VSTVistra Corp.
Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine. 10-K, Item 1
- Employees
- 6,390
- Headquarters
- Irving, TX
- CEO
- James A. Burke
- Next results
- around Feb 25, 2027
The biggest changes in the 10-K filed 2026-02-27, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
27.6% → 10.8% (-16.8 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
-64.5% Big change FY to 2025-12-31 vs 2024-12-31“Retail net income increased due to higher retail margins driven by strong counts and one-time gains from supply cost management and an increase in customer consumption primarily due to weather, partially offset by a $96 million increase in unrealized mark-to-market losses on commodity derivative positions.”
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“Texas net income decreased primarily due to a $311 million decrease in unrealized mark-to-market gains on commodity derivative positions, a decrease in energy revenues due to the Martin Lake Incident, a $68 million impairment of long-lived assets related to certain development projects, and a $60 million reduction in nuclear PTC revenue, partially offset by higher realized energy prices and $120 million of involuntary conversion gains on property damage insurance from the Martin Lake Incident.”
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Revenue
+19.1% Big change FY to 2025-12-31 vs 2024-12-31“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”
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Cash from operations
-10.8% Big change FY to 2025-12-31 vs 2024-12-31“The change in net cash provided by operating activities is primarily due to a $1.611 billion increase in net margin deposits as $769 million in net margin deposits supporting our hedging strategy were posted for the year ended December 31, 2025 as compared to $842 million in net margin deposits returned for the year ended December 31, 2024, partially offset by an increase in cash from nuclear PTC sales of $469 million, realized operating income primarily due to the addition of Energy Harbor, and higher realized energy and capacity prices.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on VST in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/VST/export.csv") into a cell.