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Midas Edge

Vistra Corp.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

12. Leases

  1. LEASES

Vistra has both finance and operating leases for real estate, rail cars and equipment. Our leases have remaining lease terms for 1 to 41 years. Our leases include options to renew up to 15 years. Certain leases also contain options to terminate the lease.

Lease Cost

The following table presents costs related to lease activities:

Year Ended December 31,
202520242023
(in millions)
Operating lease cost$16$17$12
Finance lease:
Finance lease right-of-use asset amortization9810
Interest on lease liabilities111111
Total finance lease cost201921
Variable lease cost (a)242937
Short-term lease cost225644
Total lease cost$82$121$114

(a)Represents coal stockpile management services, common area maintenance services, and rail car payments based on the number of rail cars used.

Balance Sheet Information

The following table presents lease related balance sheet information:

December 31,
20252024
(in millions)
Lease assets:
Operating lease right-of-use assets (reported in other noncurrent assets in the consolidated balance sheets)$98$106
Finance lease right-of-use assets, net of accumulated amortization (reported in property, plant, and equipment in the consolidated balance sheets)149$153
Total lease right-of-use assets$247$259
Current lease liabilities (reported in other current liabilities in the consolidated balance sheets):
Operating lease liabilities$13$13
Finance lease liabilities49
Total current lease liabilities1722
Noncurrent lease liabilities (reported in other noncurrent liabilities and deferred credits in the consolidated balance sheets):
Operating lease liabilities9298
Finance lease liabilities218218
Total noncurrent lease liabilities310316
Total lease liabilities$327$338

Supplemental Cash Flow Information

The following table presents lease related cash flows and other information:

Year Ended December 31,
202520242023
(in millions)
Non-cash disclosure upon commencement of new lease:
Right-of-use assets obtained in exchange for new operating lease liabilities$24$68$3
Right-of-use assets obtained in exchange for new finance lease liabilities4——
Non-cash disclosure upon modification of existing lease:
Modification of operating lease right-of-use assets$—$1$7
Modification of finance lease right-of-use assets——(1)

Weighted Average Remaining Lease Term

The following table presents weighted average remaining lease term information:

December 31,
20252024
Weighted average remaining lease term:
Operating lease24.2 years23.8 years
Finance lease23.1 years23.7 years
Weighted average discount rate:
Operating lease7.63%7.85%
Finance lease4.84%4.82%

Maturity of Lease Liabilities

The following table presents maturity of lease liabilities:

Operating Lease · Finance Lease · Total Lease
(in millions)
2026$18$15$33
2027151429
2028101525
202981321
203081422
Thereafter191327518
Total lease payments250398648
Less: Imputed interest(145)(176)(321)
Present value of lease liabilities$105$222$327
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.