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VSTVistra Corp.

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The 10-K against last year's

254 changes: 82 added, 75 removed, 91 reworded, 6 quiet changes

10-K Feb 27, 2026 vs Feb 28, 2025
Risk FactorsRedline ↓
6.0%
of the text changed · 21,223 words now
50.3%
of the text changed · 10,337 words now
Legal ProceedingsRedline ↓
38.8%
of the text changed · 5,292 words now
Accounting PoliciesRedline ↓
12.1%
of the text changed · 3,537 words now

10-K 0001692819-26-000006 (2026-02-27) vs 10-K 0001692819-25-000013 (2025-02-28)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 476 words changed in this paragraph; it is 49% similar to last year's version.
In May 2023, the EPA released a proposal regulating power plant GHG emissions, while also proposing to repeal the Affordable Clean Energy (ACE) rule that had been finalized by the EPA in July 2019. In May 2024, the EPA published a final GHG rule that repealed the ACE rule and sets limits for (a) new natural gas-fired combustion turbines and (b) existing coal-, oil- and natural gas-fired steam generation units. The standards are based on technologies such as carbon capture and sequestration/storage (CCS) and natural gas co-firing. Starting in 2030, the rule would begin to require more CO2 emissions control at certain existing fossil fuel-fired steam generating units, with more stringent standards beginning in 2032 for coal-fired units that plan to operate for a longer period of time. For new natural gas combustion turbines that operate more frequently, the rule would phase in increasingly stringent CO2 requirements over time. Under the rule, states would be required to submit plans to the EPA within 24 months of the rule's publication in the Federal Register that provide for the establishment, implementation, and enforcement of standards of performance for existing sources. These state plans must generally establish standards that are at least as stringent as the EPA's emission guidelines. Under the rule, existing coal-fired steam generation units that will operate on or after January 1, 2039 must start complying with their standards of performance (based on application of CCS with 90 percent capture) by January 1, 2032. Units that are permanently retiring before January 1, 2039, but after December 31, 2031, must start complying with their standards of performance (based on co-firing with 40 percent natural gas on a heat input basis) beginning on January 1, 2030. Units permanently retiring by January 1, 2032 are exempt from the rule. Given our previously announced coal unit retirement commitments, our Martin Lake and Oak Grove plants are the only coal units that are subject to this rule. Our Graham, Lake Hubbard, Stryker Creek and Trinidad oil/natural gas facilities are also regulated under this rule. None of our existing large or small combustion turbines are subject to this rule. The rule also regulates any new gas units. For new combustion turbine units, the rule establishes three different categories depending on how intensively those units are operated, with immediate compliance obligations for all three categories but more stringent standards beginning in 2032 only for the category of units operating the most intensively. Following finalization of the rule in May 2024, 17 petitions for review from various states, industry groups, and companies were filed in the D.C. Circuit Court along with multiple motions to stay the rule. We are participating in an industry coalition challenging the rule. In July 2024, the D.C. Circuit Court denied the motions to stay and a number of parties subsequently filed an emergency request with the U.S. Supreme Court to stay the rule which was denied in October 2024. Oral argument on the merits of the legal challenges to the rule was held in December 2024 before the D.C. Circuit Court. The D.C. Circuit Court has granted the EPA's motion for an abeyance of the case and status reports are due at 90-day intervals. In June 2025, the EPA published a proposed repeal of GHG emission standards for fossil fuel-fired electric generation units, which could moot this case if the proposal is finalized and would result in no further federal regulation of GHGs at electric generating units. Additionally, in February 2025, 2026, the EPA issued a rule that repeals the agency's prior 2009 endangerment finding for all GHG emission standards for light-, medium-, and heavy-duty vehicles. The rescission of the endangerment finding does not impact power plants, however, the EPA has also stated that, for other rules that have relied on the endangerment finding, it intends to initiate other rulemakings to address any overlapping issues. Several environmental groups have filed a challenge to the EPA's repeal of the endangerment finding in the D.C. Circuit granted the unopposed motion filed by the Department of Justice on behalf of the EPA, holding the litigation in abeyance for a period of 60 days while the new leadership at the EPA evaluates the rule and determines how it wishes to proceed. Court.

