Vistra Corp.

For the period ended Jun 30, 2026. Filed Aug 10, 2026.

About 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.

Jun 30, 2026 · Filed Aug 10, 2026

VST$133.92+7.3%Stored close · as of Nov 9, 2026

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Contents

3. Revenue

REVENUE

Revenue Disaggregation

The following tables disaggregate our revenue by major source:

	Three Months Ended June 30, 2026
	Retail	Texas	East	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$2,253	$—	$—	$—	$—	$—	$2,253
Retail energy charge in Northeast/Midwest	1,091	—	—	—	—	—	1,091
Wholesale generation revenue from ISO/RTO	—	106	496	18	—	—	620
Capacity revenue from ISO/RTO (a)	—	—	134	—	—	—	134
Revenue from other wholesale contracts	—	97	144	61	—	1	303
Total revenue from contracts with customers	3,344	203	774	79	—	1	4,401
Other revenues:
Transferable PTC revenues (b)	—	3	—	—	—	—	3
Hedging revenues — realized	188	(36)	(22)	24	—	—	154
Hedging revenues — unrealized	57	63	(650)	(32)	—	—	(562)
Business interruption insurance proceeds	—	22	—	—	—	—	22
Intangible amortization and other revenues	—	—	(1)	—	—	—	(1)
Intersegment sales	21	755	942	—	—	(1,718)	—
Intersegment sales — unrealized	—	408	(89)	—	—	(319)	—
Total other revenues	266	1,215	180	(8)	—	(2,037)	(384)
Total revenues	$3,610	$1,418	$954	$71	$—	$(2,036)	$4,017

(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $346 million of capacity sold offset by $212 million of capacity purchased.

	Three Months Ended June 30, 2025
	Retail	Texas	East	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$2,206	$—	$—	$—	$—	$—	$2,206
Retail energy charge in Northeast/Midwest	793	—	—	—	—	—	793
Wholesale generation revenue from ISO/RTO	—	41	412	21	—	—	474
Capacity revenue from ISO/RTO (a)	—	—	30	—	—	—	30
Revenue from other wholesale contracts	—	109	92	47	1	1	250
Total revenue from contracts with customers	2,999	150	534	68	1	1	3,753
Other revenues:
Transferable PTC revenues (b)	—	4	—	—	—	—	4
Hedging revenues — realized	370	(9)	28	38	—	—	427
Hedging revenues — unrealized	141	90	(99)	(82)	—	—	50
Business interruption insurance proceeds	—	—	—	—	21	—	21
Intangible amortization and other revenues	—	(2)	(3)	—	—	—	(5)
Intersegment sales	22	738	856	1	(2)	(1,615)	—
Intersegment sales — unrealized	—	817	164	—	—	(981)	—
Total other revenues	533	1,638	946	(43)	19	(2,596)	497
Total revenues	$3,532	$1,788	$1,480	$25	$20	$(2,595)	$4,250

(a)Represents net capacity sold in each ISO/RTO. The East segment includes $134 million of capacity sold offset by $104 million of capacity purchased.

	Six Months Ended June 30, 2026
	Retail	Texas	East	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$4,147	$—	$—	$—	$—	$—	$4,147
Retail energy charge in Northeast/Midwest	2,350	—	—	—	—	—	2,350
Wholesale generation revenue from ISO/RTO	—	329	1,632	35	—	—	1,996
Capacity revenue from ISO/RTO (a)	—	—	256	—	—	—	256
Revenue from other wholesale contracts	—	215	321	115	—	2	653
Total revenue from contracts with customers	6,497	544	2,209	150	—	2	9,402
Other revenues:
Transferable PTC revenues (b)	—	5	—	—	—	—	5
Hedging revenues — realized	389	(69)	(220)	51	—	—	151
Hedging revenues — unrealized	363	573	(820)	(42)	—	—	74
Business interruption insurance proceeds	—	22	—	—	6	—	28
Intangible amortization and other revenues	—	—	(3)	—	—	—	(3)
Intersegment sales	50	1,735	2,253	1	—	(4,039)	—
Intersegment sales — unrealized	—	1,595	(205)	—	—	(1,390)	—
Total other revenues	802	3,861	1,005	10	6	(5,429)	255
Total revenues	$7,299	$4,405	$3,214	$160	$6	$(5,427)	$9,657

(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $667 million of capacity sold offset by $411 million of capacity purchased.

	Six Months Ended June 30, 2025
	Retail	Texas	East	West	Asset Closure	Eliminations / Corporate and Other	Consolidated
(in millions)
Revenue from contracts with customers:
Retail energy charge in ERCOT	$4,192	$—	$—	$—	$—	$—	$4,192
Retail energy charge in Northeast/Midwest	1,832	—	—	—	—	—	1,832
Wholesale generation revenue from ISO/RTO	—	119	1,182	47	—	—	1,348
Capacity revenue from ISO/RTO (a)	—	—	50	—	—	—	50
Revenue from other wholesale contracts	—	238	222	115	5	1	581
Total revenue from contracts with customers	6,024	357	1,454	162	5	1	8,003
Other revenues:
Transferable PTC revenues (b)	—	6	—	—	—	—	6
Hedging revenues — realized	644	(36)	(50)	64	—	—	622
Hedging revenues — unrealized	(16)	(53)	(349)	(46)	1	—	(463)
Business interruption insurance proceeds	—	—	—	—	21	—	21
Intangible amortization and other revenues	—	(2)	(4)	—	—	—	(6)
Intersegment sales	48	1,791	1,916	2	(3)	(3,754)	—
Intersegment sales — unrealized	—	(65)	(107)	—	—	172	—
Total other revenues	676	1,641	1,406	20	19	(3,582)	180
Total revenues	$6,700	$1,998	$2,860	$182	$24	$(3,581)	$8,183

(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $207 million of capacity sold offset by $157 million of capacity purchased.

Performance Obligations

As of June 30, 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	$966	$1,706	$733	$215	$215	$3,293	$7,128

Contract Balances

	June 30, 2026	December 31,2025
(in millions)
Wholesale and retail trade accounts receivable	$2,366	$2,412
Allowance for credit losses	(73)	(89)
Trade accounts receivable — net	$2,293	$2,323
Trade accounts receivable from contracts with customers — net	$1,939	$1,826
Other trade accounts receivable — net	354	497
Trade accounts receivable — net	$2,293	$2,323

Gross trade accounts receivable as of June 30, 2026 and December 31, 2025 include unbilled retail revenues of $1.087 billion and $924 million, respectively.

Allowance for Credit Losses on Accounts Receivable

	Six Months Ended June 30,
	2026	2025
(in millions)
Allowance for credit losses on accounts receivable at beginning of period	$89	$79
Increase for bad debt expense	86	87
Decrease for account write-offs	(102)	(91)
Allowance for credit losses on accounts receivable at end of period	$73	$75

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