Vistra Corp (VST) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.63	$0.76	-53.4%	—	$4B	—
Q1 26	$1.87	$2.87	+53.5%	—	$5.6B	—
Q4 25	$2.3	$0.54	-76.5%	—	$4.6B	—
Q3 25	$1.4	$1.38	-1.4%	—	$5B	—
Q2 25	$1.05	$0.71	-32.4%	—	$4.3B	—
Q1 25	$0.65	-$0.93	-243.1%	—	$3.9B	—
Q4 24	$1.72	$0.94	-45.3%	—	$4B	—
Q3 24	$1.2	$5.4	+350.0%	—	$6.3B	—
Q2 24	$1.38	$0.9	-34.8%	—	$3.8B	—
Q1 24	$0.7	-$0.24	-134.3%	—	$3.1B	—
Q4 23	-$0.04	-$0.55	-1275.0%	—	$3.1B	—
Q3 23	$1.06	$1.25	+17.9%	—	$4.1B	—
Q2 23	$0.82	$1.17	+42.7%	—	$3.2B	—
Q1 23	$0.4	-$0.17	-142.5%	—	$4.4B	—
Q4 22	$4.34	-$0.73	-116.8%	—	$3.9B	—
Q3 22	$1.93	$1.51	-21.8%	—	$5.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.22	—	—	$17.7B	—
FY24	—	$7.26	—	—	$17.2B	—
FY23	—	$3.82	—	—	$14.8B	—
FY22	—	-$3.15	—	—	$13.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.2B	$5.4B	$9.1B	$11.8B	$11.4B	$12.1B	$13.7B	$14.8B	$17.2B	$17.7B
YoY change	-3.84%	+5.15%	+68.4%	+29.1%	-3.1%	+5.54%	+13.7%	+7.66%	+16.5%	+2.98%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.2B	5.4B	9.1B	11.8B	11.4B	12.1B	13.7B	14.8B	17.2B	17.7B
Cost of revenue	3.7B	3.9B	6.3B	7.3B	6.8B	10.7B	12B	9.3B	9.7B	11.9B
Gross profit	1.5B	1.5B	2.8B	4.5B	4.6B	1.3B	1.7B	5.5B	7.5B	5.8B
Gross margin	28.9%	28%	30.7%	38.4%	40.6%	11.2%	12.3%	37.4%	43.7%	32.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	690M	600M	926M	904M	1B	1B	1.2B	1.3B	1.6B	1.7B
Operating expenses	690M	600M	926M	904M	1B	1B	1.2B	1.3B	1.6B	1.7B
Operating income	125M	223M	491M	2B	1.9B	-1.4B	-1.1B	2.7B	4.1B	2.1B
Operating margin	2.42%	4.11%	5.37%	16.9%	16.4%	-12%	-8.03%	18.3%	23.7%	12%
Non-operating income, net	83M	234M	-70M	-189M	-495M	239M	143M	-89M	280M	83M
Pretax income	-886M	250M	-101M	1.2B	890M	-1.7B	-1.6B	2B	3.5B	1.1B
Income tax	-67M	504M	-45M	290M	266M	-458M	-350M	508M	655M	179M
Net income	-819M	-254M	-56M	926M	624M	-1.3B	-1.2B	1.5B	2.8B	944M
Net margin	-15.9%	-4.68%	-0.61%	7.84%	5.45%	-10.5%	-8.81%	10.1%	16.3%	5.32%
EBITDA	898M	1.3B	2B	3.8B	3.9B	608M	794M	4.5B	6.9B	5.2B
EPS	-1.92	-0.59	-0.11	1.88	1.3	-2.72	-3.15	3.82	7.26	2.22
Diluted EPS	-1.92	-0.59	-0.11	1.86	1.3	-2.72	-3.15	3.82	7.26	2.22

