← Filings of VST
Tables in the 10-K of Vistra Corp.
152 tables with numbers, filed Feb 27, 2026. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
Table 1 after “(Exact name of registrant as specified in its charter)”
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| Delaware | | 36-4833255 | | | |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) | | | |
| 6555 Sierra Drive | Irving, | Texas | 75039 | (214) | 812-4600 |
| (Address of principal executive offices) (Zip Code) | | (Registrant's telephone number, including area code) | | | |
| | | | PAGE |
| Glossary of Terms and Abbreviations | iii | | | |
| Forward-Looking Statements | vii | | | |
| Industry and Market Information | vii | | | |
| PART I. | | | | |
| Item 1. | BUSINESS | 1 | | |
| | Market Discussion | 1 | |
| | Business Strategy | 6 | |
First 8 of 46 rows. The CSV has all of them.
| | | 8. Loss Events and Insurance Recoveries | 107 |
| | | 9. Goodwill and Identifiable Intangible Assets and Liabilities | 110 |
| | | 10. Collateral Financing Agreement with Affiliate | 112 |
| | | 11. Debt, Credit Facilities, and Financings | 113 |
| | | 12. Leases | 122 |
| | | 13. Derivatives | 123 |
| | | 14. Fair Value Measurements | 128 |
| | | 15. Asset Retirement Obligations | 132 |
First 8 of 28 rows. The CSV has all of them.
| ERCOT | Electric Reliability Council of Texas, Inc. |
| ISO-NE | ISO New England Inc. |
| MISO | Midcontinent Independent System Operator, Inc. |
| NYISO | New York Independent System Operator, Inc. |
| PJM | PJM Interconnection, LLC |
| Authoritative Organizations: | |
| CFTC | U.S. Commodity Futures Trading Commission |
| DOE | U.S. Department of Energy |
First 8 of 40 rows. The CSV has all of them.
| Effective Date | October 3, 2016, the date our predecessor completed its reorganization under Chapter 11 of the U.S. Bankruptcy Code |
| ESPP | Vistra Corp. 2025 Employee Stock Purchase Plan |
| ESS | energy storage system |
| Fitch | Fitch Ratings Inc. (a credit rating agency) |
| GAAP | generally accepted accounting principles |
| GHG | greenhouse gas |
| GWh | gigawatt-hours |
| Heat Rate | Heat Rate is a measure of the efficiency of converting a fuel source to electricity |
First 8 of 35 rows. The CSV has all of them.
| TRA | Amended and Restated Tax Receivable Agreement, containing certain rights (TRA Rights) to receive payments from Vistra related to certain tax benefits, including benefits realized as a result of certain transactions entered into at the emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code |
| TWh | terawatt-hours |
| U.S. | United States of America |
| Vistra Operations Commodity-Linked Credit Agreement | credit agreement, dated as of February 4, 2022 (as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time) by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the other credit parties thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Agreement | credit agreement, dated as of October 3, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the letter of credit issuers party thereto, the administrative agent, the collateral agent, and the other parties named therein |
| Vistra Operations Credit Facilities | Vistra Operations senior secured financing facilities |
| Vistra Zero Credit Agreement | credit agreement, dated as of March 26, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Zero Operating, the lenders party thereto, the administrative agent, and collateral agent, and the other parties named therein |
Table 7 after “Vistra is one of the largest competitive power generators in the U.S. as measured by MWh of generation capacity. At December 31, 2025, our g”
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| Primary Fuel | Technology | Net Capacity (MW) | % of Net Capacity | |
| Natural Gas | CCGT, CT or ST | 26,989 | | 62% |
| Coal | ST | 8,743 | | 20% |
| Uranium | Nuclear | 6,448 | | 15% |
| Renewable | Solar/Battery | 1,274 | | 3% |
| Fuel Oil | CT | 187 | | —% |
| Total | | 43,641 | | 100% |
Table 8 after “We own and operate six nuclear generation units at four different facilities:”
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| Unit | ISO | Net Capacity (MW) | Refueling Outage Frequency | | License Expiration Date | |
| Comanche Peak Unit 1 | ERCOT | 1,200 | | 18 Months | | 2050 |
| Comanche Peak Unit 2 | ERCOT | 1,200 | | 18 Months | | 2053 |
| Beaver Valley Unit 1 | PJM | 939 | | 18 Months | | 2036 |
| Beaver Valley Unit 2 | PJM | 933 | | 18 Months | | 2047 |
| Perry | PJM | 1,268 | | 24 Months | | 2046 |
| Davis-Besse | PJM | 908 | | 24 Months | | 2037 |
| Total | | 6,448 | | | | |
Table 9 after “Our generation operations by segment are represented in the following table:”
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| Segment | Net Capacity (MW) | % of Net Capacity | | ISO/RTO | |
| Texas | 19,858 | | 46% | | ERCOT |
| East | 22,254 | | 51% | | PJM, ISO-NE, MISO, and NYISO |
| West | 1,529 | | 3% | | CAISO |
| Total | 43,641 | | 100% | | |
Table 10 after “The following table presents our asset fleet as of December 31, 2025 by segment. All of our facilities are 100% (fee simple) owned.”
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| Facility | Location | ISO/RTO | Technology | Primary Fuel | Net Capacity (MW) (a) |
| Texas Segment | | | | | |
| Ennis | Ennis, TX | ERCOT | CCGT | Natural Gas | 366 |
| Forney | Forney, TX | ERCOT | CCGT | Natural Gas | 1,912 |
| Hays | San Marcos, TX | ERCOT | CCGT | Natural Gas | 1,122 |
| Lamar | Paris, TX | ERCOT | CCGT | Natural Gas | 1,180 |
| Midlothian | Midlothian, TX | ERCOT | CCGT | Natural Gas | 1,596 |
| Odessa | Odessa, TX | ERCOT | CCGT | Natural Gas | 1,180 |
First 8 of 37 rows. The CSV has all of them.
| Facility | Location | ISO/RTO | Technology | Primary Fuel | Net Capacity (MW) (a) |
| Baldwin | Baldwin, IL | MISO | Solar/Battery | Renewable | 70 |
| Coffeen | Coffeen, IL | MISO | Solar/Battery | Renewable | 46 |
| Baldwin | Baldwin, IL | MISO | ST | Coal | 1,185 |
| Newton | Newton, IL | MISO | ST | Coal | 615 |
| Kincaid | Kincaid, IL | PJM | ST | Coal | 1,108 |
| Miami Fort 7 & 8 | North Bend, OH | PJM | ST | Coal | 1,020 |
| Fairless | Fairless Hills, PA | PJM | CCGT | Natural Gas | 1,320 |
First 8 of 33 rows. The CSV has all of them.
Table 12 after “The performance graph below compares Vistra's cumulative total return on common stock during the five-year period from December 31, 2020 thr”
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| December 31, | | | | | | | | | |
| 2020 | 2021 | | 2022 | 2023 | 2024 | | 2025 | | |
| Vistra Corp. | $100.00 | | $119.55 | | $125.62 | | $224.45 | | $774.87 | $911.64 |
| S&P 500 | $100.00 | | $128.68 | | $105.36 | | $133.03 | | $166.28 | $195.98 |
| S&P Utilities | $100.00 | | $117.67 | | $119.51 | | $111.05 | | $137.07 | $159.06 |
Table 13 after “The following table provides information about our repurchase of common stock, during the three months ended December 31, 2025.”
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| Period | Total Number of Shares Purchased | Average Price Paid per Share | | Total Number of Shares Purchased as Part of a Publicly Announced Program | Maximum Dollar Amount of Shares that may yet be Purchased under the Program (in millions) | |
| October 1 - October 31, 2025 | 371,820 | | $199.20 | | 371,820 | $2,174 |
| November 1 - November 30, 2025 | 509,144 | | $177.68 | | 509,144 | $2,084 |
| December 1 - December 31, 2025 | 500,181 | | $167.91 | | 500,181 | $2,000 |
| For the quarter ended December 31, 2025 | 1,381,145 | | $179.94 | | 1,381,145 | $2,000 |
Table 14 after “In October 2021, the Board authorized a share repurchase program (Share Repurchase Program). Under this program, shares of the Company's com”
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| Board Authorization Dates | Amount Authorized for Share Repurchases |
| (in billions) |
| October 2021 | $2.00 |
| August 2022 | 1.25 |
| March 2023 | 1.00 |
| February 2024 | 1.50 |
| October 2024 | 1.00 |
| October 2025 | 1.00 |
First 8 of 9 rows. The CSV has all of them.
Table 15 after “The below tables summarize the average around the clock settled prices for the periods presented and does not necessarily reflect prices we ”
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| Year Ended December 31, | | Year Ended December 31, | | | | | |
| 2025 | 2024 | | | 2025 | | 2024 | |
| Average Power Price ($/MWh): | | | | Average Natural gas price ($/MMBtu): | | | | |
| ERCOT North Hub | $32.01 | | $25.89 | | | NYMEX Henry Hub | $3.53 | $2.25 |
| ERCOT West Hub | $32.87 | | $27.45 | | | Houston Ship Channel | $3.01 | $1.87 |
| PJM AEP Dayton Hub | $45.13 | | $30.74 | | | Permian Basin | $0.62 | $0.08 |
| PJM Northern Illinois Hub | $36.65 | | $25.46 | | | Dominion South | $2.78 | $1.67 |
| PJM Western Hub | $50.25 | | $33.83 | | | Tetco ELA | $3.30 | $2.08 |
First 8 of 12 rows. The CSV has all of them.
Table 16 after “Estimated hedging levels for generation volumes in our Texas, East and West segments as of December 31, 2025 were as follows:”
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| 2026 | 2027 | |
| Nuclear/Renewable/Coal Generation: | | | |
| Texas | 100% | | 100% |
| East | 89% | | 65% |
| Natural Gas Generation: | | | |
| Texas | 92% | | 43% |
| East | 98% | | 72% |
| West | 100% | | 42% |
Table 17 after “To illustrate the impact of weather variability on our operating results, the following table presents cooling and heating degree days relat”
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| Year Ended December 31, | | | | | | | | | | | | |
| Retail | Texas | | East | West | | | | | | | | |
| 2025 | 2024 | | 2025 | 2024 | 2025 | | 2024 | 2025 | 2024 | | | |
| Weather - percent of normal (a): | | | | | | | | | | | | | |
| Cooling degree days | 104% | | 112% | | 108% | | 112% | | 94% | | 103% | 88% | 90% |
| Heating degree days | 94% | | 78% | | 99% | | 77% | | 104% | | 88% | 113% | 119% |
Table 18 after “Reliability Pricing Model (RPM) auction results, for the zones in which our assets are located, are as follows for each planning year:”
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| 2025-2026 | 2026-2027 | | 2027-2028 | |
| (average price per MW-day) | | | | |
| RTO zone | $269.92 | | $329.17 | | $333.44 |
| ComEd zone | 269.92 | | 329.17 | | 333.44 |
| MAAC zone | 269.92 | | 329.17 | | 333.44 |
| EMAAC zone | 269.92 | | 329.17 | | 333.44 |
| ATSI zone | 269.92 | | 329.17 | | 333.44 |
| DEOK zone | 269.92 | | 329.17 | | 333.44 |
First 8 of 9 rows. The CSV has all of them.
Table 19 after “Our auction and bilateral capacity sales in PJM, net of purchases, aggregated by planning year through planning year 2027-2028, are as follo”
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| East Segment | | | | |
| 2025-2026 | 2026-2027 | 2027-2028 | | |
| Capacity sold, net (MW) | 11,259 | | | 11,527 | 10,566 |
Table 20 after “Due to the short-term, seasonal nature of the NYISO capacity auctions, we monetize the majority of our capacity through bilateral trades. Ou”
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| East Segment | | | | | | | |
| Winter 2025 - 2026 | Summer 2026 | | Winter 2026 - 2027 | Summer 2027 | Winter 2027 - 2028 | | |
| Capacity sold (MW) | 909 | | 296 | | 174 | | 195 | 75 |
Table 21 after “The most recent Forward Capacity Auction results for ISO-NE Rest-of-Pool, in which most of our assets are located, are as follows for each p”
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| 2025-2026 | 2026-2027 | | 2027-2028 | |
| Price per kW-month | $2.59 | | $2.59 | | $3.58 |
Table 22 after “We continue to market and pursue longer term multi-year capacity transactions that extend through planning year 2027-2028.”