Source: Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES, 10-K 0001692819-26-000006 vs Item 3, via Note 15 – COMMITMENTS AND CONTINGENCIES, 10-K 0001692819-25-000013

MD&A 302 words changed in this paragraph; it is 30% similar to last year's version.
Nuclear In August 2022, the U.S. enacted the IRA, which, among other things, implements substantial new and modified energy tax credits, including recognizing the value of existing carbon-free nuclear power by providing for a nuclear PTC, a solar PTC, new technology-neutral ITCs and PTCs that apply to various different clean energy technologies, and a first-time stand-alone battery storage ITC. The IRA also implements a 15% corporate alternative minimum tax (CAMT) on book income of certain large corporations, and a 1% excise tax on net stock repurchases. The section 45U nuclear PTC revenues is available to existing nuclear facilities from 2024 through 2032 and provides a federal tax credit of up to $15 per MWh, subject to phase out when annual gross receipts are accounted between $25.00 per MWh and 43.75 per MWh and $26.00 per MWh and $44.75 per MWh for 2024 and 2025, respectively (each subject to annual inflation adjustments). The Company accounts for transferable ITCs and PTCs we expect to receive by analogy to the grant model within International ASC 832, Government Grants as amended by Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance. Nuclear Update 2025-10 (ASC 832). As discussed in Note 5, we recognized transferable nuclear PTC revenues are based on annual gross receipts generated from qualifying nuclear production of $220 million and $545 million in the calendar year. years ended December 31, 2025 and 2024, respectively. U.S. Treasury regulations are expected to further provide define the scope of the legislation in many important respects, including interpretive guidance on the definition of gross receipts over for the next year. Given the lack of guidance to date, we recognized 2024 nuclear PTC revenues based on our best estimate and interpretation of gross receipts which includes settled spot energy revenues and capacity revenues at each nuclear unit, and excludes any hedges. PTC. Any interpretive guidance on the definition of gross receipts which that differs from the interpretation used in our estimate estimates could result in a material change to PTC revenues attributable to recorded in 2024 and 2025 and would be reflected as a change in estimate in the period in which the guidance is received.

Source: Item 7, 10-K 0001692819-26-000006 vs Item 7, 10-K 0001692819-25-000013

Risk Factors 225 words changed in this paragraph; it is 76% similar to last year's version.
There is continuing emphasis nationally and internationally on global climate change and how GHG emissions, such as CO2, contribute to global climate change. Over the last several years, the U.S. Congress has considered and debated several proposals intended to address climate change using different approaches, including a cap on carbon emissions with emitters allowed to trade unused emission allowances (cap-and-trade), a tax on carbon or GHG emissions, incentives for the development of low-carbon technology and federal renewable portfolio standards. In July 2019, the EPA finalized the ACE rule that developed emissions guidelines that states must use when developing plans to regulate GHG emissions from existing coal-fueled electric generation units. In January 2021, the ACE rule was vacated by the D.C. Circuit Court and remanded to the EPA for further consideration in accordance with the court's ruling. The D.C. Circuit Court's decision was appealed to the U.S. Supreme Court. In June 2022, the U.S. Supreme Court issued its decision in West Virginia v. EPA, in which it held that the EPA does not have the authority to apply generation shifting in the regulation of GHG emissions. The judgment reversed the D.C. Circuit Court's decision and remanded the case for further proceedings consistent with the U.S. Supreme Court's opinion. In May 2024, the EPA issued a more stringent and more encompassing rule to replace the ACE rule. The In June 2025, the EPA proposed to repeal the GHG rule issued in May 2024 is currently being challenged 2024, and the rule remains subject to ongoing legal challenges in the D.C. Circuit after the U.S. Supreme Court declined to issue a stay of that rule. We expect rule, but that litigation is currently abated. As a result, the Trump Administration scope, timing and ultimate requirements of any federal regulation of GHG emissions from existing power generation facilities remains uncertain. Additionally, in February 2026, the EPA issued a rule that repeals the agency's prior 2009 endangerment finding for all GHG emission standards for light-, medium-, and heavy-duty vehicles. The rescission of the endangerment finding does not impact power plants, however, the EPA has also stated that, for other rules that have relied on the endangerment finding, it intends to review the May 2024 GHG rule. Additionally, pursuant initiate other rulemakings to address any overlapping issues. Several environmental groups have filed a challenge to the Order, the Administrator EPA's repeal of the EPA, endangerment finding in collaboration with the heads of any other relevant agencies, will submit joint recommendations to the Director of the Office of Management D.C. Circuit Court. Regulatory uncertainty resulting from changes in administration priorities, judicial review and Budget on the legality enforcement approaches may complicate long-term capital planning, asset retirement decisions and continuing applicability of the December 2009 Endangerment Finding. investments in new technologies, even if regulatory requirements are delayed, modified or repealed. In addition, a number of federal court cases have been filed in recent years asserting damage claims related to GHG emissions, and the results in those proceedings could establish adverse precedent that might apply to companies (including us) that produce GHG emissions. We could be materially and adversely affected if federal and/or state legislation or regulations that address global climate change require efforts that exceed or are more expensive than our currently planned initiatives initiatives, or if regulatory uncertainty itself results in increased costs or inefficiencies, or if we are subject to lawsuits for alleged damage to persons or property resulting from GHG emissions.

