Vistra Corp Financials
Vistra Corp (VST) reported $17.7B in revenue for fiscal year 2025, up 3.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Vistra’s financials show a cash-generative but increasingly capital-hungry model where earnings swing harder than revenue.
Between FY2024 and FY2025, revenue was essentially flat, yet operating margin fell from23.7% to10.8% ; that says the business’s profit pool is driven far more by margin conditions than by top-line size alone. At the same time, operating cash flow still covered net income by more than 4x in FY2025, but free cash flow dropped to$1.32B because heavier capital spending kept more of that cash inside the business instead of leaving it available for debt reduction or distributions.
The balance sheet became tighter in the short term: the current ratio slipped below 1.0x and cash ended FY2025 at
Capital returns kept running even as leverage rose: buybacks of
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Vistra Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Vistra Corp scores 1.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($47.9B) relative to total liabilities ($36.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vistra Corp passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Vistra Corp generates $4.31 in operating cash flow ($4.1B OCF vs $944.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Vistra Corp earns $1.62 in operating income for every $1 of interest expense ($1.9B vs $1.2B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Vistra Corp generated $17.7B in revenue in fiscal year 2025. This represents an increase of 3.0% from the prior year.
Vistra Corp's EBITDA was $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 34.3% from the prior year.
Vistra Corp reported $944.0M in net income in fiscal year 2025. This represents a decrease of 64.5% from the prior year.
Vistra Corp earned $2.18 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 68.9% from the prior year.
Cash & Balance Sheet
Vistra Corp generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 47.0% from the prior year.
Vistra Corp held $785.0M in cash against $15.8B in long-term debt as of fiscal year 2025.
Vistra Corp paid $0.90 per share in dividends in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Margins & Returns
Vistra Corp's operating margin was 10.8% in fiscal year 2025, reflecting core business profitability. This is down 12.9 percentage points from the prior year.
Vistra Corp's net profit margin was 5.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.1 percentage points from the prior year.
Vistra Corp's ROE was 18.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 29.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Vistra Corp spent $1.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 18.8% from the prior year.
Vistra Corp invested $2.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.4% from the prior year.
Not reported for fiscal year 2025.
VST Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.2B | $17.7B+3.0% | $17.2B+16.5% | $14.8B+7.7% | $13.7B-22.4% | $17.7B+54.7% | $11.4B-3.1% | $11.8B+29.1% | $9.1B+68.4% | $5.4B |
| SG&A Expenses | $1.7B | $1.7B+7.1% | $1.6B+22.4% | $1.3B+10.0% | $1.2B+14.3% | $1.0B+0.5% | $1.0B+14.5% | $904.0M-2.4% | $926.0M+54.3% | $600.0M |
| Operating Income | $3.6B | $1.9B-53.3% | $4.1B+53.4% | $2.7B+326.1% | -$1.2B+22.3% | -$1.5B-199.7% | $1.5B-23.8% | $2.0B+305.9% | $491.0M+148.0% | $198.0M |
| Interest Expense | $1.1B | $1.2B+31.0% | $900.0M+21.6% | $740.0M+101.1% | $368.0M-4.2% | $384.0M-39.0% | $630.0M-21.0% | $797.0M+39.3% | $572.0M+196.4% | $193.0M |
