Vistra Corp. [VST] Filings

10-Q 1 vistra-20240630.htm 10-Q vistra-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

— OR —


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

Commission File Number 001-38086

Vistra Corp.

(Exact name of registrant as specified in its charter)

Delaware

36-4833255

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

6555 Sierra Drive,

Irving,

Texas

75039

(214)

812-4600

(Address of principal executive offices) (Zip Code)

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, par value $0.01 per share

VST

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.


Class						Outstanding as of August 5, 2024
Common stock, par value $0.01 per share						343,561,403

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TABLE OF CONTENTS


				PAGE
Glossary of Terms and Abbreviations				i
Forward-Looking Statements				v
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
		Condensed Consolidated Statements of Operations		1
		Condensed Consolidated Statements of Comprehensive Income (Loss)		1
		Condensed Consolidated Statements of Cash Flows		2
		Condensed Consolidated Balance Sheets		4
		Condensed Consolidated Statements of Changes in Equity		6
		Notes to Condensed Consolidated Financial Statements		8
			1. Business, Basis of Presentation and Significant Accounting Policies	8
			2. Business Combinations	10
			3. Retirement of Generation Facilities	12
			4. Revenue	13
			5. Income Taxes	17
			6 . Earnings Per Share	18
			7 . Goodwill and Identifiable Intangible Assets and Liabilities	18
			8 . Collateral Financing Agreement with Affiliate	20
			9. Debt, Credit Facilities and Financings	21
			1 0 . Commodity and Other Derivative Contractual Assets and Liabilities	29
			1 1 . Fair Value Measurements	32
			1 2 . Tax Receivable Agreement Obligation	36
			1 3 . Asset Retirement Obligations (ARO)	37
			1 4 . Commitments and Contingencies	38
			1 5 . Equity	47
			1 6 . Segment Information	49
			1 7 . Supplementary Financial Information	52
Item 2.	Management's Discussion and Analysis of Financial Condition, and Results of Operations			56
		Significant Activities and Events, and Items Influencing Future Performance		56
		Results of Operations		60
		Financial Condition		72
		Commitments and Contingencies		78
		Changes in Accounting Standards		78
Item 3.	Quantitative and Qualitative Disclosures About Market Risk			78
Item 4.	Controls and Procedures			82
PART II.	OTHER INFORMATION			83
Item 1.		Legal Proceedings		83
Item 1A.		Risk Factors		83
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		84
Item 3.		Defaults Upon Senior Securities		85
Item 4.		Mine Safety Disclosures		85
Item 5.		Other Information		85
Item 6.		Exhibits		85
SIGNATURE				88

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GLOSSARY OF TERMS AND ABBREVIATIONS

When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.


Current and Former Related Entities:
Ambit						Ambit Holdings, LLC, and/or its subsidiaries (d/b/a Ambit), depending on context
Dynegy						Dynegy Inc., and/or its subsidiaries, depending on context
Dynegy Energy Services						Dynegy Energy Services, LLC and Dynegy Energy Services (East), LLC (each d/b/a Dynegy, Better Buy Energy, Brighten Energy, Honor Energy and True Fit Energy), indirect subsidiaries of Vistra, that are REPs in certain areas of MISO and PJM, respectively, and are engaged in the retail sale of electricity to residential and business customers.
Energy Harbor						Energy Harbor Holdings LLC (formerly known as Energy Harbor Corp.), and/or its subsidiaries, depending on context
Homefield Energy						Illinois Power Marketing Company (d/b/a Homefield Energy), an indirect subsidiary of Vistra, a REP in certain areas of MISO that is engaged in the retail sale of electricity to municipal customers
Luminant						subsidiaries of Vistra engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management
Parent						Vistra Corp.
Public Power						Public Power, LLC (d/b/a Public Power), an indirect subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers
TCEH						Texas Competitive Electric Holdings Company LLC, a direct, wholly owned subsidiary of Energy Future Competitive Holdings Company LLC, and, prior to the Effective Date, the parent company of our predecessor, depending on context, that were engaged in electricity generation and wholesale and retail energy market activities, and whose major subsidiaries included Luminant and TXU Energy
TriEagle Energy						TriEagle Energy, LP (d/b/a TriEagle Energy, TriEagle Energy Services, Eagle Energy, Energy Rewards, Power House Energy and Viridian Energy), an indirect subsidiary of Vistra, a REP in certain areas of ERCOT and PJM that is engaged in the retail sale of electricity to residential and business customers
TXU Energy						TXU Energy Retail Company LLC (d/b/a TXU), an indirect subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers
U.S. Gas & Electric						U.S. Gas and Electric, LLC (d/b/a USG&E, Illinois Gas & Electric and ILG&E), an indirect subsidiary of Vistra, a REP in certain areas of PJM, ISO-NE, NYISO and MISO that is engaged in the retail sale of electricity to residential and business customers
Value Based Brands						Value Based Brands LLC (d/b/a 4Change Energy, Express Energy and Veteran Energy), an indirect subsidiary of Vistra that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers
Vistra						Vistra Corp., and/or its subsidiaries, depending on context
Vistra Intermediate						Vistra Intermediate Company LLC, a direct, wholly owned subsidiary of Vistra
Vistra Operations						Vistra Operations Company LLC, an indirect, wholly owned subsidiary of Vistra that is the issuer of certain series of notes (see Note 9 to the Financial Statements) and borrower under the Vistra Operations Credit Facilities
Vistra Vision						Vistra Vision LLC, an indirect subsidiary of Vistra
Vistra Zero						Vistra Zero Operating Company, LLC, an indirect subsidiary of Vistra Vision LLC
Transmission System Operators:
CAISO						The California Independent System Operator
ERCOT						Electric Reliability Council of Texas, Inc.
ISO-NE						ISO New England Inc.
MISO						Midcontinent Independent System Operator, Inc.
NYISO						New York Independent System Operator, Inc.
PJM						PJM Interconnection, LLC
Authoritative Organizations:
EPA						U.S. Environmental Protection Agency