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.1B	3.1B	3.1B	3.8B	6.3B	4B	3.9B	4.3B	5B	4.6B	5.6B	4B
Cost of revenue	2.5B	2.2B	2.2B	2.2B	2.8B	2.4B	3.1B	2.7B	3B	3B	3.2B	2.6B
Gross profit	1.6B	850M	840M	1.6B	3.5B	1.6B	793M	1.5B	1.9B	1.6B	2.4B	1.4B
Gross margin	38.3%	27.6%	27.5%	42.1%	55.1%	39.6%	20.2%	36.3%	39.1%	33.9%	42.7%	34.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	357M	355M	351M	375M	411M	464M	391M	419M	444M	460M	427M	392M
Operating expenses	357M	355M	351M	375M	411M	464M	391M	419M	444M	460M	427M	392M
Operating income	834M	102M	86M	808M	2.6B	599M	-120M	583M	1B	629M	1.5B	553M
Operating margin	20.4%	3.31%	2.82%	21%	41.2%	14.8%	-3.05%	13.7%	21%	13.7%	26.6%	13.8%
Non-operating income, net	7M	-100M	112M	52M	43M	73M	-59M	93M	86M	-37M	-15M	138M
Pretax income	671M	-146M	-2M	626M	2.4B	451M	-444M	403M	856M	308M	1.2B	427M
Income tax	169M	38M	-20M	159M	555M	-39M	-176M	76M	204M	75M	183M	122M
Net income	502M	-184M	18M	467M	1.8B	490M	-268M	327M	652M	233M	1B	305M
Net margin	12.3%	-5.98%	0.59%	12.1%	29.2%	12.1%	-6.81%	7.69%	13.1%	5.08%	18.2%	7.59%
EBITDA	1.3B	634M	694M	1.5B	3.4B	1.3B	619M	1.4B	1.8B	1.4B	2.2B	1.3B
EPS	1.39	—	-0.24	1.06	5.54	—	-0.93	0.83	1.78	—	2.9	0.77
Diluted EPS	1.39	—	-0.24	1.06	5.54	—	-0.93	0.83	1.78	—	2.9	0.77

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.6B	7.8B	—	11.4B	9.6B	10.7B	—	13.5B	46.8B	54.5B	46.3B
Enterprise value	10.4B	10.8B	—	22.4B	19.1B	20.4B	—	24.7B	63B	73.8B	69B
Shares outstanding	427.6M	427.8M	505M	494.1M	488.7M	469.1M	389.8M	351.5M	339.8M	338.1M	338.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	12.3	15.4	—	—	9.07	16.7	57.8	23.3
P/S	1.28	1.44	—	0.96	0.84	0.88	—	0.92	2.72	3.07	2.42
P/B	1	1.24	—	1.43	1.15	1.29	—	2.54	8.39	10.7	15.5
EV/EBITDA	11.6	8.38	—	5.84	4.9	33.5	—	5.45	9.17	14.1	10.4
EV/Sales	2.02	1.98	—	1.89	1.67	1.69	—	1.67	3.66	4.16	3.59
Earnings yield	—	—	—	8.15%	6.5%	—	—	11%	6%	1.73%	4.28%
FCF yield	-7.05%	15.4%	—	17.8%	21.6%	-11.6%	—	27.9%	5.31%	2.42%	0.08%
PEG	—	—	—	—	—	—	—	—	—	—	-3.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.9%	28%	30.7%	38.4%	40.6%	11.2%	12.3%	37.4%	43.7%	32.9%	34.6%
Operating margin	2.42%	4.11%	5.37%	16.9%	16.4%	-12%	-8.03%	18.3%	23.7%	12%	13.8%
Net margin	-15.9%	-4.68%	-0.61%	7.84%	5.45%	-10.5%	-8.81%	10.1%	16.3%	5.32%	11.6%
ROE	-12.4%	-4.01%	-0.71%	11.6%	7.46%	-15.2%	-24.6%	28%	50.4%	18.5%	43%
ROA	-5.4%	-1.74%	-0.22%	3.48%	2.48%	-4.26%	-3.69%	4.53%	7.45%	2.27%	5.89%
ROIC	1.2%	0%	2.63%	8%	7.37%	-8.03%	-6.2%	12.2%	15.2%	7.35%	11.8%
Return on tangible assets	-16.5%	-4.43%	-0.33%	5.78%	4.12%	-6.25%	-5.1%	6.2%	10.1%	3.04%	6.85%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.64	1.98	0.95	0.9	1.13	1.35	1.08	1.18	0.96	0.78	0.97
Quick ratio	1.45	1.79	0.83	0.8	0.96	1.24	1.02	1.11	0.85	0.69	0.87
Debt / equity	0.7	0.7	1.45	1.42	1.18	1.33	2.71	2.76	3.11	3.93	3.73
Debt / assets	0.3	0.3	0.44	0.43	0.39	0.37	0.41	0.45	0.46	0.48	0.47
Net debt / EBITDA	4.21	2.28	5.47	2.87	2.43	15.9	16.2	2.47	2.35	3.69	2.93
Interest coverage	0.19	2.21	0.81	3.16	3	-2.79	-1.78	4.24	5.04	2.14	3.9
Effective tax rate	0%	100%	0%	23.8%	29.9%	0%	0%	25.4%	18.9%	15.9%	20.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.1	12.7	18.1	23.9	23.4	25.7	35.2	42.1	50.7	52.5	56.8
EPS (basic)	-1.92	-0.59	-0.11	1.88	1.3	-2.72	-3.15	3.82	7.26	2.22	2.22
EPS (diluted)	-1.92	-0.59	-0.11	1.86	1.3	-2.72	-3.15	3.82	7.26	2.22	5.93
Book value per share	15.4	14.8	15.6	16.1	17.1	17.7	12.6	15.1	16.4	15.1	8.95
FCF per share	-1.09	2.83	1.86	4.09	4.25	-2.64	-2.09	10.7	7.31	3.9	6.71
Cash per share	1.97	3.48	1.26	0.61	0.83	2.82	1.17	9.92	3.5	2.32	1.3
Capex per share	0.17	0.14	0.23	0.18	—	0.06	0.2	0.33	0.58	8.14	8.53

