Vistra Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Vistra Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,430	9,797	11,809	11,443	17,700	15,631	14,779	17,224	17,738
Selling, general and administrative	600	926	904	1,035	1,040	1,189	1,308	1,601	1,714
Operating income	198	491	1,993	1,519	-1,515	-1,177	2,661	4,081	1,906
Interest expense	193	572	797	630	384	368	740	900	1,179
Interest income	15	18	10	2	0	19	86	65	18
Pre-tax income	250	-101	1,216	890	-1,722	-1,560	2,000	3,467	1,123
Income tax	504	-45	290	266	-458	-350	508	655	179
Net income to minority interests	0	-2	-2	-12	10	17	-1	153	0
Net income	-254	-54	928	636	-1,274	-1,227	1,493	2,659	944
EBITDA	897	1,885	3,633	3,256	238	419	4,163	5,924	3,892
EPS, basic	-0.59	-0.11	1.88	1.30	-2.69	-3.26	3.63	7.16	2.22
EPS, diluted	-0.59	-0.11	1.86	1.30	-2.69	-3.26	3.58	7.00	2.18
Shares, basic (weighted)	428	505	494	489	482	422	370	345	339
Shares, diluted (weighted)	428	505	500	491	482	422	375	353	346
Dividend per share			0.13			0.72	0.82	0.87	0.90

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,487	636	300	406	1,325	455	3,485	1,188	785
Receivables	582	1,087	1,365	1,279	1,397	2,059	1,674	1,982	2,323
Inventory	253	412	469	515	610	570	740	970
Other current assets	72	152	298	205	195	293	364	523	654
Total current assets	2,673	3,435	4,114	3,429	7,883	11,116	11,637	8,119	9,179
Property, plant and equipment	4,820	14,612	13,914	13,499	13,056	12,554	12,432	18,173	19,846
Lease right-of-use assets		0	44	45	40	51	50	106	98
Goodwill	1,907	2,068	2,553	2,583	2,583	2,583	2,583	2,807	2,810
Intangible assets	2,530	2,493	2,748	2,446	2,146	1,958	1,864	2,213	2,435
Long-term investments	1,240	1,250	1,537	1,759	2,049	1,729	2,035	4,512
Other non-current assets	162	590	352	332	361	351	601	1,191	1,539
Total assets	14,600	26,024	26,616	25,208	29,683	32,787	32,966	37,770	41,550
Accounts payable	473	945	947	880	1,515	1,556	1,147	1,510	1,644
Short-term debt	44	191	277	95	254	38	2,286	880	1,201
Total current liabilities	1,351	3,625	4,574	3,036	5,843	10,337	9,823	8,432	11,814
Long-term debt	4,379	10,874	10,102	9,235	10,477	11,933	12,116	15,418	15,842
Lease liabilities		0	41	40	38	45	48	98	92
Other non-current liabilities	220	741	989	1,131	1,489	1,004	999	1,270	1,527
Total liabilities	8,258	18,157	18,656	16,847	21,391	27,869	27,644	32,187	36,440
Total debt	4,423	11,065	10,379	9,330	10,731	11,971	14,402	16,298	17,043
Paid-in capital	7,765	10,107	9,721	9,786	9,824	9,928	10,095	9,435	9,536
Retained earnings	-1,410	-1,449	-764	-399	-1,964	-3,643	-2,613	-454	-12
Treasury stock		778	-973	-973	-1,558	-3,395	-4,662	-5,912	-6,925
Other comprehensive income	-17	-22	-30	-48	-16	7	6	20	17
Shareholders' equity	6,342	7,863	7,959	8,371	8,291	4,902	5,307	5,570	5,097
Minority interests	0	4	1	-10	1	16	15	13	13
Total equity	6,342	7,867	7,960	8,361	8,292	4,918	5,322	5,583	5,110
Total liabilities and equity	14,600	26,024	26,616	25,208	29,683	32,787	32,966	37,770	41,550
Shares outstanding	428	493	488	489	469	390	351	340	338

