Vistra Corp.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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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. Goodwill and Identifiable Intangible Assets and Liabilities
- GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS AND LIABILITIES
Goodwill
As of both March 31, 2026 and December 31, 2025, the carrying value of goodwill totaled $2.810 billion, including $2.688 billion allocated to our Retail reporting unit and $122 million allocated to our Texas Generation reporting unit. Goodwill of $1.944 billion is deductible for tax purposes over 15 years on a straight-line basis.
Identifiable Intangible Assets and Liabilities
Identifiable intangible assets are comprised of the following:
| March 31, 2026 · December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Identifiable Intangible Asset · GrossCarryingAmount · AccumulatedAmortization · Net · GrossCarryingAmount · AccumulatedAmortization · Net | ||||||||
| (in millions) | ||||||||
| Retail customer relationships | $2,173 | $2,076 | $97 | $2,173 | $2,067 | $106 | ||
| Software and other technology-related assets | 683 | 383 | 300 | 656 | 365 | 291 | ||
| Retail and wholesale contracts | 369 | 314 | 55 | 369 | 295 | 74 | ||
| Long-term service agreements | 18 | 6 | 12 | 18 | 6 | 12 | ||
| Other identifiable intangible assets (a) | 576 | 18 | 558 | 628 | 17 | 611 | ||
| Total identifiable intangible assets subject to amortization | $3,819 | $2,797 | 1,022 | $3,844 | $2,750 | 1,094 | ||
| Retail trade names (not subject to amortization) | 1,341 | 1,341 | ||||||
| Total identifiable intangible assets | $2,363 | $2,435 | ||||||
(a)Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates).
Identifiable intangible liabilities are comprised of the following:
| Identifiable Intangible Liability | March 31, 2026 | December 31, 2025 |
|---|---|---|
| (in millions) | ||
| Long-term service agreements | $98 | $100 |
| Wholesale power and fuel purchase contracts | 35 | 38 |
| Total identifiable intangible liabilities | $133 | $138 |
Amortization of finite-lived identifiable intangible assets and liabilities (including the classification in the condensed consolidated statements of operations) consisted of the following:
| Identifiable Intangible Assets/Liabilities · Condensed Consolidated Statements of Operations · Three Months Ended March 31, | |||||
|---|---|---|---|---|---|
| 2026 · 2025 | |||||
| (in millions) | |||||
| Retail customer relationships | Depreciation and amortization | $9 | $23 | ||
| Software and other technology-related assets | Depreciation and amortization | 16 | 18 | ||
| Retail and wholesale contracts | Operating revenues/Fuel, purchased power costs, and delivery fees | (3) | (2) | ||
| Other identifiable intangible assets (a) | Fuel, purchased power costs, and delivery fees/Depreciation and amortization | 119 | 136 | ||
| Total intangible asset expense, net | $141 | $175 | |||
(a)Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees in the condensed consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy certificate obligations are accrued as retail electricity delivery occurs.
Estimated Amortization of Identifiable Intangible Assets
As of March 31, 2026, the estimated aggregate amortization expense of identifiable intangible assets, excluding environmental allowances, for each of the next five fiscal years is as shown below.
| Year | Estimated Amortization Expense |
|---|---|
| (in millions) | |
| 2026 | $177 |
| 2027 | $85 |
| 2028 | $64 |
| 2029 | $44 |
| 2030 | $26 |
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