Vistra Corp.
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VST Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 4,584 | 4,037 | +13.5% |
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| Hedging revenue — unrealized | -465 | -558 | +16.7% |
| Hedging revenue — unrealized · Asset Closure | 0 | 1 | -100.0% |
| Hedging revenue — unrealized · East | -380 | -213 | -78.4% |
| Hedging revenue — unrealized · Retail | 57 | -165 | +134.5% |
| Hedging revenue — unrealized · Texas | -16 | -193 | +91.7% |
| Hedging revenue — unrealized · West | -126 | 12 | -1150.0% |
| Hedging revenues — realized | 69 | 397 | -82.6% |
| Hedging revenues — realized · East | -145 | -4 | -3525.0% |
| Hedging revenues — realized · Retail | 170 | 314 | -45.9% |
| Hedging revenues — realized · Texas | 18 | 71 | -74.6% |
| Hedging revenues — realized · West | 26 | 16 | +62.5% |
| Intangible amortization and other revenues | 1 | -11 | +109.1% |
| Intangible amortization and other revenues · East | -2 | -1 | -100.0% |
| Intersegment sales · East | 957 | 761 | +25.8% |
| Intersegment sales · Intersegment Elimination | -2,063 | -874 | -136.0% |
| Intersegment sales · Retail | 25 | 21 | +19.0% |
| Intersegment sales · Texas | 1,080 | 91 | +1086.8% |
| Intersegment sales · West | 1 | 1 | 0.0% |
| Total other revenues | -221 | 375 | -158.9% |
| Total other revenues · Asset Closure | 49 | 0 | — |
| Total other revenues · East | 430 | 807 | -46.7% |
| Total other revenues · Intersegment Elimination | -2,060 | -884 | -133.0% |
| Total other revenues · Retail | 252 | 171 | +47.4% |
| Total other revenues · Texas | 1,207 | 252 | +379.0% |
| Total other revenues · West | -99 | 29 | -441.4% |
| Transferable PTC revenues | 78 | 547 | -85.7% |
| Transferable PTC revenues · Texas | 78 | 283 | -72.4% |
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| Asset Closure · Operating Segments | 48 | 10 | +380.0% |
| East · Operating Segments | 1,564 | 1,420 | +10.1% |
| Retail · Operating Segments | 3,501 | 2,884 | +21.4% |
| Texas · Operating Segments | 1,556 | 470 | +231.1% |
| West · Operating Segments | -22 | 138 | -115.9% |
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| Corporate Non Segment | -2,063 | -885 | -133.1% |
| Intersegment Elimination | -2,063 | -885 | -133.1% |
| Operating Segments | 6,647 | 4,922 | +35.0% |
| Cost Of Fuel Purchased Power And Delivery | -2,310 | -1,765 | -30.9% |
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| East · Operating Segments | -1,023 | -698 | -46.6% |
| Retail · Operating Segments | -2,838 | -1,552 | -82.9% |
| Texas · Operating Segments | -481 | -347 | -38.6% |
| West · Operating Segments | -30 | -54 | +44.4% |
| Other Cost And Expense Operating | -722 | -672 | -7.4% |
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| Asset Closure · Operating Segments | -41 | -45 | +8.9% |
| East · Operating Segments | -361 | -329 | -9.7% |
| Retail · Operating Segments | -37 | -41 | +9.8% |
| Texas · Operating Segments | -272 | -243 | -11.9% |
| West · Operating Segments | -14 | -13 | -7.7% |
| Depreciation & Amortization | -463 | -537 | +13.8% |
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| Asset Closure · Operating Segments | 0 | -7 | +100.0% |
| East · Operating Segments | -244 | -312 | +21.8% |
| Retail · Operating Segments | -24 | -29 | +17.2% |
| Texas · Operating Segments | -161 | -158 | -1.9% |
| West · Operating Segments | -16 | -15 | -6.7% |
| Selling, General & Administrative | -460 | -464 | +0.9% |
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| Asset Closure · Operating Segments | -14 | -14 | 0.0% |
| East · Operating Segments | -60 | -55 | -9.1% |
| Retail · Operating Segments | -266 | -262 | -1.5% |
| Texas · Operating Segments | -58 | -53 | -9.4% |
| West · Operating Segments | -3 | -6 | +50.0% |
| Operating Income | 474 | 599 | -20.9% |
| Other Nonoperating Income | 103 | 9 | +1044.4% |
| Interest Expense | -271 | -157 | -72.6% |
