Vistra
VST · NYSEElectric Services · Fiscal year ends Dec 31
Vistra reported revenue of $17.6B in the fiscal year ended Dec 2025, up 19.1% from the year before. Operating income was $1.9B, an operating margin of 10.8%, and net income was $944M. Operating cash flow of $4.1B less capital expenditure of $2.8B left free cash flow of $1.3B. Net debt was $18.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.7B | $15.6B | $13.8B | $14.8B | $17.6B |
| Selling, general & admin | $1B | $1.2B | $1.3B | $1.6B | $1.7B |
| Operating income | −$1.5B | −$1.2B | $2.7B | $4.1B | $1.9B |
| Interest expense | $384M | $368M | $740M | $900M | $1.2B |
| Pre-tax income | −$1.7B | −$1.6B | $2B | $3.5B | $1.1B |
| Income tax | −$458M | −$350M | $508M | $655M | $179M |
| Net income | −$1.3B | −$1.2B | $1.5B | $2.7B | $944M |
| Diluted EPS | −2.69 | −3.26 | 3.58 | 7.00 | 2.18 |
| Diluted shares | 482M | 422M | 375M | 353M | 346M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $455M | $3.5B | $1.2B | $785M |
| Receivables | $1.4B | $2.1B | $1.7B | $2B | $2.3B |
| Inventory | $610M | $570M | $740M | $970M | – |
| Current assets | $7.9B | $11.1B | $11.6B | $8.1B | $9.2B |
| Net PP&E | $13.1B | $12.6B | $12.4B | $18.2B | $19.8B |
| Goodwill | $2.6B | $2.6B | $2.6B | $2.8B | $2.8B |
| Total assets | $29.7B | $32.8B | $33B | $37.8B | $41.6B |
| Payables | $1.5B | $1.6B | $1.1B | $1.5B | $1.6B |
| Current liabilities | $5.8B | $10.3B | $9.8B | $8.4B | $11.8B |
| Short-term debt | $0 | $650M | $0 | $0 | $1.8B |
| Long-term debt | $10.5B | $11.9B | $14.4B | $16.3B | $17B |
| Total liabilities | $21.4B | $27.9B | $27.6B | $32.2B | $36.4B |
| Shareholders' equity | $8.3B | $4.9B | $5.3B | $5.6B | $5.1B |
| Backlog (remaining obligations) | – | – | – | $3B | $7.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$206M | $485M | $5.5B | $4.6B | $4.1B |
| Capital expenditure | $1B | $1.3B | $1.7B | $2.1B | $2.8B |
| Free cash flow | −$1.2B | −$816M | $3.8B | $2.5B | $1.3B |
| Depreciation & amortisation | $1.8B | $1.6B | $1.5B | $1.8B | $2B |
| Stock-based compensation | $47M | $63M | $77M | $100M | $113M |
| Acquisitions | $0 | $0 | $0 | $3.1B | – |
| Share buybacks | $471M | $1.9B | $1.2B | $1.3B | $1B |
| Dividends paid | $290M | $302M | $313M | $305M | $306M |
| Dividend per share | – | 0.72 | 0.82 | 0.87 | 0.90 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −11.7% | −11.7% | 6.9% | 19.1% |
| Operating income growth (YoY) | – | – | – | 53.4% | −53.3% |
| EPS growth (YoY) | – | – | – | 95.5% | −68.9% |
| Operating margin | −8.6% | −7.5% | 19.3% | 27.6% | 10.8% |
| Net margin | −7.2% | −7.8% | 10.8% | 18.0% | 5.4% |
| Return on equityBlank when equity is negative | −15.4% | −25.0% | 28.1% | 47.7% | 18.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.4% | −5.2% | 11.5% | 13.9% | 6.4% |
| Free cash flow margin | −7.0% | −5.2% | 27.4% | 16.8% | 7.5% |
| Cash conversion (CFO ÷ net income) | 0.16x | −0.40x | 3.65x | 1.72x | 4.31x |
| Receivable days | 29 | 48 | 44 | 49 | 48 |
| Interest cover | −3.95x | −3.20x | 3.60x | 4.53x | 1.62x |
| Debt ÷ equity | 1.26x | 2.57x | 2.71x | 2.93x | 3.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.2B | $12.1B | $10.9B | $15.1B | $18.1B |
| Current ratio | 1.35x | 1.08x | 1.18x | 0.96x | 0.78x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.