VST Vistra Corp.

Overview and Growth

Fiscal 2025 results for Vistra Corp. combined $17.74B of revenue with net income of $944.00M and an operating cash inflow of $4.07B. At $17.74B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $17.22B in fiscal 2024, revenue recorded a 3.0% year-over-year increase. The company reported diluted EPS of $2.18, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 68.9% decrease from fiscal 2024 diluted EPS of $7.00. Revenue equaled 0.43x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operations produced $1.91B of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 10.7%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $944.00M for the fiscal year. Net margin was 5.3%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $1.12B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 6.3% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $179.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 15.9%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 18.5%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 2.3%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

Total assets were $41.55B, supported by $36.44B of liabilities and $5.11B of shareholder equity. Current assets were $9.18B against $11.81B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.78x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $785.00M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 6.6% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $18.84B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 3.69x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 45.4%, showing how much of the asset base was matched by borrowing. Liabilities represented 87.7% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 1.9%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 10.0% from $37.77B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

The company reported $4.07B of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 4.31x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $2.75B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 67.6% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $1.32B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 7.4% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 3.2% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.