VST on NYSE

Vistra

Logo: vistracorp.com⁵

Electricity retailer and generator

Vistra Corp. is an integrated retail electricity and power generation company based in Irving, Texas.³ From Wikipedia, CC BY-SA 4.0

$153.94 up 2.15 (1.41%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

2016Founded¹

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TickerVST on NYSE¹
IndustryElectric Services¹
HeadquartersIrving¹
Websitewww.vistracorp.com
Legal formDelaware corporation¹
Incorporated inDE⁶
Business address6555 Sierra Drive, Irving, Tx 75039⁶
Filer categoryLarge accelerated filer⁶

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Vistra image from its website — Image: vistracorp.com⁵

Vistra Corp. is an integrated retail electricity and power generation company based in Irving, Texas. The company is the largest competitive power generator in the U.S. with a capacity of approximately 39GW powered by a diverse portfolio, including natural gas, coal, nuclear, solar, and battery energy storage facilities.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

10.8%Operating margin⁸

5.4%Net margin⁸

19.1%Revenue growth, 2025⁸

18.5%Return on equity⁸

3.34×Debt to equity⁸

$1.3BFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Retail Energy Charge In Northeast/Midwest brought in 41% of the revenue Vistra broke down this way in fiscal 2025.

Retail Energy Charge In Northeast/Midwest$4.1B⁸41%up 13% from 2024
Wholesale Generation Revenue From ERCOT$3.2B⁸32%up 61% from 2024
Revenue From Other Wholesale Contracts$1.1B⁸12%up 9% from 2024
Hedging Revenue, Realized$583.0M⁸6%down 35% from 2024
Transferable Production Tax Credit Revenues$229.0M⁸2%down 59% from 2024
Capacity Revenue$227.0M⁸2%up 207% from 2024
Transferable Nuclear Production Tax Credit Revenues$220.0M⁸2%down 60% from 2024
Total Other Revenues$152.0M⁸2%down 94% from 2024
Business Interruption Insurance Proceeds$118.0M⁸1%

Products and services by year

Products and services	2023	2024	2025
Retail Energy Charge In Northeast/Midwest	$1.6B	$3.6B	$4.1B
Wholesale Generation Revenue From ERCOT	$2.9B	$2.0B	$3.2B
Revenue From Other Wholesale Contracts	$1.5B	$1.1B	$1.1B
Hedging Revenue, Realized	$252.0M	$895.0M	$583.0M
Transferable Production Tax Credit Revenues	$10.0M	$556.0M	$229.0M
Capacity Revenue	$98.0M	$74.0M	$227.0M
Transferable Nuclear Production Tax Credit Revenues		$545.0M	$220.0M
Total Other Revenues	$975.0M	$2.5B	$152.0M
Business Interruption Insurance Proceeds			$118.0M

Business segments

Retail brought in 74% of the revenue Vistra broke down this way in fiscal 2025.

Retail$13.0B⁸74%up 12% from 2024
East$3.3B⁸19%up 82% from 2024
Texas$918.0M⁸5%up 12% from 2024
West$328.0M⁸2%down 22% from 2024
Asset Closure$4.0M⁸0%down 89% from 2024

Business segments by year

Business segments	2023	2024	2025
Retail	$9.3B	$11.7B	$13.0B
East	$2.2B	$1.8B	$3.3B
Texas	$1.7B	$821.0M	$918.0M
West	$555.0M	$420.0M	$328.0M
Asset Closure	$45.0M	$38.0M	$4.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Selling, general and admin10¢$1.7B
Other costs84¢$14.7B
Income tax1¢$179.0M
Profit5¢$944.0M

Out of $17.6B in revenue.⁸

Where each dollar of operating cash went, fiscal 2025

Capital spendingShare buybacks

Capital spending67¢$2.8B
Dividends paid7¢$306.0M
Share buybacks25¢$1.0B

Out of $4.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁸

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$17.6B in 2025+52% since 2019

