← Filings of VST
Tables in the 10-Q of Vistra Corp.
91 tables with numbers, filed Nov 9, 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 | ii | | | |
| Forward-Looking Statements | v | | | |
| PART I. | FINANCIAL INFORMATION | 1 | | |
| Item 1. | Financial Statements (Unaudited) | 1 | | |
| | Condensed Consolidated Statements of Operations | 1 | |
| | Condensed Consolidated Balance Sheets | 2 | |
| | Condensed Consolidated Statements of Cash Flows | 4 | |
First 8 of 48 rows. The CSV has all of them.
| IRS | U.S. Internal Revenue Service |
| MSHA | U.S. Mine Safety and Health Administration |
| NRC | U.S. Nuclear Regulatory Commission |
| PUCT | Public Utility Commission of Texas |
| RCT | Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas, and has jurisdiction over oil and natural gas exploration and production, permitting and inspecting intrastate pipelines, and overseeing natural gas utility rates and compliance |
| SEC | U.S. Securities and Exchange Commission |
| TCEQ | Texas Commission on Environmental Quality |
| Rules and Regulations: | |
First 8 of 40 rows. The CSV has all of them.
| NDT | nuclear decommissioning trust |
| NYMEX | the New York Mercantile Exchange, a commodity derivatives exchange |
| PPA | power purchase agreement |
| PTC | production tax credit |
| REP | retail electric provider |
| Revolving Credit Facility | Vistra Operations' revolving credit facility under the Vistra Operations Credit Agreement |
| RTO | regional transmission organization |
| S&P | S&P Global Ratings (formerly Standard & Poor's Ratings) (a credit rating agency) |
First 8 of 20 rows. The CSV has all of them.
Table 5 after “(Unaudited) (Millions of Dollars, Except Share Data)”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Operating revenues | 6,347 | | 4,971 | | 16,004 | 13,154 |
| Fuel, purchased power costs, and delivery fees | (2,530) | | (2,370) | | (6,834) | (6,791) |
| Operating costs | (683) | | (655) | | (2,236) | (2,081) |
| Depreciation and amortization | (711) | | (460) | | (1,640) | (1,523) |
| Selling, general, and administrative expenses | (448) | | (444) | | (1,267) | (1,254) |
| Impairment of long-lived assets | (269) | | (5) | | (269) | (73) |
First 8 of 22 rows. The CSV has all of them.
| VISTRA CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars, Except Share Data) | | | |
| September 30, 2026 | December 31, 2025 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $2,743 | | $785 |
| Restricted cash | 28 | | 31 |
| Trade accounts receivable — net | 2,763 | | 2,323 |
| Inventories — net | | | |
First 8 of 46 rows. The CSV has all of them.
| VISTRA CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars, Except Share Data) | | | |
| September 30, 2026 | December 31, 2025 | |
| Other noncurrent liabilities and deferred credits | 1,503 | | 1,527 |
| Total liabilities | 38,566 | | 36,440 |
| 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 September 30, 2026 and December 31, 2025, respectively) | 2,476 | | 2,476 |
| Common stock (par value $0.01 per share, 1,800,000,000 shares authorized, 334,749,790 and 338,059,635 shares outstanding at September 30, 2026 and December 31, 2025, respectively) | 5 | | 5 |
First 8 of 16 rows. The CSV has all of them.
| VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | | | |
| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Cash flows — operating activities: | | | |
| Net income | $2,474 | | $711 |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | | | |
| Depreciation and amortization | 2,338 | | 2,225 |
| Deferred income tax expense, net | 589 | | 68 |
First 8 of 48 rows. The CSV has all of them.
| VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | | | |
| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| Principal payment on forward repurchase obligation | (19) | | (41) |
| Other, net | — | | 21 |
| Cash used in financing activities | (353) | | (1,060) |
| Net change in cash, cash equivalents and restricted cash (current and noncurrent) | 1,954 | | (584) |
| Cash, cash equivalents and restricted cash (current and noncurrent) — beginning balance | 822 | | 1,222 |
First 8 of 14 rows. The CSV has all of them.
| VISTRA CORP.CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Unaudited) (Millions of Dollars) | | | | | | | | | | | | | | | |
| Preferred Stock | Common Stock | | Treasury Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income | Total Stockholders' Equity | Noncontrolling Interest in Subsidiary | | Total Equity | | | |
| Balances at December 31, 2025 | $2,476 | | $5 | | $(6,925) | | $9,536 | | $(12) | | $17 | | $5,097 | $13 | $5,110 |
| Stock repurchases | — | | — | | (378) | | — | | — | | — | | (378) | — | (378) |
| Effects of stock-based incentive compensation plans (a) | — | | — | | — | | (34) | | — | | — | | (34) | — | (34) |
| Net income | — | | — | | — | | — | | 1,029 | | — | | 1,029 | — | 1,029 |
| Dividends declared on common stock | — | | — | | — | | — | | (78) | | — | | (78) | — | (78) |
| Dividends declared on preferred stock | — | | — | | — | | — | | (39) | | — | | (39) | — | (39) |
First 8 of 27 rows. The CSV has all of them.
| VISTRA CORP.CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)(Unaudited) (Millions of Dollars) | | | | | | | | | | | | | | | |
| Preferred Stock | Common Stock | | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit | | Accumulated Other Comprehensive Income | Total Stockholders' Equity | Noncontrolling Interest in Subsidiary | | Total Equity | | | |
| Balances at December 31, 2024 | $2,476 | | $5 | | $(5,912) | | $9,435 | | $(454) | | $20 | | $5,570 | $13 | $5,583 |
| Stock repurchases | — | | — | | (336) | | — | | — | | — | | (336) | — | (336) |
| Effects of stock-based incentive compensation plans (a) | — | | — | | — | | (27) | | — | | — | | (27) | — | (27) |
| Net loss | — | | — | | — | | — | | (268) | | — | | (268) | — | (268) |
| Dividends declared on common stock | — | | — | | — | | — | | (75) | | — | | (75) | — | (75) |
| Dividends declared on preferred stock | — | | — | | — | | — | | (38) | | — | | (38) | — | (38) |
First 8 of 26 rows. The CSV has all of them.
