Vistra Corp.
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
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8. Property, Plant, and Equipment
- PROPERTY, PLANT, AND EQUIPMENT
Our property, plant, and equipment consist of our power generation assets, related mining assets, land, information systems hardware, capitalized corporate office lease space, and other leasehold improvements. Land and construction work in progress are not depreciated.
| September 30, 2026 | December 31,2025 | |
|---|---|---|
| (in millions) | ||
| Power generation and structures and office and other equipment | $26,033 | $25,084 |
| Land | 658 | 637 |
| Construction work in progress | 1,221 | 1,917 |
| Finance lease right-of-use assets | 188 | 190 |
| Nuclear fuel | 2,316 | 2,036 |
| Property, plant, and equipment — gross | 30,416 | 29,864 |
| Less accumulated depreciation | (10,461) | (9,273) |
| Less finance lease right-of-use assets accumulated amortization | (40) | (41) |
| Less accumulated amortization of nuclear fuel | (826) | (704) |
| Property, plant, and equipment — net | $19,089 | $19,846 |
Depreciation and amortization of property, plant, and equipment consisted of the following:
| Property, Plant, and Equipment · Condensed Consolidated Statements of Operations · Three Months Ended September 30, · Nine Months Ended September 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2026 · 2025 · 2026 · 2025 | |||||||||
| (in millions) | |||||||||
| Power generation and structures and office and other equipment | Depreciation and amortization | $681 | $417 | $1,550 | $1,393 | ||||
| Finance lease right-of-use assets | Depreciation and amortization | 1 | 2 | 6 | 6 | ||||
| Nuclear fuel | Fuel, purchased power costs, and delivery fees | 125 | 129 | 367 | 366 | ||||
| Total property, plant, and equipment expense | $807 | $548 | $1,923 | $1,765 | |||||
Retirement and Repowering of Generation Facilities
Below are our operating facilities that have an announced retirement date. Operating results for generation facilities with defined retirement dates, excluding facilities that will be repowered to gas-fueled facilities, are included in our Asset Closure segment in the calendar year following the year in which the retirement occurs. The Moss Landing 300 MW and Moss Landing 100 MW battery facilities were transferred to the Asset Closure segment during the first quarter of 2025 and the fourth quarter of 2025, respectively, as we do not plan to return those assets to operations. See Note 9 for additional information.
| Facility | Location | ISO/RTO | Fuel Type | Net Capacity (MW) | Expected Coal Retirement Date | Segment |
|---|---|---|---|---|---|---|
| Baldwin | Baldwin, IL | MISO | Coal | 1,185 | By the end of 2027 (a) | East |
| Kincaid | Kincaid, IL | PJM | Coal | 1,108 | By the middle of 2027 (a) | East |
| Miami Fort | North Bend, OH | PJM | Coal | 1,020 | By early 2028 | East |
| Newton | Newton, IL | MISO | Coal | 615 | By the end of 2027 (a) | East |
| Total | 3,928 | |||||
(a)Expected retirement dates may change if economic or other conditions dictate, or if we are required to continue running the plants for grid reliability reasons.
Coleto Creek in the Texas segment retired as a coal-fueled facility in September 2026 and is being repowered as a gas-fueled facility with an estimated completion date of December 2026. The Company also intends to repower Miami Fort as a gas-fueled facility upon its retirement as a coal-fueled facility. We are currently evaluating the feasibility of repowering the other coal-fueled facilities with expected retirement dates in 2027 to gas-fueled facilities.
Impairment of Long-Lived Assets
For each of the three and nine months ended September 30, 2026, we recognized an impairment loss of $269 million related to the Moss Landing 350 MW battery facility (see Note 9 for additional information). For the three and nine months ended September 30, 2025, we recognized impairment losses of approximately $5 million and $73 million, respectively, related to development projects we have no plans to complete.
In determining the fair value of the Moss Landing 350 MW battery asset group, we utilized the income approach described in ASC 820, Fair Value Measurement.
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