Operating income⁹¹⁰¹¹¹²⁸$1.9B in 2025−4% since 2019

Net income⁹¹⁰¹¹¹²⁸$944.0M in 2025+2% since 2019

Every line of the income statement in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Operating revenues	$17.7B	$17.2B	$14.8B
Fuel, purchased power costs, and delivery fees	-$9.1B	-$7.3B	-$7.6B
Operating costs	-$2.8B	-$2.4B	-$1.7B
Depreciation and amortization	-$2.0B	-$1.8B	-$1.5B
Selling, general, and administrative expenses	-$1.7B	-$1.6B	-$1.3B
Impairment of long-lived assets	-$228.0M	$0	-$49.0M
Operating income	$1.9B	$4.1B	$2.7B
Other income, net	$394.0M	$291.0M	$243.0M
Interest expense and related charges	-$1.2B	-$900.0M	-$740.0M
Impacts of Tax Receivable Agreement	$2.0M	-$5.0M	-$164.0M
Net income before income taxes	$1.1B	$3.5B	$2.0B
Income tax expense	-$179.0M	-$655.0M	-$508.0M
Net income	$944.0M	$2.8B	$1.5B
Net (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest	$0	-$153.0M	$1.0M
Net income attributable to Vistra	$944.0M	$2.7B	$1.5B
Cumulative dividends attributable to preferred stock	-$192.0M	-$192.0M	-$150.0M
Net income attributable to Vistra common stock	$752.0M	$2.5B	$1.3B
Basic (in shares)	339.1M shares	344.8M shares	369.8M shares
Diluted (in shares)	345.7M shares	352.6M shares	375.2M shares
Basic (in dollars per share)	$2.22	$7.16	$3.63
Diluted (in dollars per share)	$2.18	$7.00	$3.58

Total assets¹⁵⁹¹⁰¹¹¹²⁸$41.5B in 2025+56% since 2019

Total liabilities¹⁵⁹¹⁰¹¹¹²⁸$36.4B in 2025+95% since 2019

Shareholders’ equity¹⁵⁹¹⁰¹¹¹²⁸$5.1B in 2025−36% since 2019

Cash¹⁵⁹¹⁰¹¹¹²⁸$785.0M in 2025+162% since 2019

Long-term debt¹²⁸$17.0B in 2025+18% since 2023

Every line of the balance sheet in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$785.0M	$1.2B
Restricted cash	$31.0M	$28.0M
Trade accounts receivable net	$2.3B	$2.0B
Commodity and other derivative contractual assets	$2.8B	$2.6B
Margin deposits related to commodity contracts	$1.1B	$406.0M
Margin deposits posted under affiliate financing agreement	$444.0M	$435.0M
Prepaid expense and other current assets	$654.0M	$523.0M
Total current assets	$9.2B	$8.1B
Restricted cash	$6.0M	$6.0M
Investments	$5.1B	$4.5B
Property, plant, and equipment net	$19.8B	$18.2B
Goodwill	$2.8B	$2.8B
Identifiable intangible assets net	$2.4B	$2.2B
Commodity and other derivative contractual assets	$405.0M	$740.0M
Accumulated deferred income taxes	$239.0M	$9.0M
Other noncurrent assets	$1.5B	$1.2B
Total assets	$41.5B	$37.8B
Short-term borrowings	$1.8B	$0
Accounts receivable financing	$1.2B	$750.0M
Long-term debt due currently	$1.2B	$880.0M
Forward repurchase obligation due currently	$632.0M	$703.0M
Trade accounts payable	$1.6B	$1.5B
Commodity and other derivative contractual liabilities	$4.0B	$3.4B
Margin deposits related to commodity contracts	$7.0M	$49.0M
Accrued taxes other than income	$224.0M	$209.0M
Accrued interest	$188.0M	$193.0M
Asset retirement obligations	$181.0M	$142.0M
Other current liabilities	$663.0M	$645.0M
Total current liabilities	$11.8B	$8.4B
Margin deposits financing with affiliate	$444.0M	$435.0M
Long-term debt, less amounts due currently	$15.8B	$15.4B
Forward repurchase obligation, less amounts due currently	$0	$632.0M
Commodity and other derivative contractual liabilities	$1.7B	$1.4B
Accumulated deferred income taxes	$1.0B	$697.0M
Asset retirement obligations	$4.0B	$3.9B
Other noncurrent liabilities and deferred credits	$1.5B	$1.3B
Total liabilities	$36.4B	$32.2B
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)	$2.5B	$2.5B
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)	$5.0M	$5.0M
Treasury stock, at cost (215,599,525 and 208,998,299 shares at December 31, 2025 and 2024, respectively)	-$6.9B	-$5.9B
Additional paid-in-capital	$9.5B	$9.4B
Accumulated deficit	-$12.0M	-$454.0M
Accumulated other comprehensive income	$17.0M	$20.0M
Stockholders' equity	$5.1B	$5.6B
Noncontrolling interest in subsidiary	$13.0M	$13.0M
Total equity	$5.1B	$5.6B	$5.3B
Total liabilities and equity	$41.5B	$37.8B
Preferred stock, shares authorized (in shares)	100.0M shares	100.0M shares
Preferred sock, liquidation preference (in dollars per share)	$1.0K	$1.0K
Preferred stock, shares outstanding (in shares)	2.5M shares	2.5M shares
Common stock, par or stated value per share (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	1.8B shares	1.8B shares
Common stock, shares outstanding (in shares)	338.1M shares	339.8M shares
Treasury stock, common shares (in shares)	215.6M shares	209.0M shares

