Vistra Corp.
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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3. Revenue
- REVENUE
Revenue Disaggregation
The following tables disaggregate our revenue by major source:
| Three Months Ended September 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 | $2,698 | $— | $— | $— | $— | $— | $2,698 |
| Retail energy charge in Northeast/Midwest | 1,054 | — | — | — | — | — | 1,054 |
| Wholesale generation revenue from ISO/RTO | — | 112 | 543 | 28 | — | — | 683 |
| Capacity revenue from ISO/RTO (a) | — | — | 79 | — | — | — | 79 |
| Revenue from other wholesale contracts | — | 100 | 101 | 61 | — | 2 | 264 |
| Total revenue from contracts with customers | 3,752 | 212 | 723 | 89 | — | 2 | 4,778 |
| Other revenues: | |||||||
| Transferable PTC revenues (b) | — | 145 | — | — | — | — | 145 |
| Hedging revenues — realized | 396 | (422) | (108) | 26 | — | — | (108) |
| Hedging revenues — unrealized | (43) | 251 | (97) | 50 | 1 | — | 162 |
| Business interruption insurance proceeds | — | — | — | — | 1 | — | 1 |
| Intangible amortization and other revenues | — | — | (7) | — | — | — | (7) |
| Intersegment sales (c) | 34 | 1,613 | 1,239 | — | — | (2,886) | — |
| Total other revenues | 387 | 1,587 | 1,027 | 76 | 2 | (2,886) | 193 |
| Total revenues | $4,139 | $1,799 | $1,750 | $165 | $2 | $(2,884) | $4,971 |
(a)Includes $270 million of capacity sold offset by $191 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 nuclear and solar assets during the period.
(c)The Texas segment includes $28 million of intersegment unrealized net losses and the East segment includes $4 million of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
| Three Months Ended September 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 | $2,500 | $— | $— | $— | $— | $— | $2,500 |
| Retail energy charge in Northeast/Midwest (a) | 1,051 | — | — | — | — | — | 1,051 |
| Wholesale generation revenue from ISO/RTO | — | 122 | 347 | 50 | 1 | — | 520 |
| Capacity revenue from ISO/RTO (b) | — | — | 18 | — | — | — | 18 |
| Revenue from other wholesale contracts | — | 93 | 100 | 48 | 10 | 1 | 252 |
| Total revenue from contracts with customers | 3,551 | 215 | 465 | 98 | 11 | 1 | 4,341 |
| Other revenues: | |||||||
| Transferable PTC revenue | — | 4 | — | — | — | — | 4 |
| Hedging revenues — realized | 373 | (382) | (52) | 35 | (3) | — | (29) |
| Hedging revenues — unrealized | 308 | 1,253 | 299 | 98 | 2 | — | 1,960 |
| Intangible amortization and other revenues | 1 | — | (1) | — | 1 | 11 | 12 |
| Intersegment sales (c) | 18 | 3,154 | 1,142 | 1 | — | (4,315) | — |
| Total other revenues | 700 | 4,029 | 1,388 | 134 | — | (4,304) | 1,947 |
| Total revenues | $4,251 | $4,244 | $1,853 | $232 | $11 | $(4,303) | $6,288 |
(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 $30 million of capacity sold offset by $12 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 $28 million of capacity sold within the East segment.