Table 12 after “The final fair values assigned to the assets acquired and liabilities assumed are as follows:”
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| Initial Preliminary Allocation | Measurement Period Adjustments | | Final Allocation as of September 30, 2026 | |
| (in millions) | | | | |
| Cash and cash equivalents | $97 | | $— | | $97 |
| Trade accounts receivables, inventories, prepaid expenses, and other current assets | 72 | | (5) | | 67 |
| Property, plant, and equipment (a) | 2,346 | | (2) | | 2,344 |
| Other noncurrent assets | 22 | | (6) | | 16 |
| Total identifiable assets acquired | 2,537 | | (13) | | 2,524 |
| Trade accounts payable and other current liabilities | 21 | | — | | 21 |
First 8 of 15 rows. The CSV has all of them.
Table 13 after “The following unaudited pro forma financial information for the Company for the three and nine months ended September 30, 2025 assumes that ”
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| Three Months Ended September 30, 2025 | Nine Months Ended September 30, 2025 | |
| (in millions) | | |
| Revenues | $5,150 | | $13,626 |
| Net income | $676 | | $706 |
Table 14 after “The following tables disaggregate our revenue by major source:”
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| Three Months Ended September 30, 2026 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Consolidated | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $3,007 | | $— | | $— | $— | | | $— | $— | $3,007 |
| Retail energy charge in Northeast/Midwest | 1,331 | | — | | — | — | | | — | — | 1,331 |
| Wholesale generation revenue from ISO/RTO | — | | 169 | | 987 | 70 | | | — | — | 1,226 |
| Capacity revenue from ISO/RTO (a) | — | | — | | 147 | — | | | — | — | 147 |
First 8 of 20 rows. The CSV has all of them.
Table 15 after “NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)”
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| Three Months Ended September 30, 2025 | | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Eliminations / Corporate and Other | Consolidated | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $2,698 | | $— | | $— | | $— | | $— | $— | $2,698 |
| Retail energy charge in Northeast/Midwest | 1,054 | | — | | — | | — | | — | — | 1,054 |
| Wholesale generation revenue from ISO/RTO | — | | 112 | | 543 | | 28 | | — | — | 683 |
| Capacity revenue from ISO/RTO (a) | — | | — | | 79 | | — | | — | — | 79 |
First 8 of 20 rows. The CSV has all of them.
Table 16 after “NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)”
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| Nine Months Ended September 30, 2026 | | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Eliminations / Corporate and Other | Consolidated | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $7,154 | | $— | | $— | | $— | | $— | $— | $7,154 |
| Retail energy charge in Northeast/Midwest | 3,681 | | — | | — | | — | | — | — | 3,681 |
| Wholesale generation revenue from ISO/RTO | — | | 498 | | 2,619 | | 105 | | — | — | 3,222 |
| Capacity revenue from ISO/RTO (a) | — | | — | | 403 | | — | | — | — | 403 |
First 8 of 20 rows. The CSV has all of them.
Table 17 after “Represents transferable PTCs generated from qualifying nuclear and solar assets during the period offset by losses on sales of transferable ”
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| Nine Months Ended September 30, 2025 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Consolidated | | |
| (in millions) | | | | | | | | | | |
| Revenue from contracts with customers: | | | | | | | | | | | |
| Retail energy charge in ERCOT | $6,890 | | $— | | $— | $— | | | $— | $— | $6,890 |
| Retail energy charge in Northeast/Midwest | 2,886 | | — | | — | — | | | — | — | 2,886 |
| Wholesale generation revenue from ISO/RTO | — | | 231 | | 1,725 | 75 | | | — | — | 2,031 |
| Capacity revenue from ISO/RTO (a) | — | | — | | 129 | — | | | — | — | 129 |
First 8 of 20 rows. The CSV has all of them.
Table 18 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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| Balance of 2026 | 2027 | | 2028 | 2029 | 2030 | | 2031 and Thereafter | Total | | |
| (in millions) | | | | | | | | | | |
| Remaining performance obligations | $491 | | $1,713 | | $1,420 | | $715 | | $215 | $3,293 | $7,847 |
| September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Wholesale and retail trade accounts receivable | $2,870 | | $2,412 |
| Allowance for credit losses | (107) | | (89) |
| Trade accounts receivable — net | $2,763 | | $2,323 |
| Trade accounts receivable from contracts with customers — net | $2,233 | | $1,826 |
| Other trade accounts receivable — net | 530 | | 497 |
| Trade accounts receivable — net | $2,763 | | $2,323 |
Table 20 after “Allowance for Credit Losses on Accounts Receivable”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| (in millions) | | |
| Allowance for credit losses on accounts receivable at beginning of period | $89 | | $79 |
| Increase for bad debt expense | 164 | | 152 |
| Decrease for account write-offs | (146) | | (127) |
| Allowance for credit losses on accounts receivable at end of period | $107 | | $104 |
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| NDT net income (loss) (a) | $(20) | | $100 | | $66 | $197 |
| Insurance settlements (b) | 54 | | — | | 105 | 80 |
| Interest income | 6 | | 4 | | 17 | 14 |
| All other, net | 4 | | 1 | | 18 | — |
| Total other income, net | $44 | | $105 | | $206 | $291 |
Table 22 after “The components of our income tax expense are as follows:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net income before income taxes | $1,496 | | $856 | | $3,135 | $815 |
| Income tax expense | $(356) | | $(204) | | $(661) | $(104) |
| Effective tax rate | 23.8% | | 23.8% | | 21.1% | 12.8% |
Table 23 after “Our property, plant, and equipment consist of our power generation assets, related mining assets, land, information systems hardware, capita”
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| September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Power generation and structures and office and other equipment | $26,033 | | $25,084 |
| Land | 658 | | 637 |
| Construction work in progress | 1,221 | | 1,917 |
| Finance lease right-of-use assets | 188 | | 190 |
| Nuclear fuel | 2,316 | | 2,036 |
| Property, plant, and equipment — gross | 30,416 | | 29,864 |
First 8 of 12 rows. The CSV has all of them.
