Vistra (VST) Financials

$156.40 +7.32 (+4.91%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$155.88 -0.52 (-0.34%)

As of 05/22/2026 07:59 PM Eastern

Annual Income Statements for Vistra

This table shows Vistra's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-4,677	-254	-54	928	636	-1,295	-1,377	1,343	2,467	752
Consolidated Net Income / (Loss)	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812	944
Net Income / (Loss) Continuing Operations	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812	944
Total Pre-Tax Income	-5,556	250	-101	1,216	890	-1,722	-1,560	2,000	3,467	1,123
Total Operating Income	-4,091	198	491	1,993	1,519	-1,515	-1,177	2,661	4,081	1,906
Total Gross Profit	2,678	2,495	4,108	6,067	6,269	2,908	3,327	7,222	9,939	8,637
Total Revenue	5,370	5,430	9,144	11,809	11,443	12,077	13,728	14,779	17,224	17,738
Operating Revenue	5,370	5,430	9,144	11,809	11,443	12,077	13,728	14,779	17,224	17,738
Total Cost of Revenue	2,692	2,935	5,036	5,742	5,174	9,169	10,401	7,557	7,285	9,101
Operating Cost of Revenue	2,692	2,935	5,036	5,742	5,174	9,169	10,401	7,557	7,285	9,101
Total Operating Expenses	6,769	2,297	3,617	4,074	4,750	4,423	4,504	4,561	5,858	6,731
Selling, General & Admin Expense	1,510	1,573	2,223	2,434	2,657	2,599	2,834	3,010	4,015	4,517
Depreciation Expense	852	699	1,394	1,640	1,737	1,753	1,596	1,502	1,843	1,986
Impairment Charge	4,741	25	0.00	0.00	356	71	74	49	0.00	228
Total Other Income / (Expense), net	-1,465	52	-592	-777	-629	-207	-383	-661	-614	-783
Interest Expense	1,289	193	572	797	630	384	368	740	900	1,179
Other Income / (Expense), net	-176	245	-37	4.00	-3.00	177	-15	79	286	396
Income Tax Expense	-879	504	-45	290	266	-458	-350	508	655	179
Preferred Stock Dividends Declared	-	-	-	-	0.00	21	150	150	192	192
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	-2.00	-2.00	-12	10	17	-1.00	153	0.00
Basic Earnings per Share	-	($0.59)	($0.11)	$1.88	$1.30	($2.69)	($3.26)	$3.63	$7.16	$2.22
Weighted Average Basic Shares Outstanding	-	427.76M	504.95M	494.15M	488.67M	482.21M	422.45M	369.77M	344.79M	339.12M
Diluted Earnings per Share	-	($0.59)	($0.11)	$1.86	$1.30	($2.69)	($3.26)	$3.58	$7.00	$2.18
Weighted Average Diluted Shares Outstanding	-	427.76M	504.95M	499.94M	491.09M	482.21M	422.45M	375.19M	352.57M	345.66M
Weighted Average Basic & Diluted Shares Outstanding	-	861M	485.89M	487.73M	483.72M	448.80M	381.45M	347.89M	338.96M	336.95M
Cash Dividends to Common per Share	-	-	-	$0.13	-	-	$0.72	$0.82	$0.87	$0.90

This table shows Vistra's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	465	-222	-84	318	1,840	393	-317	280	604	185	980
Consolidated Net Income / (Loss)	502	-184	18	467	1,837	490	-268	327	652	233	1,029
Net Income / (Loss) Continuing Operations	502	-184	18	467	1,837	490	-268	327	652	233	1,029
Total Pre-Tax Income	671	-146	-2.00	626	2,392	451	-444	403	856	308	1,212
Total Operating Income	834	105	86	808	2,588	599	-120	515	1,037	474	1,499
Total Gross Profit	1,977	1,276	1,338	2,248	4,081	2,272	1,486	2,276	2,601	2,274	3,110
Total Revenue	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250	4,971	4,584	5,640
Operating Revenue	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250	4,971	4,584	5,640
Total Cost of Revenue	2,109	1,803	1,716	1,597	2,207	1,765	2,447	1,974	2,370	2,310	2,530
Operating Cost of Revenue	2,109	1,803	1,716	1,597	2,207	1,765	2,447	1,974	2,370	2,310	2,530
Total Operating Expenses	1,143	1,171	1,252	1,440	1,493	1,673	1,606	1,761	1,564	1,800	1,611
Selling, General & Admin Expense	768	779	849	1,003	1,027	1,136	1,084	1,152	1,099	1,182	1,127
Depreciation Expense	375	392	403	437	466	537	522	541	460	463	484
Total Other Income / (Expense), net	-163	-251	-88	-182	-196	-148	-324	-112	-181	-166	-287
Interest Expense	143	290	170	241	332	157	319	303	286	271	263
Other Income / (Expense), net	-20	39	82	59	136	9.00	-5.00	191	105	105	-24
Income Tax Expense	169	38	-20	159	555	-39	-176	76	204	75	183
Preferred Stock Dividends Declared	37	38	49	47	48	48	49	47	48	48	49
Basic Earnings per Share	$1.27	($0.54)	($0.24)	$0.92	$5.36	$1.12	($0.93)	$0.82	$1.78	$0.55	$2.90
Weighted Average Basic Shares Outstanding	366.57M	369.77M	348.97M	347.05M	342.97M	344.79M	339.80M	339.40M	338.75M	339.12M	337.82M
Diluted Earnings per Share	$1.25	($0.55)	($0.24)	$0.90	$5.25	$1.09	($0.93)	$0.81	$1.75	$0.55	$2.87
Weighted Average Diluted Shares Outstanding	372.15M	375.19M	348.97M	354.33M	350.20M	352.57M	339.80M	345.51M	345.04M	345.66M	341.86M
Weighted Average Basic & Diluted Shares Outstanding	357.55M	347.89M	347.46M	343.56M	340.23M	338.96M	339.33M	338.82M	338.83M	336.95M	337.18M
Cash Dividends to Common per Share	-	-	$0.22	-	-	-	$0.22	-	-	-	$0.23

This table details how cash moves in and out of Vistra's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-443	458	-1,353	-218	-31	915	-834	3,014	-2,317	-400
Net Cash From Operating Activities	237	1,386	1,471	2,736	3,337	-206	485	5,453	4,563	4,070
Net Cash From Continuing Operating Activities	237	1,386	1,471	2,736	3,337	-208	485	5,453	4,563	4,070
Net Income / (Loss) Continuing Operations	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812	944
Consolidated Net Income / (Loss)	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812	944
Depreciation Expense	995	835	1,533	1,876	2,048	2,050	2,047	1,956	2,631	2,950
Non-Cash Adjustments To Reconcile Net Income	4,676	234	563	-111	362	-211	2,572	1,831	-267	379
Changes in Operating Assets and Liabilities, net	-757	571	-569	45	303	-783	-2,924	174	-613	-203
Net Cash From Investing Activities	-650	-727	-101	-1,717	-1,572	-1,153	-1,239	-2,145	-5,276	-4,396
Net Cash From Continuing Investing Activities	-650	-727	-101	-1,717	-1,572	-1,153	-1,239	-2,145	-5,276	-4,396
Purchase of Property, Plant & Equipment	-337	-114	-530	-713	-1,259	-1,033	-1,301	-1,676	-2,078	-2,752
Acquisitions	0.00	-358	-5.00	-1,202	-504	-605	-1,303	-1,071	-4,291	-2,329
Purchase of Investments	-418	-272	-274	-453	-455	-505	-693	-624	-2,239	-5,177
Sale of Property, Plant & Equipment	-	-	7.00	6.00	24	30	78	115	196	119
Divestitures	-	1.00	446	197	165	392	1,275	500	773	275
Sale and/or Maturity of Investments	401	252	252	431	433	483	670	601	2,216	5,153
Other Investing Activities, net	-296	-236	3.00	17	24	85	35	10	147	315
Net Cash From Financing Activities	-30	-201	-2,723	-1,237	-1,796	2,274	-80	-294	-1,604	-74
Net Cash From Continuing Financing Activities	-30	-201	-2,723	-1,237	-1,796	2,274	-80	-294	-1,604	-74
Repayment of Debt	-21	-201	-3,311	-7,606	-2,455	-3,415	-4,501	-759	-4,229	-3,863
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	0.00	-122	0.00
Repurchase of Common Equity	-	0.00	-763	-656	0.00	-471	-1,949	-1,245	-1,266	-1,028
Payment of Dividends	0.00	0.00	0.00	-243	-266	-290	-453	-463	-2,406	-498
Issuance of Debt	0.00	0.00	1,012	7,157	925	3,950	6,823	2,173	6,419	6,018
Other Financing Activities, net	-9.00	-	339	111	0.00	500	-	0.00	0.00	-703
Cash Interest Paid	-	-	-	-	-	-	-	1,272	1,974	2,330

