Vistra Corp.
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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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
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. Equity
- EQUITY
Common Stock
Common Stock Dividends
Dividends are subject to declaration by the Board and may be subject to numerous factors at the time of declaration. These factors include, but are not limited to, prevailing market conditions, Vistra's results of operations, financial condition and liquidity, Delaware law, and any contractual limitations, such as the cumulative dividend requirements described in the certificates of designation of our outstanding preferred stock. Dividends per common share totaled $0.2250 and $0.2175 for the three months ended June 30, 2025 and 2024, respectively, and $0.4485 and $0.4325 for the six months ended June 30, 2025 and 2024, respectively.
In July 2025, the Board declared a quarterly dividend of $0.2260 per share of common stock that will be paid in September 2025.
Share Repurchase Program
The Board has authorized a $6.750 billion share repurchase program. Through August 1, 2025,163,922,444 shares, at an average price of $32.83 per share, have been repurchased under this program. The following table provides information about our repurchases of common stock for the period between January 1, 2025 and August 1, 2025:
| $6.750 Billion Board Authorization | ||||
|---|---|---|---|---|
| Total Number of Shares Repurchased | Average Price Paid Per Share | Amount Paid for Shares Repurchased | Amount Available for Additional Repurchases at the End of the Period | |
| (in millions, except share amounts and price paid per share) | ||||
| Three Months Ended March 31, 2025 | 2,437,700 | $137.66 | $336 | |
| Three Months Ended June 30, 2025 (a) | 1,776,176 | 132.72 | 236 | |
| Six Months Ended June 30, 2025 | 4,213,876 | $135.58 | $572 | $1,437 |
| July 1, 2025 through August 1, 2025 | 352,829 | 193.71 | 68 | |
| January 1, 2025 through August 1, 2025 | 4,566,705 | $140.07 | $640 | $1,369 |
(a)Shares repurchased include 13,947 of unsettled shares for $3 million as of June 30, 2025.
Preferred Stock
The following is a summary of our cumulative redeemable preferred stock outstanding. In the event of liquidation or dissolution of the Company, the payment of dividends and the distribution of assets to preferred stockholders takes precedence over the Company's common stockholders.
| Preferred Stock Series | Issuance Date | Shares Issued | Shares Outstanding | Contractual Rates | Earliest Redemption Date (a) | Date at Which Dividend Rate Becomes Floating | Floating Annual Rates |
|---|---|---|---|---|---|---|---|
| Series A | October 15, 2021 | 1,000,000 | 1,000,000 | 8.000% | October 15, 2026 | October 15, 2026 | 5-Year U.S. Treasury rate (subject to floor of 1.07%) plus 6.93% |
| Series B | December 10, 2021 | 1,000,000 | 1,000,000 | 7.000% | December 15, 2026 | December 15, 2026 | 5-Year U.S. Treasury rate (subject to floor of 1.26%) plus 5.74% |
| Series C | December 29, 2023 | 476,081 | 476,066 | 8.875% | January 15, 2029 | January 15, 2029 | 5-Year U.S. Treasury rate (subject to floor of 3.83%) plus 5.045% |
(a)Subject to our right, in limited circumstances, to redeem preferred stock prior to the earliest redemption date.
Each series of preferred stock has a liquidation price of $1,000, plus accrued and unpaid dividends through their redemption date. Preferred stock is not convertible into or exchangeable for any other securities of the Company and has limited voting rights.
Preferred Stock Dividends
Preferred stock dividends are payable semiannually in arrears when declared by the Board. The following table summarizes preferred stock dividends paid per share for the three and six months ended June 30, 2025 and 2024.
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| Preferred Stock Series | 2025 | 2024 | 2025 | 2024 |
| Series A Preferred Stock | $40.000 | $40.000 | $40.000 | $40.000 |
| Series B Preferred Stock | $35.000 | $35.000 | $35.000 | $35.000 |
| Series C Preferred Stock | $— | $— | $44.375 | $— |
In May 2025, the Board declared a semi-annual dividend of $44.375 per share of Series C Preferred Stock that will be paid in July 2025. In July 2025, the Board declared a semi-annual dividend of $40.000 per share of Series A Preferred stock that will be paid in October 2025.
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