Vistra Corp.
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
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.
Mar 31, 2026 · Filed May 8, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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3. Revenue
- REVENUE
Revenue Disaggregation
The following tables disaggregate our revenue by major source:
| Three Months Ended March 31, 2026 | |||||||
|---|---|---|---|---|---|---|---|
| Retail | Texas | East | West | Asset Closure | Eliminations / Corporate and Other | Consolidated | |
| (in millions) | |||||||
| Revenue from contracts with customers: | |||||||
| Retail energy charge in ERCOT | $1,894 | $— | $— | $— | $— | $— | $1,894 |
| Retail energy charge in Northeast/Midwest | 1,259 | — | — | — | — | — | 1,259 |
| Wholesale generation revenue from ISO/RTO | — | 223 | 1,136 | 17 | — | — | 1,376 |
| Capacity revenue from ISO/RTO (a) | — | — | 122 | — | — | — | 122 |
| Revenue from other wholesale contracts | — | 118 | 177 | 54 | — | 1 | 350 |
| Total revenue from contracts with customers | 3,153 | 341 | 1,435 | 71 | — | 1 | 5,001 |
| Other revenues: | |||||||
| Transferable PTC revenues (b) | — | 2 | — | — | — | — | 2 |
| Hedging revenues — realized | 201 | (33) | (198) | 27 | — | — | (3) |
| Hedging revenues — unrealized | 306 | 510 | (170) | (10) | — | — | 636 |
| Business interruption insurance proceeds | — | — | — | — | 6 | — | 6 |
| Intangible amortization and other revenues | — | — | (2) | — | — | — | (2) |
| Intersegment sales | 29 | 980 | 1,311 | 1 | — | (2,321) | — |
| Intersegment sales — unrealized | — | 1,187 | (116) | — | — | (1,071) | — |
| Total other revenues | 536 | 2,646 | 825 | 18 | 6 | (3,392) | 639 |
| Total revenues | $3,689 | $2,987 | $2,260 | $89 | $6 | $(3,391) | $5,640 |
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $321 million of capacity sold offset by $199 million of capacity purchased.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.
| Three Months Ended March 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Retail | Texas | East | West | Asset Closure | Eliminations / Corporate and Other | Consolidated | |
| (in millions) | |||||||
| Revenue from contracts with customers: | |||||||
| Retail energy charge in ERCOT | $1,986 | $— | $— | $— | $— | $— | $1,986 |
| Retail energy charge in Northeast/Midwest | 1,039 | — | — | — | — | — | 1,039 |
| Wholesale generation revenue from ISO/RTO | — | 78 | 770 | 26 | — | — | 874 |
| Capacity revenue from ISO/RTO (a) | — | — | 20 | — | — | — | 20 |
| Revenue from other wholesale contracts | — | 129 | 130 | 68 | 4 | — | 331 |
| Total revenue from contracts with customers | 3,025 | 207 | 920 | 94 | 4 | — | 4,250 |
| Other revenues: | |||||||
| Transferable PTC revenues (b) | — | 2 | — | — | — | — | 2 |
| Hedging revenues — realized | 274 | (27) | (78) | 26 | — | — | 195 |
| Hedging revenues — unrealized | (157) | (143) | (250) | 36 | 1 | — | (513) |
| Intangible amortization and other revenues | — | — | (1) | — | — | — | (1) |
| Intersegment sales | 26 | 1,054 | 1,060 | — | (1) | (2,139) | — |
| Intersegment sales — unrealized | — | (883) | (271) | 1 | — | 1,153 | — |
| Total other revenues | 143 | 3 | 460 | 63 | — | (986) | (317) |
| Total revenues | $3,168 | $210 | $1,380 | $157 | $4 | $(986) | $3,933 |
(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $73 million of capacity sold offset by $53 million of capacity purchased.
(b)Represents transferable PTCs generated from qualifying solar assets during the period.
Performance Obligations
As of March 31, 2026, we have future fixed fee performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or capacity contracts with customers for which the total consideration is fixed and determinable at contract execution. Capacity revenues are recognized when the performance obligations to provide capacity to the relevant ISOs/RTOs or counterparties are fulfilled. Amounts with counterparties in the table below represent minimum guaranteed capacity revenues as determined on a contract by contract basis and do not represent the full amount of capacity that is expected to be delivered.
| Balance of 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and Thereafter | Total | |
|---|---|---|---|---|---|---|---|
| (in millions) | |||||||
| Remaining performance obligations | $1,343 | $1,675 | $733 | $215 | $215 | $3,293 | $7,474 |
Trade Accounts Receivable
| March 31, 2026 | December 31,2025 | |
|---|---|---|
| (in millions) | ||
| Wholesale and retail trade accounts receivable | $2,057 | $2,412 |
| Allowance for credit losses | (73) | (89) |
| Trade accounts receivable — net | $1,984 | $2,323 |
| Trade accounts receivable from contracts with customers — net | $1,621 | $1,826 |
| Other trade accounts receivable — net | 363 | 497 |
| Trade accounts receivable — net | $1,984 | $2,323 |
Gross trade accounts receivable as of March 31, 2026 and December 31, 2025 include unbilled retail revenues of $785 million and $924 million, respectively.
Allowance for Credit Losses on Accounts Receivable
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (in millions) | ||
| Allowance for credit losses on accounts receivable at beginning of period | $89 | $79 |
| Increase for bad debt expense | 42 | 44 |
| Decrease for account write-offs | (58) | (48) |
| Allowance for credit losses on accounts receivable at end of period | $73 | $75 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.