This table details how cash moves in and out of Vistra's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	2,527	314	-2,423	545	-721	282	-626	-101	143	184	-145
Net Cash From Operating Activities	1,560	881	312	1,196	1,702	1,353	599	572	1,467	1,432	1,199
Net Cash From Continuing Operating Activities	1,560	881	312	1,196	1,702	1,353	599	572	1,467	1,432	1,199
Net Income / (Loss) Continuing Operations	502	-184	18	467	1,837	490	-268	327	652	233	1,029
Consolidated Net Income / (Loss)	502	-184	18	467	1,837	490	-268	327	652	233	1,029
Depreciation Expense	501	514	555	622	714	740	772	762	691	725	718
Non-Cash Adjustments To Reconcile Net Income	-1,619	2,410	277	322	-1,298	432	786	-186	-94	90	-537
Changes in Operating Assets and Liabilities, net	2,176	-1,859	-538	-215	449	-309	-691	-331	218	384	-11
Net Cash From Investing Activities	-415	-763	-3,528	-669	-762	-317	-1,061	-610	-491	-2,234	-638
Net Cash From Continuing Investing Activities	-415	-763	-3,528	-669	-762	-317	-1,061	-610	-491	-2,234	-638
Purchase of Property, Plant & Equipment	-336	-414	-465	-498	-685	-430	-768	-690	-458	-836	-883
Acquisitions	-87	-794	-3,201	-223	-152	-715	-307	-85	-119	-1,818	-154
Purchase of Investments	-233	-129	-220	-568	-802	-649	-2,112	-923	-1,103	-1,039	-1,822
Sale of Property, Plant & Equipment	1.00	4.00	127	2.00	8.00	59	0.00	-	21	98	28
Divestitures	12	441	17	48	82	626	21	4.00	32	218	121
Sale and/or Maturity of Investments	227	123	214	563	796	643	2,107	917	1,096	1,033	1,821
Other Investing Activities, net	1.00	6.00	0.00	7.00	-9.00	149	-2.00	167	40	110	251
Net Cash From Financing Activities	1,382	196	793	18	-1,661	-754	-164	-63	-833	986	-706
Net Cash From Continuing Financing Activities	1,382	196	793	18	-1,661	-754	-164	-63	-833	986	-706
Repayment of Debt	21	-13	-780	-863	-2,511	-63	327	-865	-1,012	-1,981	-2,567
Repurchase of Common Equity	-314	-379	-291	-331	-399	-245	-337	-252	-187	-252	-372
Payment of Dividends	-75	-160	-77	-163	-103	-2,063	-104	-144	-98	-152	-98
Issuance of Debt	1,750	748	2,075	1,375	1,352	1,617	0.00	1,239	465	3,982	2,400
Other Financing Activities, net	-	-	-12	-	-	-	-50	-41	-1.00	-611	-69
Cash Interest Paid	-	-	-	-	-	-	239	-	-	-	244

This table presents Vistra's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	15,167	14,600	26,024	26,616	25,208	29,683	32,787	32,966	37,770	41,550
Total Current Assets	2,473	2,673	3,435	4,114	3,429	7,883	11,116	11,637	8,119	9,179
Cash & Equivalents	843	1,487	636	300	406	1,325	455	3,485	1,188	785
Restricted Cash	95	59	57	147	19	21	37	40	28	31
Short-Term Investments	350	190	730	1,333	748	2,513	4,538	3,645	2,587	2,793
Accounts Receivable	612	582	1,087	1,365	1,279	1,941	2,059	1,674	1,982	2,323
Inventories, net	285	253	412	469	515	610	570	740	970	1,016
Prepaid Expenses	75	72	152	298	205	195	293	364	523	654
Other Current Assets	213	30	361	202	257	1,263	3,137	1,683	841	1,577
Plant, Property, & Equipment, net	4,443	4,820	14,612	13,914	13,499	13,056	12,554	12,432	18,173	19,846
Total Noncurrent Assets	8,251	7,107	7,977	8,588	8,280	8,744	9,117	8,897	11,478	12,525
Long-Term Investments	1,714	1,740	1,381	1,689	1,778	2,062	1,762	2,035	4,512	5,091
Goodwill	1,907	1,907	2,068	2,553	2,583	2,583	2,583	2,583	2,807	2,810
Intangible Assets	3,205	2,530	2,493	2,748	2,446	2,146	1,958	1,864	2,213	2,435
Noncurrent Deferred & Refundable Income Taxes	1,122	710	1,336	1,066	838	1,302	1,710	1,223	9.00	239
Other Noncurrent Operating Assets	303	220	699	532	635	651	1,104	1,192	1,937	1,950
Total Liabilities & Shareholders' Equity	15,167	14,600	26,024	26,616	25,208	29,683	32,787	32,966	37,770	41,550
Total Liabilities	8,570	8,258	18,157	18,656	16,847	21,391	27,869	27,644	32,187	36,440
Total Current Liabilities	1,504	1,351	3,625	4,574	3,036	5,843	10,337	9,823	8,432	11,814
Short-Term Debt	46	44	191	627	95	254	688	2,286	880	3,001
Accounts Payable	479	473	945	947	880	1,515	1,556	1,147	1,510	1,644
Other Taxes Payable	128	136	182	200	210	207	199	203	209	224
Other Current Liabilities	787	624	2,220	2,648	1,704	3,724	7,734	5,981	5,640	6,757
Other Current Nonoperating Liabilities	33	16	77	151	131	143	160	206	193	188
Total Noncurrent Liabilities	7,066	6,907	14,532	14,082	13,811	15,548	17,532	17,821	23,755	24,626
Long-Term Debt	4,577	4,379	10,874	10,102	9,235	10,477	11,933	12,116	15,418	15,842
Asset Retirement Reserve & Litigation Obligation	1,671	1,837	2,217	2,097	2,333	2,346	2,309	2,414	3,936	4,035
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	10	2.00	1.00	0.00	1.00	1.00	697	1,049
Other Noncurrent Operating Liabilities	818	691	1,431	1,881	2,242	2,725	3,289	3,290	3,704	3,700
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,597	6,342	7,867	7,960	8,361	8,292	4,918	5,322	5,583	5,110
Total Preferred & Common Equity	6,597	6,342	7,863	7,959	8,371	8,291	4,902	5,307	5,570	5,097
Preferred Stock	-	-	-	-	-	2,000	2,000	2,476	2,476	2,476
Total Common Equity	6,597	6,342	9,419	7,959	8,371	6,291	2,902	2,831	3,094	2,621
Common Stock	7,746	7,769	10,112	9,726	9,791	9,829	9,933	10,100	9,440	9,541
Retained Earnings	-1,155	-1,410	-1,449	-764	-399	-1,964	-3,643	-2,613	-454	-12
Treasury Stock	-	-	-778	-	-	-	-	-4,662	-5,912	-6,925
Accumulated Other Comprehensive Income / (Loss)	6.00	-17	-22	-30	-48	-16	7.00	6.00	20	17
Noncontrolling Interest	-	0.00	4.00	1.00	-10	1.00	16	15	13	13

