Vistra Corp.

NYSE-VST

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,201	2,386	2,526	2,812	2,138	803
Net Income
Depreciation & Amortization	3,095	3,116	2,977	2,745	2,497	2,261
Depreciation and Amortization
Asset Retirement Obligation Accretion Expense
Stock Based Compensation	106	93	100	100	90	87
Stock-Based Compensation Expense
Other Adjustments	31	458	587	-590	1,014	486
Deferred Income Tax Expense (Benefit), Net
Impairment of Goodwill
Impairment of Long-Lived and Other Assets
Unrealized Net Gain from Mark-to-Market Valuations of Commodities
Unrealized Net Income from Mark-to-Market Valuations of Interest Rate Swaps
Unrealized Net Gain from Nuclear Decommissioning Trusts
Gain on Sale of Land
Loss on Disposal of Investment in NELP
Bad Debt Expense
Change in Asset Retirement Obligation Liability
Impacts of Tax Receivable Agreement
Gain on TRA Repurchase and Tender Offers
Other, Net
Impairment of Intangible and Other Assets
Unrealized Net Loss from Mark-to-Market Valuations of Interest Rate Swaps
Liability Adjustment Arising from Termination of Interest Rate Swaps
Contract Claims Adjustments
Changes in Trade Receivables	—	—	—	-242	—	—
Accounts Receivable - Trade
Uplift Securitization Proceeds Receivable from ERCOT
Changes in Inventories	—	—	—	-31	—	—
Inventories
Changes in Accounts Payable	—	—	—	19	—	—
Accounts Payable - Trade
Changes in Accrued Expenses	-17	-24	36	-10	107	29
Accrued Interest
Accrued Employee Incentive
Changes in Income Taxes Payable	20	1	1	-1	3	-1
Accrued Taxes
Changes in Other Operating Activities	-689	-372	59	-239	271	48
Affiliate Accounts Receivable/Payable - Net
Commodity and Other Derivative Contractual Assets and Liabilities
Margin Deposits, Net
Alcoa Contract Settlement
Tax Receivable Agreement Payment
Asset Retirement Obligation Settlement
Major Plant Outage Deferral
Other Operating Assets and Liabilities
Change in Other Net Liabilities
Cash from Operating Activities	3,991	4,226	4,850	4,563	4,091	3,949
Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-2,346	-2,573	-2,381	-2,078	-2,062	-1,713
Capital Expenditures, Including Nuclear Fuel Purchases and LTSA Prepayments
Capital Expenditures
Capital Expenditures, Including LTSA Prepayments
Nuclear Fuel Purchases
Development and Growth Expenditures
Proceeds from Sale of Property, Plant & Equipment	—	—	69	196	141	134
Proceeds from Sale of Property, Plant and Equipment, Including Nuclear Fuel
Insurance Proceeds for Recovery of Damaged Property, Plant and Equipment
Purchases of Investments	-4,787	-4,486	-4,131	-2,239	-1,719	-1,150
Investments in Nuclear Decommissioning Trust Fund Securities
Proceeds from Sale of Investments	4,763	4,463	4,109	2,216	1,696	1,127
Proceeds from Sales of Nuclear Decommissioning Trust Fund Securities
Payments for Business Acquisitions	—	—	—	-3,065	—	—
Ambit Acquisition (Net of Cash Acquired)
Crius Acquisition (Net of Cash Acquired)
Odessa Acquisition
Energy Harbor Acquisition (Net of Cash Acquired)
Cash Acquired in the Merger
Other Investing Activities	-534	-543	-630	-306	-716	-709
Purchases of Environmental Allowances
Proceeds from Sales of Environmental Allowances
Proceeds from Sales of Transferable ITCs
Changes in Restricted Cash
Notes/Advances Due from Affiliates
Other, Net
Cash from Investing Activities	-2,479	-2,750	-2,809	-5,276	-5,722	-5,375
Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	2,940	2,203	2,602	—	—
Net Borrowings Under Accounts Receivable Financing
Borrowings Under Revolving Credit Facility
Borrowings Under Commodity-Linked Facility
Repayments of Short-Term Debt	—	—	—	-1,852	—	—
Repayments Under Revolving Credit Facility
Repayments Under Commodity-Linked Facility
Net Issuance / (Repayments) of Short-Term Debt	—	2,940	2,203	750	—	—
Issuance of Long-Term Debt	2,041	2,634.5	3,925.5	3,817	3,756.5	4,698
Issuances of Debt
Borrowings Under Term Loan a
Incremental Term Loan B Facility
Repayments of Long-Term Debt	-782	-1,938	-1,537	-2,287	-2,281	-1,125
Repayments/Repurchases of Debt
Repayment Under Term Loan a
Net Issuance / (Repayments) of Long-Term Debt	1,259	696.5	2,388.5	1,530	1,475.5	3,573
Repurchases of Common Shares	-1,021	-1,233	-1,312	-1,266	-1,400	-1,315
Stock Repurchases
Net Issuance / (Repurchases) of Common Shares	-1,021	-1,233	-1,312	-1,266	-1,400	-1,315
Issuance of Preferred Shares	—	—	—	—	—	—
Issuances of Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Common Share Dividends Paid	-304	-307	-311	-305	-315	-310
Dividends Paid to Common Stockholders
Special Dividend
Preferred Share Dividends Paid	-192	-194	-194	-173	-173	-187.5
Dividends Paid to Preferred Stockholders
Other Financing Activities	-56	-53.5	-21.5	-1,384.5	27	74
Debt Issuance Costs
Fees Paid for the DIP Facility
Proceeds from Forward Capacity Agreement
Dividends Paid to Noncontrolling Interest Holders
Payment for Acquisition of Noncontrolling Interest
Tax Withholding on Stock Based Compensation
TRA Repurchase and Tender Offer - Return of Capital
Other, Net
Net Borrowings Under Accounts Receivable Financing
Cash from Financing Activities	-1,814	-2,642	-2,561	-1,604	-654	2,389
Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	1,645	1,653	2,469	2,485	2,029	2,236
NOPAT	1,926.7	3,050.2	3,235.8	3,310	2,672.1	1,281
Levered Free Cash Flow	2,282	5,980.5	7,517.5	5,152	4,143.5	4,674
Unlevered Free Cash Flow	1,989.7	3,198.2	3,927.8	3,715	3,488.1	1,905
Net Change in Cash	-302	-1,166	-520	-2,317	-2,285	963