Table 24 after “Depreciation and amortization of property, plant, and equipment consisted of the following:”
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| Property, Plant, and Equipment | | Condensed Consolidated Statements of Operations | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | |
| 2026 | | 2025 | | 2026 | | 2025 | | | |
| | | (in millions) | | | | | | | |
| Power generation and structures and office and other equipment | | Depreciation and amortization | $681 | | | $417 | | $1,550 | | $1,393 |
| Finance lease right-of-use assets | | Depreciation and amortization | 1 | | | 2 | | 6 | | 6 |
| Nuclear fuel | | Fuel, purchased power costs, and delivery fees | 125 | | | 129 | | 367 | | 366 |
| Total property, plant, and equipment expense | $807 | | | $548 | | | $1,923 | | $1,765 | |
Table 25 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 Coal Retirement Date | Segment |
| Baldwin | Baldwin, IL | MISO | Coal | 1,185 | By the end of 2027 (a) | East |
| Kincaid | Kincaid, IL | PJM | Coal | 1,108 | By the middle of 2027 (a) | East |
| Miami Fort | North Bend, OH | PJM | Coal | 1,020 | By early 2028 | East |
| Newton | Newton, IL | MISO | Coal | 615 | By the end of 2027 (a) | East |
| Total | | | | 3,928 | | |
Table 26 after “Identifiable intangible assets are comprised of the following:”
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| September 30, 2026 | December 31, 2025 | | | | | | | | | |
| Identifiable Intangible Asset | GrossCarryingAmount | Accumulated Amortization | | Net | GrossCarryingAmount | Accumulated Amortization | | Net | | | |
| (in millions) | | | | | | | | | | |
| Retail customer relationships | $2,173 | | $2,094 | | $79 | | $2,173 | | | $2,067 | $106 |
| Software and other technology-related assets | 753 | | 419 | | 334 | | 656 | | | 365 | 291 |
| Retail and wholesale contracts | 369 | | 352 | | 17 | | 369 | | | 295 | 74 |
| Long-term service agreements | 18 | | 6 | | 12 | | 18 | | | 6 | 12 |
| Other identifiable intangible assets (a) | 426 | | 20 | | 406 | | 628 | | | 17 | 611 |
First 8 of 11 rows. The CSV has all of them.
Table 27 after “Identifiable intangible liabilities are comprised of the following:”
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| Identifiable Intangible Liability | September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Long-term service agreements | $90 | | $100 |
| Wholesale power and fuel purchase contracts | 30 | | 38 |
| Total identifiable intangible liabilities | $120 | | $138 |
Table 28 after “Amortization of finite-lived identifiable intangible assets and liabilities (including the classification in the condensed consolidated stat”
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| Identifiable Intangible Assets/Liabilities | | Condensed Consolidated Statements of Operations | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | |
| 2026 | | 2025 | | 2026 | | 2025 | | | |
| | | (in millions) | | | | | | | |
| Retail customer relationships | | Depreciation and amortization | $9 | | | $23 | | $27 | | $68 |
| Software and other technology-related assets | | Depreciation and amortization | 16 | | | 17 | | 49 | | 53 |
| Retail and wholesale contracts | | Operating revenues/Fuel, purchased power costs, and delivery fees | (2) | | | (2) | | (7) | | (6) |
| Other identifiable intangible assets (a) | | Fuel, purchased power costs, and delivery fees/Depreciation and amortization | 140 | | | 127 | | 346 | | 350 |
| Total intangible asset expense, net | $163 | | | $165 | | | $415 | | $465 | |
Table 29 after “As of September 30, 2026, the estimated aggregate amortization expense of identifiable intangible assets, excluding environmental allowances”
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| Year | Estimated Amortization Expense |
| (in millions) |
| 2026 | $179 |
| 2027 | $87 |
| 2028 | $68 |
| 2029 | $49 |
| 2030 | $29 |
Table 30 after “Debt, credit facilities and financing obligations on the condensed consolidated balance sheets consisted of the following:”
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| September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Long-term debt, including amounts due currently: | | | |
| Energy Harbor debt | $431 | | $431 |
| Project-level debt | 1,693 | | 1,569 |
| Vistra Operations debt | 19,200 | | 15,196 |
| Long-term debt before unamortized premiums, discounts and issuance costs | 21,324 | | 17,196 |
| Unamortized premiums, discounts and issuance costs | (178) | | (153) |
First 8 of 12 rows. The CSV has all of them.
Table 31 after “The Company's long-term debt obligations, including amounts due currently, consisted of the following:”
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| September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Vistra Operations Term Loan Facility | $— | | $2,450 |
| BCOP Credit Facility, Bridge Loans | 261 | | 367 |
| BCOP Credit Facility, Construction / Term Loans | 499 | | 505 |
| Vistra Zero, Term Loan B Facility due April 30, 2031 | 697 | | 697 |
| Texas Energy Fund (TxEF) Loan, due June 18, 2046 | 236 | | — |
| Vistra Operations Senior Notes: | | | |
First 8 of 46 rows. The CSV has all of them.
Table 32 after “Our credit facilities and related available capacity as of September 30, 2026 are presented below.”
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| | September 30, 2026 | | | | | |
| 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 | $5,500 | | $— | | $786 | $4,714 |
| Total Vistra Operations Credit Agreement | | 5,500 | | — | | 786 | 4,714 |
| Commodity-Linked Facility | September 29, 2027 | 1,750 | | — | | — | 1,466 |
| Total Vistra Operations debt | | $7,250 | | $— | | $786 | $6,180 |
First 8 of 16 rows. The CSV has all of them.
