decommissioning and reclamation services. Operations are organized into five reportable segments — Retail, Texas, East, West and Asset Closure — covering retail, regional generation and closure activities. The Company markets and distributes its products across multiple U.S. states and the District of Columbia through retail brands and participation in major ISO/RTO wholesale markets.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenues	17,738	17,224	14,779	13,728	12,077
Fuel, purchased power costs, and delivery fees	−9,101	−7,285	−7,557	−10,401	−9,169
Operating costs	−2,803	−2,414	−1,702	−1,645	−1,559
Depreciation and amortization	−1,986	−1,843	−1,502	−1,596	−1,753
Selling, general, and administrative expenses	−1,714	−1,601	−1,308	−1,189	−1,040
Impairment of long-lived assets	−228	0	−49	−74	−71
Operating income	1,906	4,081	2,661	−1,177	−1,515
Other income, net	394	291	243	117	140
Interest expense and related charges	−1,179	−900	−740	−368	—
Impacts of Tax Receivable Agreement	2	−5	−164	−128	53
Net income before income taxes	1,123	3,467	2,000	−1,560	−1,722
Income tax expense	−179	−655	−508	350	458
Net income	944	2,812	1,492	−1,210	−1,264
Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest	0	−153	1	−17	−10
Net income attributable to Vistra	944	2,659	1,493	−1,227	−1,274
Cumulative dividends attributable to preferred stock	−192	−192	−150	−150	−21
Net income attributable to Vistra common stock	752	2,467	1,343	−1,377	−1,295
Basic (in shares)	339	345	370	422	482
Diluted (in shares)	346	353	375	422	482
Basic (in dollars per share)	2.22	7.16	3.63	−3.26	−2.69
Diluted (in dollars per share)	2.18	7	3.58	−3.26	−2.69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	785	1,188	3,485	455	1,325
Restricted cash	31	28	40	—	—
Trade accounts receivable net	2,323	1,982	1,674	2,059	1,397
Commodity and other derivative contractual assets	2,793	2,587	3,645	4,538	2,513
Margin deposits related to commodity contracts	1,133	406	1,244	3,137	1,263
Margin deposits posted under affiliate financing agreement	444	435	439	0	—
Prepaid expense and other current assets	654	523	364	293	195
Total current assets	9,179	8,119	11,637	11,116	7,883
Restricted cash	6	6	14	—	—
Investments	5,091	4,512	2,035	1,729	2,049
Property, plant, and equipment net	19,846	18,173	12,432	12,554	13,056
Goodwill	2,810	2,807	2,583	2,583	2,583
Identifiable intangible assets net	2,435	2,213	1,864	1,958	2,146
Commodity and other derivative contractual assets	405	740	577	702	250
Accumulated deferred income taxes	239	9	1,223	1,710	1,302
Other noncurrent assets	1,539	1,191	601	351	361
Total assets	41,550	37,770	32,966	32,787	29,683
Short-term borrowings	1,800	0	0	650	0
Accounts receivable financing	1,225	750	0	425	0
Long-term debt due currently	1,201	880	2,286	38	254
Forward repurchase obligation due currently	632	703	0	—	—
Trade accounts payable	1,644	1,510	1,147	1,556	1,515
Commodity and other derivative contractual liabilities	4,049	3,351	5,258	6,610	3,023
Margin deposits related to commodity contracts	7	49	45	39	39
Accrued taxes other than income	224	209	203	199	207
Accrued interest	188	193	206	160	143
Asset retirement obligations	181	142	124	128	104
Other current liabilities	663	645	554	524	553
Total current liabilities	11,814	8,432	9,823	10,337	5,843
Margin deposits financing with affiliate	444	435	439	0	—
Long-term debt, less amounts due currently	15,842	15,418	12,116	11,933	10,477
Forward repurchase obligation, less amounts due currently	0	632	0	—	—
Commodity and other derivative contractual liabilities	1,729	1,367	1,688	1,726	804
Accumulated deferred income taxes	1,049	697	1	1	0
Asset retirement obligations	4,035	3,936	2,414	2,309	2,346
Other noncurrent liabilities and deferred credits	1,527	1,270	999	1,004	1,489
Total liabilities	36,440	32,187	27,644	27,869	21,391
Commitments and Contingencies	—	—	—	—	—
Preferred stock (100,000,000 shares authorized, $1,000 liquidation preference per share, 2,476,066 shares outstanding at both December 31, 2025 and 2024, respectively)	2,476	2,476	2,476	2,000	2,000
Common stock (par value $0.01 per share, 1,800,000,000 shares authorized, 338,059,635 and 339,754,307 shares outstanding at December 31, 2025 and 2024, respectively)	5	5	5	5	5
Treasury stock, at cost (215,599,525 and 208,998,299 shares at December 31, 2025 and 2024, respectively)	−6,925	−5,912	−4,662	−3,395	−1,558
Additional paid-in-capital	9,536	9,435	10,095	9,928	9,824
Accumulated deficit	−12	−454	−2,613	−3,643	−1,964
Accumulated other comprehensive income	17	20	6	7	−16
Stockholders' equity	5,097	5,570	5,307	4,902	8,291
Noncontrolling interest in subsidiary	13	13	15	16	1
Total equity	5,110	5,583	5,322	4,918	8,292
Total liabilities and equity	41,550	37,770	32,966	32,787	29,683