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FERC						U.S. Federal Energy Regulatory Commission
IEPA						Illinois Environmental Protection Agency
IPCB						Illinois Pollution Control Board
IRS						U.S. Internal Revenue Service
MSHA						U.S. Mine Safety and Health Administration
NRC						U.S. Nuclear Regulatory Commission
PUCT						Public Utility Commission of Texas
RCT						Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas, and has jurisdiction over oil and natural gas exploration and production, permitting and inspecting intrastate pipelines, and overseeing natural gas utility rates and compliance
SEC						U.S. Securities and Exchange Commission
TCEQ						Texas Commission on Environmental Quality
Rules and Regulations:
Exchange Act						Securities Exchange Act of 1934, as amended
IRA						Inflation Reduction Act of 2022
Securities Act						Securities Act of 1933, as amended
General Terms:
2023 Form 10-K						Vistra's annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024
ARO						asset retirement and mining reclamation obligation
CCGT						combined cycle natural gas turbine
CCR						coal combustion residuals
CME						Chicago Mercantile Exchange
CO2						carbon dioxide
EBITDA						earnings (net income) before interest expense, income taxes, depreciation and amortization
Effective Date						October 3, 2016, the date our predecessor completed its reorganization under Chapter 11 of the U.S. Bankruptcy Code
Emergence						emergence of our predecessor from reorganization under Chapter 11 of the U.S. Bankruptcy Code as subsidiaries of a newly formed company, Vistra, on the Effective Date
ERP						enterprise resource program
ESS						energy storage system
GAAP						generally accepted accounting principles
GHG						greenhouse gas
GWh						gigawatt-hours
Heat Rate						Heat Rate is a measure of the efficiency of converting a fuel source to electricity
ISO						independent system operator
ITC						investment tax credit
load						demand for electricity
LTSA						long-term service agreements for plant maintenance
MMBtu						million British thermal units
MW						megawatts
MWh						megawatt-hours
NOX						nitrogen oxide
NYMEX						the New York Mercantile Exchange, a commodity derivatives exchange
Plan of Reorganization						Third Amended Joint Plan of Reorganization filed by the parent company of our predecessor in August 2016 and confirmed by the U.S. Bankruptcy Court for the District of Delaware in August 2016 solely with respect to our predecessor