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| East Segment | | | | |
| 2025-2026 | 2026-2027 | | 2027-2028 | |
| Capacity sold (MW) | 3,453 | | 3,500 | | 3,750 |
Table 23 after “MISO auction and bilateral capacity sales through planning year 2028-2029 are as follows:”
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| East Segment | | | | | |
| 2025-2026 | 2026-2027 | | 2027-2028 | 2028-2029 | |
| Capacity sold (MW) | 1,710 | | 1,418 | | 239 | 5 |
Table 24 after “Our capacity sales as part of the California Public Utilities Commission Resource Adequacy (RA) Program in California, aggregated by calenda”
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| West Segment | | | | | |
| 2026 | 2027 | | 2028 | 2029 | |
| Bilateral capacity sold (Avg MW) | 1,415 | | 1,265 | | 350 | 350 |
Table 25 after “The following table presents Net income (loss), EBITDA and Adjusted EBITDA:”
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| Year Ended December 31, 2025 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Vistra Consolidated | | |
| (in millions) | | | | | | | | | | |
| Operating revenues | $14,340 | | $5,353 | | $6,174 | $325 | | | $74 | $(8,528) | $17,738 |
| Fuel, purchased power costs, and delivery fees | (11,686) | | (1,990) | | (3,807) | (149) | | | — | 8,531 | (9,101) |
| Operating costs | (168) | | (1,050) | | (1,381) | (59) | | | (154) | 9 | (2,803) |
| Depreciation and amortization | (94) | | (638) | | (1,120) | (61) | | | 2 | (75) | (1,986) |
| Selling, general, and administrative expenses | (1,035) | | (180) | | (235) | (14) | | | (66) | (184) | (1,714) |
First 8 of 30 rows. The CSV has all of them.
| Year Ended December 31, 2024 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Vistra Consolidated | | |
| (in millions) | | | | | | | | | | |
| Operating revenues | $12,797 | | $5,394 | | $5,661 | $839 | | | $39 | $(7,506) | $17,224 |
| Fuel, purchased power costs, and delivery fees | (10,276) | | (1,596) | | (2,698) | (218) | | | (6) | 7,509 | (7,285) |
| Operating costs | (159) | | (996) | | (1,103) | (52) | | | (101) | (3) | (2,414) |
| Depreciation and amortization | (114) | | (581) | | (996) | (58) | | | (28) | (66) | (1,843) |
| Selling, general, and administrative expenses | (977) | | (169) | | (148) | (20) | | | (48) | (239) | (1,601) |
First 8 of 28 rows. The CSV has all of them.
Table 27 after “Net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 decreased by $1.868 billion. Adjusted EBITDA fo”
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| Year Ended December 31, 2025 Compared to 2024 |
| (in millions) |
| Favorable change in realized revenue net of fuel driven primarily by a full year of Energy Harbor results and higher realized energy and capacity prices partially offset by a decrease in nuclear PTC revenue and a decrease in energy revenues due to the Martin Lake Incident | $468 |
| Higher retail margins driven by strong counts and one-time gains from supply cost management | 169 |
| Favorable change in retail customer consumption primarily due to weather | 48 |
| Increase in plant operating costs due primarily to inclusion of a full year of Energy Harbor results | (267) |
| Increase in SG&A and other primarily due to inclusion of a full year of Energy Harbor results and higher technology costs | (119) |
| Change in Adjusted EBITDA | $299 |
First 8 of 15 rows. The CSV has all of them.
| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Net income | | $1,290 | | $1,216 |
| Adjusted EBITDA | | $1,622 | | $1,463 |
| Retail electricity sales volumes (GWh): | | | | |
| Sales volumes in ERCOT | | 79,165 | 74,295 | |
| Sales volumes in Northeast/Midwest | | 59,974 | 59,066 | |
First 8 of 9 rows. The CSV has all of them.
| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Net income | | $1,604 | | $2,133 |
| Adjusted EBITDA | | $1,834 | | $2,032 |
| Production volumes (GWh): | | | | |
| Natural gas facilities | | 47,755 | 44,595 | |
| Lignite and coal facilities | | 22,673 | 23,307 | |
First 8 of 14 rows. The CSV has all of them.
| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Net income (loss) | | $(91) | | $902 |
| Adjusted EBITDA | | $2,282 | | $2,017 |
| Production volumes (GWh): | | | | |
| Natural gas facilities | | 62,870 | 60,279 | |
| Lignite and coal facilities | | 19,505 | 16,938 | |
First 8 of 14 rows. The CSV has all of them.
| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Net income | | $54 | | $486 |
| Adjusted EBITDA | | $244 | | $225 |
| Production volumes (GWh): | | | | |
| Natural gas facilities | | 2,092 | 4,175 | |
| Capacity factors: | | | | |
First 8 of 9 rows. The CSV has all of them.
| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Net loss | | $(279) | | $(131) |
Table 33 after “Explanations of variations between periods for selected income statement categories are provided below:”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Operating revenues | | $17,738 | | $17,224 |
Table 34 after “Operating revenues increased primarily due to an increase in retail revenue rates, an increase in retail customer consumption primarily due ”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Fuel, purchased power costs, and delivery fees | | $(9,101) | | $(7,285) |
| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Operating costs | | $(2,803) | | $(2,414) |
Table 36 after “Operating costs increased primarily due to the inclusion of a full year of Energy Harbor operating costs for 2025 compared to 10 months in 2”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Depreciation and amortization | | $(1,986) | | $(1,843) |
Table 37 after “Depreciation and amortization increased primarily due to a $50 million increase in depreciation expense due to the inclusion of a full year ”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Selling, general, and administrative expenses | | $(1,714) | | $(1,601) |
Table 38 after “Selling, general, and administrative expenses increased primarily due to the inclusion of a full year of Energy Harbor selling, general, and”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Other income, net | | $394 | | $291 |
Table 39 after “Other income, net increased primarily due to higher insurance income primarily due to involuntary conversion gains from Martin Lake Incident”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Interest expense and related charges | | $(1,179) | | $(900) |
Table 40 after “Interest expense and related charges increased due to higher average borrowings and decrease in unrealized mark-to-market gains on interest ”
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| Year Ended December 31, | | | |
| | 2025 | 2024 | |
| | (in millions) | | |
| Income tax expense | | $(179) | | $(655) |
| Effective tax rate | | 15.9% | | 18.9% |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | Change | |
| (in millions) | | | | |
| Net cash provided by operating activities | $4,070 | | $4,563 | | $(493) |
| Net cash used in investing activities | $(4,396) | | $(5,276) | | $880 |
| Net cash used in financing activities | $(74) | | $(1,604) | | $1,530 |
Table 42 after “The following table summarizes changes in available liquidity for the year ended December 31, 2025:”
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| December 31, 2025 | December 31, 2024 | | Change | |
| (in millions) | | | | |
| Cash and cash equivalents (a) | $785 | | $1,188 | | $(403) |
| Vistra Operations Credit Facilities — Revolving Credit Facility (b) | 1,996 | | 2,162 | | (166) |
| Vistra Operations — Commodity-Linked Facility (c) | 2 | | 771 | | (769) |
| Total available liquidity (d)(e) | $2,783 | | $4,121 | | $(1,338) |
Table 43 after “The following table summarizes the VaR for Vistra's commodity portfolio based on a 95% confidence level and an assumed holding period of 60 ”
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| Year Ended December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Average VaR | $224 | | $236 |
| High VaR | $316 | | $371 |
| Low VaR | $138 | | $86 |
Table 44 after “Our gross credit exposure (excluding collateral impacts) associated with retail and wholesale trade accounts receivable and net derivative a”
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| December 31, 2025 | | | | | | | |
| Exposure Before Credit Collateral | | | | | | | |
| Trade Accounts Receivable | Derivatives | | Gross Exposure | Credit Collateral | Net Exposure | | |
| (in millions) | | | | | | | |
| Retail segment | $1,831 | | $(16) | | $1,815 | | $48 | $1,767 |
| Texas, East, West, and Asset Closure segments: | | | | | | | | |
| Investment grade | $189 | | $448 | | $637 | | $5 | $632 |
| Below investment grade or no rating | 133 | | 66 | | 199 | | 104 | 95 |
First 8 of 10 rows. The CSV has all of them.
Table 45 after “The table below summarizes the changes in commodity contract assets and liabilities for the years ended December 31, 2025 and 2024.”
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| Year Ended December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Commodity contract net liability as of January 1 | $(1,460) | | $(2,740) |
| Mark-to-market adjustments: | | | |
| Settlements/termination of positions (a) | 970 | | 1,213 |
| Changes in fair value of positions in the portfolio (b) | (1,778) | | (58) |
| Net gain (loss) associated with mark-to-market accounting | (808) | | 1,155 |
First 8 of 11 rows. The CSV has all of them.
Table 46 after “The following maturity table presents the net commodity contract liability arising from recognition of fair values as of December 31, 2025, ”
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| Maturity dates of unrealized commodity contract net liability as of December 31, 2025 | | | | | | | |
| Source of Fair Value | Less than 1 year | 1-3 years | | 4-5 years | Excess of 5 years | Total | | |
| (in millions) | | | | | | | |
| Prices actively quoted | $(556) | | $(332) | | $(11) | | $1 | $(898) |
| Prices provided by other external sources | (194) | | (214) | | (1) | | — | (409) |
| Prices based on models | (163) | | (536) | | (287) | | (283) | (1,269) |
| Total | $(913) | | $(1,082) | | $(299) | | $(282) | $(2,576) |
Table 47 after “(Millions of Dollars, Except Share Data)”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Operating revenues | $17,738 | | $17,224 | | $14,779 |
| Fuel, purchased power costs, and delivery fees | (9,101) | | (7,285) | | (7,557) |
| Operating costs | (2,803) | | (2,414) | | (1,702) |
| Depreciation and amortization | (1,986) | | (1,843) | | (1,502) |
| Selling, general, and administrative expenses | (1,714) | | (1,601) | | (1,308) |
| Impairment of long-lived assets | (228) | | — | | (49) |
First 8 of 25 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Net income | $944 | | $2,812 | | $1,492 |
| Other comprehensive income (loss), net of tax effects: | | | | | |
| Effects related to pension and other retirement benefit obligations (net of tax expense of $—, $4 and $—) | (3) | | 14 | | (1) |
| Total other comprehensive income (loss) | (3) | | 14 | | (1) |
| Comprehensive income | 941 | | 2,826 | | 1,491 |
| Comprehensive (income) loss attributable to noncontrolling interest and redeemable noncontrolling interest | — | | (153) | | 1 |
First 8 of 9 rows. The CSV has all of them.
| VISTRA CORP.CONSOLIDATED BALANCE SHEETS(Millions of Dollars, Except Share Data) | | | |
| December 31, | | |
| 2025 | 2024 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $785 | | $1,188 |
| Restricted cash | 31 | | 28 |
| Trade accounts receivable — net | 2,323 | | 1,982 |
First 8 of 47 rows. The CSV has all of them.
| VISTRA CORP.CONSOLIDATED BALANCE SHEETS(Millions of Dollars, Except Share Data) | | | |
| December 31, | | |
| 2025 | 2024 | |
| Commitments and Contingencies | | | |
| Total equity: | | | |
| Preferred stock (100,000,000 shares authorized, $1,000 liquidation preference per share, 2,476,066 shares outstanding at both December 31, 2025 and 2024, respectively) | 2,476 | | 2,476 |
| Common stock (par value $0.01 per share, 1,800,000,000 shares authorized, 338,059,635 and 339,754,307 shares outstanding at December 31, 2025 and 2024, respectively) | 5 | | 5 |
| Treasury stock, at cost (215,599,525 and 208,998,299 shares at December 31, 2025 and 2024, respectively) | (6,925) | | (5,912) |
First 8 of 15 rows. The CSV has all of them.
| VISTRA CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions of Dollars) | | | | | |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Cash flows — operating activities: | | | | | |
| Net income | $944 | | $2,812 | | $1,492 |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | |
| Depreciation and amortization | 2,950 | | 2,631 | | 1,956 |
| Deferred income tax expense (benefit), net | 136 | | 607 | | 457 |
First 8 of 44 rows. The CSV has all of them.
| VISTRA CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions of Dollars) | | | | | |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Proceeds from sales of property, plant, and equipment, including nuclear fuel | 119 | | 196 | | 115 |
| Proceeds from sales of transferable ITCs | — | | 150 | | — |
| Other, net | (10) | | (6) | | (5) |
| Cash used in investing activities | (4,396) | | (5,276) | | (2,145) |
| Cash flows — financing activities: | | | | | |
First 8 of 36 rows. The CSV has all of them.
| VISTRA CORP.CONSOLIDATED STATEMENT OF CHANGES IN EQUITY(Millions of Dollars) | | | | | | | | | | | | | | | | |
| Preferred Stock | Common Stock | | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | | Noncontrolling Interest in Subsidiary | | Total Equity | | | |
| Balances at December 31, 2022 | $2,000 | | $5 | | $(3,395) | | $9,928 | | $(3,643) | | | $7 | | $4,902 | $16 | $4,918 |
| Series C Preferred Stock issued | 476 | | — | | — | | — | | — | | | — | | 476 | — | 476 |
| Stock repurchases | — | | — | | (1,267) | | — | | — | | | — | | (1,267) | — | (1,267) |
| Effects of stock-based incentive compensation plans (a) | — | | — | | — | | 168 | | — | | | — | | 168 | — | 168 |
| Net income (loss) | — | | — | | — | | — | | 1,493 | | | — | | 1,493 | (1) | 1,492 |
| Dividends declared on common stock | — | | — | | — | | — | | (313) | | | — | | (313) | — | (313) |
First 8 of 28 rows. The CSV has all of them.
| VISTRA CORP.CONSOLIDATED STATEMENT OF CHANGES IN EQUITY(Millions of Dollars) | | | | | | | | | | | | | | | |
| Preferred Stock | Common Stock | | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest in Subsidiary | | Total Equity | | | |
| Change in accumulated other comprehensive income | — | | — | | — | | — | | — | | (3) | | (3) | — | (3) |
| Other | — | | — | | — | | (1) | | (2) | | — | | (3) | — | (3) |
| Balances at December 31, 2025 | $2,476 | | $5 | | $(6,925) | | $9,536 | | $(12) | | $17 | | $5,097 | $13 | $5,110 |
Table 55 after “The provisional fair values assigned to the assets acquired and liabilities assumed are as follows:”
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| Lotus Acquisition |
| Fair Value as of October 22, 2025 |
| (in millions) |
| Cash and cash equivalents | $97 |
| Trade accounts receivables, inventories, prepaid expenses, and other current assets | 72 |
| Property, plant, and equipment (a) | 2,346 |
| Other noncurrent assets | 22 |
| Total identifiable assets acquired | 2,537 |
First 8 of 16 rows. The CSV has all of them.
