Vistra Corp.

For the period ended Jun 30, 2025. Filed Aug 8, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 8, 2025

VST$133.92+7.3%Stored close · as of Nov 9, 2026

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Contents

3. Revenue

REVENUE

Revenue Disaggregation

The following tables disaggregate our revenue by major source:

	Three Months Ended June 30, 2025
	Retail	Texas	East	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$2,206	$—	$—	$—	$—	$—	$2,206
Retail energy charge in Northeast/Midwest	793	—	—	—	—	—	793
Wholesale generation revenue from ISO/RTO	—	41	412	21	—	—	474
Capacity revenue from ISO/RTO (a)	—	—	30	—	—	—	30
Revenue from other wholesale contracts	—	109	92	47	1	1	250
Total revenue from contracts with customers	2,999	150	534	68	1	1	3,753
Other revenues:
Transferable PTC revenues (b)	—	4	—	—	—	—	4
Hedging revenues — realized	370	(9)	28	38	—	—	427
Hedging revenues — unrealized	141	90	(99)	(82)	—	—	50
Business interruption insurance proceeds	—	—	—	—	21	—	21
Intangible amortization and other revenues	—	(2)	(3)	—	—	—	(5)
Intersegment sales (c)	22	1,555	1,020	1	(2)	(2,596)	—
Total other revenues	533	1,638	946	(43)	19	(2,596)	497
Total revenues	$3,532	$1,788	$1,480	$25	$20	$(2,595)	$4,250

(a)Includes $134 million of capacity sold offset by $104 million of capacity purchased in each ISO/RTO in the East segment. If the net capacity purchased or sold in an ISO/RTO results in a net capacity purchase, the net purchase is included in fuel, purchased power costs, and delivery fees.

(b)Represents transferable PTCs generated from qualifying solar assets during the period.

(c)The Texas and East segments include $817 million and $164 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.

	Three Months Ended June 30, 2024
	Retail	Texas	East (a)	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$2,039	$—	$—	$—	$—	$—	$2,039
Retail energy charge in Northeast/Midwest (a)	991	—	—	—	—	—	991
Wholesale generation revenue from ISO/RTO	—	88	164	35	(6)	—	281
Capacity revenue from ISO/RTO (b)	—	—	17	—	—	—	17
Revenue from other wholesale contracts	—	128	87	42	14	—	271
Total revenue from contracts with customers	3,030	216	268	77	8	—	3,599
Other revenues:
Transferable PTC revenue	—	3	—	—	—	—	3
Hedging revenues — realized	276	(32)	13	30	(1)	—	286
Hedging revenues — unrealized	(156)	(228)	257	83	2	—	(42)
Intangible amortization and other revenues	(1)	—	(1)	—	—	1	(1)
Intersegment sales (c)	19	262	995	3	—	(1,279)	—
Total other revenues	138	5	1,264	116	1	(1,278)	246
Total revenues	$3,168	$221	$1,532	$193	$9	$(1,278)	$3,845

(a)Includes revenues associated with operations acquired in the Energy Harbor Merger.

(b)Represents net capacity sold in each ISO/RTO. The East segment includes $24 million of capacity sold offset by $7 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $37 million offset by $21 million of capacity sold within the East segment.

(c)The Texas segment includes $432 million of intersegment unrealized net losses, and the East and West segments include $113 million and $2 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.

	Six Months Ended June 30, 2025
	Retail	Texas	East	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$4,192	$—	$—	$—	$—	$—	$4,192
Retail energy charge in Northeast/Midwest	1,832	—	—	—	—	—	1,832
Wholesale generation revenue from ISO/RTO	—	119	1,182	47	—	—	1,348
Capacity revenue from ISO/RTO (a)	—	—	50	—	—	—	50
Revenue from other wholesale contracts	—	238	222	115	5	1	581
Total revenue from contracts with customers	6,024	357	1,454	162	5	1	8,003
Other revenues:
Transferable PTC revenues (b)	—	6	—	—	—	—	6
Hedging revenues — realized	644	(36)	(50)	64	—	—	622
Hedging revenues — unrealized	(16)	(53)	(349)	(46)	1	—	(463)
Business interruption insurance proceeds	—	—	—	—	21	—	21
Intangible amortization and other revenues	—	(2)	(4)	—	—	—	(6)
Intersegment sales (c)	48	1,726	1,809	2	(3)	(3,582)	—
Total other revenues	676	1,641	1,406	20	19	(3,582)	180
Total revenues	$6,700	$1,998	$2,860	$182	$24	$(3,581)	$8,183