iii

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PrefCo Preferred Stock Sale						as part of the tax-free spin-off from Energy Future Holdings Corp. (EFH Corp.), executed pursuant to the Plan of Reorganization on the Effective Date by our predecessor, the contribution of certain of the assets of our predecessor and its subsidiaries by a subsidiary of TEX Energy LLC to Vistra Preferred, LLC (PrefCo) in exchange for all of PrefCo's authorized preferred stock, consisting of 70,000 shares, par value $0.01 per share
PTC						production tax credit
REP						retail electric provider
RTO						regional transmission organization
S&P						Standard & Poor's Ratings (a credit rating agency)
Series A Preferred Stock						Vistra's 8.0% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share
Series B Preferred Stock						Vistra's 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share
Series C Preferred Stock						Vistra's 8.875% Series C Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share
SO2						sulfur dioxide
SOFR						Secured Overnight Financing Rate, the average rate at which institutions can borrow U.S. dollars overnight while posting U.S. Treasury Bonds as collateral
Tax Matters Agreement						Tax Matters Agreement, dated as of the Effective Date, by and among EFH Corp., Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and EFH Merger Co. LLC
TRA						Amended and Restated Tax Receivable Agreement, containing certain rights (TRA Rights) to receive payments from Vistra related to certain tax benefits, including benefits realized as a result of certain transactions entered into at Emergence (see Note 12 to the Financial Statements)
U.S.						United States of America
Vistra Operations Commodity-Linked Credit Agreement						Credit agreement, dated as of February 4, 2022 (as amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time) by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the other credit parties thereto, the administrative agent, the collateral agent, and the other parties named therein
Vistra Operations Credit Agreement						Credit agreement, dated as of October 3, 2016 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Operations, Vistra Intermediate, the lenders party thereto, the letter of credit issuers party thereto, the administrative agent, the collateral agent, and the other parties named therein
Vistra Operations Credit Facilities						Vistra Operations senior secured financing facilities (see Note 9 to the Financial Statements)
Vistra Zero Credit Agreement						Credit agreement, dated as of March 26, 2024 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time), by and among Vistra Zero, the lenders party thereto, the administrative agent, and collateral agent, and the other parties named therein

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FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains "forward-looking statements" that involve risk and uncertainties. All statements, other than statements of historical facts, that are included in this report, or made in presentations, in response to questions or otherwise, that address activities, events or developments that may occur in the future, including (without limitation) such matters as activities related to our financial or operational projections, capital allocation, capital expenditures, liquidity, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases such as "intends," "plans," "potential," "will likely," "unlikely," "believe," "expect," "anticipated," "estimate," "should," "could," "may," "projection," "forecast," "target," "goal," "objective" and "outlook"), are forward-looking statements. Although we believe that in making any such forward-looking statement our expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks and is qualified in its entirety by reference to the discussion in (i) Item 1A. Risk Factors and Item 7. Management's Discussion and Analysis of Financial Condition, and Results of Operations in our 2023 Form 10-K and (ii) in Part I, Item 2 Management's Discussion and Analysis of Financial Condition, and Results of Operations in this quarterly report on Form 10-Q, that could cause our actual results to differ materially from those projected in or implied by such forward-looking statements.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict them. In addition, we may be unable to assess the impact of any such event or condition or the extent to which any such event or condition, or combination of events or conditions, may cause results to differ materially from those contained in or implied by any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.

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PART I. FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS

VISTRA CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (Millions of Dollars, Except Share Data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating revenues (Note 4)	$	3,845	$	3,189	$	6,899	$	7,614
Fuel, purchased power costs and delivery fees	(1,597)		(1,475)		(3,313)		(3,645)
Operating costs	(628)		(445)		(1,126)		(866)
Depreciation and amortization	(437)		(369)		(840)		(735)
Selling, general and administrative expenses	(375)		(309)		(726)		(597)

Impairment of long-lived assets (Note 17)	—		—		—		(49)
Operating income	808		591		894		1,722
Other income (Note 17)	62		124		153		144
Other deductions (Note 17)	(3)		(2)		(7)		(5)
Interest expense and related charges (Note 17)	(241)		(100)		(411)		(307)
Impacts of Tax Receivable Agreement (Note 12)	—		(14)		(5)		(79)

Net income (loss) before income taxes	626		599		624		1,475
Income tax expense (Note 5)	(159)		(123)		(139)		(301)
Net income	$	467	$	476	$	485	$	1,174
Net (income) loss attributable to noncontrolling interest	(102)		—		(155)		1
Net income attributable to Vistra	$	365	$	476	$	330	$	1,175
Cumulative dividends attributable to preferred stock	(47)		(37)		(96)		(75)
Net income attributable to Vistra common stock	$	318	$	439	$	234	$	1,100
Weighted average shares of common stock outstanding:
Basic	347,046,021		372,956,476		348,006,109		378,264,434
Diluted	354,327,393		376,794,258		355,555,429		382,416,465
Net income per weighted average share of common stock outstanding:
Basic	$	0.92	$	1.18	$	0.67	$	2.91
Diluted	$	0.90	$	1.17	$	0.66	$	2.88

See Notes to the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited) (Millions of Dollars)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	467	$	476	$	485	$	1,174
Other comprehensive income, net of tax effects:
Effects related to pension and other retirement benefit obligations (net of tax expense (benefit) of $—, $1, $— and $1)	—		4		—		5

Total other comprehensive income	—		4		—		5
Comprehensive income	$	467	$	480	$	485	$	1,179
Comprehensive (income) loss attributable to noncontrolling interest	(102)		—		(155)		1
Comprehensive income attributable to Vistra	$	365	$	480	$	330	$	1,180

See Notes to the Condensed Consolidated Financial Statements.