Table 56 after “The following unaudited pro forma financial information for the Company for the years ended December 31, 2025 and 2024 assumes that the Lotu”
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| Lotus Acquisition | | |
| Year Ended December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Revenues | $18,256 | | $17,626 |
| Net income | $943 | | $2,787 |
Table 57 after “The following table summarizes the acquisition date fair value of Energy Harbor associated with the Energy Harbor Merger:”
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| Consideration |
| (in millions) |
| Cash consideration | $3,100 |
| 15% of the fair value of net assets contributed to Vistra Vision by Vistra (a) | 1,496 |
| Total purchase price | 4,596 |
| Fair value of noncontrolling interest in Energy Harbor (b) | 811 |
| Acquisition date fair value of Energy Harbor | $5,407 |
Table 58 after “The final fair values assigned to assets acquired and liabilities assumed are as follows:”
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| Energy Harbor Merger | | |
| Fair Value as of March 1, 2024 | Measurement Period Adjustments | |
| (in millions) | | |
| Cash and cash equivalents | $35 | | $5 |
| Trade accounts receivables, inventories, prepaid expenses, and other current assets | 540 | | 2 |
| Investments (a) | 2,021 | | — |
| Property, plant, and equipment (b) | 5,616 | | (4) |
| Identifiable intangible assets (c) | 444 | | 16 |
First 8 of 22 rows. The CSV has all of them.
Table 59 after “The following unaudited pro forma financial information for the Company for the years ended December 31, 2024 and 2023 assumes that the Ener”
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| Energy Harbor Merger | | |
| Year Ended December 31, | | |
| 2024 | 2023 | |
| (in millions) | | |
| Revenues | $17,948 | | $17,148 |
| Net income | $2,901 | | $1,398 |
Table 60 after “The following tables disaggregate our revenue by major source:”
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| Year Ended December 31, 2025 | | | | | | | | | | |
| Retail | | Texas | East | West | | Asset Closure | Eliminations / Corporate and Other | Consolidated | | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $8,966 | | $— | | $— | $— | | | $— | $— | $8,966 |
| Retail energy charge in Northeast/Midwest | 4,059 | | — | | — | — | | | — | — | 4,059 |
| Wholesale generation revenue from ISO/RTO | — | | 464 | | 2,626 | 98 | | | — | — | 3,188 |
| Capacity revenue from ISO/RTO (a) | — | | — | | 227 | — | | | — | — | 227 |
First 8 of 19 rows. The CSV has all of them.
Table 61 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| Year Ended December 31, 2024 | | | | | | | | | | |
| Retail | | Texas | East (a) | West | | Asset Closure | Eliminations / Corporate and Other | Consolidated | | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $8,064 | | $— | | $— | $— | | | $— | $— | $8,064 |
| Retail energy charge in Northeast/Midwest (a) | 3,595 | | — | | — | — | | | — | — | 3,595 |
| Wholesale generation revenue from ISO/RTO | — | | 399 | | 1,351 | 221 | | | 7 | — | 1,978 |
| Capacity revenue from ISO/RTO (b) | — | | — | | 74 | — | | | — | — | 74 |
First 8 of 18 rows. The CSV has all of them.
Table 62 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| Year Ended December 31, 2023 | | | | | | | | | | |
| Retail | | Texas | East (a) | West | | Asset Closure | Eliminations / Corporate and Other | Consolidated | | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $7,674 | | $— | | $— | $— | | | $— | $— | $7,674 |
| Retail energy charge in Northeast/Midwest | 1,642 | | — | | — | — | | | — | — | 1,642 |
| Wholesale generation revenue from ISO/RTO | — | | 1,190 | | 1,298 | 412 | | | 9 | — | 2,909 |
| Capacity revenue from ISO/RTO (a) | — | | — | | 98 | — | | | — | — | 98 |
First 8 of 18 rows. The CSV has all of them.
Table 63 after “Amounts with counterparties in the table below represent minimum guaranteed capacity revenues as determined on a contract by contract basis ”
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| 2026 | 2027 | | 2028 | 2029 | 2030 | | 2031 and Thereafter | Total | | |
| (in millions) | | | | | | | | | | |
| Remaining performance obligations | $1,768 | | $1,665 | | $733 | | $215 | | $215 | $3,293 | $7,889 |
| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Wholesale and retail trade accounts receivable | $2,412 | | $2,061 |
| Allowance for credit losses | (89) | | (79) |
| Trade accounts receivable — net | $2,323 | | $1,982 |
| Trade accounts receivable from contracts with customers — net | $1,826 | | $1,514 |
| Other trade accounts receivable — net | 497 | | 468 |
First 8 of 9 rows. The CSV has all of them.
Table 65 after “Allowance for Credit Losses on Accounts Receivable”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Allowance for credit losses on accounts receivable at beginning of period | $79 | | $61 | | $65 |
| Increase for bad debt expense | 201 | | 183 | | 164 |
| Decrease for account write-offs | (191) | | (165) | | (168) |
| Allowance for credit losses on accounts receivable at end of period | $89 | | $79 | | $61 |
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| NDT net income (a) | $231 | | $170 | | $— |
| Insurance settlements (b) | 120 | | 23 | | 24 |
| Gain on sale of land (c) | — | | 6 | | 95 |
| Gain on TRA settlement (d) | — | | 10 | | 29 |
| Interest income | 18 | | 65 | | 86 |
First 8 of 10 rows. The CSV has all of them.
Table 67 after “The components of our income tax expense (benefit) are as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Current: | | | | | |
| U.S. Federal | $(3) | | $2 | | $(1) |
| State | 46 | | 46 | | 52 |
| Total current | 43 | | 48 | | 51 |
| Deferred: | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 68 after “Reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded:”
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| Year Ended December 31, | | | | | | | | | |
| 2025 | 2024 | | 2023 | | | | | | |
| (in millions) | | | | | | | | | |
| Income (loss) before income taxes | $1,123 | | | | $3,467 | | | $2,000 | | |
| Income taxes at the U.S. federal statutory rate of 21% | 236 | | 21.0% | | | 728 | 21.0% | | 420 | 21.0% |
| State and local taxes, net of federal benefit (a) | 26 | | 2.3% | | | 68 | 2.0% | | 71 | 3.6% |
| Nontaxable or nondeductible items: | | | | | | | | | | |
| Nondeductible TRA accretion | (1) | | (0.1)% | | | 2 | 0.1% | | 41 | 2.1% |
First 8 of 17 rows. The CSV has all of them.
Table 69 after “Income Taxes Paid (Net of Refunds)”
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| Year Ended December 31, | | | | | | |
| 2025 | 2024 | | 2023 | | | |
| (in millions) | | | | | | |
| US Federal | $11 | | $5 | | | $— | (a) |
| US state and local | | | | | | | |
| California | 11 | | 3 | | | 5 | |
| Illinois | — | (a) | 14 | | | 15 | |
| Massachusetts | — | (a) | 4 | | | 3 | |
First 8 of 14 rows. The CSV has all of them.
Table 70 after “Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2025 and 2024 are as follows:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Noncurrent Deferred Income Tax Assets | | | |
| Tax credit carryforwards | $89 | | $86 |
| Loss carryforwards | 1,078 | | 949 |
| Identifiable intangible assets | 326 | | 340 |
| Long-term debt | 130 | | 225 |
First 8 of 17 rows. The CSV has all of them.
Table 71 after “The following table summarizes the changes to the uncertain tax positions, reported in accumulated deferred income taxes and other current l”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Balance at beginning of period, excluding interest and penalties | $4 | | $— | | $36 |
| Additions based on tax positions related to prior years | — | | 4 | | — |
| Reductions based on tax positions related to prior years | — | | — | | — |
| Reductions related to the lapse of the tax statute of limitations | — | | — | | (35) |
| Settlements with taxing authorities | — | | — | | (1) |
First 8 of 9 rows. The CSV has all of them.
Table 72 after “years. Land and construction work in progress are not depreciated.”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Power generation and structures and office and other equipment | $25,084 | | $22,943 |
| Land | 637 | | 603 |
| Construction work in progress | 1,917 | | 1,060 |
| Finance lease right-of-use assets | 190 | | 186 |
| Nuclear fuel | 2,036 | | 1,843 |
First 8 of 13 rows. The CSV has all of them.
Table 73 after “Depreciation and amortization of property, plant, and equipment (including the classification in the consolidated statements of operations) ”
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| Property, Plant, and Equipment | | Consolidated Statements of Operations | Year Ended December 31, | | | | | |
| 2025 | | 2024 | | 2023 | | | |
| | | (in millions) | | | | | |
| Power generation and structures and office and other equipment | | Depreciation and amortization | $1,811 | | | $1,662 | | $1,335 |
| Finance lease right-of-use assets | | Depreciation and amortization | 9 | | | 8 | | 9 |
| Nuclear fuel | | Fuel, purchased power costs, and delivery fees | $487 | | | $387 | | $91 |
| Total property, plant, and equipment expense | $2,307 | | | $2,057 | | | $1,435 | |
Table 74 after “MW battery facilities were transferred to the Asset Closure segment during the first quarter of 2025 and the fourth quarter of 2025, respect”
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| Facility | Location | ISO/RTO | Fuel Type | Net Capacity (MW) | Expected Retirement Date (a) | Segment |
| Baldwin | Baldwin, IL | MISO | Coal | 1,185 | By the end of 2027 | East |
| Coleto Creek | Goliad, TX | ERCOT | Coal | 650 | By the end of 2027 | Texas |
| Kincaid | Kincaid, IL | PJM | Coal | 1,108 | By the end of 2027 | East |
| Miami Fort | North Bend, OH | PJM | Coal | 1,020 | By the middle of 2028 | East |
| Newton | Newton, IL | MISO | Coal | 615 | By the end of 2027 | East |
| Total | | | | 4,578 | | |
Table 75 after “The following table summarizes the expenses recorded, net of property damage insurance recoveries, related to the Moss Landing Incident and ”
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| Year Ended December 31, 2025 | | | | |
| Moss Landing Incident | Martin Lake Incident | | Total | |
| (in millions) | | | | |
| Write-off of net book value of facility to depreciation and amortization | $400 | | $— | | $400 |
| Operating costs incurred to restore Martin Lake to service | — | | 40 | | 40 |
| Incurred and estimated cost of ASAOC activities to operating costs (a) | 102 | | — | | 102 |
| Total incident expense | $502 | | $40 | | $542 |
| Property damage insurance receivable as of the beginning of the period (b) | $— | | $— | | $— |
First 8 of 13 rows. The CSV has all of them.
Table 76 after “The following table summarizes the business interruption insurance recoveries related to the Moss Landing Incident and Martin Lake Incident ”
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| Year Ended December 31, 2025 | | | | |
| Moss Landing Incident | Martin Lake Incident | | Total | |
| (in millions) | | | | |
| Business interruption insurance proceeds realized (a) | $71 | | $47 | | $118 |
| Retail Segment | Texas Segment | | | | |
| Retail Reporting Unit (a) | Texas Generation Reporting Unit | | Goodwill Pending Allocation | Total Goodwill | |
| (in millions) | | | | | |
| Balance at December 31, 2024 | $2,461 | | $122 | | $224 | $2,807 |
| Measurement period adjustment recorded in connection with the Energy Harbor Merger (b) | 227 | | — | | (224) | 3 |
| Balance at December 31, 2025 | $2,688 | | $122 | | $— | $2,810 |
Table 78 after “Identifiable intangible assets are comprised of the following:”
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| December 31, 2025 | December 31, 2024 | | | | | | | | | |
| Identifiable Intangible Asset | Gross Carrying Amount | Accumulated Amortization | | Net | Gross Carrying Amount | Accumulated Amortization | | Net | | | |
| (in millions) | | | | | | | | | | |
| Retail customer relationships | $2,173 | | $2,067 | | $106 | | $2,173 | | | $1,977 | $196 |
| Software and other technology-related assets | 656 | | 365 | | 291 | | 601 | | | 293 | 308 |
| Retail and wholesale contracts | 369 | | 295 | | 74 | | 503 | | | 353 | 150 |
| Long-term service agreements | 18 | | 6 | | 12 | | 18 | | | 5 | 13 |
| Other identifiable intangible assets (a) | 628 | | 17 | | 611 | | 218 | | | 13 | 205 |
First 8 of 11 rows. The CSV has all of them.
