Vistra (VST) 10-K Summary — Year Ended Dec 31, 2025
Vistra Corp. filed its annual report with an increased revenue compared to the prior year. The company reported operating income and net income, with cash from operations exceeding those profit measures.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Vistra Corp. filed its annual report with an increased revenue compared to the prior year. The company reported operating income and net income, with cash from operations exceeding those profit measures.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$17.6B
Revenue reported for the fiscal year.
Operating income
$1.9B
Income from operations reported for the year.
Net income
$944M
Net income reported for the year.
Operating cash flow
$4.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $15.6B | -11.7% |
| Dec 31, 2023 | $13.8B | -11.7% |
| Dec 31, 2024 | $14.8B | +6.9% |
| Dec 31, 2025 | $17.6B | +19.1% |
Business overview
Vistra Corp. operates as an integrated retail electricity and power generation company. Its business includes marketing electricity to residential and commercial customers and operating a fleet of generation facilities. The company also discusses environmental regulations and human capital resources as key aspects of its operations.
Financial performance
Revenue grew compared to the prior year, driven by changes in the business environment. Operating income and net income both remained positive and substantial, while cash from operations was significantly higher than net income. The trend shows revenue declining in earlier periods before recovering to the current higher level.
Material risks
The filing identifies risks related to the company's financial condition and results of operations, but the specific risk factors are not detailed in the provided context. General risk factors typical for the industry are referenced in the Item 1A section. Environmental regulations and market conditions are also noted as factors that could affect financial performance.
Liquidity and capital
The company discusses liquidity and capital resources, but specific allocation actions or commitments are not described in the supplied context. The operating cash flow level suggests ample internal funding for ongoing needs.
What to watch
Monitor how the business environment and regulatory developments described in the management discussion affect future revenue and cash flow trends.