| Income Tax | $584.0M | $179.0M-72.7% | $655.0M+28.9% | $508.0M+245.1% | -$350.0M+23.6% | -$458.0M-272.2% | $266.0M-8.3% | $290.0M+744.4% | -$45.0M-108.9% | $504.0M |
| Net Income | $2.2B | $944.0M-64.5% | $2.7B+78.1% | $1.5B+221.7% | -$1.2B+3.7% | -$1.3B-300.3% | $636.0M-31.5% | $928.0M+1818.5% | -$54.0M+78.7% | -$254.0M |
| EPS (Diluted) | — | $2.18-68.9% | $7.00+95.5% | $3.58+209.8% | -$3.26-21.2% | -$2.69-306.9% | $1.30-30.1% | $1.86+1790.9% | -$0.11+81.4% | -$0.59 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VST Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $41.5B+10.0% | $37.8B+14.6% | $33.0B+0.5% | $32.8B+10.5% | $29.7B+17.8% | $25.2B-5.3% | $26.6B+2.3% | $26.0B+78.2% | $14.6B |
| Current Assets | $9.2B+13.1% | $8.1B-30.2% | $11.6B+4.7% | $11.1B+41.0% | $7.9B+129.9% | $3.4B-16.7% | $4.1B+19.8% | $3.4B+28.5% | $2.7B |
| Cash & Equivalents | $785.0M-33.9% | $1.2B-65.9% | $3.5B+665.9% | $455.0M-65.7% | $1.3B+226.4% | $406.0M+35.3% | $300.0M-52.8% | $636.0M-57.2% | $1.5B |
| Inventory | N/A | $970.0M+31.1% | $740.0M+29.8% | $570.0M-6.6% | $610.0M+18.4% | $515.0M+9.8% | $469.0M+13.8% | $412.0M+62.8% | $253.0M |
| Accounts Receivable | $2.3B+17.2% | $2.0B+18.4% | $1.7B-18.7% | $2.1B+47.4% | $1.4B+9.2% | $1.3B-6.3% | $1.4B+25.6% | $1.1B+86.8% | $582.0M |
| Goodwill | $2.8B+0.1% | $2.8B+8.7% | $2.6B0.0% | $2.6B0.0% | $2.6B0.0% | $2.6B+1.2% | $2.6B+23.5% | $2.1B+8.4% | $1.9B |
| Total Liabilities | $36.4B+13.2% | $32.2B+16.4% | $27.6B-0.8% | $27.9B+30.3% | $21.4B+27.0% | $16.8B-9.7% | $18.7B+2.7% | $18.2B+119.9% | $8.3B |
| Current Liabilities | $11.8B+40.1% | $8.4B-14.2% | $9.8B-5.0% | $10.3B+76.9% | $5.8B+92.5% | $3.0B-33.6% | $4.6B+26.2% | $3.6B+168.3% | $1.4B |
| Long-Term Debt | $15.8B+2.8% | $15.4B+27.3% | $12.1B+1.5% | $11.9B+13.9% | $10.5B+13.4% | $9.2B-8.6% | $10.1B-7.1% | $10.9B+148.3% | $4.4B |
| Total Equity | $5.1B-8.5% | $5.6B+5.0% | $5.3B+8.3% | $4.9B-40.9% | $8.3B-1.0% | $8.4B+5.2% | $8.0B+1.2% | $7.9B+24.0% | $6.3B |
| Retained Earnings | -$12.0M+97.4% | -$454.0M+82.6% | -$2.6B+28.3% | -$3.6B-85.5% | -$2.0B-392.2% | -$399.0M+47.8% | -$764.0M+47.3% | -$1.4B-2.8% | -$1.4B |
VST Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.1B | $4.1B-10.8% | $4.6B-16.3% | $5.5B+1024.3% | $485.0M+335.4% | -$206.0M-106.2% | $3.3B+22.0% | $2.7B+86.0% | $1.5B+6.1% | $1.4B |
| Capital Expenditures | $2.9B | $2.8B+32.4% | $2.1B+24.0% | $1.7B+28.8% | $1.3B+25.9% | $1.0B-18.0% | $1.3B+76.6% | $713.0M+34.5% | $530.0M+364.9% | $114.0M |
| Free Cash Flow | $2.3B | $1.3B-47.0% | $2.5B-34.2% | $3.8B+562.9% | -$816.0M+34.1% | -$1.2B-159.6% | $2.1B+2.7% | $2.0B+115.0% | $941.0M-26.0% | $1.3B |
| Investing Cash Flow | -$4.0B | -$4.4B+16.7% | -$5.3B-146.0% | -$2.1B-73.1% | -$1.2B-7.5% | -$1.2B+26.7% | -$1.6B+8.4% | -$1.7B-1600.0% | -$101.0M+86.1% | -$727.0M |
| Financing Cash Flow | -$1.1B | -$74.0M+95.4% | -$1.6B-445.6% | -$294.0M-267.5% | -$80.0M-103.5% | $2.3B+226.6% | -$1.8B-45.2% | -$1.2B+54.6% | -$2.7B-1254.7% | -$201.0M |
| Dividends Paid | $308.0M | $306.0M+0.3% | $305.0M-2.6% | $313.0M+3.6% | $302.0M+4.1% | $290.0M+9.0% | $266.0M+9.5% | $243.0M | $0 | $0 |
| Share Buybacks | $1.1B | $1.0B-18.8% | $1.3B+1.7% | $1.2B-36.1% | $1.9B+313.8% | $471.0M | $0-100.0% | $656.0M-14.0% | $763.0M | $0 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 10.8%-12.9pp | 23.7%+5.7pp | 18.0%+26.6pp | -8.6%0.0pp | -8.6%-21.8pp | 13.3%-3.6pp | 16.9%+11.5pp | 5.4%+1.7pp | 3.6% |
| Net Margin | 5.3%-10.1pp | 15.4%+5.3pp | 10.1%+19.0pp | -8.9%-1.7pp | -7.2%-12.8pp | 5.6%-2.3pp | 7.9%+8.5pp | -0.6%+4.1pp | -4.7% |