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2,950	2,631	1,956	2,047	2,050
Deferred income tax expense (benefit), net	136	607	457	−359	−475
Gain on sale of land	0	0	−95	−8	−9
Unrealized net (gain) loss from mark-to-market valuations of commodities	808	−1,155	−490	2,510	759
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps	67	−53	36	−250	—
Unrealized net gain from nuclear decommissioning trusts	−138	−116	0	0	—
Change in asset retirement obligation liability	−20	38	27	13	−5
Asset retirement obligation accretion expense	134	114	34	34	38
Impacts of Tax Receivable Agreement	−2	5	164	128	−53
Gain on TRA repurchase and tender offers	0	−10	−29	0	—
Bad debt expense	201	183	164	179	110
Stock-based compensation expense	113	100	77	63	47
Involuntary conversion gain	−120	0	0	—	—
Other, net	−47	−89	103	−71	50
Accounts receivable trade	−528	−242	214	−852	−228
Inventories	−3	−31	−174	36	−100
Accounts payable trade	16	19	−350	94	402
Commodity and other derivative contractual assets and liabilities	−102	−175	82	−228	32
Margin deposits, net	−769	842	1,899	−1,874	−1,000
Accrued interest	−4	−18	46	16	13
Accrued taxes	27	−1	5	−8	—
Accrued employee incentive	−40	8	58	21	−68
Asset retirement obligation settlement	−96	−88	−81	−87	−88
Major plant outage deferral	7	−91	−32	20	2
Other net assets	88	−616	84	−17	−27
Other net liabilities	220	−111	−243	−330	235
Cash provided by operating activities	4,070	4,563	5,453	485	−206
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	−2,752	−2,078	−1,676	−1,301	−1,033
Proceeds from sales of nuclear decommissioning trust fund securities	5,153	2,216	601	670	483
Investments in nuclear decommissioning trust fund securities	−5,177	−2,239	−624	−693	−505
Proceeds from sales of environmental allowances	275	773	500	1,275	392
Purchases of environmental allowances	−1,189	−1,226	−1,071	−1,303	−605
Insurance proceeds for recovery of damaged property, plant, and equipment	−325	−3	−15	39	89
Proceeds from sales of property, plant, and equipment, including nuclear fuel	119	196	115	78	30
Proceeds from sales of transferable ITCs	0	150	0	0	—
Other, net	−10	−6	−5	35	−4
Cash used in investing activities	−4,396	−5,276	−2,145	−1,239	−1,153
Issuances of debt	2,506	3,817	2,498	1,498	—
Repayments/repurchases of debt	−2,584	−2,287	−33	−251	—
Net borrowings (repayments) under accounts receivable financing	475	750	−425	425	—
Borrowings under Revolving Credit Facility	530	50	100	1,750	1,450
Repayments under Revolving Credit Facility	−150	−50	−350	−1,500	−1,450
Borrowings under Commodity-Linked Facility	2,507	1,802	0	3,150	0
Repayments under Commodity-Linked Facility	−1,087	−1,802	−400	−2,750	0
Debt issuance costs	−23	−76	−59	−31	−13
Stock repurchases	−1,028	−1,266	−1,245	−1,949	−471
Dividends paid to common stockholders	−306	−305	−313	−302	−290
Dividends paid to preferred stockholders	−192	−173	−150	−151	0
Dividends paid to noncontrolling and redeemable noncontrolling interest holders	0	−180	0	0	—
Payment for acquisition of noncontrolling interest	0	−1,748	0	0	—
Principal payment on forward repurchase obligation	−703	0	0	—	—
TRA Repurchase and tender offer return of capital	0	−122	0	0	—
Other, net	−19	−14	83	31	−21
Cash used in financing activities	−74	−1,604	−294	−80	2,274
Net change in cash, cash equivalents, and restricted cash (current and noncurrent)	−400	−2,317	3,014	−834	915
Interest paid	1,165	987	636	—	—
Capitalized interest	−125	−77	−37	—	—
Interest paid (net of capitalized interest)	1,040	910	599	—	—
Accrued property, plant and equipment additions	108	258	104	—	—
Issuance of Series C Preferred Stock as consideration for the repurchase of TRA Rights with a carrying value of $506 million	0	0	476	—	—

Filings

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