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-254	-56	926	624	-1,264	-1,210	1,492	2,812	944
Depreciation and amortization	699	1,394	1,640	1,737	1,753	1,596	1,502	1,843	1,986
Stock-based compensation	0	73	47	65	47	63	77	100	113
Deferred income tax	418	-62	281	230	-475	-359	457	607	136
Change in receivables	7	-207	-88	-33	-228	-852	214	-242	-528
Change in inventory	22	61	-44	-59	-100	36	-174	-31	-3
Change in payables	-30	90	-221	-40	402	94	-350	19	16
Cash from operations	1,386	1,471	2,736	3,337	-206	485	5,453	4,563	4,070
Capital expenditures	-114	-530	-713	-1,259	-1,033	-1,301	-1,676	-2,078	-2,752
Acquisitions	0	0	-374	0	0	0	0	-3,065
Cash from investing	-727	-101	-1,717	-1,572	-1,153	-1,239	-2,145	-5,276	-4,396
Debt issued	0	1,000	6,507	0	1,250	1,498	2,498	3,817	2,506
Debt repaid						-251	-33	-2,287	-2,584
Share buybacks	0	-763	-656	0	-471	-1,949	-1,245	-1,266	-1,028
Dividends paid	0	0	-243	-266	-290	-302	-313	-305	-306
Cash from financing	-201	-2,723	-1,237	-1,796	2,274	-80	-294	-1,604	-74
Net change in cash	458	-1,353	-218	-31	915	-834	3,014	-2,317	-400
Free cash flow	1,272	941	2,023	2,078	-1,239	-816	3,777	2,485	1,318
Interest paid	238	639	513	482	482	581	636	987	1,165
Income taxes paid	63	67	-76	-140	-50		31	55	97

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $138.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.5%	Operating income / revenue.
EBITDA margin	28.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.5%	Pre-tax income / revenue.
Net margin	11.5%	Net income / revenue.
FCF margin	11.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.6%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	40.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	11.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.9%	Capital expenditures / revenue.
D&A / revenue	9.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-53.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	4.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-34.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	110.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-64.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	8.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-68.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	10.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	103.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-47.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-8.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-8.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.97x	Current assets / current liabilities.
Quick ratio	0.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.0%	Total debt / total assets.
Liabilities / assets	87.1%	Total liabilities / total assets.
Net debt	$19.16B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.15x	Operating income / interest expense.
Working capital	-$281.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$386.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	0.97x	Revenue / average property, plant and equipment.
Receivables turnover	8.41x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
FCF conversion	101.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	56.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$56.83	Revenue / diluted weighted shares.
FCF per share	$6.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.10	Cash from operations / diluted weighted shares.
Book value per share	$16.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.15	Tangible book value / shares outstanding.
Cash per share	$1.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	13.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	50.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$46.47B	Share price x shares outstanding.
Enterprise value	$65.63B	Market cap + total debt - cash - short-term investments.
P/E	20.9x	Market cap / net income. Only when net income is positive.
P/S	2.41x	Market cap / revenue.
P/B	8.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	120x	Market cap / tangible book value, when positive.
P/FCF	20.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.07x	Market cap / cash from operations, when positive.
EV/Sales	3.40x	Enterprise value / revenue.
EV/EBIT	18.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	3.1%	(Dividends paid + share buybacks) / market cap.

What was Vistra Corp.'s revenue in fiscal 2025?

Vistra Corp. reported revenue of $17.74B for fiscal 2025, 3% higher than the year before.

Was Vistra Corp. profitable in fiscal 2025?

Yes. Net income was $944.0M, a net margin of 5.3%.

How much free cash flow did Vistra Corp. generate in fiscal 2025?

Cash from operations of $4.07B minus capital expenditures of $2.75B left free cash flow of $1.32B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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