| Return on Equity | 18.5%-29.2pp | 47.7%+19.6pp | 28.1%+53.2pp | -25.0%-9.7pp | -15.4%-23.0pp | 7.6%-4.1pp | 11.7%+12.3pp | -0.7%+3.3pp | -4.0% |
| Return on Assets | 2.3%-4.8pp | 7.0%+2.5pp | 4.5%+8.3pp | -3.7%+0.5pp | -4.3%-6.8pp | 2.5%-1.0pp | 3.5%+3.7pp | -0.2%+1.5pp | -1.7% |
| Current Ratio | 0.78-0.2x | 0.96-0.2x | 1.18+0.1x | 1.08-0.3x | 1.35+0.2x | 1.13+0.2x | 0.900.0x | 0.95-1.0x | 1.98 |
| Debt-to-Equity | 3.11+0.3x | 2.77+0.5x | 2.28-0.2x | 2.43+1.2x | 1.26+0.2x | 1.10-0.2x | 1.27-0.1x | 1.38+0.7x | 0.69 |
| FCF Margin | 7.4%-7.0pp | 14.4%-11.1pp | 25.6%+31.5pp | -5.9%+1.1pp | -7.0%-25.2pp | 18.2%+1.0pp | 17.1%+6.8pp | 10.3%-13.1pp | 23.4% |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.78), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Vistra Corp Ranks
Frequently Asked Questions
What is Vistra Corp's annual revenue?
Vistra Corp (VST) reported $17.7B in total revenue for fiscal year 2025. This represents a 3.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vistra Corp's revenue growing?
Vistra Corp (VST) revenue grew by 3.0% year-over-year, from $17.2B to $17.7B in fiscal year 2025.
Is Vistra Corp profitable?
Yes, Vistra Corp (VST) reported a net income of $944.0M in fiscal year 2025, with a net profit margin of 5.3%.
What is Vistra Corp's EBITDA?
Vistra Corp (VST) had EBITDA of $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Vistra Corp have?
As of fiscal year 2025, Vistra Corp (VST) had $785.0M in cash and equivalents against $15.8B in long-term debt.
What is Vistra Corp's operating margin?
Vistra Corp (VST) had an operating margin of 10.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Vistra Corp's net profit margin?
Vistra Corp (VST) had a net profit margin of 5.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Vistra Corp pay dividends?
Yes, Vistra Corp (VST) paid $0.90 per share in dividends during fiscal year 2025.
What is Vistra Corp's return on equity (ROE)?
Vistra Corp (VST) has a return on equity of 18.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vistra Corp's free cash flow?
Vistra Corp (VST) generated $1.3B in free cash flow during fiscal year 2025. This represents a -47.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vistra Corp's operating cash flow?
Vistra Corp (VST) generated $4.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vistra Corp's total assets?
Vistra Corp (VST) had $41.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vistra Corp's capital expenditures?
Vistra Corp (VST) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Vistra Corp's current ratio?
Vistra Corp (VST) had a current ratio of 0.78 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Vistra Corp's debt-to-equity ratio?
Vistra Corp (VST) had a debt-to-equity ratio of 3.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vistra Corp's return on assets (ROA)?
Vistra Corp (VST) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vistra Corp's Altman Z-Score?
Vistra Corp (VST) has an Altman Z-Score of 1.29, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vistra Corp's Piotroski F-Score?
Vistra Corp (VST) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vistra Corp's earnings high quality?
Vistra Corp (VST) has an earnings quality ratio of 4.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Vistra Corp cover its interest payments?
Vistra Corp (VST) has an interest coverage ratio of 1.62x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Vistra Corp?
Vistra Corp (VST) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.