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
VST$131.18-2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Glossary of Terms and Abbreviationsi
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GLOSSARY OF TERMS AND ABBREVIATIONS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.
| Current and Former Related Entities: | |
|---|---|
| Ambit | Ambit Holdings, LLC, and/or its subsidiaries (d/b/a Ambit), depending on context |
| Ambit Texas | Ambit Texas, LLC, a wholly owned subsidiary of Vistra |
| BCOP | BCOP Borrower LLC, a subsidiary of Vistra Zero |
| Dynegy | Dynegy Inc., and/or its subsidiaries, depending on context |
| Dynegy Energy Services | Dynegy Energy Services, LLC and Dynegy Energy Services (East), LLC (each d/b/a Dynegy, Better Buy Energy, Brighten Energy, Honor Energy and True Fit Energy), indirect, wholly owned subsidiaries of Vistra, that are REPs in certain areas of MISO and PJM, respectively, and are engaged in the retail sale of electricity to residential and business customers. |
| Energy Harbor | Energy Harbor Holdings LLC (formerly known as Energy Harbor Corp.), and/or its subsidiaries, depending on context |
| Homefield Energy | Illinois Power Marketing Company (d/b/a Homefield Energy), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of MISO that is engaged in the retail sale of electricity to municipal customers |
| Lotus | Lotus Infrastructure Partners |
| Luminant | subsidiaries of Vistra engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management |
| Parent | Vistra Corp. |
| TriEagle Energy | TriEagle Energy, LP (d/b/a TriEagle Energy, TriEagle Energy Services, Eagle Energy, Energy Rewards, Power House Energy and Viridian Energy), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of ERCOT and PJM that is engaged in the retail sale of electricity to residential and business customers |
| TXU Energy | TXU Energy Retail Company LLC (d/b/a TXU), an indirect, wholly owned subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| U.S. Gas & Electric | U.S. Gas and Electric, LLC (d/b/a USG&E, Illinois Gas & Electric and ILG&E), an indirect, wholly owned subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers |
| Value Based Brands | Value Based Brands LLC (d/b/a 4Change Energy, Express Energy and Veteran Energy), an indirect, wholly owned subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| Vistra | Vistra Corp., and/or its subsidiaries, depending on context |
| Vistra Intermediate | Vistra Intermediate Company LLC, a direct, wholly owned subsidiary of Vistra |
| Vistra Operations | Vistra Operations Company LLC, an indirect, wholly owned subsidiary of Vistra that is the issuer of certain series of notes (see Note 9 to the Financial Statements) and borrower under the Vistra Operations Credit Facilities |
| Vistra Vision | Vistra Vision LLC, an indirect subsidiary of Vistra |
| Vistra Zero | subsidiaries of Vistra engaged in the operation and development of renewables and energy storage assets |
| Vistra Zero Operating | Vistra Zero Operating Company, LLC, an indirect, wholly owned subsidiary of Vistra |
| Transmission System Operators: | |
| CAISO | The California Independent System Operator |
| ERCOT | Electric Reliability Council of Texas, Inc. |
| ISO-NE | ISO New England Inc. |
| MISO | Midcontinent Independent System Operator, Inc. |
| NYISO | New York Independent System Operator, Inc. |
| PJM | PJM Interconnection, LLC |
| Authoritative Organizations: | |
| EPA | U.S. Environmental Protection Agency |
| FERC | U.S. Federal Energy Regulatory Commission |
| IEPA | Illinois Environmental Protection Agency |
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| IPCB | Illinois Pollution Control Board |
|---|---|
| IRS | U.S. Internal Revenue Service |
| MSHA | U.S. Mine Safety and Health Administration |
| NRC | U.S. Nuclear Regulatory Commission |
| PUCT | Public Utility Commission of Texas |
| RCT | Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas, and has jurisdiction over oil and natural gas exploration and production, permitting and inspecting intrastate pipelines, and overseeing natural gas utility rates and compliance |
| SEC | U.S. Securities and Exchange Commission |
| TCEQ | Texas Commission on Environmental Quality |
| Rules and Regulations: | |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| IRA | Inflation Reduction Act of 2022 |
| OBBBA | One Big Beautiful Bill Act |
| Securities Act | Securities Act of 1933, as amended |
| General Terms: | |
| 2024 Form 10-K | Vistra's annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 |
| ARO | asset retirement and mining reclamation obligation |
| BCOP Credit Agreement | credit agreement, dated as of December 16, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among BCOP, the lenders and issuing banks party thereto, the administrative agent, and collateral agent and the other parties named therein |
| CCGT | combined cycle natural gas turbine |
| CCR | coal combustion residuals |
| CME | Chicago Mercantile Exchange |
| EBITDA | earnings (net income) before interest expense, income taxes, depreciation and amortization |
| ERP | enterprise resource program |
| ESS | energy storage system |
| GAAP | generally accepted accounting principles |
| GHG | greenhouse gas |
| GWh | gigawatt-hours |
| Heat Rate | Heat Rate is a measure of the efficiency of converting a fuel source to electricity |
| ISO | independent system operator |
| ITC | investment tax credit |
| load | demand for electricity |
| LTSA | long-term service agreements for plant maintenance |
| Market Heat Rate | Market Heat Rate is the implied relationship between wholesale electricity prices and natural gas prices and is calculated by dividing the wholesale market price of electricity, which is based on the price offer of the marginal supplier (generally natural gas plants), by the market price of natural gas |
| MMBtu | million British thermal units |
| MW | megawatts |
| MWh | megawatt-hours |
| NYMEX | the New York Mercantile Exchange, a commodity derivatives exchange |
| PTC | production tax credit |
| REP | retail electric provider |
| RTO | regional transmission organization |
| S&P | Standard & Poor's Ratings (a credit rating agency) |
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| Series A Preferred Stock | Vistra's 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
|---|---|
| Series B Preferred Stock | Vistra's 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
| Series C Preferred Stock | Vistra's 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share |
| SG&A | selling, general, and administrative |
| SO2 | sulfur dioxide |
| SOFR | Secured Overnight Financing Rate, the average rate at which institutions can borrow U.S. dollars overnight while posting U.S. Treasury Bonds as collateral |
| TRA | Amended and Restated Tax Receivable Agreement, containing certain rights (TRA Rights) to receive payments from Vistra related to certain tax benefits, including benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code |
| U.S. | United States of America |
| Vistra Operations Commodity-Linked Credit Agreement | credit agreement, dated as of February 4, 2022 (as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time) by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the other credit parties thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Agreement | credit agreement, dated as of October 3, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the letter of credit issuers party thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Facilities | Vistra Operations senior secured financing facilities |
| Vistra Zero Credit Agreement | credit agreement, dated as of March 26, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Zero Operating, the lenders party thereto, the administrative agent, and collateral agent, and the other parties named therein |
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