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| Asset Closure · Operating Segments | -1 | -1 | 0.0% |
| East · Operating Segments | 14 | 5 | +180.0% |
| Retail · Operating Segments | -14 | -16 | +12.5% |
| Texas · Operating Segments | 12 | 13 | -7.7% |
| West · Operating Segments | 3 | 0 | — |
| Income Before Taxes | 308 | 451 | -31.7% |
| Income Tax Expense (Benefit) | -75 | 39 | -292.3% |
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| Corporate Non Segment | -76 | 39 | -294.9% |
| Net Income | 233 | 490 | -52.4% |
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| Asset Closure · Operating Segments | -142 | -55 | -158.2% |
| East · Operating Segments | -75 | 31 | -341.9% |
| Retail · Operating Segments | 321 | 984 | -67.4% |
| Texas · Operating Segments | 638 | -312 | +304.5% |
| West · Operating Segments | -78 | 44 | -277.3% |
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| Corporate Non Segment | -431 | -202 | -113.4% |
| Operating Segments | 664 | 692 | -4.0% |
| Net Income | 233 | 441 | -47.2% |
| Preferred Stock Dividends Income Statement Impact | -48 | -48 | 0.0% |
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| Series A Preferred Stock | -20 | -20 | 0.0% |
| Series B Preferred Stock | -18 | -18 | 0.0% |
| Series C Preferred Stock | -10 | -10 | 0.0% |
| Net Income Loss Available To Common Stockholders Basic | 185 | 393 | -52.9% |
| Wtd Avg Shares (Basic) | -188,377 | -1,526,491 | +87.7% |
| Wtd Avg Shares (Diluted) | -647,550 | -1,238,877 | +47.7% |
| EPS (Basic) | 0.55 | 1.17 | -53.0% |
| EPS (Diluted) | 0.54 | 1.14 | -52.6% |
| Revenue | 4,805 | 3,662 | +31.2% |
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| Capacity revenue from ISO/RTO | 98 | 20 | +390.0% |
| Capacity revenue from ISO/RTO · East | 98 | 20 | +390.0% |
| Retail energy charge in ERCOT | 2,076 | 1,823 | +13.9% |
| Retail energy charge in ERCOT · Retail | 2,076 | 1,823 | +13.9% |
| Retail energy charge in Northeast/Midwest | 1,173 | 890 | +31.8% |
| Retail energy charge in Northeast/Midwest · Retail | 1,173 | 890 | +31.8% |
| Revenue from other wholesale contracts | 301 | 241 | +24.9% |
| Revenue from other wholesale contracts · Asset Closure | -1 | 7 | -114.3% |
| Revenue from other wholesale contracts · East | 135 | 86 | +57.0% |
| Revenue from other wholesale contracts · Texas | 116 | 97 | +19.6% |
| Revenue from other wholesale contracts · West | 54 | 52 | +3.8% |
| Wholesale generation revenue from ISO/RTO | 1,157 | 688 | +68.2% |
| Wholesale generation revenue from ISO/RTO · East | 901 | 507 | +77.7% |
| Wholesale generation revenue from ISO/RTO · Texas | 233 | 121 | +92.6% |
| Wholesale generation revenue from ISO/RTO · West | 23 | 57 | -59.6% |
Show Business Segments breakouts |
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| Asset Closure · Operating Segments | -1 | 10 | -110.0% |
| East · Operating Segments | 1,134 | 613 | +85.0% |
| Retail · Operating Segments | 3,249 | 2,713 | +19.8% |
| Texas · Operating Segments | 349 | 218 | +60.1% |
| West · Operating Segments | 77 | 109 | -29.4% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 785 | 1,188 | -33.9% |
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| Parent | 67 | 22 | +204.5% |
| Restricted Cash Current | 31 | 28 | +10.7% |
| Accounts Receivable | 2,323 | 1,982 | +17.2% |
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| Parent | 15 | 13 | +15.4% |
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts |
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| Other trade accounts receivable — net | 497 | 468 | +6.2% |
| Trade accounts receivable from contracts with customers — net | 1,826 | 1,514 | +20.6% |
| Inventory (Q) | — | — | — |
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| Fuel stock and natural gas in storage | 417 | 437 | -4.6% |
| Materials and supplies | 599 | 533 | +12.4% |
| Derivative Instruments And Hedges | 2,793 | 2,587 | +8.0% |
| Margin Deposit Assets | 1,133 | 406 | +179.1% |
| Margin Deposits Posted Under Affiliate Financing Agreement Asset | 444 | 435 | +2.1% |