Cash from operations⁹¹⁰¹¹¹²⁸$4.1B in 2025+49% since 2019

Capital spending⁹¹⁰¹¹¹²⁸$2.8B in 2025+286% since 2019

Free cash flow⁹¹⁰¹¹¹²⁸$1.3B in 2025−35% since 2019

Dividends paid⁹¹⁰¹¹¹²⁸$306.0M in 2025+26% since 2019

Share buybacks⁹¹⁰¹¹¹²⁸$1.0B in 2025+57% since 2019

Every line of the cash flow in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Total reportable segment net income (loss)	$944.0M	$2.8B	$1.5B
Depreciation and amortization	$3.0B	$2.6B	$2.0B
Deferred income tax expense (benefit), net	$136.0M	$607.0M	$457.0M
Gain on sale of land	$0	$0	-$95.0M
Impairment of long-lived and other assets	$228.0M	$0	$49.0M
Unrealized net (gain) loss from mark-to-market valuations of commodities	$808.0M	-$1.2B	-$490.0M
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps	$67.0M	-$53.0M	$36.0M
Unrealized net gain from nuclear decommissioning trusts	-$138.0M	-$116.0M	$0
Change in asset retirement obligation liability	-$20.0M	$38.0M	$27.0M
Asset retirement obligation accretion expense	$134.0M	$114.0M	$34.0M
Impacts of Tax Receivable Agreement	-$2.0M	$5.0M	$164.0M
Gain on TRA repurchase and tender offers	$0	-$10.0M	-$29.0M
Bad debt expense	$201.0M	$183.0M	$164.0M
Stock-based compensation expense	$113.0M	$100.0M	$77.0M
Involuntary conversion gain	-$120.0M	$0	$0
Other, net	-$47.0M	-$89.0M	$103.0M
Accounts receivable trade	-$528.0M	-$242.0M	$214.0M
Inventories	-$3.0M	-$31.0M	-$174.0M
Accounts payable trade	$16.0M	$19.0M	-$350.0M
Commodity and other derivative contractual assets and liabilities	-$102.0M	-$175.0M	$82.0M
Margin deposits, net	-$769.0M	$842.0M	$1.9B
Accrued interest	-$4.0M	-$18.0M	$46.0M
Accrued taxes	$27.0M	-$1.0M	$5.0M
Accrued employee incentive	-$40.0M	$8.0M	$58.0M
Asset retirement obligation settlement	-$96.0M	-$88.0M	-$81.0M
Major plant outage deferral	$7.0M	-$91.0M	-$32.0M
Other net assets	$88.0M	-$616.0M	$84.0M
Other net liabilities	$220.0M	-$111.0M	-$243.0M
Cash provided by operating activities	$4.1B	$4.6B	$5.5B
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	-$2.8B	-$2.1B	-$1.7B
Proceeds from sales of nuclear decommissioning trust fund securities	$5.2B	$2.2B	$601.0M
Investments in nuclear decommissioning trust fund securities	-$5.2B	-$2.2B	-$624.0M
Proceeds from sales of environmental allowances	$275.0M	$773.0M	$500.0M
Purchases of environmental allowances	-$1.2B	-$1.2B	-$1.1B
Insurance proceeds for recovery of damaged property, plant, and equipment	-$325.0M	-$3.0M	-$15.0M
Proceeds from sales of property, plant, and equipment, including nuclear fuel	$119.0M	$196.0M	$115.0M
Proceeds from sales of transferable ITCs	$0	$150.0M	$0
Other, net	-$10.0M	-$6.0M	-$5.0M
Cash used in investing activities	-$4.4B	-$5.3B	-$2.1B
Issuances of debt	$2.5B	$3.8B	$2.5B
Repayments/repurchases of debt	-$2.6B	-$2.3B	-$33.0M
Net borrowings (repayments) under accounts receivable financing	$475.0M	$750.0M	-$425.0M
Borrowings under Revolving Credit Facility	$530.0M	$50.0M	$100.0M
Repayments under Revolving Credit Facility	-$150.0M	-$50.0M	-$350.0M
Borrowings under Commodity-Linked Facility	$2.5B	$1.8B	$0
Repayments under Commodity-Linked Facility	-$1.1B	-$1.8B	-$400.0M
Debt issuance costs	-$23.0M	-$76.0M	-$59.0M
Stock repurchases	-$1.0B	-$1.3B	-$1.2B
Dividends paid to common stockholders	-$306.0M	-$305.0M	-$313.0M
Dividends paid to preferred stockholders	-$192.0M	-$173.0M	-$150.0M
Dividends paid to noncontrolling and redeemable noncontrolling interest holders	$0	-$180.0M	$0
Payment for acquisition of noncontrolling interest	$0	-$1.7B	$0
Principal payment on forward repurchase obligation	-$703.0M	$0	$0
TRA Repurchase and tender offer return of capital	$0	-$122.0M	$0
Other, net	-$19.0M	-$14.0M	$83.0M
Cash used in financing activities	-$74.0M	-$1.6B	-$294.0M
Net change in cash, cash equivalents, and restricted cash (current and noncurrent)	-$400.0M	-$2.3B	$3.0B
Interest paid	$1.2B	$987.0M	$636.0M
Capitalized interest	-$125.0M	-$77.0M	-$37.0M
Interest paid (net of capitalized interest)	$1.0B	$910.0M	$599.0M
Accrued property, plant and equipment additions	$108.0M	$258.0M	$104.0M
Issuance of Series C Preferred Stock as consideration for the repurchase of TRA Rights with a carrying value of $506 million	$0	$0	$476.0M
Gain on taxable receivable agreement, repurchase rights, carrying value of the repurchase rights			$506.0M

Compare Vistra with another company

The story

In 2016, Texas Competitive Electric Holdings (TCEH) parent company of TXU Energy and Luminant, emerged from Chapter 11 (as part of the bankruptcy protection for Energy Future Holdings Corporation). TCEH was then rebranded as Vistra Energy.

Vistra acquired Dynegy in 2018. In 2019, Ambit Energy was acquired, resulting in a 32% residential market share in Electric Reliability Council of Texas (ERCOT), with NRG Energy as its largest competitor. It also acquired Crius Energy in 2019.

In May 2025, Vistra announced they were set to buy seven natural gas power plants for US$1.9 billion from Lotus Infrastructure Partners.

From Wikipedia’s article on Vistra Corp., shared under CC BY-SA 4.0.⁷

Subsidiaries and ownership

Owners

Brookfield Corporation 9.7%
The Vanguard Group 8.3%
Fidelity Investments 7.6%
BlackRock 5.2%

Subsidiaries

Dynegy
Luminant
TXU Energy
U.S. Gas and Electric Inc.

From Wikidata.¹

Former names

Vistra Energy Corp.Dec 27, 2017 to Jun 29, 2020⁶
Vistra Energy CorpMay 4, 2016 to Jan 29, 2018⁶

Timeline

2016Founded Founded¹

Recent filings

Oct 8, 20264
Oct 7, 2026144
Oct 7, 20264
Oct 6, 2026144
Oct 5, 20268-K
Sep 24, 20268-K
Sep 14, 2026424B2
Sep 11, 2026FWP PRICING TERM SHEET
Sep 10, 2026424B5
Sep 10, 20264
Sep 10, 20264
Sep 9, 2026S-3ASR
Sep 8, 2026144
Sep 8, 2026144
Sep 2, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataVistra on Wikidata
2
SEC EDGARVistra filings on SEC EDGAR
3
WikipediaVistra on Wikipedia
4
Yahoo FinanceVST quote
5
Company websiteVistra logo
6
SEC EDGARVistra filings on SEC EDGAR
7
WikipediaVistra on Wikipedia (revision used)
8
SEC EDGARVistra 10-K for fiscal 2025
9
SEC EDGARVistra 10-K for fiscal 2019
10
SEC EDGARVistra 10-K for fiscal 2020
11
SEC EDGARVistra 10-K for fiscal 2021
12
SEC EDGARVistra 10-K for fiscal 2022
13
SEC EDGARVistra 10-Q for fiscal 2026
14
SEC EDGARVistra 10-Q for fiscal 2026
15
SEC EDGARVistra 10-K for fiscal 2019