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Vistra Corp Financials

VST
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Vistra Corp (VST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 37 / 100
Financial Profile 37/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
46

Vistra Corp has an operating margin of 10.8%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is down from 23.7% the prior year.

Growth
38

Vistra Corp's revenue grew a modest 3.0% year-over-year to $17.7B. This slow but positive growth earns a score of 38/100.

Leverage
34

Vistra Corp has a moderate D/E ratio of 3.34. This balance of debt and equity financing earns a leverage score of 34/100.

Liquidity
10

Vistra Corp's current ratio of 0.78 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.

Cash Flow
44

Vistra Corp has a free cash flow margin of 7.4%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
52

Vistra Corp's ROE of 18.5% shows moderate profitability relative to equity, earning a score of 52/100. This is down from 47.7% the prior year.

Altman Z-Score Distress
1.34

Vistra Corp scores 1.34, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($51.2B) relative to total liabilities ($36.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
5/9

Vistra Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
4.31x

For every $1 of reported earnings, Vistra Corp generates $4.31 in operating cash flow ($4.1B OCF vs $944.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
1.6x

Vistra Corp earns $1.6 in operating income for every $1 of interest expense ($1.9B vs $1.2B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$17.7B
YoY+3.0%
5Y CAGR+9.2%

Vistra Corp generated $17.7B in revenue in fiscal year 2025. This represents an increase of 3.0% from the prior year.

EBITDA
$3.9B
YoY-34.3%
5Y CAGR+3.6%

Vistra Corp's EBITDA was $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 34.3% from the prior year.

Net Income
$944.0M
YoY-64.5%
5Y CAGR+8.2%

Vistra Corp reported $944.0M in net income in fiscal year 2025. This represents a decrease of 64.5% from the prior year.

EPS (Diluted)
$2.18
YoY-68.9%
5Y CAGR+10.9%

Vistra Corp earned $2.18 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 68.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.3B
YoY-47.0%
5Y CAGR-8.7%

Vistra Corp generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 47.0% from the prior year.

Cash & Debt
$785.0M
YoY-33.9%
5Y CAGR+14.1%

Vistra Corp held $785.0M in cash against $17.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.90
YoY+3.2%

Vistra Corp paid $0.90 per share in dividends in fiscal year 2025. This represents an increase of 3.2% from the prior year.

Shares Outstanding
338M
YoY-0.5%
5Y CAGR-7.1%

Vistra Corp had 338M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
10.8%
YoY-12.9pp
5Y CAGR-2.5pp

Vistra Corp's operating margin was 10.8% in fiscal year 2025, reflecting core business profitability. This is down 12.9 percentage points from the prior year.

Net Margin
5.3%
YoY-10.1pp
5Y CAGR-0.2pp

Vistra Corp's net profit margin was 5.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.1 percentage points from the prior year.

Return on Equity
18.5%
YoY-29.2pp
5Y CAGR+10.9pp

Vistra Corp's ROE was 18.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 29.2 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$1.0B
YoY-18.8%

Vistra Corp spent $1.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 18.8% from the prior year.

Capital Expenditures
$2.8B
YoY+32.4%
5Y CAGR+16.9%

Vistra Corp invested $2.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.4% from the prior year.

VST Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $4.6B-7.8% $5.0B+17.0% $4.3B+8.1% $3.9B-2.6% $4.0B-35.8% $6.3B+63.5% $3.8B+25.9% $3.1B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $460.0M+3.6% $444.0M+6.0% $419.0M+7.2% $391.0M-15.7% $464.0M+12.9% $411.0M+9.6% $375.0M+6.8% $351.0M
Operating Income $474.0M-54.3% $1.0B+101.4% $515.0M+529.2% -$120.0M-120.0% $599.0M-76.9% $2.6B+220.3% $808.0M+839.5% $86.0M
Interest Expense $271.0M-5.2% $286.0M-5.6% $303.0M-5.0% $319.0M+103.2% $157.0M-52.7% $332.0M+37.8% $241.0M+41.8% $170.0M
Income Tax $75.0M-63.2% $204.0M+168.4% $76.0M+143.2% -$176.0M-351.3% -$39.0M-107.0% $555.0M+249.1% $159.0M+895.0% -$20.0M
Net Income $233.0M-64.3% $652.0M+99.4% $327.0M+222.0% -$268.0M-160.8% $441.0M-76.6% $1.9B+417.3% $365.0M+1142.9% -$35.0M
EPS (Diluted) N/A $1.75+116.0% $0.81+187.1% $-0.93 N/A $5.25+483.3% $0.90+475.0% $-0.24

VST Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $41.5B+9.3% $38.0B-0.3% $38.1B-0.2% $38.2B+1.2% $37.8B-0.3% $37.9B-3.2% $39.1B+2.5% $38.2B
Current Assets $9.2B+9.5% $8.4B-1.2% $8.5B+0.6% $8.4B+3.8% $8.1B-4.8% $8.5B-13.2% $9.8B+4.2% $9.4B
Cash & Equivalents $785.0M+30.4% $602.0M+31.4% $458.0M-18.4% $561.0M-52.8% $1.2B+31.3% $905.0M-44.3% $1.6B+51.8% $1.1B
Inventory N/A $970.0M+0.5% $965.0M+0.5% $960.0M-1.0% $970.0M+2.2% $949.0M-1.6% $964.0M-1.2% $976.0M
Accounts Receivable $2.3B-0.2% $2.3B+4.4% $2.2B+15.9% $1.9B-2.9% $2.0B-9.0% $2.2B+4.1% $2.1B+21.1% $1.7B
Goodwill $2.8B0.0% $2.8B0.0% $2.8B0.0% $2.8B+0.1% $2.8B+0.2% $2.8B-4.1% $2.9B+1.6% $2.9B
Total Liabilities $36.4B+11.1% $32.8B-1.5% $33.3B-0.2% $33.4B+3.7% $32.2B+10.1% $29.2B-8.1% $31.8B+3.0% $30.9B
Current Liabilities $11.8B+40.2% $8.4B-10.7% $9.4B-3.3% $9.8B+15.7% $8.4B+10.1% $7.7B-23.8% $10.1B+14.6% $8.8B
Long-Term Debt $17.0B+6.6% $16.0B+1.4% $15.8B-3.3% $16.3B0.0% $16.3B+10.6% $14.7B-7.3% $15.9B+8.1% $14.7B
Total Equity $5.1B-2.2% $5.2B+8.0% $4.8B0.0% $4.8B-13.4% $5.6B+2.4% $5.4B-2.7% $5.6B-1.1% $5.7B
Retained Earnings -$12.0M+88.8% -$107.0M+83.3% -$642.0M+23.1% -$835.0M-83.9% -$454.0M+40.2% -$759.0M+70.0% -$2.5B+8.3% -$2.8B