Table 79 after “Identifiable intangible liabilities are comprised of the following:”
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| Year Ended December 31, | | |
| Identifiable Intangible Liability | 2025 | 2024 | |
| (in millions) | | |
| Long-term service agreements | $100 | | $108 |
| Wholesale power and fuel purchase contracts | 38 | | 47 |
| Total identifiable intangible liabilities | $138 | | $155 |
Table 80 after “Amortization of finite-lived identifiable intangible assets and liabilities (including the classification in the consolidated statements of ”
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| Identifiable Intangible Assets/Liabilities | Consolidated Statements of Operations | | Remaining useful lives of identifiable intangible assets at December 31, 2025 (weighted average in years) | | Year Ended December 31, | | | | |
| | 2025 | | 2024 | | 2023 | | | |
| | | | | (in millions) | | | | |
| Retail customer relationships | Depreciation and amortization | | 1 | | $90 | | $111 | | $98 |
| Software and other technology-related assets | Depreciation and amortization | | 2 | | 69 | | 60 | | 58 |
| Retail and wholesale contracts | Operating revenues/Fuel, purchased power costs, and delivery fees | | 3 | | (9) | | (12) | | 8 |
| Other identifiable intangible assets (a) | Fuel, purchased power costs, and delivery fees/Depreciation and amortization | | 4 | | 488 | | 414 | | 357 |
| Total intangible asset expense, net | | | $638 | | | $573 | | $521 | |
Table 81 after “As of December 31, 2025, the estimated aggregate amortization expense of identifiable intangible assets, excluding environmental allowances,”
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| Year | Estimated Amortization Expense |
| (in millions) |
| 2026 | $178 |
| 2027 | $83 |
| 2028 | $63 |
| 2029 | $45 |
| 2030 | $24 |
Table 82 after “Debt, credit facilities and financing obligations on the consolidated balance sheets consisted of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Long-term debt, including amounts due currently: | | | |
| Project-level debt | $1,569 | | $1,064 |
| Vistra Operations debt | 15,627 | | 15,405 |
| Long-term debt before unamortized premiums, discounts, and issuance costs | 17,196 | | 16,469 |
| Unamortized premiums, discounts, and issuance costs | (153) | | (171) |
First 8 of 12 rows. The CSV has all of them.
Table 83 after “The Company's long-term debt obligations, including amounts due currently, consisted of the following:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030 | $2,450 | | $2,475 |
| BCOP Credit Facility, Bridge Loans | 367 | | 367 |
| BCOP Credit Facility, Construction / Term Loans | 505 | | — |
| Vistra Zero Credit Facility, Term Loan B Facility due April 30, 2031 | 697 | | 697 |
| Vistra Operations Senior Secured Notes: | | | |
First 8 of 39 rows. The CSV has all of them.
Table 84 after “Long-term debt maturities as of December 31, 2025 are as follows:”
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| December 31, 2025 |
| (in millions) |
| 2026 | $1,201 |
| 2027 | 3,435 |
| 2028 | 786 |
| 2029 | 2,362 |
| 2030 | 2,853 |
| Thereafter | 6,559 |
First 8 of 10 rows. The CSV has all of them.
Table 85 after “Our credit facilities and related available capacity as of December 31, 2025 are presented below.”
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| | December 31, 2025 | | | | | |
| Credit Facilities | Maturity Date | Facility Limit | Borrowings Outstanding | | Letters of Credit Outstanding | Available Capacity | |
| | (in millions) | | | | | |
| Vistra Operations debt: | | | | | | | |
| Revolving Credit Facility | October 11, 2029 | $3,440 | | $380 | | $1,064 | $1,996 |
| Term Loan B-3 Facility | December 20, 2030 | 2,450 | | 2,450 | | — | — |
| Total Vistra Operations Credit Facilities | | $5,890 | | $2,830 | | $1,064 | $1,996 |
| Vistra Operations Commodity-Linked Facility | September 30, 2026 | 1,750 | | 1,420 | | — | 2 |
First 8 of 16 rows. The CSV has all of them.
Table 86 after “Principal and interest payments remaining due to Nuveen are as follows:”
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| December 31, 2025 |
| (in millions) |
| 2026 | 669 |
| Thereafter | — |
| Total scheduled payments under the UPAs | $669 |
Table 87 after “Interest Expense and Related Charges”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Interest expense | $1,107 | | $936 | | $654 |
| Unrealized mark-to-market net (gains) losses on interest rate swaps | 67 | | (53) | | 36 |
| Amortization of debt issuance costs, discounts, and premiums | 46 | | 34 | | 26 |
| Debt extinguishment gain | — | | (6) | | (3) |
| Capitalized interest | (125) | | (77) | | (37) |
First 8 of 10 rows. The CSV has all of them.
Table 88 after “The following table presents costs related to lease activities:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Operating lease cost | $16 | | $17 | | $12 |
| Finance lease: | | | | | |
| Finance lease right-of-use asset amortization | 9 | | 8 | | 10 |
| Interest on lease liabilities | 11 | | 11 | | 11 |
| Total finance lease cost | 20 | | 19 | | 21 |
First 8 of 11 rows. The CSV has all of them.
Table 89 after “The following table presents lease related balance sheet information:”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Lease assets: | | | |
| Operating lease right-of-use assets (reported in other noncurrent assets in the consolidated balance sheets) | $98 | | $106 |
| Finance lease right-of-use assets, net of accumulated amortization (reported in property, plant, and equipment in the consolidated balance sheets) | 149 | | $153 |
| Total lease right-of-use assets | $247 | | $259 |
| Current lease liabilities (reported in other current liabilities in the consolidated balance sheets): | | | |
First 8 of 16 rows. The CSV has all of them.
Table 90 after “The following table presents lease related cash flows and other information:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Non-cash disclosure upon commencement of new lease: | | | | | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $24 | | $68 | | $3 |
| Right-of-use assets obtained in exchange for new finance lease liabilities | 4 | | — | | — |
| Non-cash disclosure upon modification of existing lease: | | | | | |
| Modification of operating lease right-of-use assets | $— | | $1 | | $7 |
First 8 of 9 rows. The CSV has all of them.
Table 91 after “The following table presents weighted average remaining lease term information:”
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| December 31, | |
| 2025 | 2024 |
| Weighted average remaining lease term: | | |
| Operating lease | 24.2 years | 23.8 years |
| Finance lease | 23.1 years | 23.7 years |
| Weighted average discount rate: | | |
| Operating lease | 7.63% | 7.85% |
| Finance lease | 4.84% | 4.82% |
Table 92 after “The following table presents maturity of lease liabilities:”
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| Operating Lease | Finance Lease | | Total Lease | |
| (in millions) | | | | |
| 2026 | $18 | | $15 | | $33 |
| 2027 | 15 | | 14 | | 29 |
| 2028 | 10 | | 15 | | 25 |
| 2029 | 8 | | 13 | | 21 |
| 2030 | 8 | | 14 | | 22 |
| Thereafter | 191 | | 327 | | 518 |
First 8 of 11 rows. The CSV has all of them.
Table 93 after “As of December 31, 2025, Vistra has entered into the following interest rate swaps:”
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| Notional Amount | Expiration Date | Rate Range (d) | | |
| (in millions, except percentages) | | | | |
| Swapped to fixed (a) | $3,000 | July 2026 | 2.89% | - | 2.97% |
| Swapped to variable (a) | $700 | July 2026 | 1.44% | - | 1.49% |
| Swapped to fixed (b) | $2,300 | December 2030 | 3.20% | - | 3.76% |
| Swapped to fixed (c) | $416 | March, July and October 2045 | 3.95% | - | 4.09% |
Table 94 after “The following tables reconcile our gross derivative assets and liabilities as reported in the consolidated balance sheets to the net value o”
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| December 31, 2025 | | | | | | | |
| Derivative Contract Assets | Derivative Contract Liabilities | | | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| (in millions) | | | | | | | |
| Current assets | $2,778 | | $10 | | $5 | | $— | $2,793 |
| Noncurrent assets | 396 | | 8 | | 1 | | — | 405 |
| Current liabilities | — | | (1) | | (4,038) | | (10) | (4,049) |
| Noncurrent liabilities | (2) | | — | | (1,716) | | (11) | (1,729) |
First 8 of 12 rows. The CSV has all of them.
Table 95 after “The following tables reconcile our gross derivative assets and liabilities as reported in the consolidated balance sheets to the net value o”
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| December 31, 2024 | | | | | | | |
| Derivative Contract Assets | Derivative Contract Liabilities | | | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| (in millions) | | | | | | | |
| Current assets | $2,551 | | $34 | | $2 | | $— | $2,587 |
| Noncurrent assets | 677 | | 62 | | 1 | | — | 740 |
| Current liabilities | — | | — | | (3,333) | | (18) | (3,351) |
| Noncurrent liabilities | (2) | | — | | (1,356) | | (9) | (1,367) |
First 8 of 12 rows. The CSV has all of them.
Table 96 after “The following table summarizes the location and amount of unrealized gains and losses from our derivative instruments recorded in the consol”
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| Year Ended December 31, | | | | |
| Derivative (consolidated statements of operations presentation) | 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Reversals of previously recognized unrealized (gain) loss on derivative instruments: | | | | | |
| Commodity contracts unrealized (gain) loss in operating revenues (a) | $1,045 | | $1,140 | | $1,472 |
| Commodity contracts unrealized (gain) loss in fuel, purchased power costs, and delivery fees (a) | (75) | | 73 | | 171 |
| Interest rate swaps unrealized (gain) loss in interest expense and related charges | (15) | | (41) | | (78) |
| Total reversals of previously recognized unrealized (gain) loss on derivative instruments | $955 | | $1,172 | | $1,565 |
First 8 of 14 rows. The CSV has all of them.
Table 97 after “The following table presents the gross notional amounts of derivative volumes by commodity, excluding our NPNS derivatives that are not reco”
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| December 31, 2025 | December 31, 2024 | | |
| Derivative type | Notional Volume | Unit of Measure | | |
| Natural gas | 3,742 | | 4,568 | Million MMBtu |
| Electricity | 996,777 | | 796,982 | GWh |
| Financial transmission rights / Congestion revenue rights | 249,400 | | 248,742 | GWh |
| Coal | 22 | | 27 | Million U.S. tons |
| Fuel oil | 8 | | 2 | Million gallons |
| Emissions | 13 | | 28 | Million U.S. tons |
First 8 of 11 rows. The CSV has all of them.
Table 98 after “The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully coll”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Fair value of derivative contract liabilities (a) | $(1,822) | | $(1,587) |
| Offsetting fair value under netting arrangements (b) | 528 | | 724 |
| Cash collateral and letters of credit | 331 | | 471 |
| Liquidity exposure | $(963) | | $(392) |
Table 99 after “We have concentrations of credit risk with the counterparties to our derivative contracts that increase the risk that a default by any of ou”
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| December 31, 2025 |
| (in millions, except percentages) |
| Credit risk exposure to derivative contract counterparties: | |
| Gross exposure | $3,777 |
| Net exposure (a) | $807 |
| Largest net exposure from any single counterparty (a) | $331 |
| Percent of credit risk exposure to derivative contract counterparties related to banking and financial sector: | |
| Gross exposure | 72% |
First 8 of 9 rows. The CSV has all of them.
Table 100 after “Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown be”
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| December 31, 2025 | December 31, 2024 | | | | | | | | | | | | | | | | | | | |
| Level 1 | Level 2 | | Level 3 | Reclass (a) | Total | | Level 1 | | Level 2 | Level 3 | | Reclass (a) | | Total | | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | | |
| Commodity contracts (b) | $2,162 | | $437 | | $573 | | $8 | | | $3,180 | | $1,923 | | | $462 | | | $841 | $5 | | $3,231 |
| Interest rate swaps (b) | — | | 17 | | — | | 1 | | | 18 | | — | | | 96 | | | — | — | | 96 |
| NDTs – equity securities (c)(d) | 1,761 | | — | | — | | | | 1,761 | | 1,560 | | | — | | | — | | | 1,560 | |
| NDTs – debt securities (c)(e) | 117 | | 1,971 | | — | | | | 2,088 | | 83 | | | 1,976 | | | — | | | 2,059 | |
First 8 of 18 rows. The CSV has all of them.
Table 101 after “The following tables present the fair value of Level 3 assets and liabilities by major contract type and the significant unobservable inputs”
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| December 31, 2025 | | | | | | | | | | | | | | | | |
| Fair Value | | | | | | | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total, Net | Valuation Technique | | Significant Unobservable Input | | Range (b) | | Average (b) | | | | | |
| (in millions) | | | | | | | | | | | | | | | |
| Electricity purchases and sales | $269 | | $(1,607) | | $(1,338) | | | Income Approach | | Hourly price curve shape (c) | | $— | | to | $95 | $48 |
| | | | | | MWh | | | | | | | | | | |
| | | | | | Illiquid delivery periods for hub power prices (d) | | $25 | | to | $135 | | | $80 | | |
| | | | | | | | MWh | | | | | | | | |
First 8 of 20 rows. The CSV has all of them.
Table 102 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| December 31, 2024 | | | | | | | | | | | | | | | | |
| Fair Value | | | | | | | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total, Net | Valuation Technique | | Significant Unobservable Input | | Range (b) | | Average (b) | | | | | |
| (in millions) | | | | | | | | | | | | | | | |
| Electricity purchases and sales | $606 | | $(1,399) | | $(793) | | | Income Approach | | Hourly price curve shape (c) | | $— | | to | $95 | $48 |
| | | | | | MWh | | | | | | | | | | |
| | | | | | | Illiquid delivery periods for hub power prices and Heat Rates (d) | | $25 | | to | $140 | | | $83 | |
| | | | | | | | MWh | | | | | | | | |
First 8 of 20 rows. The CSV has all of them.
Table 103 after “The following table presents the changes in fair value of Level 3 assets and liabilities:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Net liability balance at beginning of period | $(752) | | $(1,044) | | $(1,219) |
| Total unrealized valuation gains (losses) | (548) | | (175) | | (765) |
| Purchases, issuances and settlements (a): | | | | | |
| Purchases | 313 | | 266 | | 222 |
| Issuances | (25) | | (26) | | (30) |
First 8 of 15 rows. The CSV has all of them.
| | December 31, 2025 | December 31, 2024 | | | | |
| Instrument | Fair Value Hierarchy | Carrying Amount | Fair Value | | Carrying Amount | Fair Value | |
| | (in millions) | | | | | |
| Long-term debt under the Vistra Operations Credit Facilities | Level 2 | $2,417 | | $2,459 | | $2,435 | $2,478 |
| BCOP Credit Facility | Level 3 | 859 | | 872 | | 344 | 367 |
| Vistra Zero Term Loan B Facility | Level 2 | 687 | | 688 | | 685 | 697 |
| Vistra Operations Senior Notes | Level 2 | 12,620 | | 12,955 | | 12,366 | 12,428 |
| Energy Harbor Revenue Bonds | Level 2 | 416 | | 433 | | 414 | 431 |
First 8 of 10 rows. The CSV has all of them.
Table 105 after “The following table summarizes the changes to our current and noncurrent ARO liabilities for the years ended December 31, 2025 and 2024:”
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| Nuclear Plant Decommissioning | Land Reclamation, Coal Ash and Other | | Total | |
| (in millions) | | | | |
| Liability at December 31, 2023 | $1,742 | | $796 | | $2,538 |
| Additions: | | | | | |
| Accretion (a) | 130 | | 40 | | 170 |
| Adjustment for change in estimates (b) | — | | 90 | | 90 |
| Adjustment for obligations assumed through acquisition | 1,368 | | — | | 1,368 |
| Reductions: | | | | | |
First 8 of 19 rows. The CSV has all of them.
Table 106 after “The following table summarizes the total benefit costs of our pension and OPEB plans for the years ended December 31, 2025, 2024 and 2023. T”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Pension costs | $6 | | $9 | | $9 |
| OPEB costs | 4 | | 5 | | 5 |
| Total benefit costs recognized as expense | $10 | | $14 | | $14 |
Table 107 after “The following information is based on a December 31, 2025, 2024 and 2023 measurement dates:”
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| Retirement Plan | OPEB Plans | | | | | | | | |
| Year Ended December 31, | Year Ended December 31, | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 | 2024 | | 2023 | | |
| Assumptions Used to Determine Benefit Obligations at Period End: | | | | | | | | | | |
| Discount rate | 5.39% | | 5.63% | | 4.97% | | 5.36% | | 5.62% | 4.98% |
| Expected rate of compensation increase (Vistra Plan) | 3.50% | | 3.50% | | 3.64% | | | | | |
| Expected rate of compensation increase (Dynegy Plan) | 4.68% | | 4.46% | | | | | | | |
| Interest crediting rate for cash balance plans | 4.50% | | 3.75% | | 3.50% | | | | | |
Table 108 after “The following information is based on a December 31, 2025, 2024 and 2023 measurement dates:”
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| Retirement Plan | OPEB Plans | | | | |
| Year Ended December 31, | Year Ended December 31, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| (in millions, except percentages) | | | | | |
| Change in Pension and Postretirement Benefit Obligations: | | | | | | |
| Projected benefit obligation at beginning of period | $409 | | $425 | | $99 | $108 |
| Acquisitions | — | | 23 | | — | — |
| Service cost | 2 | | 2 | | — | 1 |
First 8 of 27 rows. The CSV has all of them.
Table 109 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| Retirement Plan | OPEB Plans | | | | |
| Year Ended December 31, | Year Ended December 31, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Amounts Recognized in the Balance Sheet Consist of: | | | | | | |
| Investments | $1 | | $1 | | $2 | $2 |
| Other current liabilities | — | | — | | (8) | (8) |
| Other noncurrent liabilities | (102) | | (125) | | (82) | (83) |
| Net liability recognized | $(101) | | $(124) | | $(88) | $(89) |
First 8 of 12 rows. The CSV has all of them.
Table 110 after “As of December 31, 2025 and 2024, all of the Retirement Plan assets were measured at fair value using the net asset value per share (or its ”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Asset Category: | | | |
| Cash commingled trusts | $8 | | $6 |
| Equity securities: | | | |
| Global equities | 95 | | 86 |
| Fixed income securities: | | | |
First 8 of 14 rows. The CSV has all of them.
Table 111 after “The following table provides information regarding pension plans with PBO and ABO in excess of the fair value of plan assets.”
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| December 31, | | |
| 2025 | 2024 | |
| (in millions) | | |
| Pension Plans with PBO and ABO in Excess of Plan Assets: | | | |
| Projected benefit obligations | $413 | | $409 |
| Accumulated benefit obligation | $412 | | $408 |
| Plan assets | $312 | | $285 |
Table 112 after “The target asset allocation ranges of pension plan investments by asset category are as follows:”
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| Retirement Plan | | | | | | | | | |
| Target Allocation Ranges | | | | | | | | | |
| Asset Category: | Vistra Plan | Dynegy Plan | | Energy Harbor Plan | | | | | | |
| Fixed income securities | 50% | - | 70% | | 40% | - | 50% | 52% | - | 72% |
| Global equity securities | 20% | - | 28% | | 28% | - | 38% | 22% | - | 30% |
| Real estate | 2% | - | 6% | | 4% | - | 8% | 4% | - | 8% |
| Credit strategies | 2% | - | 6% | | 4% | - | 8% | 3% | - | 7% |
| Hedge funds | 2% | - | 6% | | 4% | - | 8% | 1% | - | 2% |
First 8 of 9 rows. The CSV has all of them.
Table 113 after “The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liab”
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| Retirement Plan | | | | |
| Expected Long-Term Rate of Return | | | | |
| Asset Class: | Vistra Plan | Dynegy Plan | | Energy Harbor Plan | |
| Fixed income securities | 5.6% | | 5.2% | | 5.3% |
| Global equity securities | 6.6% | | 6.6% | | 6.6% |
| Real estate | 6.0% | | 6.0% | | 6.0% |
| Credit strategies | 6.9% | | 6.9% | | 6.9% |
| Hedge funds | 6.9% | | 6.9% | | 6.9% |
First 8 of 10 rows. The CSV has all of them.
Table 114 after “The following tables provide information regarding the assumed health care cost trend rates.”
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| December 31, | | |
| 2025 | 2024 | |
| Assumed Health Care Cost Trend Rates-Not Medicare Eligible: | | | |
| Health care cost trend rate assumed for next year | 7.00% | | 7.00% |
| Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | | 4.50% |
| Year that the rate reaches the ultimate trend rate | 2035 | 2034 | |
| Assumed Health Care Cost Trend Rates-Medicare Eligible: | | | |
| Health care cost trend rate assumed for next year (Vistra Plan) | 10.00% | | 15.70% |
First 8 of 11 rows. The CSV has all of them.
Table 115 after “Estimated future benefit payments to beneficiaries are as follows:”
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| 2026 | 2027 | | 2028 | 2029 | 2030 | | 2031-2035 | | |
| (in millions) | | | | | | | | | |
| Pension benefits | $35 | | $43 | | $32 | | $32 | | $32 | $148 |
| OPEB | $9 | | $9 | | $8 | | $8 | | $8 | $36 |
Table 116 after “Stock-based compensation expense is reported as SG&A in the consolidated statements of operations as follows:”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions) | | | | |
| Total stock-based compensation expense | $113 | | $100 | | $77 |
| Income tax benefit | (25) | | (23) | | (18) |
| Stock based-compensation expense, net of tax | $88 | | $77 | | $59 |
Table 117 after “Stock options outstanding at December 31, 2025 are all held by current or former employees. The following table summarizes our stock option ”
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| Year Ended December 31, 2025 | | | | | |
| Stock Options (in thousands) | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in millions) | |
| Total outstanding at beginning of period | 3,600 | | $19.97 | | 3.5 | $424.4 |
| Exercised | (2,216) | | $18.89 | | | |
| Forfeited or expired | (6) | | $22.97 | | | |
| Total outstanding at end of period | 1,378 | | $21.69 | | 3.0 | $192.4 |
| Exercisable at December 31, 2025 | 1,378 | | $21.69 | | 3.0 | $192.4 |
Table 118 after “The following table summarizes our restricted stock unit activity:”
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| Year Ended December 31, 2025 | | |
| Restricted Stock Units (in thousands) | Weighted Average Grant Date Fair Value | |
| Total nonvested at beginning of period | 3,054 | | $34.30 |
| Granted | 518 | | $127.91 |
| Vested | (1,624) | | $30.69 |
| Forfeited | (124) | | $53.61 |
| Total nonvested at end of period | 1,824 | | $62.71 |
Table 119 after “As of December 31, 2025, we had minimum contractual commitments under long-term service and maintenance contracts, energy-related contracts ”
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| Long-Term Service and Maintenance Contracts (a) | Coal transportation agreements | | Pipeline transportation and storage reservation fees | | Water Contracts | |
| (in millions) | | | | | | |
| 2026 | $182 | | $63 | | $227 | | $2 |
| 2027 | 257 | | 27 | | 245 | | 10 |
| 2028 | 294 | | — | | 279 | | 10 |
| 2029 | 243 | | — | | 284 | | 10 |
| 2030 | 276 | | — | | 286 | | 10 |
| Thereafter | 1,823 | | — | | 497 | | 35 |
First 8 of 9 rows. The CSV has all of them.
Table 120 after “Changes in the number of shares of common stock issued and outstanding for the years ended December 31, 2025, 2024 and 2023 are reflected in”
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| Shares Issued | Treasury Shares | | Shares Outstanding | |
| Balance at December 31, 2022 | 537,179,072 | | (147,502,289) | | 389,676,783 |
| Shares issued (a) | 6,474,491 | | — | | 6,474,491 |
| Shares retired | (18,391) | | — | | (18,391) |
| Shares repurchased (b) | — | | (44,994,499) | | (44,994,499) |
| Balance at December 31, 2023 | 543,635,172 | | (192,496,788) | | 351,138,384 |
| Shares issued (a) | 5,117,434 | | — | | 5,117,434 |
| Shares repurchased (b) | — | | (16,560,328) | | (16,560,328) |
First 8 of 13 rows. The CSV has all of them.
Table 121 after “In October 2021, the Board authorized a share repurchase program (Share Repurchase Program). Under this program, shares of the Company's com”
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| Amount Authorized for Share Repurchases |
| (in billions) |
| Board Authorization Dates: | |
| October 2021 | $2.00 |
| August 2022 | 1.25 |
| March 2023 | 1.00 |
| February 2024 | 1.50 |
| October 2024 | 1.00 |
First 8 of 10 rows. The CSV has all of them.
Table 122 after “The following table provides information about our repurchases of common stock for the period between January 1, 2023 and February 18, 2026.”
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| $7.750 Billion Board Authorization | | | | | |
| Total Number of Shares Repurchased | Average Price Paid Per Share | Amount Paid for Shares Repurchased | | Amount Available for Additional Repurchases at the End of the Period | |
| (in millions, except share amounts and price paid per share) | | | | | |
| Year Ended December 31, 2023 | 44,994,499 | $27.89 | | $1,255 | | |
| Year Ended December 31, 2024 | 16,560,328 | 74.96 | | 1,241 | | |
| Year Ended December 31, 2025 | 6,550,237 | 154.00 | | 1,009 | | |
| January 1, 2023 through December 31, 2025 (a) | 68,105,064 | $51.46 | | $3,505 | | $2,000 |
| January 1, 2026 through February 18, 2026 | 1,185,372 | 159.80 | | 189 | | |
First 8 of 9 rows. The CSV has all of them.
Table 123 after “The following is a summary of our cumulative redeemable preferred stock outstanding. In the event of liquidation or dissolution of the Compa”
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| Preferred Stock Series | Issuance Date | Shares Issued | Shares Outstanding | | Contractual Rates | Earliest Redemption Date (a) | Date at Which Dividend Rate Becomes Floating | | Floating Annual Rates | | |
| Series A | October 15, 2021 | 1,000,000 | | 1,000,000 | | 8.000% | | October 15, 2026 | | October 15, 2026 | 5-Year U.S. Treasury rate (subject to floor of 1.07%) plus 6.93% |
| Series B | December 10, 2021 | 1,000,000 | | 1,000,000 | | 7.000% | | December 15, 2026 | | December 15, 2026 | 5-Year U.S. Treasury rate (subject to floor of 1.26%) plus 5.74% |
| Series C | December 29, 2023 | 476,081 | | 476,066 | | 8.875% | | January 15, 2029 | | January 15, 2029 | 5-Year U.S. Treasury rate (subject to floor of 3.83%) plus 5.045% |
| Year Ended December 31, | | | | |
| Preferred Stock Series | 2025 | 2024 | | 2023 | |
| Series A Preferred Stock | $80.00 | | $80.00 | | $80.00 |
| Series B Preferred Stock | $70.00 | | $70.00 | | $70.00 |
| Series C Preferred Stock | $88.75 | | $48.32 | | |
Table 125 after “Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the p”
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| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| (in millions, except share data) | | | | |
| Net income attributable to Vistra | $944 | | $2,659 | | $1,493 |
| Less cumulative dividends attributable to Series A Preferred Stock | (80) | | (80) | | (80) |
| Less cumulative dividends attributable to Series B Preferred Stock | (70) | | (70) | | (70) |
| Less cumulative dividends attributable to Series C Preferred Stock | (42) | | (42) | | — |
| Net income attributable to common stock — basic and diluted | 752 | | 2,467 | | 1,343 |
First 8 of 15 rows. The CSV has all of them.
Table 126 after “The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1”
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| Year Ended December 31, 2025 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $14,340 | | $5,353 | | $6,174 | | $325 | | $74 | $26,266 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | (8,528) | | |
| Total consolidated operating revenues | | | | | | | | $17,738 | | |
| Fuel, purchased power costs, and delivery fees (b) | (11,686) | | (1,990) | | (3,807) | | (149) | | — | |
First 8 of 24 rows. The CSV has all of them.
Table 127 after “Other includes impairment of long-lived assets and other income, net.”
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| Year Ended December 31, 2024 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $12,797 | | $5,394 | | $5,661 | | $839 | | $39 | $24,730 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | (7,506) | | |
| Total consolidated operating revenues | | | | | | | | $17,224 | | |
| Fuel, purchased power costs, and delivery fees (b) | (10,276) | | (1,596) | | (2,698) | | (218) | | (6) | |
First 8 of 23 rows. The CSV has all of them.
Table 128 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS”
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| Year Ended December 31, 2023 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $10,572 | | $3,979 | | $5,890 | | $866 | | $48 | $21,355 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | $(6,576) | | |
| Total consolidated operating revenues | | | | | | | | $14,779 | | |
| Fuel, purchased power costs, and delivery fees | (9,046) | | (2,028) | | (2,730) | | (326) | | (5) | |
First 8 of 24 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Depreciation and amortization | $— | | $— | | $(15) |
| Selling, general, and administrative expenses | (114) | | (102) | | (80) |
| Operating loss | (114) | | (102) | | (95) |
| Other income | 2 | | 28 | | 31 |
| Impacts of Tax Receivable Agreement | 2 | | (5) | | (164) |
| Loss before income tax benefit | (110) | | (79) | | (228) |
First 8 of 11 rows. The CSV has all of them.
| December 31, | | |
| 2025 | 2024 | |
| ASSETS | | | |
| Cash and cash equivalents | $67 | | $22 |
| Trade accounts receivable — affiliates | 15 | | 13 |
| Income taxes receivable | 63 | | 8 |
| Total current assets | 145 | | 43 |
| Investment in affiliated companies | 4,001 | | 4,670 |
First 8 of 23 rows. The CSV has all of them.
| Year Ended December 31, | | | | |
| 2025 | 2024 | | 2023 | |
| Cash flows — operating activities: | | | | | |
| Cash used in operating activities | $(44) | | $(37) | | $(31) |
| Cash flows — investing activities: | | | | | |
| Dividend received from subsidiaries | 1,625 | | 1,705 | | 1,625 |
| Proceeds from sales of subsidiary transferable ITCs | — | | 150 | | — |
| Cash provided by investing activities | 1,625 | | 1,855 | | 1,625 |
First 8 of 18 rows. The CSV has all of them.
Table 132 after “Vistra Corp. Exhibits to Form 10-K for the Fiscal Year Ended December 31, 2025”
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| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| (2) | Plan of Acquisition, Reorganization, Arrangement, Liquidation, or Succession | | | |
| 2.1 | 001-38086Form 8-K (filed March 7, 2023) | 2.1 | — | Transaction Agreement, dated March 6, 2023, by and among Vistra Operations Company LLC, Black Pen Inc. and Energy Harbor Corp. |
| 2.2 | 001-38086Form 8-K (filed May 21, 2025) | 2.1 | — | Purchase and Sale Agreement, dated May 15, 2025, by and among Vistra Operations Company LLC, NEP Holdco 1, L.L.C., NatGas Fund Holdings, L.L.C., SEIF III NatGas Holdings, L.L.C. and Edgewater Parent, L.L.C. |
| 2.3 | 001-38086Form 8-K (filed January 5, 2026) | 2.1 | — | Purchase and Sale Agreement, dated as of December 31, 2025, by and among Q-Generation Holdings, LLC, Vistra Operations Company LLC and Vistra Corp. |
| 2.4 | 001-38086Form 8-K (filed January 5, 2026) | 2.2 | — | Agreement and Plan of Merger, dated as of December 31, 2025, by and among Hamilton Holdings II, LLC, Vistra Operations Company LLC, TSVME LLC and Q-Generation Holdings, LLC. |
| (3(i)) | Articles of Incorporation | | | |
| 3.1 | 001-38086Form 8-K(filed on May 5, 2025) | 3.1 | — | Amended and Restated Certificate of Incorporation of Vistra Corp. |
First 8 of 15 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.2 | 001-38086 Form 8-K (filed on February 6, 2019) | 4.2 | — | Form of Rule 144A Global Security for 5.625% Senior Note due 2027 (included in Exhibit 4.1) |
| 4.3 | 001-38086 Form 8-K (filed on February 6, 2019) | 4.3 | — | Form of Regulation S Global Security for 5.625% Senior Note due 2027 (included in Exhibit 4.1) |
| 4.4 | 001-38086 Form 10-Q (Quarter ended September 30, 2019) (filed on November 5, 2019) | 4.6 | — | First Supplemental Indenture for the 5.625% Senior Notes due 2027, dated August 30, 2019, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.5 | 001-38086 Form 10-K (Year ended December 31, 2019) (filed on February 28, 2020) | 4.41 | — | Second Supplemental Indenture for the 5.625% Senior Notes due 2027, dated October 25, 2019, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.6 | 001-38086 Form 10-Q (Quarter ended March 31, 2020) (filed on May 5, 2020) | 4.7 | — | Third Supplemental Indenture for the 5.625% Senior Notes due 2027, dated January 31, 2020, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.7 | 001-38086 Form 10-Q (Quarter ended March 31, 2020) (filed on May 5, 2020) | 4.8 | — | Fourth Supplemental Indenture for the 5.625% Senior Notes due 2027, dated March 26, 2020, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.8 | 001-38086 Form 10-K (Year ended December 31, 2020) (filed on February 26, 2021) | 4.17 | — | Fifth Supplemental Indenture for the 5.625% Senior Notes due 2027, dated October 7, 2020, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
First 8 of 15 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.16 | 001-38086Form 10-Q (Quarter ended March 31, 2025) (filed on May 8, 2025) | 4.2 | — | Thirteenth Supplemental Indenture for 5.625% Senior Notes due 2027, dated January 31, 2025, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the other subsidiary guarantors party thereto and the Trustee |
| 4.17 | ** | | — | Fourteenth Supplemental Indenture for 5.625% Senior Notes, dated as of August 25, 2025, among BlueGen 1 LLC, Vistra Operations Company LLC, the other subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.18 | ** | | — | Fifteenth Supplemental Indenture for 5.625% Senior Notes, dated as of November 14, 2025, among the Subsidiary Guarantors, Vistra Operations Company LLC, and Wilmington Trust, National Association, as trustee |
| 4.19 | 001-38086 Form 8-K (filed on June 24, 2019) | 4.1 | — | Indenture for 5.00% Senior Notes due 2027, dated as of June 21, 2019, among Vistra Operations Company LLC, as Issuer, the Subsidiary Guarantors (as defined therein), and Wilmington Trust, National Association, as Trustee |
| 4.20 | 001-38086 Form 8-K (filed on June 24, 2019) | 4.2 | — | Form of Rule 144A Global Security for 5.00% Senior Notes due 2027 (included in Exhibit 4.1) |
| 4.21 | 001-38086 Form 8-K (filed on June 24, 2019) | 4.3 | — | Form of Regulation S Global Security for 5.00% Senior Notes due 2027 (included in Exhibit 4.1) |
| 4.22 | 001-38086 Form 10-Q (Quarter ended September 30, 2019) (filed on November 5, 2019) | 4.7 | — | First Supplemental Indenture for the 5.000% Senior Notes due 2027, dated August 30, 2019, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
First 8 of 15 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.30 | 001-38086 Form 10-K (Year ended December 31, 2022) (filed on March 1, 2023) | 4.36 | — | Ninth Supplemental Indenture for the 5.000% Senior Notes due 2027, dated December 15, 2022, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.31 | 001-38086 Form 10-Q (Quarter ended September 30, 2023) (filed on November 7, 2023) | 4.3 | — | Tenth Supplemental Indenture for the 5.000% Senior Notes due 2027, dated July 31, 2023, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.32 | 001-38086 Form 10-K (Year ended December 31, 2024) (filed on February 28, 2025) | 4.44 | — | Eleventh Supplemental Indenture for the 5.000% Senior Notes due 2027, dated October 20, 2023, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.33 | 001-38086 Form 10-Q (Quarter ended March 31, 2024) (filed on May 10, 2024) | 4.8 | — | Twelfth Supplemental Indenture for 5.00% Senior Notes due 2027, dated March 29, 2024, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.34 | 001-38086Form 10-Q (Quarter ended March 31, 2025) (filed on May 8, 2025) | 4.3 | — | Thirteenth Supplemental Indenture for 5.000% Senior Notes due 2027, dated January 31, 2025, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the other subsidiary guarantors party thereto and the Trustee |
| 4.35 | ** | | — | Fourteenth Supplemental Indenture for 5.000% Senior Notes due 2027, dated as of August 25, 2025, among BlueGen 1 LLC, Vistra Operations Company LLC, the other subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.36 | ** | | — | Fifteenth Supplemental Indenture for 5.000% Senior Notes due 2027, dated as of November 14, 2025, among the Subsidiary Guarantors, Vistra Operations Company LLC, and Wilmington Trust, National Association, as trustee |
First 8 of 15 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.44 | 001-38086 Form 8-K (filed on November 21, 2019) | 4.3 | — | Form of Rule 144A Global Security for 3.70% Senior Note due 2027 (included in Exhibit 4.2) |
| 4.45 | 001-38086 Form 8-K (filed on November 21, 2019) | 4.4 | — | Form of Regulation S Global Security for 3.70% Senior Note due 2027 (included in Exhibit 4.2) |
| 4.46 | 001-38086 Form 10-Q (Quarter ended March 31, 2020) (filed on May 5, 2020) | 4.11 | — | Fifth Supplemental Indenture for 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated as of January 31, 2020, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.47 | 001-38086 Form 10-Q (Quarter ended March 31, 2020) (filed on May 5, 2020) | 4.12 | — | Sixth Supplemental Indenture for 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated as of March 26, 2020, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.48 | 001-38086 Form 10-K (Year ended December 31, 2020) (filed on February 26, 2021) | 4.41 | — | Seventh Supplemental Indenture for 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated as of October 7, 2020, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.49 | 001-38086 Form 10-K (Year ended December 31, 2020) (filed on February 26, 2021) | 4.42 | — | Eighth Supplemental Indenture for 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated as of January 8, 2021, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.50 | 001-38086 Form 10-Q (Quarter ended September 30, 2021) (filed on November 5, 2021) | 4.6 | — | Ninth Supplemental Indenture for 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated as of July 29, 2021, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
First 8 of 13 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.56 | 001-38086 Form 8-K (filed on October 2, 2023) | 4.4 | — | Form of Regulation S Global Security for 6.950% Senior Secured Note due 2033 (included in Exhibit 4.1) |
| 4.57 | 001-38086 Form 10-K (Year ended December 31, 2024) (filed on February 28, 2025) | 4.67 | — | Fifteenth Supplemental Indenture for 4.30% Senior Secured Notes due 2029, 3.70% Senior Secured Notes due 2027 and 6.950% Senior Secured Notes due 2033, dated October 20, 2023, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.58 | 001-38086 Form 10-Q (Quarter ended March 31, 2024) (filed on May 10, 2024) | 4.9 | — | Sixteenth Supplemental Indenture for 4.30% Senior Secured Notes due 2029, 3.70% Senior Secured Notes due 2027 and 6.950% Senior Secured Notes due 2033, dated March 29, 2024, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.59 | 001-38086 Form 8-K (filed on April 18, 2024) | 4.1 | — | Seventeenth Supplemental Indenture for 6.000% Senior Secured Notes due 2034, dated as of April 12, 2024, between Vistra Operations Company LLC, as Issuer, the Subsidiary Guarantors, and Wilmington Trust, National Association, as Trustee |
| 4.60 | 001-38086 Form 8-K (filed on April 18, 2024) | 4.3 | — | Form of Rule 144A Global Security for 6.000% Senior Secured Note due 2034 (included in Exhibit 4.1) |
| 4.61 | 001-38086 Form 8-K (filed on April 18, 2024) | 4.5 | — | Form of Regulation S Global Security for 6.000% Senior Secured Note due 2034 (included in Exhibit 4.1) |
| 4.62 | 001-38086 Form 8-K (filed on December 9, 2024) | 4.1 | — | Eighteenth Supplemental Indenture for 5.050% Senior Secured Notes due 2026 and 5.700% Senior Secured Notes due 2034, dated as of December 4, 2024, between Vistra Operations Company LLC, as Issuer, the Subsidiary Guarantors, and Wilmington Trust, National Association, as Trustee |
First 8 of 13 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.68 | ** | | — | Twentieth Supplemental Indenture for 4.300% Senior Secured Notes due 2029, 3.70% Senior Secured Notes due 2027, 6.950% Senior Secured Notes due 2033, 6.000% Senior Secured Notes due 2034, 5.050% Senior Secured Notes due 2026 and 5.700% Senior Secured Notes due 2034, dated as of August 25, 2025, among BlueGen 1 LLC, Vistra Operations Company LLC, the other subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.69 | 001-38086Form 8-K(filed on October 15, 2025) | 4.2 | — | Twenty-First Supplemental Indenture for 4.300% Senior Secured Notes due 2028, 4.600% Senior Secured Notes due 2030 and 5.250% Senior Secured Notes due 2035, dated as of October 10, 2025, among Vistra Operations Company LLC, as Issuer, the Subsidiary Guarantors, and Wilmington Trust, National Association, as Trustee |
| 4.70 | 001-38086Form 8-K(filed on October 15, 2025) | 4.3 | — | Form of Rule 144A Global Security for 4.300% Senior Secured Note due 2028 (included in Exhibit 4.2) |
| 4.71 | 001-38086Form 8-K(filed on October 15, 2025) | 4.4 | — | Form of Rule 144A Global Security for 4.600% Senior Secured Note due 2030 (included in Exhibit 4.2) |
| 4.72 | 001-38086Form 8-K(filed on October 15, 2025) | 4.5 | — | Form of Rule 144A Global Security for 5.250% Senior Secured Note due 2035 (included in Exhibit 4.2) |
| 4.73 | 001-38086Form 8-K(filed on October 15, 2025) | 4.6 | — | Form of Regulation S Global Security for 4.300% Senior Secured Note due 2028 (included in Exhibit 4.2) |
| 4.74 | 001-38086Form 8-K(filed on October 15, 2025) | 4.7 | — | Form of Regulation S Global Security for 4.600% Senior Secured Note due 2030 (included in Exhibit 4.2) |
First 8 of 14 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.81 | ** | | — | Second Supplemental Indenture for 6.875% Senior Notes due 2032, dated as of August 25, 2025, among BlueGen 1 LLC, Vistra Operations Company LLC, the other subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.82 | ** | | — | Third Supplemental Indenture for 6.875% Senior Notes due 2032, dated as of November 14, 2025, among the Subsidiary Guarantors, Vistra Operations Company LLC, and Wilmington Trust, National Association, as trustee |
| 4.83 | 001-38086 Form 8-K (filed on October 2, 2023) | 4.2 | — | Indenture for the 7.750% Senior Unsecured Notes due 2031, dated as of September 26, 2023, by and among Vistra Operations Company LLC, as Issuer, the Subsidiary Guarantors and the Trustee |
| 4.84 | 001-38086 Form 8-K (filed on October 2, 2023) | 4.5 | — | Form of Rule 144A Global Security for 7.750% Senior Unsecured Note due 2031 (included in Exhibit 4.2) |
| 4.85 | 001-38086 Form 8-K (filed on October 2, 2023) | 4.6 | — | Form of Regulation S Global Security for 7.750% Senior Unsecured Note due 2031 (included in Exhibit 4.2) |
| 4.86 | 001-38086 Form 10-K (Year ended December 31, 2024) (filed on February 28, 2025) | 4.85 | — | First Supplemental Indenture for 7.750% Senior Secured Notes due 2031, dated October 20, 2023, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.87 | 001-38086 Form 10-Q (Quarter ended March 31, 2024) (filed on May 10, 2024) | 4.3 | — | Second Supplemental Indenture for 7.750% Senior Secured Notes due 2031, dated March 29, 2024, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
First 8 of 16 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.96 | 001-38086 Form 10-K (Year ended December 31, 2022) (filed on March 1, 2023) | 4.65 | — | Third Supplemental Indenture for the 4.375% Senior Notes due 2029, dated December 15, 2022, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.97 | 001-38086 Form 10-Q (Quarter ended September 30, 2023) (filed on November 7, 2023) | 4.5 | — | Fourth Supplemental Indenture for the 4.375% Senior Notes due 2029, dated July 31, 2023, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.98 | 001-38086 Form 10-K (Year ended December 31, 2024) (filed on February 28, 2025) | 4.94 | — | Fifth Supplemental Indenture for 4.375% Senior Notes due 2029, dated October 20, 2023, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.99 | 001-38086 Form 10-Q (Quarter ended March 31, 2024) (filed on May 10, 2024) | 4.5 | — | Sixth Supplemental Indenture for 4.375% Senior Notes due 2029, dated March 29, 2024, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee |
| 4.100 | 001-38086 Form 10-Q (Quarter ended March 31, 2025) (filed on May 8, 2025) | 4.6 | — | Seventh Supplemental Indenture for 4.375% Senior Notes due 2029, dated January 31, 2025, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the other subsidiary guarantors party thereto and the Trustee |
| 4.101 | ** | | — | Eighth Supplemental Indenture for 4.375% Senior Notes, dated as of August 25, 2025, among BlueGen 1 LLC, Vistra Operations Company LLC, the other subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee |
| 4.102 | ** | | — | Ninth Supplemental Indenture for 4.375% Senior Notes, dated as of November 14, 2025, among the Subsidiary Guarantors, Vistra Operations Company LLC, and Wilmington Trust, National Association, as trustee |
First 8 of 15 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.110 | 001-38086 Form 8-K (filed on August 23, 2018) | 4.8 | — | Receivable Purchase Agreement dated as of August 21, 2018, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.111 | 001-38086 Form 8-K (filed on April 5, 2019) | 4.1 | — | First Amendment to Purchase and Sale Agreement, dated as of April 1, 2019, among TXU Energy Retail Company LLC, Dynegy Energy Services, LLC, and Dynegy Energy Services (East), LLC, each as an originator, and TXU Energy Receivables Company LLC, as purchaser |
| 4.112 | 001-38086 Form 10-Q (Quarter ended June 30, 2019) (filed on August 2, 2019) | 4.12 | — | Second Amendment to Purchase and Sale Agreement, dated as of June 3, 2019, among TXU Energy Retail Company LLC, Dynegy Energy Services, LLC, and Dynegy Energy Services (East), LLC, each as an originator, and TXU Energy Receivables Company LLC, as purchaser |
| 4.113 | 001-38086 Form 8-K (filed on July 19, 2019) | 4.1 | — | Third Amendment to Purchase and Sale Agreement, dated as of July 15, 2019, among TXU Energy Retail Company LLC, Dynegy Energy Services, LLC, and Dynegy Energy Services (East), LLC, each as an originator, and TXU Energy Receivables Company LLC, as purchaser |
| 4.114 | 001-38086 Form 8-K (filed on October 16, 2020) | 4.1 | — | Fourth Amendment to Purchase and Sale Agreement, dated as of October 9, 2020, among TXU Energy Retail Company LLC, as an originator and servicer, the other originators named therein, and TXU Energy Receivables Company LLC, as purchaser |
| 4.115 | 001-38086 Form 8-K (filed on December 28, 2020) | 4.1 | — | Fifth Amendment to Purchase and Sale Agreement, dated as of December 21, 2020, among TXU Energy Retail Company LLC, certain originators named therein, and TXU Energy Receivables Company LLC, as purchaser |
| 4.116 | 001-38086 Form of 8-K (filed on April 9, 2024) | 4.2 | — | Sixth Amendment to Purchase and Sale Agreement, dated as of April 8, 2024, among TXU Receivables, as buyer, TXU Retail, as servicer, certain originators named therein and Credit Agricole Corporate and Investment Bank, as administrator |
First 8 of 12 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.121 | 001-38086 Form 8-K (filed on July 16, 2020) | 4.1 | — | Fifth Amendment to Receivables Purchase Agreement, dated as of July 13, 2020, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.122 | 001-38086 Form 8-K (filed on October 16, 2020) | 4.2 | — | Sixth Amendment to Receivables Purchase Agreement, dated as of October 9, 2020, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein, and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.123 | 001-38086 Form 8-K (filed on December 28, 2020) | 4.2 | — | Seventh Amendment to Receivables Purchase Agreement, dated as of December 21, 2020, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein, and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.124 | 001-38086 Form 10-K (Year ended December 31, 2020) (filed on February 26, 2021) | 4.56 | — | Eighth Amendment to Receivables Purchase Agreement, dated as of February 19, 2020, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein, and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.125 | 001-38086 Form 10-Q (Quarter ended March 31, 2021) (filed on May 4, 2021) | 4.6 | — | Ninth Amendment to Receivables Purchase Agreement, dated as of March 26, 2021, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein, and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.126 | 001-38086 Form 8-K (filed on July 15, 2021) | 4.1 | — | Tenth Amendment to Receivables Purchase Agreement, dated as of July 9, 2021, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein, and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.127 | 001-38086 Form 10-Q (Quarter ended September 30, 2021) (filed on November 5, 2021) | 4.2 | — | Eleventh Amendment to Receivables Purchase Agreement, dated as of July 16, 2021, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein, and Credit Agricole Corporate and Investment Bank, as administrator |
First 8 of 11 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.131 | 001-38086 Form of 8-K (filed on July 12, 2024) | 4.1 | — | Fifteenth Amendment to Receivables Purchase Agreement, dated as of July 11, 2024, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.132 | 001-38086Form of 8-K(filed on July 16, 2025) | 4.1 | — | Sixteenth Amendment to Receivables Purchase Agreement, dated as of July 11, 2025, among TXU Energy Receivables Company LLC, as seller, TXU Energy Retail Company LLC, as servicer, Vistra Operations Company LLC, as performance guarantor, certain purchaser agents and purchasers named therein and Credit Agricole Corporate and Investment Bank, as administrator |
| 4.133 | 001-38086 Form of 8-K (filed on June 22, 2023) | 4.1 | — | Facility Agreement, dated June 15, 2023, among Palomino Funding Trust I, Vistra Operations Company LLC, the subsidiary guarantors party thereto and Bank of New York Mellon Trust Company, N.A., as senior secured notes trustee |
| 4.134 | 001-38086 Form of 8-K (filed on June 22, 2023) | 4.2 | — | Amended and Restated Declaration of Trust of Palomino Funding Trust I, dated June 15, 2023, among Vistra Operations Company LLC, as depositor, The Bank of New York Mellon Trust Company, N.A., as trustee, BNY Mellon Trust of Delaware, as Delaware trustee, and Vistra Operations Company LLC, solely for the purposes of Sections 5.10(b) and (f), Sections 5.17(b), (d), (e) and (f) and Section 10.4(c) |
| 4.135 | 001-38086 Form of 8-K (filed on June 22, 2023) | 4.3 | — | Indenture, dated June 15, 2023, between Vistra Operations Company LLC, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee |
| 4.136 | 001-38086 Form of 8-K (filed on June 22, 2023) | 4.4 | — | Supplemental Indenture, dated June 15, 2023, between Vistra Operations Company LLC, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee |
| 4.137 | 001-38086 Form of 8-K (filed on June 22, 2023) | 4.5 | — | Form of 7.233% Senior Secured Notes due 2028 (included in Exhibit 4.4) |
First 8 of 13 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 4.143 | ** | | — | Seventh Supplemental Indenture for 7.233% Senior Secured Notes due 2028, dated as of November 14, 2025, among the Subsidiary Guarantors, Vistra Operations Company LLC, and the Bank of New York Mellon Trust Company, N.A., as trustee |
| 4.144 | 333-215288Form S-1 (filed December 23, 2016) | 4.1 | — | Registration Rights Agreement, by and among TCEH Corp. (now known as Vistra Corp.) and the Holders party thereto, dated as of October 3, 2016 |
| 4.145 | 001-38086 Form 10-K (Year ended December 31, 2024) (filed on February 28, 2025) | 4.134 | — | Description of Capital Stock |
| (10) | Material Contracts | | | |
| Management Contracts; Compensatory Plans, Contracts and Arrangements | | | |
| 10.1 | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.6 | — | 2016 Omnibus Incentive Plan |
| 10.2 | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.7 | — | Form of Option Award Agreement (Management) for 2016 Omnibus Incentive Plan (pre-2021 awards) |
First 8 of 17 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 10.12 | 001-33443Form 10-K (Year ended December 31, 2018) (filed on February 28, 2019) | 10.7 | — | Vistra Equity Deferred Compensation Plan for Certain Directors, effective as of January 1, 2019 |
| 10.13 | 001-38086 Form 10-K (Year ended December 31, 2020) (filed on February 26, 2021) | 10.13 | — | Amendment No. 1 to the Vistra Equity Deferred Compensation Plan, dated effective as of February 24, 2021 |
| 10.14 | 001-38086 Form 10-K (Year ended December 31, 2023) (filed on February 29, 2024) | 10.15 | — | Second Amended and Restated Employment Agreement, dated March 20, 2022, between James A. Burke and Vistra Corp. |
| 10.15 | 001-38086 Form 10-K (Year ended December 31, 2023) (filed on February 29, 2024) | 10.16 | — | Employment Agreement, dated as of July 20, 2022, between Kristopher E. Moldovan, Vistra Corp. and Vistra Corporate Services Company |
| 10.16 | 001-38086 Form 10-K (Year ended December 31, 2023) (filed on February 29, 2024) | 10.17 | — | Amended and Restated Employment Agreement, dated as of May 5, 2022, between Stephanie Zapata Moore, Vistra Corp. and Vistra Corporate Services Company |
| 10.17 | 001-38086 Form 10-K (Year ended December 31, 2023) (filed on February 29, 2024) | 10.18 | — | Amended and Restated Employment Agreement, dated as of May 5, 2022, between Carrie Lee Kirby, Vistra Corp. and Vistra Corporate Services Company |
| 10.18 | 001-38086 Form 10-K (Year ended December 31, 2023) (filed on February 29, 2024) | 10.19 | — | Amended and Restated Employment Agreement, dated as of May 5, 2022, between Scott A. Hudson, Vistra Corp. and Vistra Corporate Services Company |
First 8 of 16 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 10.26 | 001-38086Form 8-K (filed August 17, 2017) | 10.1 | — | Fourth Amendment to Credit Agreement, dated as of August 17, 2017 (effective August 17, 2017), by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10.27 | 001-38086Form 8-K (filed December 14, 2017) | 10.1 | — | Fifth Amendment to Credit Agreement, dated as of December 14, 2017 (effective December 14, 2017), by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10.28 | 001-38086Form 8-K (filed February 22, 2018) | 10.1 | — | Sixth Amendment to Credit Agreement, dated as of February 20, 2018 (effective February 20, 2018), by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10.29 | 001-38086Form 8-K (filed June 15, 2018) | 10.1 | — | Seventh Amendment to Credit Agreement, dated as of June 14, 2018, by and among Vistra Operations Company LLC, Vistra Intermediate Company LLC, the other Credit Parties party thereto, Credit Suisse and Citibank, N.A. as the 2018 Incremental Term Loan Lenders, the various other Lenders party thereto, Credit Suisse as Successor Administrative Agent and as Successor Collateral Agent, and Delaware Trust Company, as Collateral Trustee. |