This table presents Vistra's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	35,175	31,117	30,472	31,945	38,178	39,125	37,878	38,228	38,146	38,020	41,308
Total Current Assets	13,145	9,512	8,911	10,699	9,433	9,826	8,531	8,430	8,484	8,381	9,016
Cash & Equivalents	535	518	643	3,170	1,070	1,624	905	561	458	602	634
Restricted Cash	23	23	40	40	32	23	29	29	31	30	37
Short-Term Investments	6,786	4,589	3,991	3,108	3,557	3,332	2,854	3,335	2,950	2,634	3,186
Accounts Receivable	1,854	1,464	1,681	2,017	1,729	2,094	2,179	1,924	2,229	2,327	1,984
Inventories, net	590	629	676	685	976	964	949	960	965	970	1,030
Prepaid Expenses	291	346	281	355	439	411	625	596	678	647	629
Other Current Assets	3,066	1,919	1,573	1,312	1,629	1,362	970	1,025	1,173	1,171	1,516
Plant, Property, & Equipment, net	12,550	12,611	12,537	12,346	18,014	18,208	18,388	17,716	17,736	17,725	19,876
Total Noncurrent Assets	9,480	8,994	9,024	8,900	10,731	11,091	10,959	12,082	11,926	11,914	12,416
Long-Term Investments	1,637	1,832	1,915	1,857	4,219	4,310	4,520	4,476	4,752	5,008	5,001
Goodwill	2,583	2,583	2,583	2,583	2,877	2,922	2,802	2,810	2,810	2,810	2,810
Intangible Assets	2,002	1,940	1,912	1,883	2,278	2,263	2,157	2,321	2,252	2,097	2,363
Noncurrent Deferred & Refundable Income Taxes	1,653	1,475	1,385	1,239	0.00	0.00	0.00	9.00	9.00	9.00	239
Other Noncurrent Operating Assets	1,605	1,164	1,229	1,338	1,357	1,596	1,480	2,466	2,103	1,990	2,003
Total Liabilities & Shareholders' Equity	35,175	31,117	30,472	31,945	38,178	39,125	37,878	38,228	38,146	38,020	41,308
Total Liabilities	29,574	25,901	25,098	26,424	30,894	31,818	29,225	33,390	33,310	32,797	35,698
Total Current Liabilities	11,911	8,162	7,626	8,748	8,775	10,057	7,660	9,753	9,434	8,426	10,059
Short-Term Debt	38	38	437	1,935	554	1,939	785	882	1,091	231	1,899
Accounts Payable	1,398	1,005	1,076	1,124	1,100	1,317	1,291	1,328	1,276	1,362	1,359
Other Taxes Payable	154	107	145	161	118	182	199	101	143	180	114
Other Current Liabilities	10,203	6,899	5,812	5,415	6,795	6,404	5,163	7,198	6,736	6,428	6,400
Other Current Nonoperating Liabilities	112	113	156	113	208	215	222	244	188	225	287
Total Noncurrent Liabilities	17,663	17,739	17,472	17,676	22,119	21,761	21,565	23,637	23,876	24,371	25,639
Long-Term Debt	11,947	11,930	11,530	11,758	14,693	13,947	13,945	15,423	15,540	15,757	17,264
Asset Retirement Reserve & Litigation Obligation	2,340	2,308	2,334	2,350	3,806	3,847	3,884	3,937	3,953	3,944	4,046
Noncurrent Deferred & Payable Income Tax Liabilities	-	1.00	1.00	1.00	118	250	839	512	569	765	1,201
Other Noncurrent Operating Liabilities	3,376	3,500	3,607	3,567	3,502	3,717	2,897	3,765	3,814	3,905	3,128
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,601	5,216	5,374	5,521	7,284	7,307	5,455	4,838	4,836	5,223	5,610
Total Preferred & Common Equity	5,582	5,201	5,359	5,506	5,656	5,593	5,441	4,825	4,823	5,210	5,597
Preferred Stock	2,000	2,000	2,000	2,000	2,476	2,476	2,476	2,476	2,476	2,476	2,476
Total Common Equity	3,582	3,201	3,359	3,506	3,180	3,117	2,965	2,349	2,347	2,734	3,121
Common Stock	9,928	9,957	9,998	10,080	10,883	10,922	9,401	9,412	9,455	9,496	9,504
Retained Earnings	-3,284	-3,058	-2,696	-2,306	-2,762	-2,533	-759	-835	-642	-107	903
Treasury Stock	-	-	-	-	-	-	-	-6,248	-6,485	-6,675	-7,303
Accumulated Other Comprehensive Income / (Loss)	-10	8.00	12	10	6.00	6.00	7.00	20	19	20	17
Noncontrolling Interest	19	15	15	15	1,628	1,714	14	13	13	13	13

This table displays calculated financial ratios and metrics derived from Vistra's official financial filings.