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VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars)
	Six Months Ended June 30,
	2024		2023
Cash flows — operating activities:
Net income	$	485	$	1,174
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	1,177		941
Deferred income tax expense, net	115		290
Gain on sale of land	—		(94)

Impairment of long-lived assets	—		49
Unrealized net (gain) loss from mark-to-market valuations of commodities	130		(1,139)
Unrealized net gain from mark-to-market valuations of interest rate swaps	(58)		(22)
Unrealized net gain from nuclear decommissioning trusts	(55)		—
Asset retirement obligation accretion expense	52		17
Impacts of Tax Receivable Agreement	5		79
Gain on TRA repurchase and tender offers	(10)		—
Bad debt expense	72		69
Stock-based compensation	53		43
Other, net	(23)		24
Changes in operating assets and liabilities:
Margin deposits, net	433		2,014

Accrued interest	4		(4)
Accrued taxes	(58)		(52)
Accrued employee incentive	(140)		(57)
Other operating assets and liabilities	(674)		(320)
Cash provided by operating activities	1,508		3,012
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	(963)		(926)
Energy Harbor acquisition (net of cash acquired)	(3,065)		—
Proceeds from sales of nuclear decommissioning trust fund securities	777		251
Investments in nuclear decommissioning trust fund securities	(788)		(262)
Proceeds from sales of environmental allowances	65		47
Purchases of environmental allowances	(359)		(190)

Proceeds from sale of property, plant and equipment, including nuclear fuel	129		110
Other, net	7		3
Cash used in investing activities	(4,197)		(967)
Cash flows — financing activities:
Issuances of long-term debt	2,200		—



Repayments/repurchases of debt	(1,106)		(14)
Net borrowings (repayments) under accounts receivable financing	750		(425)
Borrowings under Revolving Credit Facility	—		100
Repayments under Revolving Credit Facility	—		(350)
Borrowings under Commodity-Linked Facility	500		—
Repayments under Commodity-Linked Facility	(500)		(400)
Debt issuance costs	(32)		(6)
Stock repurchases	(622)		(552)
Dividends paid to common stockholders	(150)		(153)
Dividends paid to preferred stockholders	(75)		(75)

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VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars)
	Six Months Ended June 30,
	2024		2023
Dividends paid to noncontrolling interest in subsidiary	(15)		—
TRA Repurchase and tender offer — return of capital	(122)		—
Other, net	(17)		3
Cash provided by (used in) financing activities	811		(1,872)
Net change in cash, cash equivalents and restricted cash	(1,878)		173
Cash, cash equivalents and restricted cash — beginning balance	3,539		525
Cash, cash equivalents and restricted cash — ending balance	$	1,661	$	698

See Notes to the Condensed Consolidated Financial Statements.

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VISTRA CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars, Except Share Data)
	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,624	$	3,485
Restricted cash (Note 17)	23		40
Trade accounts receivable — net (Note 17)	2,094		1,674
Income taxes receivable	16		6
Inventories (Note 17)	964		740
Commodity and other derivative contractual assets (Note 10)	3,332		3,645
Margin deposits related to commodity contracts	930		1,244
Margin deposits posted under affiliate financing agreement (Note 8)	432		439

Prepaid expense and other current assets	411		364
Total current assets	9,826		11,637
Restricted cash (Note 17)	14		14
Investments (Note 17)	4,310		2,035

Property, plant and equipment — net (Note 17)	18,208		12,432
Operating lease right-of-use assets	71		50

Goodwill (Note 7)	2,922		2,583
Identifiable intangible assets — net (Note 7)	2,263		1,864
Commodity and other derivative contractual assets (Note 10)	922		577
Accumulated deferred income taxes	—		1,223
Other noncurrent assets	589		551
Total assets	$	39,125	$	32,966
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings (Note 9)	$	—	$	—
Accounts receivable financing (Note 9)	750		—
Long-term debt due currently (Note 9)	1,939		2,286
Trade accounts payable	1,317		1,147
Commodity and other derivative contractual liabilities (Note 10)	4,930		5,258
Margin deposits related to commodity contracts	164		45