(a)Includes $207 million of capacity sold offset by $157 million of capacity purchased in each ISO/RTO in the East segment. If the net capacity purchased or sold in an ISO/RTO results in a net capacity purchase, the net purchase is included in fuel, purchased power costs, and delivery fees.

(b)Represents transferable PTCs generated from qualifying solar assets during the period.

(c)The Texas and East segments include $65 million and $107 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.

	Six Months Ended June 30, 2024
	Retail	Texas	East (a)	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$3,741	$—	$—	$—	$—	$—	$3,741
Retail energy charge in Northeast/Midwest (a)	1,654	—	—	—	—	—	1,654
Wholesale generation revenue from ISO/RTO	—	156	497	114	3	—	770
Capacity revenue from ISO/RTO (b)	—	—	36	—	—	—	36
Revenue from other wholesale contracts	—	232	212	99	14	—	557
Total revenue from contracts with customers	5,395	388	745	213	17	—	6,758
Other revenues:
Transferable PTC revenues	—	5	—	—	—	—	5
Hedging revenues — realized	554	(142)	87	33	(5)	—	527
Hedging revenues — unrealized	(311)	(360)	57	219	6	—	(389)
Intangible amortization and other revenues	(1)	—	(2)	—	—	1	(2)
Intersegment sales (c)	25	789	1,501	4	—	(2,319)	—
Total other revenues	267	292	1,643	256	1	(2,318)	141
Total revenues	$5,662	$680	$2,388	$469	$18	$(2,318)	$6,899

(a)Includes revenues associated with March 2024 operations acquired in the Energy Harbor Merger.

(b)Represents net capacity sold in each ISO/RTO. The East segment includes $64 million of capacity sold offset by $28 million of capacity purchased. Net capacity purchased in each ISO/RTO included in fuel, purchased power costs, and delivery fees in the condensed consolidated statement of operations includes capacity purchased of $44 million offset by $19 million of capacity sold within the East segment.

(c)The Texas and East segments include $922 million and $178 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.

Performance Obligations

As of June 30, 2025, we have future fixed fee performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers for which the total consideration is fixed and determinable at contract execution. Capacity revenues are recognized when the performance obligations to provide capacity to the relevant ISOs/RTOs or counterparties are fulfilled.

	Balance of 2025	2026	2027	2028	2029	2030 and Thereafter	Total
(in millions)
Remaining performance obligations	$755	$881	$308	$122	$62	$548	$2,676

Trade Accounts Receivable

	June 30,2025	December 31,2024
(in millions)
Wholesale and retail trade accounts receivable	$2,304	$2,061
Allowance for credit losses	(75)	(79)
Trade accounts receivable — net	$2,229	$1,982
Trade accounts receivable from contracts with customers — net	$1,802	$1,514
Other trade accounts receivable — net	427	468
Trade accounts receivable — net	$2,229	$1,982

Gross trade accounts receivable as of June 30, 2025 and December 31, 2024 include unbilled retail revenues of $1.053 billion and $802 million, respectively.

Allowance for Credit Losses on Accounts Receivable

	Six Months Ended June 30,
	2025	2024
(in millions)
Allowance for credit losses on accounts receivable at beginning of period	$79	$61
Increase for bad debt expense	87	72
Decrease for account write-offs	(91)	(74)
Allowance for credit losses on accounts receivable at end of period	$75	$59

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