| Prepaid Expenses & Other Current Assets | 654 | 523 | +25.0% |
| Total Current Assets | 9,179 | 8,119 | +13.1% |
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| Parent | 145 | 43 | +237.2% |
| Non-Current Assets | |||
| Restricted Cash Noncurrent | 6 | 6 | 0.0% |
| Property, Plant & Equipment | 19,846 | 18,173 | +9.2% |
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| Parent | 2 | 2 | 0.0% |
Show Real Estate And Accumulated Depreciation Description Of Property breakouts |
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| Moss Landing Incident · Moss Landing Battery Energy Storage System Phase III | 320 | — | — |
| Goodwill | 2,810 | 2,807 | +0.1% |
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| Retail Reporting Unit | 2,688 | 2,461 | +9.2% |
| Texas Generation Reporting Unit | 122 | 122 | 0.0% |
| Derivative Instruments And Hedges Noncurrent | 405 | 740 | -45.3% |
| Deferred Tax Assets | 239 | 9 | +2555.6% |
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| Parent | 1,067 | 960 | +11.1% |
| Other Non-Current Assets | 1,539 | 1,191 | +29.2% |
| Total Assets | 41,550 | 37,770 | +10.0% |
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| Parent | 5,215 | 5,678 | -8.2% |
| Operating Lease Right-of-Use Assets | 98 | 106 | -7.5% |
| Intangible Assets | 1,094 | 872 | +25.5% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Computer Software Intangible Asset | 291 | 308 | -5.5% |
| Customer Relationships | 106 | 196 | -45.9% |
| Long-term service agreements | 12 | 13 | -7.7% |
| Other identifiable intangible assets | 611 | 205 | +198.0% |
| Retail and wholesale contracts | 74 | 150 | -50.7% |
| Other Assets | |||
| Other Long Term Investments | 5,091 | 4,512 | +12.8% |
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| Parent · Related Party | 4,001 | 4,670 | -14.3% |
| Intangible Assets Net Excluding Goodwill | 2,435 | 2,213 | +10.0% |
| Current Liabilities | |||
| Short Term Borrowings | 1,800 | — | — |
| Accounts Receivable Securitization Program Amounts Borrowed | 1,225 | 750 | +63.3% |
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| Accounts Receivable Securitization Program | 1.1 | 750 | -99.9% |
| Long Term Debt And Capital Lease Obligations Current | 1,201 | 880 | +36.5% |
| Forward Repurchase Obligation To Be Paid Current | 632 | 703 | -10.1% |
| Accounts Payable | 1,644 | 1,510 | +8.9% |
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| Parent · Nonrelated Party | 1 | 8 | -87.5% |
| Parent · Related Party | 41 | 27 | +51.9% |
| Derivative Instruments And Hedges Liabilities | 4,049 | 3,351 | +20.8% |
| Margin Deposit Liabilities | 7 | 49 | -85.7% |
| Accrual For Taxes Other Than Income Taxes Current | 224 | 209 | +7.2% |
| Interest Payable Current | 188 | 193 | -2.6% |
| Asset Retirement Obligation Current | 181 | 142 | +27.5% |
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| Land Reclamation, Coal Ash and Other | 181 | — | — |
| Other Liabilities Current | 663 | 645 | +2.8% |
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| Parent | 20 | 27 | -25.9% |
| Total Current Liabilities | 11,814 | 8,432 | +40.1% |
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| Parent | 65 | 71 | -8.5% |
| Non-Current Liabilities | |||
| Derivative And Hedge Liabilities Noncurrent | 1,729 | 1,367 | +26.5% |
| Deferred Tax Liabilities | 1,049 | 697 | +50.5% |
| Asset Retirement Obligations Noncurrent | 4,035 | 3,936 | +2.5% |
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| Land Reclamation, Coal Ash and Other | 661 | — | — |
| Nuclear Plant Decommissioning | 3,374 | — | — |
| Other Non-Current Liabilities | 1,527 | 1,270 | +20.2% |
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| Parent | 33 | 10 | +230.0% |
| Total Liabilities | 36,440 | 32,187 | +13.2% |
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| Parent | 105 | 95 | +10.5% |
| Long-Term Debt | 17,043 | 16,298 | +4.6% |
| Operating Lease Liabilities | 92 | 98 | -6.1% |
| Other Liabilities | |||