Metric	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	68.40%	29.14%	-3.10%	5.54%	13.67%	7.66%	16.54%	2.98%
EBITDA Growth	0.00%	0.00%	55.48%	94.92%	-7.98%	-80.02%	20.08%	449.24%	49.02%	-24.95%
EBIT Growth	0.00%	0.00%	2.48%	339.87%	-24.09%	-188.26%	10.91%	329.87%	59.38%	-47.29%
NOPAT Growth	0.00%	0.00%	270.85%	341.58%	-29.83%	-199.58%	22.31%	340.94%	66.74%	-51.60%
Net Income Growth	0.00%	0.00%	77.95%	1,753.57%	-32.61%	-302.56%	4.27%	223.31%	88.47%	-66.43%
EPS Growth	0.00%	0.00%	81.36%	1,790.91%	-30.11%	-306.92%	-21.19%	209.82%	95.53%	-68.86%
Operating Cash Flow Growth	0.00%	0.00%	6.13%	86.00%	21.97%	-106.17%	335.44%	1,024.33%	-16.32%	-10.80%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	127.49%	-33.45%	-63.87%	167.75%	43.13%	-87.26%	-128.92%
Invested Capital Growth	0.00%	0.00%	121.83%	-5.15%	-3.25%	-10.93%	-17.65%	-1.67%	28.29%	12.22%
Revenue Q/Q Growth	0.00%	0.00%	21.50%	2.59%	-2.85%	7.00%	4.21%	-5.07%	5.89%	3.18%
EBITDA Q/Q Growth	0.00%	0.00%	42.95%	9.44%	-6.09%	587.67%	-56.69%	7.81%	10.94%	-0.83%
EBIT Q/Q Growth	0.00%	0.00%	328.30%	18.73%	-15.82%	40.08%	-1,092.00%	12.20%	11.89%	-1.24%
NOPAT Q/Q Growth	0.00%	0.00%	1,864.00%	26.25%	-19.53%	34.89%	-519.47%	2.43%	23.87%	-16.84%
Net Income Q/Q Growth	0.00%	0.00%	87.53%	83.00%	-29.49%	37.49%	-421.55%	4.41%	31.52%	-21.40%
EPS Q/Q Growth	0.00%	0.00%	91.20%	60.34%	-29.35%	35.65%	-213.46%	6.87%	30.60%	-19.85%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.77%	12.55%	2.27%	-141.70%	27.97%	9.83%	11.54%	1.98%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	3.72%	-1.48%	-40.18%	-96.41%	113.28%	535.99%	118.74%	-101.96%
Invested Capital Q/Q Growth	0.00%	-12.98%	-6.32%	-4.61%	0.34%	618.40%	25.12%	-3.83%	-10.05%	17.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.87%	45.95%	44.93%	51.38%	54.78%	24.08%	24.24%	48.87%	57.70%	48.69%
EBITDA Margin	-60.93%	23.54%	21.73%	32.80%	31.15%	5.90%	6.23%	31.77%	40.63%	29.61%
Operating Margin	-76.18%	3.65%	5.37%	16.88%	13.27%	-12.54%	-8.57%	18.01%	23.69%	10.75%
EBIT Margin	-79.46%	8.16%	4.97%	16.91%	13.25%	-11.08%	-8.68%	18.54%	25.35%	12.98%
Profit (Net Income) Margin	-87.10%	-4.68%	-0.61%	7.84%	5.45%	-10.47%	-8.81%	10.10%	16.33%	5.32%
Tax Burden Percent	84.18%	-101.60%	55.45%	76.15%	70.11%	73.40%	77.56%	74.60%	81.11%	84.06%
Interest Burden Percent	130.21%	56.43%	-22.25%	60.89%	58.71%	128.70%	130.87%	72.99%	79.39%	48.78%
Effective Tax Rate	0.00%	201.60%	0.00%	23.85%	29.89%	0.00%	0.00%	25.40%	18.89%	15.94%
Return on Invested Capital (ROIC)	0.00%	-2.75%	2.92%	9.61%	7.04%	-7.54%	-6.82%	18.35%	27.04%	10.97%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-8.24%	-5.67%	2.10%	0.71%	-11.09%	-13.88%	9.70%	19.70%	3.86%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.25%	-3.71%	2.09%	0.60%	-7.64%	-11.50%	10.79%	24.53%	6.68%
Return on Equity (ROE)	0.00%	-4.01%	-0.79%	11.70%	7.65%	-15.18%	-18.32%	29.14%	51.57%	17.66%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-72.79%	14.90%	10.35%	4.02%	12.54%	20.04%	2.25%	-0.55%
Operating Return on Assets (OROA)	0.00%	2.98%	2.24%	7.59%	5.85%	-4.88%	-3.82%	8.33%	12.35%	5.80%
Return on Assets (ROA)	0.00%	-1.71%	-0.28%	3.52%	2.41%	-4.61%	-3.87%	4.54%	7.95%	2.38%
Return on Common Equity (ROCE)	0.00%	-4.01%	-0.87%	12.85%	7.65%	-13.37%	-12.75%	16.31%	28.02%	9.44%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.01%	-0.71%	11.63%	7.45%	-15.25%	-24.68%	28.11%	50.48%	0.00%
Net Operating Profit after Tax (NOPAT)	-2,864	-201	344	1,518	1,065	-1,061	-824	1,985	3,310	1,602
NOPAT Margin	-53.33%	-3.70%	3.76%	12.85%	9.31%	-8.78%	-6.00%	13.43%	19.22%	9.03%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.49%	8.59%	7.51%	6.34%	3.55%	7.06%	8.66%	7.33%	7.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-4.70%	10.06%	15.13%	6.69%
Cost of Revenue to Revenue	50.13%	54.05%	55.07%	48.62%	45.22%	75.92%	75.76%	51.13%	42.30%	51.31%
SG&A Expenses to Revenue	28.12%	28.97%	24.31%	20.61%	23.22%	21.52%	20.64%	20.37%	23.31%	25.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	126.05%	42.30%	39.56%	34.50%	41.51%	36.62%	32.81%	30.86%	34.01%	37.95%
Earnings before Interest and Taxes (EBIT)	-4,267	443	454	1,997	1,516	-1,338	-1,192	2,740	4,367	2,302
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3,272	1,278	1,987	3,873	3,564	712	855	4,696	6,998	5,252
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.07	1.06	1.24	1.04	1.64	3.06	4.82	15.16	20.86
Price to Tangible Book Value (P/TBV)	0.00	3.56	2.05	3.71	2.61	6.59	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.25	1.09	0.84	0.76	0.85	0.65	0.92	2.72	3.08
Price to Earnings (P/E)	0.00	0.00	0.00	10.64	13.73	0.00	0.00	10.15	19.01	72.69
Dividend Yield	0.00%	0.00%	0.00%	2.47%	3.03%	2.81%	3.24%	2.15%	0.63%	0.56%
Earnings Yield	0.00%	0.00%	0.00%	9.40%	7.28%	0.00%	0.00%	9.85%	5.26%	1.38%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.06	1.13	1.11	1.02	1.29	1.53	1.99	4.17	4.36
Enterprise Value to Revenue (EV/Rev)	0.00	1.42	1.99	1.45	1.32	1.42	1.22	1.44	3.33	3.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.04	9.18	4.42	4.24	24.03	19.57	4.54	8.20	12.81
Enterprise Value to EBIT (EV/EBIT)	0.00	17.43	40.17	8.58	9.96	0.00	0.00	7.78	13.14	29.23
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	53.06	11.29	14.18	0.00	0.00	10.74	17.34	42.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	5.57	12.40	6.26	4.52	0.00	34.50	3.91	12.57	16.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.29	9.65	30.26	11.05	9.84	207.89	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.70	1.41	1.35	1.12	1.29	2.57	2.71	2.92	3.69
Long-Term Debt to Equity	0.00	0.69	1.38	1.27	1.10	1.26	2.43	2.28	2.76	3.10
Financial Leverage	0.00	0.15	0.65	1.00	0.85	0.69	0.83	1.11	1.25	1.73
Leverage Ratio	0.00	2.30	2.86	3.33	3.18	3.30	4.73	6.42	6.49	7.42
Compound Leverage Factor	0.00	1.30	-0.64	2.03	1.86	4.24	6.19	4.69	5.15	3.62
Debt to Total Capital	0.00%	41.09%	58.45%	57.41%	52.74%	56.41%	71.96%	73.02%	74.48%	78.67%
