Vistra Corp.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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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Item 8. Consolidated Statements of Cash Flows
| VISTRA CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS(Millions of Dollars) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Cash flows — operating activities: | |||
| Net income | $944 | $2,812 | $1,492 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 2,950 | 2,631 | 1,956 |
| Deferred income tax expense (benefit), net | 136 | 607 | 457 |
| Gain on sale of land | — | — | (95) |
| Impairment of long-lived and other assets | 228 | — | 49 |
| Unrealized net (gain) loss from mark-to-market valuations of commodities | 808 | (1,155) | (490) |
| Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | 67 | (53) | 36 |
| Unrealized net gain from nuclear decommissioning trusts | (138) | (116) | — |
| Change in asset retirement obligation liability | (20) | 38 | 27 |
| Asset retirement obligation accretion expense | 134 | 114 | 34 |
| Impacts of Tax Receivable Agreement | (2) | 5 | 164 |
| Gain on TRA repurchase and tender offers | — | (10) | (29) |
| Bad debt expense | 201 | 183 | 164 |
| Stock-based compensation expense | 113 | 100 | 77 |
| Involuntary conversion gain | (120) | — | — |
| Other, net | (47) | (89) | 103 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable — trade | (528) | (242) | 214 |
| Inventories | (3) | (31) | (174) |
| Accounts payable — trade | 16 | 19 | (350) |
| Commodity and other derivative contractual assets and liabilities | (102) | (175) | 82 |
| Margin deposits, net | (769) | 842 | 1,899 |
| Accrued interest | (4) | (18) | 46 |
| Accrued taxes | 27 | (1) | 5 |
| Accrued employee incentive | (40) | 8 | 58 |
| Asset retirement obligation settlement | (96) | (88) | (81) |
| Major plant outage deferral | 7 | (91) | (32) |
| Other — net assets | 88 | (616) | 84 |
| Other — net liabilities | 220 | (111) | (243) |
| Cash provided by operating activities | 4,070 | 4,563 | 5,453 |
| Cash flows — investing activities: | |||
| Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (2,752) | (2,078) | (1,676) |
| Lotus acquisition (net of cash acquired) | (1,140) | — | — |
| Energy Harbor acquisition (net of cash acquired) | — | (3,065) | — |
| Proceeds from sales of nuclear decommissioning trust fund securities | 5,153 | 2,216 | 601 |
| Investments in nuclear decommissioning trust fund securities | (5,177) | (2,239) | (624) |
| Proceeds from sales of environmental allowances | 275 | 773 | 500 |
| Purchases of environmental allowances | (1,189) | (1,226) | (1,071) |
| Insurance proceeds for recovery of damaged property, plant, and equipment | 325 | 3 | 15 |
| VISTRA CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS(Millions of Dollars) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Proceeds from sales of property, plant, and equipment, including nuclear fuel | 119 | 196 | 115 |
| Proceeds from sales of transferable ITCs | — | 150 | — |
| Other, net | (10) | (6) | (5) |
| Cash used in investing activities | (4,396) | (5,276) | (2,145) |
| Cash flows — financing activities: | |||
| Issuances of debt | 2,506 | 3,817 | 2,498 |
| Repayments/repurchases of debt | (2,584) | (2,287) | (33) |
| Net borrowings (repayments) under accounts receivable financing | 475 | 750 | (425) |
| Borrowings under Revolving Credit Facility | 530 | 50 | 100 |
| Repayments under Revolving Credit Facility | (150) | (50) | (350) |
| Borrowings under Commodity-Linked Facility | 2,507 | 1,802 | — |
| Repayments under Commodity-Linked Facility | (1,087) | (1,802) | (400) |
| Debt issuance costs | (23) | (76) | (59) |
| Stock repurchases | (1,028) | (1,266) | (1,245) |
| Dividends paid to common stockholders | (306) | (305) | (313) |
| Dividends paid to preferred stockholders | (192) | (173) | (150) |
| Dividends paid to noncontrolling and redeemable noncontrolling interest holders | — | (180) | — |
| Payment for acquisition of noncontrolling interest | — | (1,748) | — |
| Principal payment on forward repurchase obligation | (703) | — | — |
| TRA Repurchase and tender offer — return of capital | — | (122) | — |
| Other, net | (19) | (14) | 83 |
| Cash used in financing activities | (74) | (1,604) | (294) |
| Net change in cash, cash equivalents, and restricted cash (current and noncurrent) | (400) | (2,317) | 3,014 |
| Cash, cash equivalents, and restricted cash (current and noncurrent) — beginning balance | 1,222 | 3,539 | 525 |
| Cash, cash equivalents, and restricted cash (current and noncurrent) — ending balance | $822 | $1,222 | $3,539 |
| Supplemental Cash Flow Information: | |||
| Cash payments related to: | |||
| Interest paid | $1,165 | $987 | $636 |
| Capitalized interest | (125) | (77) | (37) |
| Interest paid (net of capitalized interest) | $1,040 | $910 | $599 |
| Non-cash investing and financing activities: | |||
| Accrued property, plant, and equipment additions (a) | $108 | $258 | $104 |
| Issuance of Series C Preferred Stock as consideration for the repurchase of TRA Rights with a carrying value of $506 million | $— | $— | $476 |
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