VST Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $1.4B-2.4% $1.5B+156.5% $572.0M-4.5% $599.0M-55.7% $1.4B-20.5% $1.7B+42.3% $1.2B+283.3% $312.0M
Capital Expenditures $836.0M+82.5% $458.0M-33.6% $690.0M-10.2% $768.0M+78.6% $430.0M-37.2% $685.0M+37.6% $498.0M+7.1% $465.0M
Free Cash Flow $596.0M-40.9% $1.0B+955.1% -$118.0M+30.2% -$169.0M-118.3% $923.0M-9.2% $1.0B+45.7% $698.0M+556.2% -$153.0M
Investing Cash Flow -$2.2B-355.0% -$491.0M+19.5% -$610.0M+42.5% -$1.1B-234.7% -$317.0M+58.4% -$762.0M-13.9% -$669.0M+81.0% -$3.5B
Financing Cash Flow $986.0M+218.4% -$833.0M-1222.2% -$63.0M+61.6% -$164.0M+78.2% -$754.0M+54.6% -$1.7B-9327.8% $18.0M-97.7% $793.0M
Dividends Paid $77.0M0.0% $77.0M+11.6% $69.0M-16.9% $83.0M+10.7% $75.0M-6.3% $80.0M+9.6% $73.0M-5.2% $77.0M
Share Buybacks $252.0M+34.8% $187.0M-25.8% $252.0M-25.2% $337.0M+37.6% $245.0M-38.6% $399.0M+20.5% $331.0M+13.7% $291.0M

VST Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 10.3%-10.5pp 20.9%+8.7pp 12.1%+15.2pp -3.0%-17.9pp 14.8%-26.3pp 41.2%+20.2pp 21.0%+18.2pp 2.8%
Net Margin 5.1%-8.0pp 13.1%+5.4pp 7.7%+14.5pp -6.8%-17.7pp 10.9%-19.1pp 30.0%+20.5pp 9.5%+10.6pp -1.1%
Return on Equity 4.6%-7.9pp 12.5%+5.7pp 6.8%+12.3pp -5.5%-13.5pp 7.9%-26.8pp 34.7%+28.2pp 6.5%+7.1pp -0.6%
Return on Assets 0.6%-1.1pp 1.7%+0.9pp 0.9%+1.6pp -0.7%-1.9pp 1.2%-3.8pp 5.0%+4.0pp 0.9%+1.0pp -0.1%
Current Ratio 0.78-0.2 0.99+0.1 0.90+0.0 0.86-0.1 0.96-0.2 1.11+0.1 0.98-0.1 1.07
Debt-to-Equity 3.34+0.3 3.07-0.2 3.27-0.1 3.38+0.5 2.93+0.2 2.71-0.1 2.84+0.2 2.60
FCF Margin 13.0%-7.3pp 20.3%+23.1pp -2.8%+1.5pp -4.3%-27.2pp 22.9%+6.7pp 16.2%-2.0pp 18.1%+23.2pp -5.0%

Note: The current ratio is below 1.0 (0.78), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Vistra Corp (VST) reported $17.7B in total revenue for fiscal year 2025. This represents a 3.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Vistra Corp (VST) revenue grew by 3% year-over-year, from $17.2B to $17.7B in fiscal year 2025.

Yes, Vistra Corp (VST) reported a net income of $944.0M in fiscal year 2025, with a net profit margin of 5.3%.

Vistra Corp (VST) reported diluted earnings per share of $2.18 for fiscal year 2025. This represents a -68.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Vistra Corp (VST) had EBITDA of $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Vistra Corp (VST) had $785.0M in cash and equivalents against $17.0B in long-term debt.

Vistra Corp (VST) had an operating margin of 10.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Vistra Corp (VST) had a net profit margin of 5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Vistra Corp (VST) paid $0.90 per share in dividends during fiscal year 2025.

Vistra Corp (VST) has a return on equity of 18.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Vistra Corp (VST) generated $1.3B in free cash flow during fiscal year 2025. This represents a -47.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Vistra Corp (VST) generated $4.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Vistra Corp (VST) had $41.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Vistra Corp (VST) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Vistra Corp (VST) spent $1.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Vistra Corp (VST) had 338M shares outstanding as of fiscal year 2025.

Vistra Corp (VST) had a current ratio of 0.78 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Vistra Corp (VST) had a debt-to-equity ratio of 3.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Vistra Corp (VST) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Vistra Corp (VST) has an Altman Z-Score of 1.34, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Vistra Corp (VST) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Vistra Corp (VST) has an earnings quality ratio of 4.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Vistra Corp (VST) has an interest coverage ratio of 1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Vistra Corp (VST) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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