Short-Term Debt to Total Capital	0.00%	0.41%	1.01%	3.35%	0.54%	1.34%	3.92%	11.59%	4.02%	12.53%
Long-Term Debt to Total Capital	0.00%	40.68%	57.44%	54.05%	52.20%	55.08%	68.04%	61.43%	70.46%	66.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	10.51%	11.40%	12.55%	11.32%	10.34%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.02%	0.01%	-0.06%	0.01%	0.09%	0.08%	0.06%	0.05%
Common Equity to Total Capital	0.00%	58.91%	49.75%	42.59%	47.32%	33.07%	16.55%	14.35%	14.14%	10.94%
Debt to EBITDA	0.00	3.46	5.57	2.77	2.62	15.07	14.76	3.07	2.33	3.59
Net Debt to EBITDA	0.00	0.74	4.16	1.87	1.79	6.76	6.82	1.11	1.14	1.93
Long-Term Debt to EBITDA	0.00	3.43	5.47	2.61	2.59	14.71	13.96	2.58	2.20	3.02
Debt to NOPAT	0.00	-21.99	32.19	7.07	8.76	-10.12	-15.32	7.26	4.92	11.76
Net Debt to NOPAT	0.00	-4.71	24.04	4.78	5.99	-4.54	-7.07	2.62	2.41	6.33
Long-Term Debt to NOPAT	0.00	-21.77	31.64	6.66	8.67	-9.88	-14.48	6.10	4.66	9.89
Altman Z-Score	0.00	0.94	0.65	0.95	0.96	0.54	0.36	0.97	1.69	1.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-10.92%	-9.80%	-0.06%	11.96%	30.41%	44.01%	45.67%	46.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.98	0.95	0.90	1.13	1.35	1.08	1.18	0.96	0.78
Quick Ratio	0.00	1.67	0.68	0.66	0.80	0.99	0.68	0.90	0.68	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-8,556	2,352	1,565	566	1,514	2,167	276	-80
Operating Cash Flow to CapEx	70.33%	1,215.79%	281.26%	386.99%	270.20%	-20.54%	39.66%	349.33%	242.45%	154.58%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-14.96	2.95	2.48	1.47	4.11	2.93	0.31	-0.07
Operating Cash Flow to Interest Expense	0.18	7.18	2.57	3.43	5.30	-0.54	1.32	7.37	5.07	3.45
Operating Cash Flow Less CapEx to Interest Expense	-0.08	6.59	1.66	2.55	3.34	-3.15	-2.01	5.26	2.98	1.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.36	0.45	0.45	0.44	0.44	0.44	0.45	0.49	0.45
Accounts Receivable Turnover	0.00	9.10	10.96	9.63	8.66	7.50	6.86	7.92	9.42	8.24
Inventory Turnover	0.00	10.91	15.15	13.04	10.52	16.30	17.63	11.54	8.52	9.17
Fixed Asset Turnover	0.00	1.17	0.94	0.83	0.83	0.91	1.07	1.18	1.13	0.93
Accounts Payable Turnover	0.00	6.17	7.10	6.07	5.66	7.66	6.77	5.59	5.48	5.77
Days Sales Outstanding (DSO)	0.00	40.13	33.31	37.89	42.17	48.66	53.18	46.10	38.74	44.29
Days Inventory Outstanding (DIO)	0.00	33.45	24.10	28.00	34.71	22.39	20.70	31.64	42.84	39.82
Days Payable Outstanding (DPO)	0.00	59.20	51.39	60.13	64.44	47.67	53.89	65.28	66.56	63.25
Cash Conversion Cycle (CCC)	0.00	14.39	6.02	5.76	12.43	23.38	20.00	12.46	15.01	20.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	7,305	16,205	15,371	14,871	13,245	10,907	10,725	13,759	15,441
Invested Capital Turnover	0.00	0.74	0.78	0.75	0.76	0.86	1.14	1.37	1.41	1.21
Increase / (Decrease) in Invested Capital	0.00	0.00	8,900	-834	-500	-1,626	-2,338	-182	3,034	1,682
Enterprise Value (EV)	0.00	7,721	18,236	17,132	15,099	17,112	16,734	21,324	57,379	67,295
Market Capitalization	0.00	6,774	9,971	9,871	8,730	10,301	8,889	13,636	46,907	54,663
Book Value per Share	$0.00	$14.81	$18.67	$16.33	$17.11	$13.03	$7.29	$7.92	$9.09	$7.74
Tangible Book Value per Share	$0.00	$4.45	$9.63	$5.45	$6.83	$3.24	($4.12)	($4.52)	($5.66)	($7.74)
Total Capital	0.00	10,765	18,932	18,689	17,691	19,023	17,539	19,724	21,881	23,953
Total Debt	0.00	4,423	11,065	10,729	9,330	10,731	12,621	14,402	16,298	18,843
Total Long-Term Debt	0.00	4,379	10,874	10,102	9,235	10,477	11,933	12,116	15,418	15,842
Net Debt	0.00	947	8,261	7,260	6,379	4,810	5,829	5,197	7,983	10,143
Capital Expenditures (CapEx)	337	114	523	707	1,235	1,003	1,223	1,561	1,882	2,633
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-370	-1,422	-1,613	-685	-1,565	-3,563	-3,070	-3,236	-3,243
Debt-free Net Working Capital (DFNWC)	0.00	1,366	1.00	167	488	2,294	1,467	4,100	567	366
Net Working Capital (NWC)	0.00	1,322	-190	-460	393	2,040	779	1,814	-313	-2,635
Net Nonoperating Expense (NNE)	1,813	53	400	592	441	204	386	493	498	658
Net Nonoperating Obligations (NNO)	0.00	963	8,338	7,411	6,510	4,953	5,989	5,403	8,176	10,331
Total Depreciation and Amortization (D&A)	995	835	1,533	1,876	2,048	2,050	2,047	1,956	2,631	2,950
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-6.81%	-15.55%	-13.66%	-5.99%	-12.96%	-25.95%	-20.77%	-18.79%	-18.28%
Debt-free Net Working Capital to Revenue	0.00%	25.16%	0.01%	1.41%	4.26%	18.99%	10.69%	27.74%	3.29%	2.06%
Net Working Capital to Revenue	0.00%	24.35%	-2.08%	-3.90%	3.43%	16.89%	5.67%	12.27%	-1.82%	-14.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.59)	($0.11)	$1.88	$1.30	($2.69)	($3.26)	$3.63	$7.16	$2.22
Adjusted Weighted Average Basic Shares Outstanding	0.00	427.76M	504.95M	494.15M	488.67M	482.21M	422.45M	369.77M	344.79M	339.12M
Adjusted Diluted Earnings per Share	$0.00	($0.59)	($0.11)	$1.86	$1.30	($2.69)	($3.26)	$3.58	$7.00	$2.18
Adjusted Weighted Average Diluted Shares Outstanding	0.00	427.76M	504.95M	499.94M	491.09M	482.21M	422.45M	375.19M	352.57M	345.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	428.45M	485.89M	487.73M	483.72M	448.80M	381.45M	347.89M	338.96M	336.95M
Normalized Net Operating Profit after Tax (NOPAT)	455	156	344	1,518	1,315	-1,011	-772	2,022	3,310	1,794
Normalized NOPAT Margin	8.47%	2.87%	3.76%	12.85%	11.49%	-8.37%	-5.62%	13.68%	19.22%	10.11%
Pre Tax Income Margin	-103.46%	4.60%	-1.10%	10.30%	7.78%	-14.26%	-11.36%	13.53%	20.13%	6.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.31	2.30	0.79	2.51	2.41	-3.48	-3.24	3.70	4.85	1.95
NOPAT to Interest Expense	-2.22	-1.04	0.60	1.90	1.69	-2.76	-2.24	2.68	3.68	1.36
EBIT Less CapEx to Interest Expense	-3.57	1.70	-0.12	1.62	0.45	-6.10	-6.56	1.59	2.76	-0.28
NOPAT Less CapEx to Interest Expense	-2.48	-1.63	-0.31	1.02	-0.27	-5.37	-5.56	0.57	1.59	-0.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	26.24%	42.63%	-22.94%	-37.44%	31.03%	85.56%	52.75%
Augmented Payout Ratio	0.00%	0.00%	-1,362.50%	97.08%	42.63%	-60.21%	-198.51%	114.48%	130.58%	161.65%