| 10.30 | 001-38086Form 8-K (filed April 4, 2019) | 10.4 | — | Eighth Amendment to Credit Agreement, dated March 29, 2019, by and among Vistra Operations Company LLC, Vistra Intermediate Company LLC, the other Credit Parties (as defined in the Vistra Operations Credit Agreement) party thereto, Bank of Montreal, Chicago Branch, as new Revolving Loan Lender, Revolving Letter of Credit Issuer and Joint Lead Arranger, the various other Lenders and Letter of Credit Issuers party thereto, and Credit Suisse as Administrative Agent and Collateral Agent |
| 10.31 | 001-38086Form 8-K (filed May 29, 2019) | 10.1 | — | Ninth Amendment to Credit Agreement, dated May 29, 2019, by and among Vistra Operations Company LLC, Vistra Intermediate Company LLC, the other Credit Parties (as defined in the Vistra Operations Credit Agreement) party thereto, Sun Trust Bank, as incremental Revolving Loan Lender, and Credit Suisse AG, Cayman Island Branch, as Administrative Agent and Collateral Agent |
| 10.32 | 001-38086 Form 8-K (filed on November 21, 2019) | 10.1 | — | Tenth Amendment to the Credit Agreement, dated November 15, 2019, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the other Credit Parties (as defined in the Credit Agreement) party thereto, the other Credit Parties (as defined in the Credit Agreement) party thereto, Credit Suisse AG, Cayman Islands Branch (as the 2019 Incremental Term Loan Lender and as Administrative Agent and as Collateral Agent), and the other Lenders party thereto |
First 8 of 9 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 10.34 | 001-38086 Form 10-Q (Quarter ended September 30, 2022) (filed on November 4, 2022) | 10.3 | — | Twelfth Amendment to the Credit Agreement, dated July 18, 2022, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the other Credit Parties (as defined in the Credit Agreement) party thereto, financial institutions, Revolving Credit Lenders, and Revolving Letter of Credit Issuers (in each case as defined in the Credit Agreement) party thereto, and Credit Suisse AG, Cayman Islands Branch (as Administrative Agent and as Collateral Agent) |
| 10.35 | 001-38086 Form 10-Q (Quarter ended June 30, 2023) (filed on August 9, 2023) | 10.1 | — | Thirteenth Amendment to the Credit Agreement, dated April 28, 2023, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the other Credit Parties (as defined in the Credit Agreement) party thereto, financial institutions, Revolving Credit Lenders, and Revolving Letter of Credit Issuers (in each case as defined in the Credit Agreement) party thereto, and Credit Suisse AG, Cayman Islands Branch (as Administrative Agent and as Collateral Agent) |
| 10.36 | 001-38086 Form 10-Q (Quarter ended September 30, 2023) (filed on November 7, 2023) | 10.1 | — | Fourteenth Amendment to the Credit Agreement, dated September 26, 2023, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the other Credit Parties (as defined in the Credit Agreement) party thereto, financial institutions, Revolving Credit Lenders, and Revolving Letter of Credit Issuers (in each case as defined in the Credit Agreement) party thereto, and Credit Suisse AG, Cayman Islands Branch (as Administrative Agent and as Collateral Agent) |
| 10.37 | 001-38086 Form 8-K (filed on December 26, 2023) | 10.1 | — | Fifteenth Amendment to the Credit Agreement, dated December 20, 2023, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the 2023 Incremental Term Loan Lender, the other Credit Parties (as defined in the Credit Agreement) party thereto, the other lenders party thereto, and Credit Suisse AG, Cayman Islands Branch (as Administrative Agent and as Collateral Agent) |
| 10.38 | 001-38086 Form 10-Q (Quarter ended September 30, 2024) (filed on November 8, 2024) | 10.6 | — | Sixteenth Amendment to the Credit Agreement, dated October 11, 2024, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the guarantors party thereto, the revolving credit lenders and revolving letter of credit issuers party thereto, and Citibank, N.A. (as Administrative Agent and as Collateral Agent) |
| 10.39 | 001-38086Form 8-K(filed on December 16, 2024) | 10.1 | — | Seventeenth Amendment to Credit Agreement, dated December 10, 2024, by and among Vistra Operations Company LLC (as Borrower), Vistra Intermediate Company LLC (as Holdings), the other Credit Parties (as defined in the Credit Agreement) party thereto, the lenders party thereto, and Citibank, N.A. (as Administrative Agent and Collateral Agent) |
| 10.40 | 001-38086Form 8-K(filed on April 9, 2018) | 10.10 | — | Assumption Agreement, dated as of April 9, 2018, between Vistra Energy Corp. (now known as Vistra Corp.) (as successor by merger to Dynegy Inc.), and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and as Collateral Trustee. |
First 8 of 10 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 10.43 | 001-38086Form 8-K(filed on April 9, 2018) | 10.13 | — | Collateral Trust and Intercreditor Agreement, dated as of April 23, 2013 among Dynegy, the Subsidiary Guarantors (as defined therein), Credit Suisse AG, Cayman Islands Branch and each person party thereto from time to time (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Dynegy Inc. filed on April 24, 2013). |
| 10.44 | 001-38086 Form 10-K (Year ended December 31, 2021) (filed on February 25, 2022) | 10.63 | — | Credit Agreement, dated as of February 4, 2022, among Vistra Operations Company LLC, as Borrower, Vistra Intermediate Company LLC, as Holdings, Citibank, N.A., as Administrative Agent and as Collateral Agent, and the other lenders party thereto |
| 10.45 | 001-38086 Form 10-Q (Quarter ended June 30, 2022) (filed on August 5, 2022) | 10.3 | — | First Amendment to Credit Agreement, dated as of May 5, 2022, among Vistra Operations Company LLC, as Borrower, Vistra Intermediate Company LLC, as Holdings, Citibank, N.A., as Administrative Agent and as Collateral Agent, and the other lenders party thereto |
| 10.46 | 001-38086 Form 10-Q (Quarter ended June 30, 2022) (filed on August 5, 2022) | 10.4 | — | Second Amendment to Credit Agreement, dated as of May 26, 2022, among Vistra Operations Company LLC, as Borrower, Vistra Intermediate Company LLC, as Holdings, Citibank, N.A., as Administrative Agent and as Collateral Agent, and the other lenders party thereto |
| 10.47 | 001-38086 Form 10-Q (Quarter ended June 30, 2022) (filed on August 5, 2022) | 10.5 | — | Third Amendment to Credit Agreement, dated as of June 8, 2022, among Vistra Operations Company LLC, as Borrower, Vistra Intermediate Company LLC, as Holdings, Citibank, N.A., as Administrative Agent and as Collateral Agent, and the other lenders party thereto |
| 10.48 | 001-38086 Form 10-K (Year ended December 31, 2022) (filed on March 1, 2023) | 10.72 | — | Fourth Amendment to Credit Agreement, dated as of October 5, 2022, among Vistra Operations Company LLC, as Borrower, Vistra Intermediate Company LLC, as Holdings, Citibank, N.A., as Administrative Agent and as Collateral Agent, and the other lenders party thereto |
| 10.49 | 001-38086 Form 10-K (Year ended December 31, 2022) (filed on March 1, 2023) | 10.73 | — | Fifth Amendment to Credit Agreement, dated as of October 21, 2022, among Vistra Operations Company LLC, as Borrower, Vistra Intermediate Company LLC, as Holdings, Citibank, N.A., as Administrative Agent and as Collateral Agent, and the other lenders party thereto |
First 8 of 13 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 10.55 | 001-38086 Form 8-K (filed on December 19, 2024) | 10.1 | — | First Amendment to Credit Agreement, dated December 17, 2024, by and among Vistra Zero Operating Company, LLC, the guarantors party thereto, the lenders party thereto and Citibank, N.A. (as Administrative Agent and Collateral Agent) |
| Other Material Contracts | | | |
| 10.56 | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.5 | — | Collateral Trust Agreement, dated as of October 3, 2016, by and among TEX Operations Company LLC (now known as Vistra Operations LLC), the Grantors from time to time thereto, Railroad Commission of Texas, as first-out representative, and Deutsche Bank AG, New York Branch, as senior credit agreement representative |
| 10.57 | 001-38086 Form 8-K (filed on June 15, 2018) | 10.2 | — | Amendment to Collateral Trust Agreement, effective as of June 14, 2018, among Vistra Operations Company LLC, the other Grantors from time to time party thereto, Railroad Commission of Texas, as first-out representative, and Credit Suisse AG, Cayman Islands Branch, as senior credit agreement agent, and Delaware Trust Company, as Collateral Trustee |
| 10.58 | 001-38086 Form 8-K (filed on June 15, 2018) | 10.3 | — | Collateral Trust Joinder, dated June 14, 2018, between the Additional Grantors party thereto and Delaware Trust Company, as Collateral Trustee, to the Collateral Trust Agreement, effective pursuant to the Seventh Amendment as of June 14, 2018, among Vistra Operations Company LLC, the other Grantors from time to time party thereto, Railroad Commission of Texas, as First-Out Representative, Credit Suisse AG, Cayman Islands Branch, as Senior Credit Agreement Agent, and Delaware Trust Company, as Collateral Trustee. |
| 10.59 | 001-38086 Form 8-K (filed on January 4, 2024) | 10.1 | — | Amended and Restated Tax Receivable Agreement, dated December 29, 2023, by and between the Company and Equiniti Trust Company, LLC |
| 10.60 | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.14 | — | Tax Matters Agreement, by and among TEX Energy LLC (now known as Vistra Corp.), EFH Corp., Energy Future Intermediate Holding Company LLC, EFI Finance Inc. and EFH Merger Co. LLC, dated as of October 3, 2016 |
First 8 of 13 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 10.66 | 001-38086 Form 8-K (filed on July 17, 2023) | 10.1 | — | Amendment No. 4 to Master Framework Agreement, dated as of July 11, 2023, by and among TXU Energy Retail Company LLC, as seller and seller party agent, certain originators name therein, Vistra Operations Company LLC, as guarantor, and MUFG Bank, Ltd., as buyer |
| 10.67 | 001-38086 Form 8-K (filed on July 12, 2024) | 10.1 | — | Amendment No. 5 to Master Framework Agreement, dated as of July 11, 2024, by and among TXU Energy Retail Company LLC, as seller and seller party agent, certain originators name therein, Vistra Operations Company LLC, as guarantor, and MUFG Bank, Ltd., as buyer |
| 10.68 | 001-38086 Form of 8-K (filed on July 16, 2025) | 10.1 | — | Amendment No. 6 to Master Framework Agreement, dated as of July 11, 2024, by and among TXU Energy Retail Company LLC, as seller and seller party agent, certain originators named therein, Vistra Operations Company LLC, as guarantor, and MUFG Bank, Ltd., as buyer |
| 10.69 | 001-38086 Form 8-K (filed on October 16, 2020) | 10.2 | — | Master Repurchase Agreement, dated as of October 9, 2020, between TXU Energy Retail Company LLC and MUFG Bank, Ltd. |
| 10.70 | 001-38086 Form 10-Q (Quarter ended September 30, 2021) (filed on November 5, 2021) | 10.3 | — | Amendment No. 1 to Master Repurchase Agreement, dated as of August 3, 2021, between TXU Energy Retail Company LLC and MUFG Bank, Ltd. |
| 10.71 | 001-38086 Form 8-K (filed on December 28, 2020) | 10.1 | — | Joinder Agreement, dated as of December 21, 2020, among TXU Energy Retail company LLC, as seller party agent, Vistra Operations Company LLC, as guarantor, certain originators named therein, and MUFG Bank, Ltd., as buyer |
| 10.72 | 001-38086 Form 10-K (Year ended December 31, 2021) (filed on February 25, 2022) | 10.62 | — | Amendment No. 2 to Master Repurchase Agreement, dated as of December 30, 2021, between TXU Energy Retail Company LLC and MUFG Bank, Ltd. |
First 8 of 19 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | As Exhibit | | |
| 31.1 | ** | | — | Certification of James A. Burke, principal executive officer of Vistra Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2 | ** | | — | Certification of Kristopher E. Moldovan, principal financial officer of Vistra Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| (32) | Section 1350 Certifications | | | |
| 32.1 | *** | | — | Certification of James A. Burke, principal executive officer of Vistra Corp., pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2 | *** | | — | Certification of Kristopher E. Moldovan, principal financial officer of Vistra Corp., pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| (95) | Mine Safety Disclosures | | | |
| 95.1 | ** | | — | Mine Safety Disclosures |
First 8 of 18 rows. The CSV has all of them.
Table 152 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Signature | Title | Date |
| /s/ JAMES A. BURKE | Principal Executive Officer and Director | February 26, 2026 |
| (James A. Burke, President and Chief Executive Officer) | | |
| /s/ KRISTOPHER E. MOLDOVAN | Principal Financial Officer | February 26, 2026 |
| (Kristopher E. Moldovan, Chief Financial Officer) | | |
| /s/ MARGARET MONTEMAYOR | Principal Accounting Officer | February 26, 2026 |
| (Margaret Montemayor, Senior Vice President and Chief Accounting Officer) | | |
| /s/ SCOTT B. HELM | Chairman of the Board and Director | February 26, 2026 |
First 8 of 27 rows. The CSV has all of them.