Table 33 after “Interest Expense and Related Charges”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Interest expense | $282 | | $272 | | $839 | $819 |
| Unrealized mark-to-market net (gains) losses on interest rate swaps | (24) | | 10 | | (31) | 84 |
| Amortization of debt issuance costs, discounts, and premiums | 11 | | 11 | | 32 | 33 |
| Debt extinguishment loss | — | | — | | 35 | — |
| Capitalized interest | (41) | | (30) | | (123) | (86) |
First 8 of 10 rows. The CSV has all of them.
Table 34 after “Our interest rate swaps as of September 30, 2026 include:”
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| Notional Amount (Net of Amortization) | Expiration Date | Rate Range (b) | | |
| (in millions, except percentages) | | | | |
| Swapped to fixed (a) | $411 | March, July and October 2045 | 3.95% | - | 4.09% |
Table 35 after “The following tables reconcile our gross derivative assets and liabilities as reported in the condensed consolidated balance sheets to the n”
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| September 30, 2026 | | | | | | | |
| Derivative Contract Assets | Derivative Contract Liabilities | | | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| (in millions) | | | | | | | |
| Current assets | $3,770 | | $1 | | $3 | | $— | $3,774 |
| Noncurrent assets | 411 | | 26 | | 3 | | — | 440 |
| Current liabilities | (1) | | — | | (4,935) | | — | (4,936) |
| Noncurrent liabilities | (3) | | — | | (1,165) | | — | (1,168) |
First 8 of 12 rows. The CSV has all of them.
Table 36 after “The following tables reconcile our gross derivative assets and liabilities as reported in the condensed consolidated balance sheets to the n”
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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 37 after “The following table summarizes the location and amount of unrealized gains and losses from our derivative instruments recorded in the conden”
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| Derivative (condensed consolidated statements of operations presentation) | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | |
| 2026 | | 2025 | | 2026 | 2025 | | |
| (in millions) | | | | | | |
| Reversals of previously recognized unrealized (gain) loss on derivative instruments: | | | | | | | |
| Commodity contracts unrealized loss in operating revenues (a) | $619 | | | $735 | | $986 | $878 |
| Commodity contracts unrealized (gain) loss in fuel, purchased power costs, and delivery fees (a) | (14) | | | 11 | | 12 | 3 |
| Interest rate swaps unrealized gain in interest expense and related charges | — | | | (5) | | (14) | (16) |
| Total reversals of previously recognized unrealized loss on derivative instruments | $605 | | | $741 | | $984 | $865 |
First 8 of 14 rows. The CSV has all of them.
Table 38 after “The following table presents the gross notional amounts of derivative volumes by commodity, excluding our normal purchases and normal sales ”
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| September 30, 2026 | December 31, 2025 | | |
| Derivative type | Notional Volume | Unit of Measure | | |
| Natural gas | 4,003 | | 3,742 | Million MMBtu |
| Electricity | 887,906 | | 996,777 | GWh |
| Financial transmission rights / Congestion revenue rights | 249,962 | | 249,400 | GWh |
| Coal | 22 | | 22 | Million U.S. tons |
| Fuel oil | 54 | | 8 | Million gallons |
| Emissions | 32 | | 13 | Million U.S. tons |
First 8 of 11 rows. The CSV has all of them.
Table 39 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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| September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Fair value of derivative contract liabilities (a) | $(1,515) | | $(1,822) |
| Offsetting fair value under netting arrangements (b) | 439 | | 528 |
| Cash collateral and letters of credit | 218 | | 331 |
| Liquidity exposure | $(858) | | $(963) |
Table 40 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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| September 30, 2026 |
| (in millions, except percentages) |
| Credit risk exposure to derivative contract counterparties: | |
| Gross exposure | $4,624 |
| Net exposure (a) | $838 |
| Largest net exposure from any single counterparty (a) | $152 |
| Percent of credit risk exposure to derivative contract counterparties related to banking and financial sector: | |
| Gross exposure | 82% |
First 8 of 9 rows. The CSV has all of them.
Table 41 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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| September 30, 2026 | December 31, 2025 | | | | | | | | | | | | | | | | | | | |
| Level 1 | Level 2 | | Level 3 | Reclass (a) | Total | | Level 1 | | Level 2 | Level 3 | | Reclass (a) | | Total | | | | | | |
| (in millions) | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | | |
| Commodity contracts | $3,242 | | $530 | | $405 | | $10 | | | $4,187 | | $2,162 | | | $437 | | | $573 | $8 | | $3,180 |
| Interest rate swaps | — | | 27 | | — | | — | | | 27 | | — | | | 17 | | | — | 1 | | 18 |
| NDTs – equity securities (b) | 1,896 | | — | | — | | | | 1,896 | | 1,761 | | | — | | | — | | | 1,761 | |
| NDTs – debt securities (c) | 78 | | 2,274 | | — | | | | 2,352 | | 117 | | | 1,971 | | | — | | | 2,088 | |
First 8 of 18 rows. The CSV has all of them.
Table 42 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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| September 30, 2026 | | | | | | | | | | | | | | | |
| Fair Value | | | | | | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total, Net | Valuation Technique | | Significant Unobservable Input | | Range (b) | | Average (b) | | | | |
| (in millions) | | | | | | | | | | | | | | |
| Electricity purchases and sales | $119 | | $(1,019) | | $(900) | | | Income Approach | | Hourly price curve shape (c) | | $— | to | $85 | $43 |
| | | | | | MWh | | | | | | | | | |
| | | | | | | Illiquid delivery periods for hub power prices (d) | | $30 | to | $145 | | $88 | | |
| | | | | | | | MWh | | | | | | | |
First 8 of 20 rows. The CSV has all of them.
