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
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7. Goodwill and Identifiable Intangible Assets and Liabilities
- GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS AND LIABILITIES
Goodwill
As of September 30, 2025 and December 31, 2024, the carrying value of goodwill totaled $2.810 billion and $2.807 billion, respectively.
| Retail Segment · Texas Segment | ||||
|---|---|---|---|---|
| Retail Reporting Unit (a) | Texas Reporting Unit | Goodwill Pending Allocation | Total Goodwill | |
| (in millions) | ||||
| Balance at December 31, 2024 | $2,461 | $122 | $224 | $2,807 |
| Measurement period adjustment recorded in connection with the Energy Harbor Merger (b) | 227 | — | (224) | 3 |
| Balance at September 30, 2025 | $2,688 | $122 | $— | $2,810 |
(a)Goodwill of $1.944 billion is deductible for tax purposes over 15 years on a straight line basis.
(b)Includes the allocation of goodwill attributable to the Energy Harbor acquisition to the retail reporting unit (see Note 2 for additional information).
Identifiable Intangible Assets and Liabilities
Identifiable intangible assets are comprised of the following:
| September 30, 2025 · December 31, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Identifiable Intangible Asset · GrossCarryingAmount · AccumulatedAmortization · Net · GrossCarryingAmount · AccumulatedAmortization · Net | ||||||||
| (in millions) | ||||||||
| Retail customer relationships | $2,173 | $2,044 | $129 | $2,173 | $1,977 | $196 | ||
| Software and other technology-related assets | 566 | 347 | 219 | 601 | 293 | 308 | ||
| Retail and wholesale contracts | 503 | 410 | 93 | 503 | 353 | 150 | ||
| Long-term service agreements | 18 | 6 | 12 | 18 | 5 | 13 | ||
| Other identifiable intangible assets (a) | 319 | 16 | 303 | 218 | 13 | 205 | ||
| Total identifiable intangible assets subject to amortization | $3,579 | $2,823 | 756 | $3,513 | $2,641 | 872 | ||
| Retail trade names (not subject to amortization) | 1,341 | 1,341 | ||||||
| Total identifiable intangible assets | $2,097 | $2,213 | ||||||
(a)Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates).
Identifiable intangible liabilities are comprised of the following:
| Identifiable Intangible Liability | September 30, 2025 | December 31, 2024 |
|---|---|---|
| (in millions) | ||
| Long-term service agreements | $101 | $108 |
| Wholesale power and fuel purchase contracts | 40 | 47 |
| Total identifiable intangible liabilities | $141 | $155 |
Amortization of finite-lived identifiable intangible assets and liabilities (including the classification in the condensed consolidated statements of operations) consisted of the following:
| Identifiable Intangible Assets/Liabilities · Condensed Consolidated Statements of Operations · Three Months Ended September 30, · Nine Months Ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | |||||||||
| (in millions) | |||||||||
| Retail customer relationships | Depreciation and amortization | $23 | $29 | $68 | $82 | ||||
| Software and other technology-related assets | Depreciation and amortization | 17 | 15 | 53 | 43 | ||||
| Retail and wholesale contracts | Operating revenues/Fuel, purchased power costs, and delivery fees | (2) | (5) | (6) | (9) | ||||
| Other identifiable intangible assets (a) | Fuel, purchased power costs, and delivery fees/Depreciation and amortization | 127 | 131 | 350 | 327 | ||||
| Total intangible asset expense, net | $165 | $170 | $465 | $443 | |||||
(a)Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees in the condensed consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy certificate obligations are accrued as retail electricity delivery occurs.
Estimated Amortization of Identifiable Intangible Assets
As of September 30, 2025, the estimated aggregate amortization expense of identifiable intangible assets, excluding environmental allowances, for each of the next five fiscal years is as shown below.
| Year | Estimated Amortization Expense |
|---|---|
| (in millions) | |
| 2025 | $218 |
| 2026 | $168 |
| 2027 | $73 |
| 2028 | $53 |
| 2029 | $37 |
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