This table displays calculated financial ratios and metrics derived from Vistra's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	336,954,256.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	336,954,256.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.60%	-20.42%	-30.98%	20.57%	53.89%	31.11%	28.78%	10.53%	-20.94%	13.55%	43.40%
EBITDA Growth	-12.68%	106.92%	-53.65%	28.03%	161.44%	104.86%	-10.51%	-1.41%	-46.68%	-3.26%	238.95%
EBIT Growth	-17.36%	193.51%	-84.49%	24.03%	234.64%	322.22%	-174.40%	-18.57%	-58.08%	-4.77%	1,280.00%
NOPAT Growth	-5.91%	205.00%	-93.32%	28.35%	218.54%	785.44%	-239.53%	-30.67%	-60.26%	-44.90%	1,615.08%
Net Income Growth	-25.96%	25.51%	-97.42%	-1.89%	265.94%	366.30%	-1,588.89%	-29.98%	-64.51%	-52.45%	483.96%
EPS Growth	-17.22%	29.49%	-114.04%	-23.08%	320.00%	298.18%	-287.50%	-10.00%	-66.67%	-49.54%	408.60%
Operating Cash Flow Growth	91.41%	124.17%	-78.26%	-24.16%	9.10%	53.58%	91.99%	-52.17%	-13.81%	5.84%	100.17%
Free Cash Flow Firm Growth	82.93%	-88.73%	-662.02%	1.85%	-19.13%	-1,032.76%	122.82%	141.13%	235.57%	44.47%	-345.68%
Invested Capital Growth	27.93%	-1.67%	34.12%	29.44%	37.17%	28.29%	-6.31%	-4.64%	-13.96%	12.22%	24.77%
Revenue Q/Q Growth	28.13%	-24.65%	-0.81%	25.90%	63.54%	-35.80%	-2.58%	8.06%	16.96%	-7.79%	23.04%
EBITDA Q/Q Growth	13.07%	-49.96%	9.88%	105.95%	130.89%	-60.79%	-52.00%	126.89%	24.86%	-28.86%	68.17%
EBIT Q/Q Growth	16.45%	-82.31%	16.67%	416.07%	214.19%	-77.68%	-120.56%	664.80%	61.76%	-49.30%	154.75%
NOPAT Q/Q Growth	32.86%	-88.22%	-18.10%	901.28%	229.73%	-67.26%	-112.91%	597.47%	89.02%	-54.60%	254.92%
Net Income Q/Q Growth	5.46%	-136.65%	109.78%	2,494.44%	293.36%	-73.33%	-154.69%	222.01%	99.39%	-64.26%	341.63%
EPS Q/Q Growth	6.84%	-144.00%	56.36%	475.00%	483.33%	-79.24%	-185.32%	187.10%	116.05%	-68.57%	421.82%
Operating Cash Flow Q/Q Growth	-1.08%	-43.53%	-64.59%	283.33%	42.31%	-20.51%	-55.73%	-4.51%	156.47%	-2.39%	-16.27%
Free Cash Flow Firm Q/Q Growth	31.85%	114.11%	-1,456.48%	24.74%	17.28%	-10.46%	133.19%	35.64%	172.62%	-145.25%	-46.84%
Invested Capital Q/Q Growth	2.24%	-3.83%	29.24%	1.86%	8.34%	-10.05%	-5.62%	3.68%	-2.24%	17.32%	4.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.38%	41.44%	43.81%	58.47%	64.90%	56.28%	37.78%	53.55%	52.32%	49.61%	55.14%
EBITDA Margin	32.18%	21.37%	23.67%	38.73%	54.68%	33.39%	16.45%	34.54%	36.87%	28.45%	38.88%
Operating Margin	20.41%	3.41%	2.82%	21.01%	41.16%	14.84%	-3.05%	12.12%	20.86%	10.34%	26.58%
EBIT Margin	19.92%	4.68%	5.50%	22.55%	43.32%	15.06%	-3.18%	16.61%	22.97%	12.63%	26.15%
Profit (Net Income) Margin	12.29%	-5.98%	0.59%	12.15%	29.21%	12.14%	-6.81%	7.69%	13.12%	5.08%	18.24%
Tax Burden Percent	74.81%	126.03%	-900.00%	74.60%	76.80%	108.65%	60.36%	81.14%	76.17%	75.65%	84.90%
Interest Burden Percent	82.43%	-101.39%	-1.19%	72.20%	87.81%	74.18%	355.20%	57.08%	74.96%	53.20%	82.17%
Effective Tax Rate	25.19%	0.00%	0.00%	25.40%	23.20%	-8.65%	0.00%	18.86%	23.83%	24.35%	15.10%
Return on Invested Capital (ROIC)	23.93%	3.26%	2.18%	17.62%	38.88%	22.68%	-2.88%	13.20%	19.20%	9.50%	30.07%
ROIC Less NNEP Spread (ROIC-NNEP)	21.14%	-1.26%	1.46%	15.42%	36.43%	20.31%	-5.38%	12.02%	17.31%	8.15%	27.47%
Return on Net Nonoperating Assets (RNNOA)	16.63%	-1.40%	1.37%	15.01%	31.55%	25.29%	-6.53%	15.28%	18.19%	14.10%	49.26%
Return on Equity (ROE)	40.56%	1.86%	3.55%	32.63%	70.42%	47.98%	-9.41%	28.48%	37.38%	23.60%	79.33%
Cash Return on Invested Capital (CROIC)	-5.00%	20.04%	-19.48%	-15.42%	-11.14%	2.25%	30.62%	26.87%	28.54%	-0.55%	-2.56%
Operating Return on Assets (OROA)	9.24%	2.10%	2.13%	9.11%	20.18%	7.33%	-1.51%	7.96%	10.41%	5.65%	12.79%
Return on Assets (ROA)	5.70%	-2.69%	0.23%	4.91%	13.61%	5.91%	-3.23%	3.69%	5.94%	2.27%	8.92%
Return on Common Equity (ROCE)	25.85%	1.04%	1.81%	16.66%	32.15%	26.07%	-4.29%	12.81%	15.35%	12.62%	41.53%
Return on Equity Simple (ROE_SIMPLE)	25.95%	0.00%	14.36%	14.36%	39.29%	0.00%	52.35%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	624	74	60	603	1,988	651	-84	418	790	359	1,273
NOPAT Margin	15.27%	2.39%	1.97%	15.68%	31.61%	16.12%	-2.14%	9.83%	15.89%	7.82%	22.57%
Net Nonoperating Expense Percent (NNEP)	2.79%	4.52%	0.72%	2.20%	2.45%	2.37%	2.50%	1.18%	1.89%	1.36%	2.60%
Return On Investment Capital (ROIC_SIMPLE)	-	0.37%	-	-	-	2.97%	-0.40%	1.95%	3.72%	1.50%	5.14%
Cost of Revenue to Revenue	51.62%	58.56%	56.19%	41.53%	35.10%	43.72%	62.22%	46.45%	47.68%	50.39%	44.86%
SG&A Expenses to Revenue	18.80%	25.30%	27.80%	26.09%	16.33%	28.14%	27.56%	27.11%	22.11%	25.79%	19.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.97%	38.03%	41.00%	37.45%	23.74%	41.44%	40.83%	41.44%	31.46%	39.27%	28.56%
Earnings before Interest and Taxes (EBIT)	814	144	168	867	2,724	608	-125	706	1,142	579	1,475
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,315	658	723	1,489	3,438	1,348	647	1,468	1,833	1,304	2,193
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.43	4.82	7.60	9.58	13.74	15.16	16.95	28.02	24.28	20.86	16.23
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.77	0.92	1.80	2.12	2.50	2.72	2.20	3.55	3.86	3.08	2.61
Price to Earnings (P/E)	9.38	10.15	40.41	62.63	21.99	19.01	17.82	29.95	69.15	72.69	24.72
Dividend Yield	2.45%	2.15%	1.21%	0.99%	0.73%	0.63%	0.75%	0.46%	0.46%	0.56%	0.60%
Earnings Yield	10.66%	9.85%	2.47%	1.60%	4.55%	5.26%	5.61%	3.34%	1.45%	1.38%	4.05%
Enterprise Value to Invested Capital (EV/IC)	1.75	1.99	2.50	2.88	3.45	4.17	3.87	5.70	5.82	4.36	3.92
Enterprise Value to Revenue (EV/Rev)	1.26	1.44	2.58	2.89	3.25	3.33	2.77	4.14	4.45	3.79	3.26
Enterprise Value to EBITDA (EV/EBITDA)	4.49	4.54	8.98	9.72	8.38	8.20	7.25	11.11	14.46	12.81	9.33
Enterprise Value to EBIT (EV/EBIT)	8.01	7.78	18.98	20.40	13.54	13.14	12.32	19.60	32.85	29.23	16.26
Enterprise Value to NOPAT (EV/NOPAT)	10.09	10.74	29.62	31.74	19.77	17.34	15.51	25.14	39.75	42.00	22.32
Enterprise Value to Operating Cash Flow (EV/OCF)	3.94	3.91	8.00	10.30	12.92	12.57	10.35	18.15	19.19	16.53	13.59
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	9.84	0.00	0.00	0.00	207.89	12.21	20.70	18.86	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.48	2.71	2.09	2.17	1.70	2.92	3.37	3.44	3.06	3.69	3.42
Long-Term Debt to Equity	2.13	2.28	2.02	1.91	1.61	2.76	3.19	3.21	3.02	3.10	3.08
Financial Leverage	0.79	1.11	0.94	0.97	0.87	1.25	1.21	1.27	1.05	1.73	1.79
Leverage Ratio	6.03	6.42	5.54	5.49	4.93	6.49	6.30	6.36	5.47	7.42	7.61
Compound Leverage Factor	4.97	-6.51	-0.07	3.96	4.33	4.81	22.39	3.63	4.10	3.95	6.26