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.43%	1.14%	1.29%	0.75%	—	0.25%	0.57%	0.78%	1.14%	15.5%	14.9%
Capex / operating cash flow	-16.3%	5.14%	10.2%	2.92%	—	-3.23%	-3.81%	2.02%	3.43%	67.6%	56%
Payout ratio	-121.1%	0%	0%	26.2%	42.6%	-22.9%	-37.4%	31%	17%	52.8%	15.3%
Dividend yield	15%	0%	—	2.14%	2.77%	2.72%	—	3.42%	1.02%	0.91%	0.64%

Yield

0.64%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.23

ex-dividend Sep 21, 2026

Payout ratio

15%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 21, 2026	$0.23
Jun 22, 2026	$0.229
Mar 20, 2026	$0.228
Dec 22, 2025	$0.227
Sep 19, 2025	$0.226
Jun 18, 2025	$0.225
Mar 20, 2025	$0.224
Dec 20, 2024	$0.2215

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.1B	$3.1B	$3.1B	$3.8B	$6.3B	$4B	$3.9B	$4.3B	$5B	$4.6B	$5.6B	$4B
YoY change	-20.6%	-20.4%	-31%	+20.6%	+53.9%	+31.2%	+28.8%	+10.5%	-20.9%	+13.5%	+43.4%	-5.48%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	843M	1.5B	636M	300M	406M	1.3B	455M	3.5B	1.2B	785M
Receivables	612M	582M	1.1B	1.4B	1.3B	1.4B	2.1B	1.7B	2B	2.3B
Inventory	285M	253M	412M	469M	515M	610M	570M	740M	970M	1B
Total current assets	2.5B	2.7B	3.4B	4.1B	3.4B	7.9B	11.1B	11.6B	8.1B	9.2B
Property, plant & equipment	447M	858M	12M	-1.2B	-1.7B	-3.1B	-4B	-4.8B	-4.6B	-5.2B
Goodwill & intangibles	10.2B	8.9B	9.1B	10.6B	10.1B	9.5B	9.1B	8.9B	10B	10.5B
Total assets	15.2B	14.6B	26B	26.6B	25.2B	29.7B	32.8B	33B	37.8B	41.5B
Accounts payable	479M	473M	945M	947M	880M	1.5B	1.6B	1.1B	1.5B	1.6B
Short-term debt	46M	44M	530M	1.1B	403M	259M	1.1B	2.3B	1.6B	4.2B
Total current liabilities	1.5B	1.4B	3.6B	4.6B	3B	5.8B	10.3B	9.8B	8.4B	11.8B
Long-term debt	4.6B	4.4B	10.9B	10.2B	9.5B	10.8B	12.2B	12.4B	15.7B	15.8B
Total liabilities	8.6B	8.3B	18.2B	18.7B	16.8B	21.4B	27.9B	27.6B	32.2B	36.4B
Shareholders' equity	6.6B	6.3B	7.9B	8B	8.4B	8.3B	4.9B	5.3B	5.6B	5.1B
Total debt	4.6B	4.4B	11.4B	11.3B	9.9B	11B	13.3B	14.7B	17.4B	20.1B
Net debt	3.8B	2.9B	10.8B	11B	9.5B	9.7B	12.9B	11.2B	16.2B	19.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.2B	3.5B	1.1B	1.6B	905M	1.2B	561M	458M	602M	785M	634M	435M
Receivables	2B	1.7B	1.7B	2.1B	2.2B	2B	1.9B	2.2B	2.3B	2.3B	2B	2.3B
Inventory	685M	740M	976M	964M	949M	970M	960M	965M	970M	1B	1B	1B
Total current assets	10.7B	11.6B	9.4B	9.8B	8.5B	8.1B	8.4B	8.5B	8.4B	9.2B	9B	10.3B
Property, plant & equipment	-4.7B	-4.8B	-4.1B	-4.3B	-4B	-4.6B	-4.6B	-4.6B	-4.8B	-5.2B	-5.7B	-5.9B
Goodwill & intangibles	8.9B	8.9B	10.3B	10.4B	9.9B	10B	10.3B	10.1B	9.8B	10.5B	10.3B	10.2B
Total assets	31.9B	33B	38.2B	39.1B	37.9B	37.8B	38.2B	38.1B	38B	41.5B	41.3B	42.6B
