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Vistra Corp.VST

Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $VST

Latest filings

You are here#8 of 21 in Utilities by market cap

Filing record · 2017–202610-K1010-Q318-K168

VST filed 10 annual reports (10-K), 31 quarterly reports (10-Q) and 168 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · Jun ’18Jun ’18
  2. Material agreement8-K · Jul ’20Jul ’20
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Material agreement8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  9. $17.74B
YoY changeLargest recent move+68.4%in FY18Latest +3.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VST Financial Metrics56 metrics

Income Statement12

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

Vistra Corp. Financial Overview 2021–2025

Updated Jul 10, 2026

Vistra Corp. commanded a towering 74.0xa earnings multiple at the close of FY2025, a striking valuation for a power generator that underscores its successful transformation into a clean-energy supplier for hyperscale data centers. The data confirms that Vistra’s integrated retail and generation model, supercharged by an aggressive expansion into zero-carbon nuclear power, has successfully insulated cash flows from commodity volatility while unlocking premium secular growth.

The company engineered a dramatic financial reversal, pivoting from a $1.264 billionb net loss in FY2021—triggered by a $2.2 billion winter storm impact—to a structurally resilient enterprise valued at a $54.5 billion market cap at the end of FY2025. This evolution was anchored by the FY2024 Energy Harbor acquisition, which added 4,048 MW of nuclear capacity and allowed Vistra to harvest $556 million in federal tax credits. Management aggressively deployed this capital to buy out equity holders, shrinking the outstanding share count from 0.47 billion in FY2021 to just 0.34 billion by FY2025.

Operational momentum has only accelerated following newly secured 20-year power purchase agreements to supply Meta with 2,609 MW of nuclear capacity. This locked-in demand helped drive operating revenues to $5.640 billionc in Q1 2026. The market heavily rewarded this shift away from legacy coal generation; Vistra stock closed FY2025 at $161.33, pricing in decades of predictable, carbon-free infrastructure returns.

Recent Developments (Q4 2025 and Q1 2026)

Vistra engineered a massive profitability swing in Q1 2026, posting $1.029 billiond in net income versus a $268 million loss in Q1 2025. This surge was propelled by the Lotus integration, which added 2,600 MW of natural gas generation, alongside robust energy margins. The company is leveraging its $4.173 billion liquidity pool to restructure its portfolio, agreeing to purchase Cogentrix Energy for $2.3 billion in cash and 5 million shares.

S&P rewarded this balance sheet optimization, upgrading Vistra to an investment-grade BBB- rating. This milestone allowed the execution of a $4.0 billione private debt offering to refinance legacy obligations. Bulls argue that capacity additions like Cogentrix will further cement Vistra's generation pricing power. Conversely, bears warn that unfavorable weather impacts continue to pressure the Retail segment, triggering net losses and unrealized mark-to-market headwinds. Priced at 67.8x earnings as of the Q1 2026 report, the stock demands flawless operational execution.

What to watch: the closing of the Cogentrix Energy acquisition; retail segment performance amid shifting seasonal weather patterns.