Debt to Total Capital	71.27%	73.02%	67.67%	68.49%	62.99%	74.48%	77.12%	77.47%	75.38%	78.67%	77.35%
Short-Term Debt to Total Capital	10.07%	11.59%	2.46%	8.36%	3.36%	4.02%	4.17%	5.08%	1.09%	12.53%	7.67%
Long-Term Debt to Total Capital	61.20%	61.43%	65.21%	60.13%	59.64%	70.46%	72.95%	72.39%	74.29%	66.14%	69.69%
Preferred Equity to Total Capital	10.41%	12.55%	10.99%	10.68%	10.59%	11.32%	11.71%	11.53%	11.67%	10.34%	9.99%
Noncontrolling Interests to Total Capital	0.08%	0.08%	7.23%	7.39%	13.74%	0.06%	0.06%	0.06%	0.06%	0.05%	0.05%
Common Equity to Total Capital	18.25%	14.35%	14.11%	13.44%	12.68%	14.14%	11.11%	10.93%	12.89%	10.94%	12.60%
Debt to EBITDA	3.14	3.07	3.95	3.80	2.34	2.33	2.36	2.41	3.02	3.59	2.82
Net Debt to EBITDA	1.27	1.11	1.65	1.58	1.02	1.14	1.14	1.22	1.46	1.93	1.52
Long-Term Debt to EBITDA	2.70	2.58	3.81	3.33	2.21	2.20	2.23	2.25	2.98	3.02	2.54
Debt to NOPAT	7.07	7.26	13.04	12.40	5.51	4.92	5.04	5.45	8.30	11.76	6.74
Net Debt to NOPAT	2.85	2.62	5.45	5.15	2.40	2.41	2.44	2.77	4.00	6.33	3.63
Long-Term Debt to NOPAT	6.07	6.10	12.56	10.89	5.22	4.66	4.77	5.09	8.18	9.89	6.07
Altman Z-Score	0.82	0.71	0.75	0.90	1.50	1.36	1.11	1.68	1.76	1.30	1.44
Noncontrolling Interest Sharing Ratio	36.27%	44.01%	48.95%	48.93%	54.35%	45.67%	54.39%	55.00%	58.93%	46.55%	47.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.18	1.08	0.98	1.11	0.96	0.86	0.90	0.99	0.78	0.90
Quick Ratio	0.95	0.90	0.72	0.70	0.78	0.68	0.60	0.60	0.66	0.50	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,811	256	-3,466	-2,608	-2,157	-2,383	791	1,073	2,925	-1,323	-1,943
Operating Cash Flow to CapEx	465.67%	214.88%	92.31%	241.13%	251.40%	364.69%	77.99%	82.90%	335.70%	194.04%	140.23%
Free Cash Flow to Firm to Interest Expense	-12.66	0.88	-20.39	-10.82	-6.50	-15.18	2.48	3.54	10.23	-4.88	-7.39
Operating Cash Flow to Interest Expense	10.91	3.04	1.84	4.96	5.13	8.62	1.88	1.89	5.13	5.28	4.56
Operating Cash Flow Less CapEx to Interest Expense	8.57	1.62	-0.15	2.90	3.09	6.25	-0.53	-0.39	3.60	2.56	1.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.45	0.39	0.40	0.47	0.49	0.47	0.48	0.45	0.45	0.49
Accounts Receivable Turnover	8.04	7.92	8.40	7.45	7.75	9.42	9.91	8.56	7.63	8.24	9.95
Inventory Turnover	13.45	11.54	8.85	8.81	8.96	8.52	8.28	8.70	8.92	9.17	9.23
Fixed Asset Turnover	1.25	1.18	0.88	0.91	1.06	1.13	1.01	1.03	0.95	0.93	1.03
Accounts Payable Turnover	6.80	5.59	6.75	6.04	6.06	5.48	6.60	6.47	6.45	5.77	6.84
Days Sales Outstanding (DSO)	45.38	46.10	43.46	48.99	47.08	38.74	36.83	42.63	47.84	44.29	36.68
Days Inventory Outstanding (DIO)	27.14	31.64	41.24	41.43	40.72	42.84	44.08	41.94	40.93	39.82	39.54
Days Payable Outstanding (DPO)	53.68	65.28	54.08	60.45	60.19	66.56	55.28	56.38	56.59	63.25	53.39
Cash Conversion Cycle (CCC)	18.84	12.46	30.61	29.97	27.61	15.01	25.63	28.19	32.18	20.87	22.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,152	10,725	13,861	14,119	15,297	13,759	12,986	13,464	13,162	15,441	16,202
Invested Capital Turnover	1.57	1.37	1.11	1.12	1.23	1.41	1.35	1.34	1.21	1.21	1.33
Increase / (Decrease) in Invested Capital	2,435	-182	3,526	3,211	4,145	3,034	-875	-655	-2,135	1,682	3,216
Enterprise Value (EV)	19,559	21,324	34,640	40,662	52,836	57,379	50,201	76,695	76,585	67,295	63,448
Market Capitalization	12,026	13,636	24,167	29,875	40,726	46,907	39,808	65,766	66,382	54,663	50,654
Book Value per Share	$9.54	$7.92	$9.14	$8.97	$8.63	$9.09	$6.93	$6.92	$8.07	$7.74	$9.26
Tangible Book Value per Share	($2.61)	($4.52)	($5.68)	($5.95)	($5.80)	($5.66)	($8.21)	($8.00)	($6.41)	($7.74)	($6.09)
Total Capital	19,214	19,724	22,531	23,193	23,383	21,881	21,143	21,467	21,211	23,953	24,773
Total Debt	13,693	14,402	15,247	15,886	14,730	16,298	16,305	16,631	15,988	18,843	19,163
Total Long-Term Debt	11,758	12,116	14,693	13,947	13,945	15,418	15,423	15,540	15,757	15,842	17,264
Net Debt	5,518	5,197	6,369	6,597	6,422	7,983	7,904	8,440	7,714	10,143	10,305
Capital Expenditures (CapEx)	335	410	338	496	677	371	768	690	437	738	855
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,432	-3,070	-3,447	-3,271	-2,132	-3,236	-4,366	-3,298	-3,080	-3,243	-3,001
Debt-free Net Working Capital (DFNWC)	3,886	4,100	1,212	1,708	1,656	567	-441	141	186	366	856
Net Working Capital (NWC)	1,951	1,814	658	-231	871	-313	-1,323	-950	-45	-2,635	-1,043
Net Nonoperating Expense (NNE)	122	258	42	136	151	161	184	91	138	126	244
Net Nonoperating Obligations (NNO)	5,631	5,403	6,577	6,812	6,644	8,176	8,148	8,628	7,939	10,331	10,592
Total Depreciation and Amortization (D&A)	501	514	555	622	714	740	772	762	691	725	718
Debt-free, Cash-free Net Working Capital to Revenue	-15.62%	-20.77%	-25.71%	-23.26%	-13.11%	-18.79%	-24.12%	-17.82%	-17.92%	-18.28%	-15.43%
Debt-free Net Working Capital to Revenue	24.96%	27.74%	9.04%	12.14%	10.18%	3.29%	-2.44%	0.76%	1.08%	2.06%	4.40%
Net Working Capital to Revenue	12.53%	12.27%	4.91%	-1.64%	5.35%	-1.82%	-7.31%	-5.13%	-0.26%	-14.86%	-5.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.27	($0.54)	($0.24)	$0.92	$5.36	$1.12	($0.93)	$0.82	$1.78	$0.55	$2.90
Adjusted Weighted Average Basic Shares Outstanding	366.57M	369.77M	348.97M	347.05M	342.97M	344.79M	339.80M	339.40M	338.75M	339.12M	337.82M
Adjusted Diluted Earnings per Share	$1.25	($0.55)	($0.24)	$0.90	$5.25	$1.09	($0.93)	$0.81	$1.75	$0.55	$2.87
Adjusted Weighted Average Diluted Shares Outstanding	372.15M	375.19M	348.97M	354.33M	350.20M	352.57M	339.80M	345.51M	345.04M	345.66M	341.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	357.55M	347.89M	347.46M	343.56M	340.23M	338.96M	339.33M	338.82M	338.83M	336.95M	337.18M
Normalized Net Operating Profit after Tax (NOPAT)	624	74	60	603	1,988	419	-84	473	794	359	1,273
Normalized NOPAT Margin	15.27%	2.39%	1.97%	15.68%	31.61%	10.39%	-2.14%	11.13%	15.97%	7.82%	22.57%
Pre Tax Income Margin	16.42%	-4.74%	-0.07%	16.28%	38.04%	11.17%	-11.29%	9.48%	17.22%	6.72%	21.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.69	0.50	0.99	3.60	8.20	3.87	-0.39	2.33	3.99	2.14	5.61
NOPAT to Interest Expense	4.36	0.25	0.35	2.50	5.99	4.15	-0.26	1.38	2.76	1.32	4.84
EBIT Less CapEx to Interest Expense	3.35	-0.92	-1.00	1.54	6.17	1.51	-2.80	0.05	2.47	-0.59	2.36
NOPAT Less CapEx to Interest Expense	2.02	-1.16	-1.63	0.44	3.95	1.78	-2.67	-0.90	1.23	-1.40	1.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.70%	31.03%	57.02%	59.15%	23.53%	85.56%	96.32%	101.17%	200.58%	52.75%	21.95%
Augmented Payout Ratio	117.42%	114.48%	209.11%	222.91%	89.01%	130.58%	148.26%	152.85%	285.60%	161.65%	69.39%

