filings.toolsItem 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
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Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Our financial statements and financial statement schedules are incorporated under Part II, Item 8 of this annual report on Form 10-K.
(b) SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
VISTRA CORP. (PARENT)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
(Millions of Dollars)
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and amortization | $ | — | $ | — | $ | (15) | |||||||||||
| Selling, general, and administrative expenses | (114) | (102) | (80) | ||||||||||||||
| Operating loss | (114) | (102) | (95) | ||||||||||||||
| Other income | 2 | 28 | 31 | ||||||||||||||
| Impacts of Tax Receivable Agreement | 2 | (5) | (164) | ||||||||||||||
| Loss before income tax benefit | (110) | (79) | (228) | ||||||||||||||
| Income tax benefit | 20 | 17 | 58 | ||||||||||||||
| Equity in earnings of subsidiaries, net of tax | 1,034 | 2,721 | 1,663 | ||||||||||||||
| Net income | $ | 944 | $ | 2,659 | $ | 1,493 |
See Notes to the Condensed Financial Statements.
VISTRA CORP.
VISTRA CORP. (PARENT)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEETS
(Millions of Dollars)
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 67 | $ | 22 | |||||||
| Trade accounts receivable — affiliates | 15 | 13 | |||||||||
| Income taxes receivable | 63 | 8 | |||||||||
| Total current assets | 145 | 43 | |||||||||
| Investment in affiliated companies | 4,001 | 4,670 | |||||||||
| Property, plant, and equipment — net | 2 | 2 | |||||||||
| Accumulated deferred income taxes | 1,067 | 960 | |||||||||
| Other noncurrent assets | — | 3 | |||||||||
| Total assets | $ | 5,215 | $ | 5,678 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Trade accounts payable | $ | 1 | $ | 8 | |||||||
| Accounts payable —affiliates | 41 | 27 | |||||||||
| Accrued taxes | 3 | 9 | |||||||||
| Other current liabilities | 20 | 27 | |||||||||
| Total current liabilities | 65 | 71 | |||||||||
| Tax Receivable Agreement obligations | 7 | 14 | |||||||||
| Other noncurrent liabilities and deferred debits | 33 | 10 | |||||||||
| Total liabilities | 105 | 95 | |||||||||
| Total stockholders' equity | 5,110 | 5,583 | |||||||||
| Total liabilities and equity | $ | 5,215 | $ | 5,678 |
See Notes to the Condensed Financial Statements.
VISTRA CORP.
VISTRA CORP. (PARENT)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS
(Millions of Dollars)
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Cash flows — operating activities: | |||||||||||||||||
| Cash used in operating activities | $ | (44) | $ | (37) | $ | (31) | |||||||||||
| Cash flows — investing activities: | |||||||||||||||||
| Dividend received from subsidiaries | 1,625 | 1,705 | 1,625 | ||||||||||||||
| Proceeds from sales of subsidiary transferable ITCs | — | 150 | — | ||||||||||||||
| Cash provided by investing activities | 1,625 | 1,855 | 1,625 | ||||||||||||||
| Cash flows — financing activities: | |||||||||||||||||
| Stock repurchases | (1,028) | (1,266) | (1,245) | ||||||||||||||
| Dividends paid to common stockholders | (306) | (305) | (313) | ||||||||||||||
| Dividends paid to preferred stockholders | (192) | (173) | (150) | ||||||||||||||
| TRA Repurchase and tender offer - return of capital | — | (122) | — | ||||||||||||||
| Other, net | (10) | 39 | 91 | ||||||||||||||
| Cash used in financing activities | (1,536) | (1,827) | (1,617) | ||||||||||||||
| Net change in cash, cash equivalents, and restricted cash | 45 | (9) | (23) | ||||||||||||||
| Cash, cash equivalents, and restricted cash — beginning balance | 22 | 31 | 54 | ||||||||||||||
| Cash, cash equivalents, and restricted cash — ending balance | $ | 67 | $ | 22 | $ | 31 |
See Notes to the Condensed Financial Statements.