Source: Item 1A, 10-K 0001692819-26-000006 vs Item 1A, 10-K 0001692819-25-000013

Accounting Policies 119 words changed in this paragraph; it is 40% similar to last year's version.
In December 2023, 2025, the FASB Financial Accounting Standards Board (FASB) issued ASU No. 2023-09 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency 2025-10), which provides guidance on recognition, measurement, and decision usefulness presentation of income tax disclosures. government grants. ASU 2023-09 2025-10 is effective for annual periods beginning after December 15, 2024 on a prospective basis. 2028, including interim periods within those fiscal years. Early adoption is permitted. As The Company adopted the amendments apply to income tax disclosures only, the Company does in this ASU for its fiscal year ended December 31, 2025. The adoption did not expect adoption to have a material impact on the consolidated financial statements. statements as we previously accounted for ITCs and PTCs by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance, which the FASB largely leveraged in developing the ASU.

Source: Item 8, Note 1 – BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001692819-26-000006 vs Item 8, Note 1 – BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001692819-25-000013

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of VST's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-28. Each links to the text at sec.gov.

RewordedRisk Factors
For example, the IRA OBBBA includes the enactment of several new proposals, including, but not limited to (i) a corporate alternative minimum reinstatement of 100% accelerated depreciation for certain qualifying expenditures, (ii) an increase in the limit of certain interest that can be deducted by a corporation, (iii) accelerated phase-out of certain renewable energy tax based on book income credits associated with solar and (ii) wind projects, and (iv) additional requirements to qualify for enhanced renewable energy tax credits.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Such potential transactions and executed agreements are subject to certain risks and uncertainties, including various currently contemplated or future potential regulatory actions, reviews, and/or approvals and approvals, adverse legislative actions, and project execution risk including significant capital expenditures required to complete the nuclear uprates, as well as risks related to operational performance, fuel supply and other factors, that could affect our ability to meet contractual obligations, which could impact the timing of, and our ability to consummate, a potential transaction. such transactions.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
The Tax Cuts and Jobs Act of 2017 (TCJA), enacted December 22, 2017, and the Inflation Reduction Act (IRA), enacted August 16, 2022, and the One Big Beautiful Bill Act (OBBBA) enacted July 4, 2025, both introduced significant changes to current U.S. federal tax law.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Some of these emerging Emerging technologies are such as distributed renewable energy technologies, energy efficiency, broad consumer adoption of electric vehicles, distributed generation, energy storage devices, fuel cells, nuclear small modular reactors, and linear generators. generators could have a significant impact on the energy industry.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
The During the prior administration, the EPA was directed by the Biden Administration to review a number of environmental rules adopted by the EPA during the first Trump Administration, rules, including the CCR rule, the ELG rule, the ACE rule and the particulate matter (PM), and NAAQS rules.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Our businesses are subject to numerous state and federal laws (including, but not limited to, Texas Public Utility Regulatory Act, the Federal Power Act, the Natural Gas Policy Act, the Atomic Energy Act, the Public Utility Regulatory Policies Act of 1978, the Clean Air Act (CAA), the Clean Water Act (CWA), the Resource Conservation and Recovery Act (RCRA), the Energy Policy Act of 2005, the Dodd-Frank Wall Street Reform and the Consumer Protection Act and the Telephone Consumer Protection Act), changing governmental policy and regulatory actions (including those of the FERC, the DOE, the NERC, the RCT, the MSHA, the EPA, the NRC, the DOJ, the FTC, the CFTC, state public utility commissions and state environmental regulatory agencies), and the rules, guidelines and protocols of ERCOT, CAISO, ISO-NE, MISO, NYISO and PJM with respect to various matters, including, but not limited to, market structure and design, operation of nuclear generation facilities, construction and operation of other generation facilities, orders from governmental or regulatory agencies requiring continued operation of units beyond their planned retirement dates, development, operation and reclamation of lignite mines, recovery of costs and investments, decommissioning costs, market behavior rules, present or prospective wholesale and retail competition, administrative pricing mechanisms (and adjustments thereto), rates for wholesale sales of electricity, mandatory reliability standards and environmental matters.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
However, we recognize the growing threat within the general marketplace and our industry, especially as generative AI becomes more widely used by threat actors. actors and we may not be able to prevent or mitigate any such impacts in the future.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
There is no assurance that the The Board will may not declare, or that and we will may not pay, any dividends on our common stock in the future.