Accounts payable	1.1B	1.1B	1.1B	1.3B	1.3B	1.5B	1.3B	1.3B	1.4B	1.6B	1.4B	1.5B
Short-term debt	1.9B	2.3B	1.4B	2.7B	1.5B	1.6B	2B	2.2B	1.5B	4.2B	2.6B	2.2B
Total current liabilities	8.7B	9.8B	8.8B	10.1B	7.7B	8.4B	9.8B	9.4B	8.4B	11.8B	10.1B	10.6B
Long-term debt	12B	12.4B	15B	14.2B	14.3B	15.7B	15.7B	15.8B	16B	15.8B	17.3B	17.7B
Total liabilities	26.4B	27.6B	30.9B	31.8B	29.2B	32.2B	33.4B	33.3B	32.8B	36.4B	35.7B	37.1B
Shareholders' equity	5.5B	5.3B	7.3B	7.3B	8.7B	5.6B	4.8B	4.8B	5.2B	5.1B	5.6B	5.5B
Total debt	14B	14.7B	16.4B	16.9B	15.8B	17.4B	17.7B	18B	17.5B	20.1B	19.9B	19.9B
Net debt	10.8B	11.2B	15.3B	15.3B	14.9B	16.2B	17.1B	17.6B	16.9B	19.3B	19.3B	19.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-819M	-254M	-56M	926M	624M	-1.3B	-1.2B	1.5B	2.8B	944M
Depreciation & amortization	817M	835M	1.5B	1.9B	2B	2B	2B	2B	2.6B	3B
Stock-based compensation	—	0	73M	47M	65M	47M	63M	77M	100M	113M
Change in working capital	-493M	280M	-351M	16M	5M	-1.2B	-2.6B	1.5B	-405M	-1.1B
Operating cash flow	-454M	1.2B	1.2B	3.1B	2.9B	-928M	-2B	5.7B	5.7B	4.1B
Capital expenditure	-74M	-62M	-118M	-89M	—	30M	78M	115M	196M	-2.8B
Investing cash flow	-1.1B	-613M	311M	-1.1B	-313M	-120M	62M	-469M	-3.2B	-4.5B
Dividends paid	-992M	0	0	-243M	-266M	-290M	-453M	-463M	-478M	-498M
Share repurchases	—	0	-763M	-656M	0	-471M	-1.9B	-1.2B	-1.3B	-1B
Financing cash flow	1.1B	-201M	-2.7B	-1.5B	-3.2B	824M	-4.3B	-1B	-1.6B	-74M
Net change in cash	-436M	393M	-1.3B	423M	-657M	-224M	-6.3B	4.2B	913M	-519M
Free cash flow	-467M	1.2B	941M	2B	2.1B	-1.2B	-816M	3.8B	2.5B	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	502M	-184M	18M	467M	1.8B	490M	-268M	327M	652M	233M	1B	305M
Depreciation & amortization	501M	514M	555M	622M	714M	740M	772M	762M	691M	725M	718M	645M
Stock-based compensation	20M	14M	21M	32M	23M	24M	21M	25M	36M	31M	32M	35M
Change in working capital	10M	459M	-104M	-137M	233M	584M	-271M	-568M	-84M	59M	-24M	-500M
Operating cash flow	1.3B	848M	430M	1.2B	3.4B	1.7B	160M	572M	1.5B	1.4B	1.2B	1B
Capital expenditure	—	—	127M	2M	8M	59M	0	-690M	-458M	-836M	-883M	-689M
Investing cash flow	-190M	-464M	-3.1B	-171M	-77M	113M	-293M	-610M	-512M	-2.3B	-666M	-663M
Dividends paid	-75M	-160M	-77M	-148M	-103M	-150M	-104M	-144M	-98M	-152M	-98M	-152M
Share repurchases	-314M	-379M	-291M	-331M	-399M	-245M	-337M	-252M	-187M	-252M	-372M	-337M
Financing cash flow	1.4B	196M	1.5B	18M	-1.7B	-4M	-164M	-395M	-833M	986M	-706M	-578M
Net change in cash	2.4B	580M	-1.1B	1B	1.7B	1.8B	-297M	-433M	122M	86M	-173M	-218M
Free cash flow	1.2B	467M	-153M	698M	1B	923M	-169M	-118M	1B	596M	316M	334M

Vistra Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement