Vistra Corp. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions, except share data) | |||||||||||||||||
| Net income attributable to Vistra | $ | 944 | $ | 2,659 | $ | 1,493 | |||||||||||
| Less cumulative dividends attributable to Series A Preferred Stock | (80) | (80) | (80) | ||||||||||||||
| Less cumulative dividends attributable to Series B Preferred Stock | (70) | (70) | (70) | ||||||||||||||
| Less cumulative dividends attributable to Series C Preferred Stock | (42) | (42) | — | ||||||||||||||
| Net income attributable to common stock — basic and diluted | 752 | 2,467 | 1,343 | ||||||||||||||
| Weighted average shares of common stock outstanding: | |||||||||||||||||
| Basic | 339,124,917 | 344,788,634 | 369,771,359 | ||||||||||||||
| Dilutive securities: Stock-based incentive compensation plan | 6,531,150 | 7,778,426 | 5,421,752 | ||||||||||||||
| Diluted | 345,656,067 | 352,567,060 | 375,193,110 | ||||||||||||||
| Net income (loss) per weighted average share of common stock outstanding: | |||||||||||||||||
| Basic | $ | 2.22 | $ | 7.16 | $ | 3.63 | |||||||||||
| Diluted | $ | 2.18 | $ | 7.00 | $ | 3.58 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 26, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.