03—Filings

Recent SEC Filings

  1. 8-KVistra Corp. 8-K Report, Material Agreement (Oct 5, 2026)Vistra Corp. (VST) announced through its indirect wholly-owned subsidiary, Vistra Operations Company LLC, the execution of an amendment to its existing Commodity-Linked Credit Agreement. The key modification under this amendment, effective September 30, 2026, is the extension of the Revolving Credit Maturity Date from September 30, 2026, to September 29, 2027. This extension provides the company with continued access to its revolving credit facility for an additional year. This refinancing event demonstrates Vistra's proactive approach to managing its liquidity and debt obligations. The extension of the credit facility's maturity date is a positive signal for investors, suggesting that the company has maintained favorable terms with its lenders and secured necessary funding to support its ongoing operations and strategic initiatives over the next fiscal year. Investors should monitor how this continued access to credit impacts the company's financial flexibility and investment capacity.
  2. 8-KVistra Corp. 8-K Report, Material Agreement (Sep 24, 2026)Vistra Corp. (VST) announced through its indirect, wholly owned subsidiary, Vistra Operations Company LLC, the successful completion of a significant underwritten public offering of junior subordinated notes. The offering raised a total of $1.5 billion, comprising $850 million in 7.000% Series A Junior Subordinated Notes due 2057 and $650 million in 7.250% Series B Junior Subordinated Notes due 2057. These notes are irrevocably and unconditionally guaranteed by Vistra Corp., providing investors with an additional layer of security. This substantial debt issuance indicates Vistra's strategy to secure long-term financing, likely for operational expansion, capital expenditures, or general corporate purposes. The coupon rates of 7.000% and 7.250% reflect the current market conditions and the junior subordinated nature of the debt. Investors should review the filing for details on the use of proceeds, the specific terms and covenants within the Indenture, and how this new debt impacts the company's leverage and financial flexibility.
  3. 8-KVistra Corp. 8-K Report, Financial Results (Aug 7, 2026)Vistra Corp. (NYSE: VST) reported second quarter 2026 results on August 7, 2026, with Ongoing Operations Adjusted EBITDA of $1,767 million, up more than 30% (about $418 million) from $1,349 million in Q2 2025. The gain was driven mainly by higher realized energy and capacity prices and three months of contribution from the Lotus plants. GAAP net income was $305 million, down $22 million year over year, largely because of a $472 million unrealized hedging loss tied to positions that settle in future years. Management reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8-$7.6 billion and Adjusted FCF before Growth guidance of $3.925-$4.725 billion, and reiterated a 2027 Adjusted EBITDA midpoint opportunity of $7.4-$7.8 billion, excluding the pending Cogentrix acquisition and the Meta power purchase agreements. Hedging coverage is high: about 100% of expected 2026 generation, 94% for 2027, and 72% for 2028. Capital returns remain a priority, with roughly $6.5 billion of buybacks since November 2021, about 336 million shares outstanding (a roughly 30% reduction), and about $1.2 billion of authorization remaining that management expects to complete by year-end 2027. Liquidity was approximately $6.3 billion at June 30, 2026. Growth initiatives include the Helix Digital Infrastructure formation with KKR, KIA, and NVIDIA (Vistra commitment of up to $1.0 billion), FERC approval of the Cogentrix acquisition, and the Permian Basin gas units and solar projects. The headline GAAP figure is noisy because of mark-to-market accounting. Investors should focus on Adjusted EBITDA, the reaffirmed guidance, and the strength of hedged 2027 volumes. Note that the reconciliation tables show a $1,744 million consolidated Adjusted EBITDA figure for the quarter, which differs from the $1,767 million Ongoing Operations figure because Asset Closure is excluded from the latter. Vistra also reported $2,222 million of operating cash flow for the first half, up from $1,171 million a year earlier, though this reflects working capital and mark-to-market adjustments.
  4. 8-KVistra Corp. 8-K Report, Material Agreement (Jul 16, 2026)Vistra Corp. (VST) announced on July 16, 2026, that its indirect wholly owned subsidiaries, TXU Energy Retail Company LLC and TXU Energy Receivables Company LLC, along with Vistra Operations Company LLC, have entered into amendments to key financing agreements. These amendments primarily extend the terms of existing credit facilities and increase the available funding under one of them, indicating continued access to liquidity and operational support. The primary amendment pertains to the Accounts Receivable Securitization Facility, where the aggregate commitment has been increased from $1.1 billion to $1.25 billion, providing Vistra with greater financial flexibility. The term of this facility has also been extended to July 9, 2027. Concurrently, a separate amendment to a Master Framework Agreement related to a repurchase facility has extended its term to July 9, 2027. These actions suggest a proactive management of Vistra's financial resources and a stable relationship with its lending partners.
  5. 8-KVistra Corp. 8-K Report, Corporate Update (Jul 14, 2026)Vistra Corp. (VST) has announced the results of the PJM Capacity Auction for the 2028/2029 planning year. The company successfully cleared approximately 10,924 megawatts (MW) of capacity at a robust weighted average clearing price of $325.00 per megawatt-day across various PJM zones. This outcome indicates Vistra's ability to secure significant revenue streams from its generation assets by meeting future capacity needs in a crucial regional market. The auction results are a positive indicator for Vistra's future financial performance, providing a degree of revenue visibility for the 2028/2029 planning period. The consistent clearing price across multiple zones suggests strong market demand for Vistra's capacity and its competitive position within the PJM Interconnection. Investors will be keen to understand how this secured capacity translates into earnings and cash flow, and how it fits within Vistra's broader generation and retail strategy.
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04—See also

Related Companies

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