Vistra (VST) financial statements
Vistra reported revenue of $17.7B in fiscal 2025, up 15.9% a year over 8 years.
Net income was $944M and the operating margin 10.7%, against 3.6% in 2017.
Free cash flow was $1.3B, and the company returned $306M in dividends and $1.0B in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vistra's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4B | $9.1B | $11.8B | $11.4B | $12.1B | $13.7B | $14.8B | $17.2B | $17.7B |
| Selling, general and admin | $600M | $926M | $904M | $1.0B | $1.0B | $1.2B | $1.3B | $1.6B | $1.7B |
| Operating income | $198M | $491M | $2.0B | $1.5B | -$1.5B | -$1.2B | $2.7B | $4.1B | $1.9B |
| Interest expense | $193M | $572M | $797M | $630M | $384M | $368M | $740M | $900M | $1.2B |
| Pre-tax income | $250M | -$101M | $1.2B | $890M | -$1.7B | -$1.6B | $2.0B | $3.5B | $1.1B |
| Income tax | $504M | -$45M | $290M | $266M | -$458M | -$350M | $508M | $655M | $179M |
| Net income | -$254M | -$54M | $928M | $636M | -$1.3B | -$1.2B | $1.5B | $2.7B | $944M |
| EPS (diluted) | -$0.59 | -$0.11 | $1.86 | $1.30 | -$2.69 | -$3.26 | $3.58 | $7.00 | $2.18 |
| Diluted shares | 428M | 505M | 500M | 491M | 482M | 422M | 375M | 353M | 346M |
| Operating margin | 3.6% | 5.4% | 16.9% | 13.3% | -12.5% | -8.6% | 18.0% | 23.7% | 10.7% |
| Net margin | -4.7% | -0.6% | 7.9% | 5.6% | -10.5% | -8.9% | 10.1% | 15.4% | 5.3% |
Balance sheet
Fiscal years, from Vistra's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.5B | $636M | $300M | $406M | $1.3B | $455M | $3.5B | $1.2B | $785M |
| Receivables | $582M | $1.1B | $1.4B | $1.3B | $1.4B | $2.1B | $1.7B | $2.0B | $2.3B |
| Inventory | $253M | $412M | $469M | $515M | $610M | $570M | $740M | $970M | — |
| Total current assets | $2.7B | $3.4B | $4.1B | $3.4B | $7.9B | $11.1B | $11.6B | $8.1B | $9.2B |
| Property, plant and equipment | $4.8B | $14.6B | $13.9B | $13.5B | $13.1B | $12.6B | $12.4B | $18.2B | $19.8B |
| Goodwill | $1.9B | $2.1B | $2.6B | $2.6B | $2.6B | $2.6B | $2.6B | $2.8B | $2.8B |
| Total assets | $14.6B | $26.0B | $26.6B | $25.2B | $29.7B | $32.8B | $33.0B | $37.8B | $41.5B |
| Total current liabilities | $1.4B | $3.6B | $4.6B | $3.0B | $5.8B | $10.3B | $9.8B | $8.4B | $11.8B |
| Long-term debt | $4.4B | $10.9B | $10.1B | $9.2B | $10.5B | $11.9B | $12.1B | $15.4B | $15.8B |
| Total liabilities | $8.3B | $18.2B | $18.7B | $16.8B | $21.4B | $27.9B | $27.6B | $32.2B | $36.4B |
| Shareholders' equity | $6.3B | $7.9B | $8.0B | $8.4B | $8.3B | $4.9B | $5.3B | $5.6B | $5.1B |
| Net debt | $2.9B | $10.2B | $9.8B | $8.8B | $9.2B | $11.5B | $8.6B | $14.2B | $15.1B |
Cash flow
Fiscal years, from Vistra's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.5B | $2.7B | $3.3B | -$206M | $485M | $5.5B | $4.6B | $4.1B |
| Capital spending | $114M | $530M | $713M | $1.3B | $1.0B | $1.3B | $1.7B | $2.1B | $2.8B |
| Free cash flow | $1.3B | $941M | $2.0B | $2.1B | -$1.2B | -$816M | $3.8B | $2.5B | $1.3B |
| Stock-based compensation | $0 | $73M | $47M | $65M | $47M | $63M | $77M | $100M | $113M |
| Dividends paid | $0 | $0 | $243M | $266M | $290M | $302M | $313M | $305M | $306M |
| Share buybacks (net) | $0 | -$763M | -$656M | $0 | -$471M | -$1.9B | -$1.2B | -$1.3B | -$1.0B |
| Net borrowing | $0 | $1.0B | $6.5B | $0 | $1.2B | $1.2B | $2.5B | $1.5B | -$78M |
| Free cash flow margin | 23.4% | 10.3% | 17.1% | 18.2% | -10.3% | -5.9% | 25.6% | 14.4% | 7.4% |
| Dividends per share | — | — | $0.49 | $0.54 | $0.60 | $0.71 | $0.83 | $0.87 | $0.89 |
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Open VST in InvestinglyQuestions
What was Vistra's revenue in 2025?
$17.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Vistra generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Vistra's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.