Table 43 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 44 after “The following table presents the changes in fair value of Level 3 assets and liabilities:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net liability balance at beginning of period | $(1,223) | | $(884) | | $(1,269) | $(752) |
| Total unrealized valuation gains (losses) | 301 | | (299) | | 300 | (443) |
| Purchases, issuances and settlements (a): | | | | | | |
| Purchases | 27 | | 94 | | 132 | 226 |
| Issuances | (29) | | (4) | | (49) | (10) |
First 8 of 14 rows. The CSV has all of them.
| | September 30, 2026 | December 31, 2025 | | | | |
| Instrument: | Fair Value Hierarchy | Carrying Amount | Fair Value | | Carrying Amount | Fair Value | |
| | (in millions) | | | | | |
| Long-term debt under the Vistra Operations Term Loan Facility | Level 2 | $— | | $— | | $2,417 | $2,459 |
| BCOP Credit Facility | Level 3 | 749 | | 760 | | 859 | 872 |
| Vistra Zero Term Loan B Facility | Level 2 | 688 | | 692 | | 687 | 688 |
| TxEF Loan | Level 3 | 235 | | 236 | | — | — |
| Vistra Operations Senior Notes | Level 2 | 17,526 | | 17,164 | | 12,620 | 12,955 |
First 8 of 12 rows. The CSV has all of them.
Table 46 after “The following table summarizes the changes to our current and noncurrent ARO liabilities for the nine months ended September 30, 2026 and 20”
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| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | | | | | | | | |
| Nuclear Plant Decommissioning | Land Reclamation, Coal Ash, and Other | | Total | Nuclear Plant Decommissioning | Land Reclamation, Coal Ash, and Other | | Total | | |
| (in millions) | | | | | | | | | |
| Liability at beginning of period | $3,374 | | $842 | | $4,216 | | $3,240 | | $838 | $4,078 |
| Accretion (a) | 123 | | 21 | | 144 | | 114 | | 30 | 144 |
| Adjustment for change in estimates (b) | — | | (5) | | (5) | | 11 | | (26) | (15) |
| Payments | — | | (58) | | (58) | | — | | (61) | (61) |
| Liability at end of period | 3,497 | | 800 | | 4,297 | | 3,365 | | 781 | 4,146 |
First 8 of 10 rows. The CSV has all of them.
Table 47 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 48 after “The following table provides information about our repurchases of common stock for the period between January 1, 2026 and November 2, 2026:”
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| $7.75 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) | | | | | |
| Three Months Ended March 31, 2026 | 2,373,546 | $159.82 | | $379 | | |
| Three Months Ended June 30, 2026 | 2,155,553 | 153.34 | | 331 | | |
| Three Months Ended September 30, 2026 (a) | 1,431,166 | 145.63 | | 208 | | |
| Nine Months Ended September 30, 2026 | 5,960,265 | $154.07 | | $918 | | $1,082 |
| October 1, 2026 through November 2, 2026 | 445,361 | 145.94 | | 65 | | |
First 8 of 9 rows. The CSV has all of them.
Table 49 after “The following is a summary of our cumulative redeemable preferred stock outstanding as of September 30, 2026. In the event of liquidation or”
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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% |
Table 50 after “The following table summarizes preferred stock dividends paid per share for the three and nine months ended September 30, 2026 and 2025.”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| Preferred Stock Series | 2026 | 2025 | | 2026 | 2025 | |
| Series A Preferred Stock | $— | | $— | | $40.000 | $40.000 |
| Series B Preferred Stock | $— | | $— | | $35.000 | $35.000 |
| Series C Preferred Stock | $44.375 | | $44.375 | | $88.750 | $88.750 |
Table 51 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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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions, except share data) | | | | | |
| Net income attributable to Vistra | $1,140 | | $652 | | $2,474 | $711 |
| Less cumulative dividends attributable to Series A Preferred Stock | (20) | | (20) | | (60) | (60) |
| Less cumulative dividends attributable to Series B Preferred Stock | (17) | | (17) | | (52) | (52) |
| Less cumulative dividends attributable to Series C Preferred Stock | (11) | | (11) | | (32) | (32) |
| Net income attributable to common stock — basic and diluted | $1,092 | | $604 | | $2,330 | $567 |
First 8 of 15 rows. The CSV has all of them.
Table 52 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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| Three Months Ended September 30, 2026 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $4,814 | | $2,855 | | $1,830 | | $133 | | $— | $9,632 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | (3,285) | | |
| Total consolidated operating revenues | | | | | | | | $6,347 | | |
| Fuel, purchased power costs, and delivery fees (b) | (4,327) | | (566) | | (850) | | (74) | | — | |
First 8 of 19 rows. The CSV has all of them.
Table 53 after “NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)”
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| Three Months Ended September 30, 2025 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $4,139 | | $1,799 | | $1,750 | | $165 | | $2 | $7,855 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | (2,884) | | |
| Total consolidated operating revenues | | | | | | | | $4,971 | | |
| Fuel, purchased power costs, and delivery fees (b) | (3,815) | | (544) | | (866) | | (32) | | — | |
First 8 of 19 rows. The CSV has all of them.
Table 54 after “NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)”
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| Nine Months Ended September 30, 2026 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $12,113 | | $7,260 | | $5,044 | | $293 | | $6 | $24,716 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | (8,712) | | |
| Total consolidated operating revenues | | | | | | | | $16,004 | | |
| Fuel, purchased power costs, and delivery fees (b) | (11,262) | | (1,345) | | (2,828) | | (114) | | — | |
First 8 of 23 rows. The CSV has all of them.
Table 55 after “NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)”
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| Nine Months Ended September 30, 2025 | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Total Reportable Segments | | |
| (in millions) | | | | | | | | | |
| Operating revenues (a) | $10,839 | | $3,797 | | $4,610 | | $347 | | $26 | $19,619 |
| Reconciliation of consolidated operating revenues: | | | | | | | | | | |
| Corporate and Other | | | | | | | | (6,465) | | |
| Total consolidated operating revenues | | | | | | | | $13,154 | | |
| Fuel, purchased power costs, and delivery fees (b) | (8,848) | | (1,509) | | (2,784) | | (119) | | — | |
First 8 of 23 rows. The CSV has all of them.
Table 56 after “In July 2026, Vistra received its results from the PJM Capacity Auction for planning year 2028-2029, and the table below lists clearing pric”
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| Zone | Clearing Price per MW-day | Total MW Cleared | |
| RTO | $325.00 | | 4,130 |
| ComEd | $325.00 | | 1,174 |
| DEOK | $325.00 | | 927 |
| EMAAC | $325.00 | | 1,819 |
| MAAC | $325.00 | | 585 |
| ATSI | $325.00 | | 2,069 |
| DOM | $325.00 | | 220 |
First 8 of 9 rows. The CSV has all of them.
Table 57 after “The table below summarizes the average around-the-clock settled prices for the periods presented and does not necessarily reflect prices we ”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| Average Power Price ($/MWh): | | | | | | |
| ERCOT North Hub | $35.10 | | $32.61 | | $32.51 | $31.85 |
| ERCOT West Hub | $33.90 | | $35.47 | | $29.40 | $32.37 |
| PJM AEP Dayton Hub | $60.45 | | $43.51 | | $58.13 | $43.99 |
| PJM Northern Illinois Hub | $51.15 | | $42.80 | | $43.84 | $36.37 |
| PJM Western Hub | $70.00 | | $46.82 | | $72.84 | $47.67 |
First 8 of 22 rows. The CSV has all of them.
Table 58 after “Estimated hedging levels for generation volumes in our Texas, East, and West segments as of September 30, 2026 were as follows:”
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| Balance of 2026 | 2027 | |
| Nuclear/Renewable/Coal Generation: | | | |
| Texas | 100% | | 100% |
| East | 97% | | 88% |
| Natural Gas Generation: | | | |
| Texas | 100% | | 86% |
| East | 100% | | 100% |
| West | 100% | | 84% |
Table 59 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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| Three Months Ended September 30, | | | | | | | | | | | | |
| Retail | Texas | | East | West | | | | | | | | |
| 2026 | 2025 | | 2026 | 2025 | 2026 | | 2025 | 2026 | 2025 | | | |
| Weather - percent of normal (a): | | | | | | | | | | | | | |
| Cooling degree days | 121% | | 95% | | 113% | | 97% | | 96% | | 91% | 118% | 94% |
| Heating degree days | —% | | —% | | —% | | —% | | 142% | | 61% | —% | —% |
| Nine Months Ended September 30, | | | | | | | | | | | | |
| Retail | Texas | | East | West | | | | | | | | |
First 8 of 12 rows. The CSV has all of them.
Table 60 after “The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended September 30, 2026:”
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| Three Months Ended September 30, 2026 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Vistra Consolidated | | |
| (in millions) | | | | | | | | | | |
| Operating revenues | 4,814 | | 2,855 | | 1,830 | 133 | | | — | (3,285) | 6,347 |
| Fuel, purchased power costs and delivery fees | (4,327) | | (566) | | (850) | (74) | | | — | 3,287 | (2,530) |
| Operating costs | (47) | | (248) | | (370) | (13) | | | (5) | — | (683) |
| Depreciation and amortization | (11) | | (198) | | (446) | (14) | | | 5 | (47) | (711) |
| Selling, general, and administrative expenses | (288) | | (44) | | (48) | (4) | | | (15) | (49) | (448) |
First 8 of 28 rows. The CSV has all of them.
Table 61 after “The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the three months ended September 30, 2025:”
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| Three Months Ended September 30, 2025 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Vistra Consolidated | | |
| (in millions) | | | | | | | | | | |
| Operating revenues | 4,139 | | 1,799 | | 1,750 | 165 | | | 2 | (2,884) | 4,971 |
| Fuel, purchased power costs and delivery fees | (3,815) | | (544) | | (866) | (32) | | | — | 2,887 | (2,370) |
| Operating costs | (54) | | (243) | | (338) | (15) | | | (12) | 7 | (655) |
| Depreciation and amortization | (23) | | (160) | | (244) | (14) | | | — | (19) | (460) |
| Selling, general, and administrative expenses | (270) | | (38) | | (59) | (2) | | | (16) | (59) | (444) |
First 8 of 28 rows. The CSV has all of them.
Table 62 after “The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the nine months ended September 30, 2026:”
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| Nine Months Ended September 30, 2026 | | | | | | | | | | |
| Retail | Texas | | East | West | | Asset Closure | Eliminations / Corporate and Other | Vistra Consolidated | | |
| (in millions) | | | | | | | | | | |
| Operating revenues | 12,113 | | 7,260 | | 5,044 | 293 | | | 6 | (8,712) | 16,004 |
| Fuel, purchased power costs, and delivery fees | (11,262) | | (1,345) | | (2,828) | (114) | | | — | 8,715 | (6,834) |
| Operating costs | (122) | | (802) | | (1,153) | (45) | | | (114) | — | (2,236) |
| Depreciation and amortization | (31) | | (556) | | (927) | (42) | | | (1) | (83) | (1,640) |
| Selling, general, and administrative expenses | (775) | | (148) | | (142) | (9) | | | (46) | (147) | (1,267) |
First 8 of 28 rows. The CSV has all of them.
Table 63 after “The following table presents Net income (loss), EBITDA and Adjusted EBITDA for the nine months ended September 30, 2025:”
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| Nine Months Ended September 30, 2025 | | | | | | | | | | |
| Retail | Texas | | East | West | Asset Closure | | Eliminations / Corporate and Other | Vistra Consolidated | | |
| (in millions) | | | | | | | | | | |
| Operating revenues | 10,839 | | 3,797 | | 4,610 | | 347 | | 26 | (6,465) | 13,154 |
| Fuel, purchased power costs, and delivery fees | (8,848) | | (1,509) | | (2,784) | | (119) | | — | 6,469 | (6,791) |
| Operating costs | (131) | | (778) | | (1,020) | | (45) | | (113) | 6 | (2,081) |
| Depreciation and amortization | (70) | | (477) | | (876) | | (45) | | 2 | (57) | (1,523) |
| Selling, general, and administrative expenses | (769) | | (122) | | (175) | | (11) | | (52) | (125) | (1,254) |
First 8 of 29 rows. The CSV has all of them.