Read it in 10-K 2026-02-27 at sec.gov ↗

Show the other 16
RewordedRisk Factors
There is no assurance that the The Board will may not declare, or that and we will may not pay, any dividends on our Preferred Stock in the future.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Management's Discussion and Analysis of Financial Condition, and Results of Operations – Significant Activities Business Environment and Events, and Items Influencing Future Performance - Macroeconomic Conditions. Outlook.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
We continue to pursue and execute on additional opportunities for the potential prospective sale of power from our existing or new nuclear and gas generation fleet facilities pursuant to long-term agreements to supply large load facilities.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedRisk Factors
Management's Discussion and Analysis of Financial Condition, and Results of Operations – Significant Activities Business Environment and Events, and Items Influencing Future Performance – Macroeconomic Conditions); Outlook);

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
(b)The increase decrease in availability for the year ended December 31, 2024 2025 was driven by a $684 $380 million increase in cash borrowings, partially offset by a $214 million decrease in letters of credit outstanding under the facility and the October 2024 amendment to the Revolving Credit Facility which, among other things, increased the revolving credit commitments by $265 million (see Note 9 to the Financial Statements). facility.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
On March 1, 2024 (Merger Date), pursuant to a transaction agreement dated March 6, 2023 (Transaction Agreement), 2023, (i) Vistra Operations transferred certain of its subsidiary entities into Vistra Vision, (ii) Black Pen Inc., a wholly owned subsidiary of Vistra, merged with and into Energy Harbor, (iii) Energy Harbor became a wholly-owned wholly owned subsidiary of Vistra Vision, and (iv) affiliates of Nuveen Asset Management, LLC (Nuveen) and Avenue Capital Management II, L.P. exchanged a portion of the Energy Harbor shares held by Nuveen and Avenue for a 15% equity interest of Vistra Vision (collectively, Energy Harbor Merger).

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
This Any interpretive guidance on the definition of gross receipts that differs from the interpretation used in our estimates could have result in a material impact on our estimate change to PTC revenues recorded in 2024 and 2025 and would be reflected as a change in estimate in the period in which the guidance is received.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
However, given Given uncertainty in timing of recoveries and potential indirect impacts to other facilities, remaining insurance recoveries, we cannot predict the net impact these events full impacts this event will have on our results of operations for 2025. 2026 financial statements.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The section 45U nuclear PTC is available to existing nuclear facilities from 2024 through 2032 and provides a federal tax credit of up to $15 per MWh, subject to phase out as power prices increase above $25 when annual gross receipts are between $25.00 per MWh and 43.75 per MWh and $26.00 per MWh and $44.75 per MWh for 2024 and 2025, respectively (each subject to annual inflation adjustments).

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
(d)Represents net of all NDT (income) loss of the PJM nuclear facilities, facilities and all ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. environmental remediation expenses and other expenses associated with the Moss Landing Incident.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The Company accounts for transferable ITCs and PTCs we expect to receive by analogy to the grant model within International ASC 832, Government Grants as amended by Accounting Standards 20, Accounting for Government Grants and Disclosures of Government Assistance. Update 2025-10 (ASC 832).

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
We believe that we will have access to sufficient liquidity to fund our anticipated cash requirements through at least the next 12 months, including the consummation of the Cogentrix Transaction, the maturity of 2026 debt obligations, including the 5.050% Senior Secured Notes due December 2026, and the upcoming payments associated with the acquisition of Nuveen's noncontrolling interest in Vistra Vision discussed in Note 9 11 to the Financial Statements.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
Certain The Vistra Operations Credit Agreement, Vistra Operations Commodity-Linked Credit Agreement, Secured LOC Facilities, and certain of our contractual other financing arrangements contain include cross-default provisions that could result in an event of default if there were a failure under financing arrangements to meet payment terms or to observe covenants that could result in an acceleration of payments due.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
We expect to recover a significant portion majority of the direct losses incurred from each event expenditures associated with the Martin Lake Incident through property damage insurance and to receive additional business interruption insurance. proceeds.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The net proceeds from these issuances were used to refinance senior secured unsecured debt maturities in May 2024 and July 2024 September 2026 and for general corporate purposes. purposes, including to fund a portion of the Lotus Acquisition.

Read it in 10-K 2026-02-27 at sec.gov ↗

RewordedMD&A
The PRUI Prohibiting Russian Uranium Imports Act (PRUI Act), which was signed into law on August 11, 2024, prohibits importation of Russian uranium; however, the Department of Energy DOE can issue waivers (subject to decreasing annual caps) until December 31, 2027 if there is no alternate source of low-enriched uranium available to keep U.S. nuclear reactors operating or is in the national interest.

Read it in 10-K 2026-02-27 at sec.gov ↗

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