Vistra Corp. (VST) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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Vistra Corp. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Total reportable segment net income (loss) → Net cash from operating activities: $944,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $2,950,000,000.00Unrealized net (gain) loss from mark-to-market valuations of commodities → Operating adjustments reconciliation: $808,000,000.00Impairment of long-lived and other assets → Operating adjustments reconciliation: $228,000,000.00Other — net liabilities → Operating adjustments reconciliation: $220,000,000.00Bad debt expense → Operating adjustments reconciliation: $201,000,000.00Deferred income tax expense (benefit), net → Operating adjustments reconciliation: $136,000,000.00Asset retirement obligation accretion expense → Operating adjustments reconciliation: $134,000,000.00Stock-based compensation expense → Operating adjustments reconciliation: $113,000,000.00Other — net assets → Operating adjustments reconciliation: $88,000,000.00Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps → Operating adjustments reconciliation: $67,000,000.00Accrued taxes → Operating adjustments reconciliation: $27,000,000.00Accounts payable — trade → Operating adjustments reconciliation: $16,000,000.00Major plant outage deferral → Operating adjustments reconciliation: $7,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $3,126,000,000.00Operating adjustments reconciliation → Margin deposits, net: $769,000,000.00Operating adjustments reconciliation → Accounts receivable — trade: $528,000,000.00Operating adjustments reconciliation → Unrealized net gain from nuclear decommissioning trusts: $138,000,000.00Operating adjustments reconciliation → Involuntary conversion gain: $120,000,000.00Operating adjustments reconciliation → Commodity and other derivative contractual assets and liabilities: $102,000,000.00Operating adjustments reconciliation → Asset retirement obligation settlement: $96,000,000.00Operating adjustments reconciliation → Other, net: $47,000,000.00Operating adjustments reconciliation → Accrued employee incentive: $40,000,000.00Operating adjustments reconciliation → Change in asset retirement obligation liability: $20,000,000.00Operating adjustments reconciliation → Accrued interest: $4,000,000.00Operating adjustments reconciliation → Inventories: $3,000,000.00Operating adjustments reconciliation → Impacts of Tax Receivable Agreement: $2,000,000.00Proceeds from sales of nuclear decommissioning trust fund securities → investing reconciliation: $5,153,000,000.00Insurance proceeds for recovery of damaged property, plant, and equipment → investing reconciliation: $325,000,000.00Proceeds from sales of environmental allowances → investing reconciliation: $275,000,000.00Proceeds from sales of property, plant, and equipment, including nuclear fuel → investing reconciliation: $119,000,000.00investing reconciliation → Investments in nuclear decommissioning trust fund securities: $5,177,000,000.00investing reconciliation → Capital expenditures, including nuclear fuel purchases and LTSA prepayments: $2,752,000,000.00investing reconciliation → Purchases of environmental allowances: $1,189,000,000.00investing reconciliation → Acquisition (net of cash acquired) - Lotus Acquisition: $1,140,000,000.00investing reconciliation → Other, net: $10,000,000.00Net cash used in financing activities → financing reconciliation: $74,000,000.00Borrowings under Commodity-Linked Facility → financing reconciliation: $2,507,000,000.00Issuances of debt → financing reconciliation: $2,506,000,000.00Borrowings under Revolving Credit Facility → financing reconciliation: $530,000,000.00Net borrowings (repayments) under accounts receivable financing → financing reconciliation: $475,000,000.00financing reconciliation → Repayments/repurchases of debt: $2,584,000,000.00financing reconciliation → Repayments under Commodity-Linked Facility: $1,087,000,000.00financing reconciliation → Stock repurchases: $1,028,000,000.00financing reconciliation → Principal payment on forward repurchase obligation: $703,000,000.00financing reconciliation → Dividends paid to common stockholders: $306,000,000.00financing reconciliation → Dividends paid to preferred stockholders: $192,000,000.00financing reconciliation → Repayments under Revolving Credit Facility: $150,000,000.00financing reconciliation → Debt issuance costs: $23,000,000.00financing reconciliation → Other, net: $19,000,000.00Net cash used in investing activities → investing reconciliation: $4,396,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,222,000,000.00Net cash from operating activities → Cash sources and uses: $4,070,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $822,000,000.00Cash sources and uses → Net cash used in investing activities: $4,396,000,000.00Cash sources and uses → Net cash used in financing activities: $74,000,000.00Accounts payable — trade: $16,000,000.00Accounts payable+$16.00 MMargin deposits, net: -$769,000,000.00Margin deposits, net−$769.00 MImpacts of Tax Receivable Agreement: -$2,000,000.00Impacts of Tax Receivable Agreement−$2.00 MChange in asset retirement obligation liability: -$20,000,000.00Asset retirement settlements−$20.00 MStock-based compensation expense: $113,000,000.00Stock-based compensation+$113.00 MUnrealized net (gain) loss from mark-to-market valuations of commodities: $808,000,000.00Commodity derivative gain & loss+$808.00 MAccrued taxes: $27,000,000.00Accrued taxes+$27.00 MGain on sale of land: $0.00Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps: $67,000,000.00Interest rate swap gain & loss+$67.00 MCommodity and other derivative contractual assets and liabilities: -$102,000,000.00Commodity and other derivative contractual assetsand liabilities−$102.00 MImpairment of long-lived and other assets: $228,000,000.00Long-lived asset impairment+$228.00 MMajor plant outage deferral: $7,000,000.00Deferred costs+$7.00 MDeferred income tax expense (benefit), net: $136,000,000.00Deferred taxes & credits+$136.00 MAccounts receivable — trade: -$528,000,000.00Accounts receivable−$528.00 MAsset retirement obligation accretion expense: $134,000,000.00Accretion expense+$134.00 MAccrued employee incentive: -$40,000,000.00Accrued compensation−$40.00 MOther — net liabilities: $220,000,000.00Other operating liabilities+$220.00 MBad debt expense: $201,000,000.00Credit loss provision+$201.00 MOther — net assets: $88,000,000.00Other operating assets+$88.00 MGain on TRA repurchase and tender offers: $0.00Depreciation and amortization: $2,950,000,000.00D&A and accretion+$2.95 BAccrued interest: -$4,000,000.00Accrued interest−$4.00 MAsset retirement obligation settlement: -$96,000,000.00Asset retirement obligation settlement−$96.00 MOther, net: -$47,000,000.00Other non-cash items−$47.00 MInventories: -$3,000,000.00Inventories−$3.00 MTotal reportable segment net income (loss): $944,000,000.00Total reportable segment net income (loss)+$944.00 MUnrealized net gain from nuclear decommissioning trusts: -$138,000,000.00Decommissioning trust gain & loss−$138.00 MInvoluntary conversion gain: -$120,000,000.00Involuntary conversion gain−$120.00 MNet cash from operating activities: $4,070,000,000.00Operating cash+$4.07 BOperating adjustments reconciliation: $4,995,000,000.00Issuances of debt: $2,506,000,000.00Debt issued+$2.51 BRepayments/repurchases of debt: -$2,584,000,000.00Long-term debt repaid−$2.58 BNet borrowings (repayments) under accounts receivable financing: $475,000,000.00Receivables financing, net+$475.00 MBorrowings under Revolving Credit Facility: $530,000,000.00Credit line borrowings+$530.00 MRepayments under Revolving Credit Facility: -$150,000,000.00Credit line repayments−$150.00 MBorrowings under Commodity-Linked Facility: $2,507,000,000.00Short-term debt issued+$2.51 BRepayments under Commodity-Linked Facility: -$1,087,000,000.00Short-term debt repaid−$1.09 BDebt issuance costs: -$23,000,000.00Financing costs paid−$23.00 MStock repurchases: -$1,028,000,000.00Common stock repurchases−$1.03 BDividends paid to common stockholders: -$306,000,000.00Common dividends paid−$306.00 MDividends paid to preferred stockholders: -$192,000,000.00Preferred dividends paid−$192.00 MDividends paid to noncontrolling and redeemable noncontrolling interest holders: $0.00Payment for acquisition of noncontrolling interest: $0.00Principal payment on forward repurchase obligation: -$703,000,000.00Principal payment on forward repurchase obligation−$703.00 MTRA Repurchase and tender offer — return of capital: $0.00Other, net: -$19,000,000.00Other financing, net−$19.00 MNet cash used in financing activities: -$74,000,000.00. Cash required to fund net payments.Financing cash−$74.00 Mfinancing reconciliation: $6,092,000,000.00Capital expenditures, including nuclear fuel purchases and LTSA prepayments: -$2,752,000,000.00PP&E purchases−$2.75 BAcquisition (net of cash acquired) - Energy Harbor Merger: $0.00Acquisition (net of cash acquired) - Lotus Acquisition: -$1,140,000,000.00Acquisition (net of cash acquired) - Lotus Acquisition−$1.14 BProceeds from sales of nuclear decommissioning trust fund securities: $5,153,000,000.00Decommissioning trust sales+$5.15 BInvestments in nuclear decommissioning trust fund securities: -$5,177,000,000.00Decommissioning trust purchases−$5.18 BProceeds from sales of environmental allowances: $275,000,000.00Intangible asset sales+$275.00 MPurchases of environmental allowances: -$1,189,000,000.00Intangible asset purchases−$1.19 BInsurance proceeds for recovery of damaged property, plant, and equipment: $325,000,000.00Insurance proceeds+$325.00 MProceeds from sales of property, plant, and equipment, including nuclear fuel: $119,000,000.00Other asset sales+$119.00 MProceeds from sales of transferable ITCs: $0.00Other, net: -$10,000,000.00Other investing, net−$10.00 MNet cash used in investing activities: -$4,396,000,000.00. Cash required to fund net payments.Investing cash−$4.40 Binvesting reconciliation: $10,268,000,000.00Cash sources and uses: $5,292,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,222,000,000.00Beginning cash$1.22 BEnding cash: Cash, cash equivalents, and restricted cash: $822,000,000.00Ending cash$822.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$1.32 BOperating cash − cash spent on PP&ECash flow / Net income4.31×Operating cash flow ÷ net incomeNet cash change−$400.00 MEnding cash − beginning cash
Chart details

Vistra Corp. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
1,222,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
4,070,000,000 US dollars. Net cash provided.