Accrued taxes other than income	182		203
Accrued interest	215		206
Asset retirement obligations (Note 13)	106		124
Operating lease liabilities	11		7

Other current liabilities	443		547
Total current liabilities	10,057		9,823
Margin deposits financing with affiliate (Note 8)	432		439
Long-term debt, less amounts due currently (Note 9)	13,947		12,116
Operating lease liabilities	63		48

Commodity and other derivative contractual liabilities (Note 10)	2,095		1,688
Accumulated deferred income taxes	250		1
Tax Receivable Agreement obligation (Note 12)	15		164
Asset retirement obligations (Note 13)	3,847		2,414

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VISTRA CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars, Except Share Data)
	June 30, 2024		December 31, 2023
Other noncurrent liabilities and deferred credits (Note 17)	1,112		951
Total liabilities	31,818		27,644
Commitments and Contingencies (Note 14)
Total equity (Note 15):
Preferred stock, number of shares authorized — 100,000,000; Series A (liquidation preference — $1,000; shares outstanding: June 30, 2024 and December 31, 2023— 1,000,000); Series B (liquidation preference — $1,000; shares outstanding: June 30, 2024 and December 31, 2023 — 1,000,000); Series C (liquidation preference — $1,000; shares outstanding: June 30, 2024 — 476,066 and December 31, 2023 — 476,081)	2,476		2,476
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: June 30, 2024 — 345,293,460; December 31, 2023 — 351,457,016)	5		5
Treasury stock, at cost (shares: June 30, 2024 — 202,501,608; December 31, 2023 — 192,178,156)	(5,278)		(4,662)
Additional paid-in-capital	10,917		10,095
Retained deficit	(2,533)		(2,613)
Accumulated other comprehensive income	6		6
Stockholders' equity	5,593		5,307
Noncontrolling interest in subsidiary	1,714		15
Total equity	7,307		5,322
Total liabilities and equity	$	39,125	$	32,966

See Notes to the Condensed Consolidated Financial Statements.

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VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Millions of Dollars)
	Preferred Stock		Common Stock		Treasury Stock		Additional Paid-In Capital		Retained Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity		Noncontrolling Interest in Subsidiary		Total Equity
Balances at December 31, 2023	$	2,476	$	5	$	(4,662)	$	10,095	$	(2,613)	$	6	$	5,307	$	15	$	5,322

Stock repurchases	—		—		(285)		—		—		—		(285)		—		(285)
Effects of stock-based incentive compensation plans	—		—		—		35		—		—		35		—		35
Equity issued in subsidiary to acquire Energy Harbor (a)	—		—		—		747		—		—		747		1,560		2,307

Net income (loss)	—		—		—		—		(35)		—		(35)		53		18
Dividends declared on common stock	—		—		—		—		(77)		—		(77)		—		(77)
Dividends declared on preferred stock	—		—		—		—		(37)		—		(37)		—		(37)




Other	—		—		—		1		—		—		1		—		1
Balances at March 31, 2024	$	2,476	$	5	$	(4,947)	$	10,878	$	(2,762)	$	6	$	5,656	$	1,628	$	7,284

Stock repurchases	—		—		(331)		—		—		—		(331)		—		(331)


Effects of stock-based incentive compensation plans	—		—		—		40		—		—		40		—		40
Net income	—		—		—		—		365		—		365		102		467
Dividends declared on common stock	—		—		—		—		(77)		—		(77)		—		(77)
Dividends declared on preferred stock	—		—		—		—		(59)		—		(59)		—		(59)

Vistra Corp. [VST] Filings
10-Q	[2024-08-09]
10-Q	[2024-05-10]
10-K	[2024-02-29]
10-Q	[2023-11-07]
10-Q	[2023-08-09]
10-Q	[2023-05-09]
10-K	[2023-03-01]
10-Q	[2022-11-04]
10-Q	[2022-08-05]
10-Q	[2022-05-06]
10-K	[2022-02-25]
10-Q	[2021-11-05]
10-Q	[2021-08-05]
10-Q	[2021-05-04]
10-K	[2021-02-26]
10-Q	[2020-11-04]
10-Q	[2020-08-05]
10-Q	[2020-05-05]
10-K	[2020-02-28]
10-Q	[2019-11-05]
10-Q	[2019-08-02]
10-Q	[2019-05-03]
10-K	[2019-02-28]
10-Q	[2018-11-02]
10-Q	[2018-08-06]
10-Q	[2018-05-04]
10-K	[2018-02-26]
10-Q	[2017-11-03]
10-Q	[2017-08-04]
10-Q	[2017-05-18]
S-1	[2016-12-23]