NOTES TO CONDENSED FINANCIAL STATEMENTS
**1.**BASIS OF PRESENTATION
The accompanying unconsolidated condensed balance sheets, statements of net loss and cash flows present results of operations and cash flows of Vistra Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules of the SEC. Because the unconsolidated condensed financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the financial statements and related notes of Vistra Corp. and Subsidiaries included in the annual report on Form 10-K for the year ended December 31, 2025. Vistra Corp.'s subsidiaries have been accounted for under the equity method. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated.
Parent files a consolidated U.S. federal income tax return. Consolidated tax expenses or benefits and deferred tax assets or liabilities have been allocated to the respective subsidiaries in accordance with the accounting rules that apply to separate financial statements of subsidiaries.
**2.**RESTRICTIONS ON SUBSIDIARIES
The Vistra Operations Credit Agreement generally restricts the ability of Vistra Operations to make distributions to any direct or indirect parent unless such distributions are expressly permitted thereunder. As of December 31, 2025, Vistra Operations can distribute approximately $11.2 billion to Parent without the consent of any party. The amount available for distribution has been reduced by distributions made by Vistra Operations to Parent of approximately $1.625 billion, $1.705 billion, and $1.625 billion during the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, Vistra Operations may make distributions to Parent in amounts sufficient for Parent to make any payments required under the TRA or the Tax Matters Agreement or, to the extent arising out of Parent's ownership or operation of Vistra Operations, to pay any taxes or general operating or corporate overhead expenses. As of December 31, 2025, all of the restricted net assets of Vistra Operations may be distributed to Parent.
VISTRA CORP.
**3.**GUARANTEES
Parent has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. As of December 31, 2025, there are no material outstanding claims related to guarantee obligations of Parent, and Parent does not anticipate it will be required to make any material payments under these guarantees in the near term.
**4.**DIVIDEND RESTRICTIONS
Under applicable law, Parent is prohibited from paying any dividend to the extent that immediately following payment of such dividend there would be no statutory surplus or Parent would be insolvent.
Parent received $1.625 billion, $1.705 billion, and $1.625 billion in dividends from its consolidated subsidiaries in the years ended December 31, 2025, 2024 and 2023, respectively.
(c) EXHIBITS:
Vistra Corp. Exhibits to Form 10-K for the Fiscal Year Ended December 31, 2025
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| Exhibits | Previously Filed With File Number* | As Exhibit | ||||||||||||||||||||||||
| 31.1 | ** | — | Certification of James A. Burke, principal executive officer of Vistra Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||
| 31.2 | ** | — | Certification of Kristopher E. Moldovan, principal financial officer of Vistra Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||
| (32) | Section 1350 Certifications | |||||||||||||||||||||||||
| 32.1 | *** | — | Certification of James A. Burke, principal executive officer of Vistra Corp., pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||
| 32.2 | *** | — | Certification of Kristopher E. Moldovan, principal financial officer of Vistra Corp., pursuant to U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||
| (95) | Mine Safety Disclosures | |||||||||||||||||||||||||
| 95.1 | ** | — | Mine Safety Disclosures | |||||||||||||||||||||||
| (97) | Policy Relating to Recover of Erroneously Awarded Compensation | |||||||||||||||||||||||||
| 97.1 | 001-38086 Form 10-K (Year ended December 31, 2023) (filed on February 29, 2024) | 97.1 | — | Vistra Corp. Clawback Policy | ||||||||||||||||||||||
| XBRL Data Files | ||||||||||||||||||||||||||
| 101.INS | ** | — | The following financial information from Vistra Corp.'s Annual Report on Form 10-K for the period ended December 31, 2025 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income (Loss), (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Balance Sheets, (v) the Consolidated Statement of Changes in Equity and (vi) the Notes to the Consolidated Financial Statements. | |||||||||||||||||||||||
| 101.SCH | ** | — | XBRL Taxonomy Extension Schema Document | |||||||||||||||||||||||
| 101.CAL | ** | — | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||
| 101.DEF | ** | — | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||||||
| 101.LAB | ** | — | XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||||||
| 101.PRE | ** | — | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||
| 104 | — | The Cover Page Interactive Data File does not appear in Exhibit 104 because its XBRL tags are embedded within the Inline XBRL document. |
- Incorporated herein by reference
** Filed herewith
*** Furnished herewith
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