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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7. Property, Plant, and Equipment
- PROPERTY, PLANT, AND EQUIPMENT
Our property, plant, and equipment consist of our power generation assets, related mining assets, land, information systems hardware, capitalized corporate office lease space and other leasehold improvements. The estimated remaining useful lives of our property, plant, and equipment ranges from 1 to 28 years. Land and construction work in progress are not depreciated.
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (in millions) | ||
| Power generation and structures and office and other equipment | $25,084 | $22,943 |
| Land | 637 | 603 |
| Construction work in progress | 1,917 | 1,060 |
| Finance lease right-of-use assets | 190 | 186 |
| Nuclear fuel | 2,036 | 1,843 |
| Property, plant, and equipment — gross | 29,864 | 26,635 |
| Less accumulated depreciation | (9,273) | (8,020) |
| Less finance lease right-of-use assets accumulated amortization | (41) | (33) |
| Less accumulated amortization of nuclear fuel | (704) | (409) |
| Property, plant, and equipment — net | $19,846 | $18,173 |
Depreciation and amortization of property, plant, and equipment (including the classification in the consolidated statements of operations) consisted of the following:
| Property, Plant, and Equipment · Consolidated Statements of Operations · Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | |||||||
| (in millions) | |||||||
| Power generation and structures and office and other equipment | Depreciation and amortization | $1,811 | $1,662 | $1,335 | |||
| Finance lease right-of-use assets | Depreciation and amortization | 9 | 8 | 9 | |||
| Nuclear fuel | Fuel, purchased power costs, and delivery fees | $487 | $387 | $91 | |||
| Total property, plant, and equipment expense | $2,307 | $2,057 | $1,435 | ||||
Retirement of Generation Facilities
Below are our operating facilities that have an announced retirement date. Operating results for generation facilities with defined retirement dates are included in our Asset Closure segment in the calendar year following the year in which the retirement occurs. The Moss Landing 300 MW and Moss Landing 100 MW battery facilities were transferred to the Asset Closure segment during the first quarter of 2025 and the fourth quarter of 2025, respectively, as we do not plan to return those assets to operations. See Note 8 for additional information.
| Facility | Location | ISO/RTO | Fuel Type | Net Capacity (MW) | Expected Retirement Date (a) | Segment |
|---|---|---|---|---|---|---|
| Baldwin | Baldwin, IL | MISO | Coal | 1,185 | By the end of 2027 | East |
| Coleto Creek | Goliad, TX | ERCOT | Coal | 650 | By the end of 2027 | Texas |
| Kincaid | Kincaid, IL | PJM | Coal | 1,108 | By the end of 2027 | East |
| Miami Fort | North Bend, OH | PJM | Coal | 1,020 | By the middle of 2028 | East |
| Newton | Newton, IL | MISO | Coal | 615 | By the end of 2027 | East |
| Total | 4,578 | |||||
(a)Expected retirement dates my change if economic or other conditions dictate.
The Company intends to repower Coleto Creek and Miami Fort as gas-fueled facilities upon their retirements as coal-fueled facilities. We are currently evaluating the feasibility of converting the other coal-fueled facilities with expected retirement dates in 2027 to gas-fueled facilities.
Impairment of Long-Lived Assets
In the year ended December 31, 2025, we recognized impairment losses of approximately $155 million related to the Moss Landing 100 MW battery (see Note 8 for additional information) and $73 million related to development projects we have no plans to complete.
In the year ended December 31, 2023, we recognized an impairment loss of $49 million related to our Kincaid generation facility in Illinois as a result of a significant decrease in the projected operating margins of the facility, primarily driven by a decrease in projected power prices. The impairment is reported in our East segment and includes write-downs of property, plant, and equipment of $45 million, write-downs of inventory of $2 million, and write-downs of operating lease right-of-use assets of $2 million.
In determining the fair value of the impaired asset groups, we utilized the income approach described in ASC 820, Fair Value Measurement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.