Financials Breakdown Chart

Key Financial Trends

Key takeaways from Vistra Corp. (VST) quarterly statements over the last four years, focusing on revenue, profitability, cash flow, and liquidity.

Revenue momentum in 2025 vs. 2024: Operating revenue trended higher in 2025 versus 2024, with 2025 quarterly prints showing strength (notably in Q3) despite some quarterly volatility.
Net income improving in 2025: Net income attributable to common shareholders moved back into positive territory in Q3–Q4 2025 after periods of weaker quarterly results in 2024.
Operating cash flow strength rising in 2025: Cash flow from continuing operating activities improved through 2025, with Q4 2025 CFO around $1.4B, supporting stronger overall cash generation.
Free cash flow turning positive in late 2025: When subtracting capital expenditures from operating cash flow, viewed quarters show positive free cash flow in the latter part of 2025, signaling improved cash disponible for debt service or returns.
Liquidity support from debt issuance: Vistra raised debt in Q4 2025 to bolster liquidity, enhancing financial flexibility for ongoing operations and capital spending.
Gross margin generally stable: Gross margin has hovered in the mid-50% range across the window, indicating steady gross profitability despite revenue fluctuations.
Dividend cash outflows continue: Regular quarterly dividend payments contributed to cash outflows, reflecting ongoing capital return to shareholders.
Size and scale of assets: The company maintains a large asset base (total assets around the mid-to-high $30s billions), underscoring a long-lived asset footprint typical for a utility-like business.
Leverage and earnings volatility persist: Liabilities remain high relative to equity, with retained earnings sometimes negative due to share repurchases and quarterly earnings variability.
Near-term liquidity risk signals: Current assets and current liabilities are often close to parity (current ratio near 1.0), suggesting tighter near-term liquidity sensitivity if cash flows weaken.

05/23/26 02:19 AM ETAI Generated. May Contain Errors.

Vistra Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vistra's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Vistra's net income appears to be on a downward trend, with a most recent value of $944 million in 2025, falling from -$4.68 billion in 2015. The previous period was $2.81 billion in 2024. Check out Vistra's forecast to explore projected trends and price targets.

Vistra's total operating income in 2025 was $1.91 billion, based on the following breakdown:

Total Gross Profit: $8.64 billion
Total Operating Expenses: $6.73 billion

Over the last 9 years, Vistra's total revenue changed from $5.37 billion in 2015 to $17.74 billion in 2025, a change of 230.3%.

Vistra's total liabilities were at $36.44 billion at the end of 2025, a 13.2% increase from 2024, and a 325.2% increase since 2016.

In the past 9 years, Vistra's cash and equivalents has ranged from $300 million in 2019 to $3.49 billion in 2023, and is currently $785 million as of their latest financial filing in 2025.

Over the last 9 years, Vistra's book value per share changed from 0.00 in 2015 to 7.74 in 2025, a change of 773.6%.

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Financial statements for NYSE:VST last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Vistra (VST) Financials

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Vistra (VST) Financials

Annual Income Statements for Vistra

Quarterly Income Statements for Vistra

Annual Cash Flow Statements for Vistra

Quarterly Cash Flow Statements for Vistra

Annual Balance Sheets for Vistra

Quarterly Balance Sheets for Vistra

Annual Metrics And Ratios for Vistra

Quarterly Metrics And Ratios for Vistra

Financials Breakdown Chart

Key Financial Trends

Vistra Financials - Frequently Asked Questions

When does Vistra's financial year end?

How has Vistra's net income changed over the last 9 years?

What is Vistra's operating income?

How has Vistra's revenue changed over the last 9 years?

How much debt does Vistra have?

How much cash does Vistra have?

How has Vistra's book value per share changed over the last 9 years?

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