Table 64 after “The primary drivers for the changes in net income and Adjusted EBITDA include:”
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| Three Months Ended September 30, 2026 Compared to 2025 | Nine Months Ended September 30, 2026 Compared to 2025 | |
| (in millions) | | |
| Favorable year-to-date realized revenue net of fuel driven primarily by higher realized capacity prices in East, higher realized energy margins in Texas due to higher realized prices and optimizing the dispatch of select gas units in response to favorable market conditions, the addition of plants acquired in the Lotus Acquisition, and Martin Lake Unit 1 return to service Favorable quarter-to-date realized revenue net of fuel driven primarily by higher realized energy prices in Texas, the addition of plants acquired in the Lotus Acquisition, and Martin Lake Unit 1 return to service | $768 | | $1,689 |
| Unfavorable year-to-date retail margins driven by increase in excess volumes sold at lower wholesale prices in the first quarter, partially offset by favorable second and third quarter margins driven by higher contractual rates | 48 | | (15) |
| Favorable/ (unfavorable) change in retail customer consumption due to weather | 19 | | (10) |
| Increase in plant operating costs due primarily to higher maintenance and outage costs and the addition of plants acquired in the Lotus Acquisition | (42) | | (169) |
| Unfavorable year-to-date change in SG&A and other primarily due to higher technology and legal costs | 3 | | (28) |
| Change in Adjusted EBITDA | $796 | | $1,467 |
First 8 of 16 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net income (loss) | $137 | | $(40) | | $(103) | $969 |
| Adjusted EBITDA | $98 | | $37 | | $939 | $977 |
| Retail electricity sales volumes (GWh): | | | | | | |
| Sales volumes in ERCOT | 23,300 | 23,121 | | 57,530 | 60,971 | |
| Sales volumes in Northeast/Midwest | 15,124 | 16,941 | | 42,803 | 45,681 | |
First 8 of 9 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net income | $1,863 | | $823 | | $4,546 | $966 |
| Adjusted EBITDA | $1,227 | | $784 | | $2,124 | $1,416 |
| Production volumes (GWh): | | | | | | |
| Natural gas facilities | 16,499 | 15,455 | | 37,363 | 35,800 | |
| Lignite and coal facilities | 7,735 | 6,223 | | 19,464 | 16,531 | |
First 8 of 14 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net income (loss) | $120 | | $354 | | $130 | $(16) |
| Adjusted EBITDA | $979 | | $719 | | $2,422 | $1,651 |
| Production volumes (GWh): | | | | | | |
| Natural gas facilities | 20,307 | 16,902 | | 53,562 | 43,742 | |
| Lignite and coal facilities | 5,461 | 5,080 | | 12,933 | 14,274 | |
First 8 of 14 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net income (loss) | $(237) | | $105 | | $(175) | $132 |
| Adjusted EBITDA | $76 | | $63 | | $200 | $174 |
| Production volumes (GWh): | | | | | | |
| Natural gas facilities | 1,461 | 582 | | 2,426 | 1,629 | |
| Solar facilities | 30 | — | | 30 | — | |
First 8 of 10 rows. The CSV has all of them.
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Net loss | $(15) | | $(26) | | $(151) | $(137) |
Table 70 after “Explanations of variations between periods for selected income statement categories are provided below:”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Operating revenues | $6,347 | | $4,971 | | $16,004 | $13,154 |
Table 71 after “For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, operating revenues increased primarily du”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Fuel, purchased power costs, and delivery fees | $(2,530) | | $(2,370) | | $(6,834) | $(6,791) |
Table 72 after “For the three and nine months ended September 30, 2026 compared to the same periods in 2025, fuel, purchased power costs, and delivery fees ”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Operating costs | $(683) | | $(655) | | $(2,236) | $(2,081) |
Table 73 after “For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, operating costs increased primarily due t”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Depreciation and amortization | $(711) | | $(460) | | $(1,640) | $(1,523) |
Table 74 after “For the three and nine months ended September 30, 2026, depreciation and amortization increased primarily due to the addition of plants acqu”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Selling, general, and administrative expenses | $(448) | | $(444) | | $(1,267) | $(1,254) |
| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Impairment of long-lived assets | $(269) | | $(5) | | $(269) | $(73) |
Table 76 after “In the third quarter of 2026, we recognized a $269 million impairment related to our Moss Landing 350 MW battery facility. In the second and”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Other income, net | $44 | | $105 | | $206 | $291 |
Table 77 after “For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, other income, net decreased primarily due”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Interest expense and related charges | $(254) | | $(286) | | $(829) | $(908) |
Table 78 after “For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, interest expense and related charges decr”
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| Three Months Ended September 30, | Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | 2026 | 2025 | |
| (in millions) | | | | | |
| Income tax expense | $(356) | | $(204) | | $(661) | $(104) |
| Effective tax rate | 23.8% | | 23.8% | | 21.1% | 12.8% |
| Nine Months Ended September 30, | | | | |
| 2026 | 2025 | | Change | |
| (in millions) | | | | |
| Net cash provided by operating activities | $4,330 | | $2,638 | | $1,692 |
| Net cash used in investing activities | $(2,023) | | $(2,162) | | $139 |
| Net cash used in financing activities | $(353) | | $(1,060) | | $707 |
Table 80 after “The following table summarizes changes in available liquidity for the nine months ended September 30, 2026:”
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| September 30, 2026 | December 31, 2025 | | Change | |
| (in millions) | | | | |
| Cash and cash equivalents (a) | $2,743 | | $785 | | $1,958 |
| Vistra Operations — Revolving Credit Facility (b) | 4,714 | | 1,996 | | 2,718 |
| Vistra Operations — Commodity-Linked Facility (c) | 1,466 | | 2 | | 1,464 |
| Total available liquidity (d)(e) | $8,923 | | $2,783 | | $6,140 |