(c)The Texas, East, and West segment includes $1.527 billion, $55 million, and $1 million, respectively, of intersegment unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
| Nine Months Ended September 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 | $6,890 | $— | $— | $— | $— | $— | $6,890 |
| Retail energy charge in Northeast/Midwest | 2,886 | — | — | — | — | — | 2,886 |
| Wholesale generation revenue from ISO/RTO | — | 231 | 1,725 | 75 | — | — | 2,031 |
| Capacity revenue from ISO/RTO (a) | — | — | 129 | — | — | — | 129 |
| Revenue from other wholesale contracts | — | 338 | 323 | 176 | 5 | 3 | 845 |
| Total revenue from contracts with customers | 9,776 | 569 | 2,177 | 251 | 5 | 3 | 12,781 |
| Other revenues: | |||||||
| Transferable PTC revenues (b) | — | 151 | — | — | — | — | 151 |
| Hedging revenues — realized | 1,040 | (458) | (158) | 90 | — | — | 514 |
| Hedging revenues — unrealized | (59) | 198 | (446) | 4 | 2 | — | (301) |
| Business interruption insurance proceeds | — | — | — | — | 22 | — | 22 |
| Intangible amortization and other revenues | — | (2) | (11) | — | — | — | (13) |
| Intersegment sales (c) | 82 | 3,339 | 3,048 | 2 | (3) | (6,468) | — |
| Total other revenues | 1,063 | 3,228 | 2,433 | 96 | 21 | (6,468) | 373 |
| Total revenues | $10,839 | $3,797 | $4,610 | $347 | $26 | $(6,465) | $13,154 |
(a)Includes $477 million of capacity sold offset by $348 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 nuclear and solar assets during the period.
(c)The Texas and East segments include $93 million and $103 million, respectively, of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
| Nine Months Ended September 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 | $6,241 | $— | $— | $— | $— | $— | $6,241 |
| Retail energy charge in Northeast/Midwest (a) | 2,705 | — | — | — | — | — | 2,705 |
| Wholesale generation revenue from ISO/RTO | — | 278 | 844 | 164 | 4 | — | 1,290 |
| Capacity revenue from ISO/RTO (b) | — | — | 54 | — | — | — | 54 |
| Revenue from other wholesale contracts | — | 325 | 312 | 147 | 24 | 1 | 809 |
| Total revenue from contracts with customers | 8,946 | 603 | 1,210 | 311 | 28 | 1 | 11,099 |
| Other revenues: | |||||||
| Transferable PTC revenues | — | 9 | — | — | — | — | 9 |
| Hedging revenues — realized | 927 | (524) | 35 | 68 | (8) | — | 498 |
| Hedging revenues — unrealized | (3) | 893 | 356 | 317 | 8 | — | 1,571 |
| Intangible amortization and other revenues | — | — | (3) | — | 1 | 12 | 10 |
| Intersegment sales (c) | 43 | 3,943 | 2,643 | 5 | — | (6,634) | — |
| Total other revenues | 967 | 4,321 | 3,031 | 390 | 1 | (6,622) | 2,088 |
| Total revenues | $9,913 | $4,924 | $4,241 | $701 | $29 | $(6,621) | $13,187 |
(a)Includes seven months of revenue associated with operations acquired in the Energy Harbor Merger.
(b)Represents net capacity sold in each ISO/RTO. The East segment includes $94 million of capacity sold offset by $40 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 $88 million offset by $47 million of capacity sold within the East segment.
(c)The Texas and West segments include $605 million and $3 million, respectively, of intersegment unrealized net gains and the East segment includes $123 million of intersegment unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
Performance Obligations
As of September 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 | $370 | $1,647 | $882 | $122 | $62 | $548 | $3,631 |
Trade Accounts Receivable
| September 30, 2025 | December 31,2024 | |
|---|---|---|
| (in millions) | ||
| Wholesale and retail trade accounts receivable | $2,431 | $2,061 |
| Allowance for credit losses | (104) | (79) |
| Trade accounts receivable — net | $2,327 | $1,982 |
| Trade accounts receivable from contracts with customers — net | $1,776 | $1,514 |
| Other trade accounts receivable — net | 551 | 468 |
| Trade accounts receivable — net | $2,327 | $1,982 |
Gross trade accounts receivable as of September 30, 2025 and December 31, 2024 include unbilled retail revenues of $924 million and $802 million, respectively.
Allowance for Credit Losses on Accounts Receivable
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| (in millions) | ||
| Allowance for credit losses on accounts receivable at beginning of period | $79 | $61 |
| Increase for bad debt expense | 152 | 132 |
| Decrease for account write-offs | (127) | (105) |
| Allowance for credit losses on accounts receivable at end of period | $104 | $88 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.