Accounts payable — trade
16,000,000 US dollars
Margin deposits, net
negative 769,000,000 US dollars
Impacts of Tax Receivable Agreement
negative 2,000,000 US dollars
Change in asset retirement obligation liability
negative 20,000,000 US dollars
Stock-based compensation expense
113,000,000 US dollars
Unrealized net (gain) loss from mark-to-market valuations of commodities
808,000,000 US dollars
Accrued taxes
27,000,000 US dollars
Gain on sale of land
0 US dollars
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps
67,000,000 US dollars
Commodity and other derivative contractual assets and liabilities
negative 102,000,000 US dollars
Impairment of long-lived and other assets
228,000,000 US dollars
Major plant outage deferral
7,000,000 US dollars
Deferred income tax expense (benefit), net
136,000,000 US dollars
Accounts receivable — trade
negative 528,000,000 US dollars
Asset retirement obligation accretion expense
134,000,000 US dollars
Accrued employee incentive
negative 40,000,000 US dollars
Other — net liabilities
220,000,000 US dollars
Bad debt expense
201,000,000 US dollars
Other — net assets
88,000,000 US dollars
Gain on TRA repurchase and tender offers
0 US dollars
Depreciation and amortization
2,950,000,000 US dollars
Accrued interest
negative 4,000,000 US dollars
Asset retirement obligation settlement
negative 96,000,000 US dollars
Other, net
negative 47,000,000 US dollars
Inventories
negative 3,000,000 US dollars
Total reportable segment net income (loss)
944,000,000 US dollars
Unrealized net gain from nuclear decommissioning trusts
negative 138,000,000 US dollars
Involuntary conversion gain
negative 120,000,000 US dollars
Investing activities
negative 4,396,000,000 US dollars. Net cash used.
Capital expenditures, including nuclear fuel purchases and LTSA prepayments
negative 2,752,000,000 US dollars
Acquisition (net of cash acquired) - Energy Harbor Merger
0 US dollars
Acquisition (net of cash acquired) - Lotus Acquisition
negative 1,140,000,000 US dollars
Proceeds from sales of nuclear decommissioning trust fund securities
5,153,000,000 US dollars
Investments in nuclear decommissioning trust fund securities
negative 5,177,000,000 US dollars
Proceeds from sales of environmental allowances
275,000,000 US dollars
Purchases of environmental allowances
negative 1,189,000,000 US dollars
Insurance proceeds for recovery of damaged property, plant, and equipment
325,000,000 US dollars
Proceeds from sales of property, plant, and equipment, including nuclear fuel
119,000,000 US dollars
Proceeds from sales of transferable ITCs
0 US dollars
Other, net
negative 10,000,000 US dollars
Financing activities
negative 74,000,000 US dollars. Net cash used.
Issuances of debt
2,506,000,000 US dollars
Repayments/repurchases of debt
negative 2,584,000,000 US dollars
Net borrowings (repayments) under accounts receivable financing
475,000,000 US dollars
Borrowings under Revolving Credit Facility
530,000,000 US dollars
Repayments under Revolving Credit Facility
negative 150,000,000 US dollars
Borrowings under Commodity-Linked Facility
2,507,000,000 US dollars
Repayments under Commodity-Linked Facility
negative 1,087,000,000 US dollars
Debt issuance costs
negative 23,000,000 US dollars
Stock repurchases
negative 1,028,000,000 US dollars
Dividends paid to common stockholders
negative 306,000,000 US dollars
Dividends paid to preferred stockholders
negative 192,000,000 US dollars
Dividends paid to noncontrolling and redeemable noncontrolling interest holders
0 US dollars
Payment for acquisition of noncontrolling interest
0 US dollars
Principal payment on forward repurchase obligation
negative 703,000,000 US dollars
TRA Repurchase and tender offer — return of capital
0 US dollars
Other, net
negative 19,000,000 US dollars
Operating adjustment reconciliation
4,995,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
6,092,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
10,268,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Dec 31, 2025
822,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
5,292,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 400,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
4.31×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
4,070,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
2,752,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
1,318,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $3.13B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 4,070,000,000 US dollars minus 2,752,000,000 US dollars equals 1,318,000,000 US dollars.
Vistra Corp. (VST) FY2025 Annual Statement of Cash Flows Sankey chart
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