Table 81 after “Vistra Corp. files a consolidated U.S. federal income tax return. Consolidated income tax expense or benefits and deferred tax assets and li”
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| Nine Months Ended September 30, 2026 |
| Summarized Statement of Operations | (in millions) |
| Operating revenues (a) | $642 |
| Operating revenues - non guarantor subsidiaries (a) | (263) |
| Total operating revenues | 379 |
| Selling, general, and administrative expenses | (180) |
| Interest expense and related charges | (827) |
| Net loss before income taxes | (652) |
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| September 30, 2026 | December 31, 2025 | |
| (in millions) | | |
| Summarized Balance Sheets | | | |
| Total current assets | $2,770 | | $664 |
| Accumulated deferred income taxes | 752 | | 1,197 |
| Total noncurrent assets | 1,054 | | 1,405 |
| Total assets | $3,824 | | $2,069 |
| Short-term borrowings | $— | | $1,800 |
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Table 83 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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| Nine Months Ended September 30, 2026 | Year Ended December 31, 2025 | |
| (in millions) | | |
| Average VaR | $384 | | $224 |
| High VaR | $491 | | $316 |
| Low VaR | $183 | | $138 |
Table 84 after “Our gross credit exposure (excluding collateral impacts) associated with retail and wholesale trade accounts receivable and net derivative a”
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| September 30, 2026 | | | | | | | |
| Exposure Before Credit Collateral | | | | | | | |
| Trade Accounts Receivable | Derivatives | | Gross Exposure | Credit Collateral | Net Exposure | | |
| (in millions) | | | | | | | |
| Retail segment | $2,226 | | $47 | | $2,273 | | $43 | $2,230 |
| Texas, East, West, and Asset Closure segments: | | | | | | | | |
| Investment grade | $203 | | $543 | | $746 | | $131 | $615 |
| Below investment grade or no rating | 25 | | 57 | | 82 | | 12 | 70 |
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Table 85 after “The table below summarizes the changes in commodity contract assets and liabilities for the nine months ended September 30, 2026 and 2025.”
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| Nine Months Ended September 30, | | |
| 2026 | 2025 | |
| (in millions) | | |
| Commodity contract net liability as of January 1 | $(2,576) | | $(1,459) |
| Mark-to-market adjustments: | | | |
| Settlements/termination of positions (a) | 998 | | 881 |
| Changes in fair value of positions in the portfolio (b) | (188) | | (1,248) |
| Net gain (loss) associated with mark-to-market accounting | 810 | | (367) |
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Table 86 after “The following maturity table presents the net commodity contract liability arising from recognition of fair values as of September 30, 2026,”
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| Maturity dates of unrealized commodity contract net liability as of September 30, 2026 | | | | | | | |
| Source of Fair Value | Less than 1 year | 1-3 years | | 4-5 years | Excess of 5 years | Total | | |
| (in millions) | | | | | | | |
| Prices actively quoted | $(679) | | $(300) | | $7 | | $— | $(972) |
| Prices provided by other external sources | (177) | | (35) | | 2 | | — | (210) |
| Prices based on models | (14) | | (238) | | (187) | | (296) | (735) |
| Total | $(870) | | $(573) | | $(178) | | $(296) | $(1,917) |
Table 87 after “The following table provides information about our repurchases of common stock during the three months ended September 30, 2026.”
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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) | |
| July 1 - July 31, 2026 | 419,577 | | $154.87 | | 419,577 | $1,225 |
| August 1 - August 31, 2026 | 553,120 | | $141.90 | | 553,120 | $1,147 |
| September 1 - September 30, 2026 | 458,469 | | $141.68 | | 458,469 | $1,082 |
| For the quarter ended September 30, 2026 | 1,431,166 | | $145.63 | | 1,431,166 | $1,082 |
Table 88 after “In October 2021, the Board authorized the Share Repurchase Program. Under this program, shares of the Company's common stock may be repurcha”
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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 |
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Table 89 after “(a) Exhibits filed or furnished as part of Part II are:”
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| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| (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 May 5, 2025) | 3.1 | — | Amended and Restated Certificate of Incorporation of Vistra Corp. |
| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| 3.2 | 001-38086Form 8-K(filed October 15, 2021) | 3.1 | — | Series A Preferred Stock Certificate of Designation, filed with the Secretary of State of Delaware on October 14, 2021 |
| 3.3 | 001-38086Form 8-K(filed December 13, 2021) | 3.1 | — | Series B Preferred Stock Certificate of Designation, filed with the Secretary of State of Delaware on December 9, 2021 |
| 3.4 | 001-38086Form 8-K(filed January 4, 2024) | 3.1 | — | Series C Preferred Stock Certificate of Designation, filed with the Secretary of State of Delaware on December 29, 2023 |
| (3(ii)) | By-laws | | | |
| 3.5 | 001-38086Form 8-K(filed May 5, 2025) | 3.2 | — | Amended and Restated Bylaws of Vistra Corp., effective May 2, 2025 |
| (4) | Instruments Defining the Rights of Security Holders, Including Indentures | | | |
| 4.1 | 001-38086 Form 8-K (filed July 16, 2026) | 4.1 | — | Seventeenth Amendment to Receivables Purchase Agreement dated as of July 10, 2026, 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 |
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| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| 10.6 | ** | | — | Amended and Restated Employment Agreement, executed on August 11, 2026, between Vistra Corp., Vistra Corporate Services Company, and Scott A. Hudson |
| 10.7 | ** | | — | Amended and Restated Employment Agreement, executed on August 11, 2026, between Vistra Corp., Vistra Corporate Services Company, and Stephanie Zapata Moore |
| (22) | Subsidiary Guarantors and Issuers of Guaranteed Securities | | | |
| 22.1 | ** | | — | List of Issuers and Guarantors of Guaranteed Securities |
| (31) | Rule 13a-14(a) / 15d-14(a) Certifications | | | |
| 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 |
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