$VST

Vistra Corp.

CIK:0001692819|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 4,017	$ 4,250	$ 9,657	$ 8,183
Fuel, purchased power costs, and delivery fees	(1,774)	(1,974)	(4,304)	(4,421)
Operating costs	(853)	(733)	(1,553)	(1,426)
Depreciation and amortization	(445)	(541)	(929)	(1,063)
Selling, general, and administrative expenses	(392)	(419)	(819)	(810)
Impairment of long-lived assets	0	(68)	0	(68)
Operating income	553	515	2,052	395
Other income (deductions), net	186	191	162	186
Interest expense and related charges	(312)	(303)	(575)	(622)
Net income (loss) before income taxes	427	403	1,639	(41)
Income tax (expense) benefit	(122)	(76)	(305)	100
Net income attributable to Vistra	305	327	1,334	59
Cumulative dividends attributable to preferred stock	(47)	(47)	(96)	(96)
Net income (loss) attributable to Vistra common stock	$ 258	$ 280	$ 1,238	$ (37)
Weighted average shares of common stock outstanding:
Basic (in shares)	336,846,562	339,401,983	337,332,362	339,599,887
Diluted (in shares)	339,230,976	345,505,188	340,541,176	339,599,887
Net income (loss) per weighted average share of common stock outstanding:
Basic (in dollars per share)	$ 0.77	$ 0.82	$ 3.67	$ (0.11)
Diluted (in dollars per share)	$ 0.76	$ 0.81	$ 3.64	$ (0.11)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows — operating activities:
Net income	$ 1,334	$ 59
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	1,363	1,534
Deferred income tax expense (benefit), net	255	(128)
Impairment of long-lived and other assets	0	68
Unrealized net (gain) loss from mark-to-market valuations of commodities	(251)	551
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps	(7)	74
Unrealized net (gain) loss from nuclear decommissioning trusts	22	(74)
Asset retirement obligation accretion expense	63	66
Bad debt expense	86	87
Stock-based compensation expense	67	46
Involuntary conversion gain	(48)	(80)
Other, net	0	13
Changes in operating assets and liabilities:
Margin deposits, net	(188)	(368)
Accrued interest	61	(5)
Accrued taxes other than income	(100)	(56)
Accrued employee incentive	(99)	(145)
Other operating assets and liabilities	(336)	(471)
Cash provided by operating activities	2,222	1,171
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	(1,572)	(1,458)
Lotus acquisition purchase price adjustment	6	0
Proceeds from sales of nuclear decommissioning trust fund securities	3,036	3,024
Investments in nuclear decommissioning trust fund securities	(3,037)	(3,035)
Proceeds from sales of environmental allowances	128	25
Purchases of environmental allowances	(201)	(392)
Insurance proceeds for recovery of damaged property, plant, and equipment	234	173
Proceeds from sales of property, plant, and equipment, including nuclear fuel	50	0
Other, net	77	(8)
Cash used in investing activities	(1,279)	(1,671)
Cash flows — financing activities:
Issuances of debt	6,422	209
Repayments/repurchases of debt	(3,859)	(757)
Net borrowings (repayments) under accounts receivable financing	(925)	375
Borrowings under Revolving Credit Facility	400	0
Repayments under Revolving Credit Facility	(780)	0
Borrowings under Commodity-Linked Facility	0	987
Repayments under Commodity-Linked Facility	(1,420)	(126)
Debt issuance costs	(72)	0
Stock repurchases	(709)	(589)
Dividends paid to common stockholders	(154)	(152)
Dividends paid to preferred stockholders	(96)	(96)
Tax withholding on stock-based compensation	(69)	(50)
Principal payment on forward repurchase obligation	(19)	(41)
Other, net	(3)	13
Cash used in financing activities	(1,284)	(227)
Net change in cash, cash equivalents and restricted cash (current and noncurrent)	(341)	(727)
Cash, cash equivalents and restricted cash (current and noncurrent) — beginning balance	822	1,222
Cash, cash equivalents and restricted cash (current and noncurrent) — ending balance	481	495
Cash payments related to:
Interest paid	549	577
Capitalized interest	(82)	(56)
Interest paid (net of capitalized interest)	$ 467	$ 521

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 435	$ 785
Restricted cash	41	31
Trade accounts receivable — net	2,293	2,323
Commodity and other derivative contractual assets	3,663	2,793
Margin deposits related to commodity contracts	1,436	1,133
Margin deposits posted under affiliate financing agreement	438	444
Assets held for sale	97	0
Prepaid expense and other current assets	832	654
Total current assets	10,276	9,179
Restricted cash	5	6
Investments	5,331	5,091
Property, plant, and equipment — net	19,944	19,846
Goodwill	2,810	2,810
Identifiable intangible assets — net	2,286	2,435
Commodity and other derivative contractual assets	334	405
Accumulated deferred income taxes	213	239
Other noncurrent assets	1,404	1,539
Total assets	42,603	41,550
Current liabilities:
Short-term borrowings	0	1,800
Accounts receivable financing	300	1,225
Long-term debt due currently	1,876	1,201
Forward repurchase obligation due currently	613	632
Trade accounts payable	1,504	1,644
Commodity and other derivative contractual liabilities	4,893	4,049
Margin deposits related to commodity contracts	122	7
Accrued income taxes	3	0
Accrued taxes other than income	125	224
Accrued interest	249	188
Asset retirement obligations	197	181
Liabilities held for sale	13	0
Other current liabilities	662	663
Total current liabilities	10,557	11,814
Margin deposits financing with affiliate	438	444
Long-term debt, less amounts due currently	17,719	15,842
Commodity and other derivative contractual liabilities	1,458	1,729
Accumulated deferred income taxes	1,271	1,049
Asset retirement obligations	4,072	4,035
Other noncurrent liabilities and deferred credits	1,594	1,527
Total liabilities	37,109	36,440
Commitments and Contingencies
Total equity:
Preferred stock (100,000,000 shares authorized, $1,000 liquidation preference per share, 2,476,066 shares outstanding at both June 30, 2026 and December 31, 2025, respectively)	2,476	2,476
Common stock (par value $0.01 per share, 1,800,000,000 shares authorized, 335,961,328 and 338,059,635 shares outstanding at June 30, 2026 and December 31, 2025, respectively)	5	5
Treasury stock, at cost (220,121,017 and 215,599,525 shares at June 30, 2026 and December 31, 2025, respectively)	(7,627)	(6,925)
Additional paid-in-capital	9,536	9,536
Retained earnings (accumulated deficit)	1,076	(12)
Accumulated other comprehensive income	16	17
Stockholders' equity	5,482	5,097
Noncontrolling interest in subsidiary	12	13
Total equity	5,494	5,110
Total liabilities and equity	42,603	41,550
Materials and supplies
Current assets:
Inventories — net	605	599
Fuel stock and natural gas in storage
Current assets:
Inventories — net	$ 436	$ 417