Vistra Corp.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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20. Earnings Per Share
- EARNINGS PER SHARE
Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements.
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions, except share data) | |||
| Net income attributable to Vistra | $944 | $2,659 | $1,493 |
| Less cumulative dividends attributable to Series A Preferred Stock | (80) | (80) | (80) |
| Less cumulative dividends attributable to Series B Preferred Stock | (70) | (70) | (70) |
| Less cumulative dividends attributable to Series C Preferred Stock | (42) | (42) | — |
| Net income attributable to common stock — basic and diluted | 752 | 2,467 | 1,343 |
| Weighted average shares of common stock outstanding: | |||
| Basic | 339,124,917 | 344,788,634 | 369,771,359 |
| Dilutive securities: Stock-based incentive compensation plan | 6,531,150 | 7,778,426 | 5,421,752 |
| Diluted | 345,656,067 | 352,567,060 | 375,193,110 |
| Net income (loss) per weighted average share of common stock outstanding: | |||
| Basic | $2.22 | $7.16 | $3.63 |
| Diluted | $2.18 | $7.00 | $3.58 |
Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive were immaterial in the years ended December 31, 2025 and 2024 and totaled 392,218 shares in the year ended December 31, 2023.
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