| Margin Deposit Financing With Affiliate | 444 | 435 | +2.1% |
| Long Term Debt And Capital Lease Obligations | 15,842 | 15,418 | +2.8% |
| Stockholders' Equity | |||
| Preferred Stock Value | 2,476 | 2,476 | 0.0% |
| Common Stock | 5 | 5 | 0.0% |
| Treasury Stock Common Value | -6,925 | -5,912 | -17.1% |
| Additional Paid In Capital Common Stock | 9,536 | 9,435 | +1.1% |
| Retained Earnings | -12 | -454 | +97.4% |
| Accumulated Other Comprehensive Income | 17 | 20 | -15.0% |
| Total Stockholders' Equity | 5,097 | 5,570 | -8.5% |
| Minority Interest | 13 | 13 | 0.0% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 5,110 | 5,583 | -8.5% |
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| Accumulated Other Comprehensive Income | 17 | 20 | -15.0% |
| Additional Paid In Capital | 9,536 | 9,435 | +1.1% |
| Common Stock | 5 | 5 | 0.0% |
| Noncontrolling Interest | 13 | 13 | 0.0% |
| Parent | 5,097 | 5,570 | -8.5% |
| Preferred Stock | 2,476 | 2,476 | 0.0% |
| Retained Earnings | -12 | -454 | +97.4% |
| Treasury Stock Common | -6,925 | -5,912 | -17.1% |
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| Parent | 5,110 | 5,583 | -8.5% |
| Total Liabilities & Equity | 41,550 | 37,770 | +10.0% |
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| Parent | 5,215 | 5,678 | -8.2% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation Amortization And Accretion Net | 725 | 740 | -2.0% |
| Deferred Income Taxes And Tax Credits | 68 | -59 | +215.3% |
| Unrealized Gain Loss On Commodity Related Derivatives | 441 | 570 | -22.6% |
| Unrealized Gain Loss On Interest Rate Swap Derivatives | -17 | -79 | +78.5% |
| Unrealized Gain Loss From Nuclear Decommissioning Trusts | 26 | 17 | +52.9% |
| Accretion Expense | 34 | 30 | +13.3% |
| Provision For Doubtful Accounts | 49 | 51 | -3.9% |
| Stock-Based Compensation | 31 | 24 | +29.2% |
| Other Non-Cash Items | -83 | -75 | -10.7% |
| Increase Decrease In Margin Deposits Net | -408 | -13 | -3038.5% |
| Increase Decrease In Interest Payable Net | -36 | -29 | -24.1% |
| Increase Decrease In Accrued Taxes Payable | 46 | 39 | +17.9% |
| Increase Decrease In Employee Related Liabilities | 66 | 86 | -23.3% |
| Net Cash from Operations | 1,432 | 1,353 | +5.8% |
| Investing Activities | |||
| Capital Expenditures | -836 | -430 | -94.4% |
| Proceeds From Decommissioning Fund | 1,033 | 643 | +60.7% |
| Payments To Invest In Decommissioning Fund | -1,039 | -649 | -60.1% |
| Proceeds From Sale Of Intangible Assets | 218 | 626 | -65.2% |
| Payments To Acquire Intangible Assets | -678 | -715 | +5.2% |
| Proceeds From Insurance Settlement Investing Activities | -127 | 0 | — |
| Proceeds From Sale Of Other Productive Assets | 98 | 59 | +66.1% |
| Other Investing Activities | -17 | -1 | -1600.0% |
| Net Cash from Investing | -2,234 | -317 | -604.7% |
| Financing Activities | |||
| Proceeds From Issuance Of Debt | 2,082 | 1,617 | +28.8% |
| Repayments Of Long Term Debt | -1,820 | -18 | -10011.1% |
| Proceeds From Repayments Of Accounts Receivable Financing | 0 | 0 | — |
| Proceeds From Lines Of Credit | 380 | 0 | — |
| Repayments Of Lines Of Credit | 0 | 0 | — |
| Proceeds From Short Term Debt | 1,520 | 0 | — |
| Repayments Of Short Term Debt | -100 | 0 | — |
| Payments Of Financing Costs | -21 | -44 | +52.3% |
| Share Repurchases | -252 | -245 | -2.9% |
| Payments Of Dividends Common Stock | -77 | -75 | -2.7% |
| Payments Of Dividends Preferred Stock And Preference Stock | -75 | -75 | 0.0% |
| Proceeds From Payments For Other Financing Activities | -40 | -12 | -233.3% |
| Net Cash from Financing | 986 | -754 | +230.8% |
| Supplemental | |||
| Interest Paid | 366 | 278 | +31.7% |
| Interest Paid | 327 | 253 | +29.2% |
| Other Cash Flow | |||
| Net Change in Cash | 184 | 282 | -34.8% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 822 | 1,222 | -32.7% |
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| Parent | 67 | 22 | +204.5% |
Values in millions USD. Source: SEC EDGAR 10-K filing.