Vistra Corp.

For the period ended Sep 30, 2026. Filed Nov 9, 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.

Sep 30, 2026 · Filed Nov 9, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

3. Revenue

REVENUE

Revenue Disaggregation

The following tables disaggregate our revenue by major source:

	Three Months Ended September 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	$3,007	$—	$—	$—	$—	$—	$3,007
Retail energy charge in Northeast/Midwest	1,331	—	—	—	—	—	1,331
Wholesale generation revenue from ISO/RTO	—	169	987	70	—	—	1,226
Capacity revenue from ISO/RTO (a)	—	—	147	—	—	—	147
Revenue from other wholesale contracts	—	84	119	76	—	2	281
Total revenue from contracts with customers	4,338	253	1,253	146	—	2	5,992
Other revenues:
Transferable PTC revenues (b)	—	149	—	—	—	—	149
Hedging revenues — realized	211	(117)	(424)	17	—	—	(313)
Hedging revenues — unrealized	244	506	(200)	(31)	—	—	519
Business interruption insurance proceeds	—	—	—	—	—	—	—
Intangible amortization and other revenues	—	—	—	—	—	—	—
Intersegment sales	21	1,772	1,314	1	—	(3,108)	—
Intersegment sales — unrealized	—	292	(113)	—	—	(179)	—
Total other revenues	476	2,602	577	(13)	—	(3,287)	355
Total revenues	$4,814	$2,855	$1,830	$133	$—	$(3,285)	$6,347

(a)Represents net capacity sold (purchased) in each ISO/RTO in the East segment which includes $385 million of capacity sold offset by $238 million of capacity purchased.

	Three Months Ended September 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	$2,698	$—	$—	$—	$—	$—	$2,698
Retail energy charge in Northeast/Midwest	1,054	—	—	—	—	—	1,054
Wholesale generation revenue from ISO/RTO	—	112	543	28	—	—	683
Capacity revenue from ISO/RTO (a)	—	—	79	—	—	—	79
Revenue from other wholesale contracts	—	100	101	61	—	2	264
Total revenue from contracts with customers	3,752	212	723	89	—	2	4,778
Other revenues:
Transferable PTC revenues (b)	—	145	—	—	—	—	145
Hedging revenues — realized	396	(422)	(108)	26	—	—	(108)
Hedging revenues — unrealized	(43)	251	(97)	50	1	—	162
Business interruption insurance proceeds	—	—	—	—	1	—	1
Intangible amortization and other revenues	—	—	(7)	—	—	—	(7)
Intersegment sales	34	1,641	1,235	—	—	(2,910)	—
Intersegment sales — unrealized	—	(28)	4	—	—	24	—
Total other revenues	387	1,587	1,027	76	2	(2,886)	193
Total revenues	$4,139	$1,799	$1,750	$165	$2	$(2,884)	$4,971

(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $270 million of capacity sold offset by $191 million of capacity purchased.

	Nine Months Ended September 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	$7,154	$—	$—	$—	$—	$—	$7,154
Retail energy charge in Northeast/Midwest	3,681	—	—	—	—	—	3,681
Wholesale generation revenue from ISO/RTO	—	498	2,619	105	—	—	3,222
Capacity revenue from ISO/RTO (a)	—	—	403	—	—	—	403
Revenue from other wholesale contracts	—	299	440	191	—	4	934
Total revenue from contracts with customers	10,835	797	3,462	296	—	4	15,394
Other revenues:
Transferable PTC revenues (b)	—	154	—	—	—	—	154
Hedging revenues — realized	600	(186)	(644)	68	—	—	(162)
Hedging revenues — unrealized	607	1,079	(1,020)	(73)	—	—	593
Business interruption insurance proceeds	—	22	—	—	6	—	28
Intangible amortization and other revenues	—	—	(3)	—	—	—	(3)
Intersegment sales	71	3,507	3,567	2	—	(7,147)	—
Intersegment sales — unrealized	—	1,887	(318)	—	—	(1,569)	—
Total other revenues	1,278	6,463	1,582	(3)	6	(8,716)	610
Total revenues	$12,113	$7,260	$5,044	$293	$6	$(8,712)	$16,004

(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $1.052 billion of capacity sold offset by $649 million of capacity purchased.

	Nine Months Ended September 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	$6,890	$—	$—	$—	$—	$—	$6,890
Retail energy charge in Northeast/Midwest	2,886	—	—	—	—	—	2,886
Wholesale generation revenue from ISO/RTO	—	231	1,725	75	—	—	2,031
Capacity revenue from ISO/RTO (a)	—	—	129	—	—	—	129
Revenue from other wholesale contracts	—	338	323	176	5	3	845
Total revenue from contracts with customers	9,776	569	2,177	251	5	3	12,781
Other revenues:
Transferable PTC revenues (b)	—	151	—	—	—	—	151
Hedging revenues — realized	1,040	(458)	(158)	90	—	—	514
Hedging revenues — unrealized	(59)	198	(446)	4	2	—	(301)
Business interruption insurance proceeds	—	—	—	—	22	—	22
Intangible amortization and other revenues	—	(2)	(11)	—	—	—	(13)
Intersegment sales	82	3,432	3,151	2	(3)	(6,664)	—
Intersegment sales — unrealized	—	(93)	(103)	—	—	196	—
Total other revenues	1,063	3,228	2,433	96	21	(6,468)	373
Total revenues	$10,839	$3,797	$4,610	$347	$26	$(6,465)	$13,154

(a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $477 million of capacity sold offset by $348 million of capacity purchased.

Performance Obligations

As of September 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	$491	$1,713	$1,420	$715	$215	$3,293	$7,847

Contract Balances

	September 30, 2026	December 31,2025
(in millions)
Wholesale and retail trade accounts receivable	$2,870	$2,412
Allowance for credit losses	(107)	(89)
Trade accounts receivable — net	$2,763	$2,323
Trade accounts receivable from contracts with customers — net	$2,233	$1,826
Other trade accounts receivable — net	530	497
Trade accounts receivable — net	$2,763	$2,323

Gross trade accounts receivable as of September 30, 2026 and December 31, 2025 include unbilled retail revenues of $1.062 billion and $924 million, respectively.

Allowance for Credit Losses on Accounts Receivable

	Nine Months Ended September 30,
	2026	2025
(in millions)
Allowance for credit losses on accounts receivable at beginning of period	$89	$79
Increase for bad debt expense	164	152
Decrease for account write-offs	(146)	(127)
Allowance for credit losses on accounts receivable at end of period	$107	$104

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.