v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity EQUITY
Common Stock

Common Stock Dividends

Dividends are subject to declaration by the Board and may be subject to numerous factors at the time of declaration. These factors include, but are not limited to, prevailing market conditions, Vistra's results of operations, financial condition and liquidity, Delaware law, and any contractual limitations, such as the cumulative dividend requirements described in the certificates of designation of our outstanding preferred stock. Dividends per common share totaled $0.2290 and $0.2250 for the three months ended June 30, 2026 and 2025, respectively, and $0.4570 and $0.4485 for the six months ended June 30, 2026 and 2025, respectively.
In July 2026, the Board declared a quarterly dividend of $0.2300 per share of common stock that will be paid in September 2026.

Share Repurchase Program

In October 2021, the Board authorized a share repurchase program (Share Repurchase Program). Under this program, shares of the Company's common stock may be repurchased in open market transactions, privately negotiated transactions, or other means in accordance with federal securities laws. The timing, number, and value of shares repurchased will be determined at our discretion, considering factors such as capital allocation priorities, stock market price, general market and economic conditions, legal requirements, and compliance with debt agreements and preferred stock certificates of designation.
Amount Authorized for Share Repurchases
(in billions)
Board Authorization Dates:
October 2021$2.00 
August 20221.25 
March 20231.00 
February 20241.50 
October 20241.00 
October 20251.00 
Cumulative authorization at June 30, 2026
$7.75 

The following table provides information about our repurchases of common stock for the period between January 1, 2026 and August 3, 2026:
$7.750 Billion Board Authorization
Total Number of Shares RepurchasedAverage Price Paid
Per Share		Amount Paid for Shares RepurchasedAmount Available for Additional Repurchases at the End of the Period
(in millions, except share amounts and price paid per share)
Three Months Ended March 31, 20262,373,546$159.82 $379 
Three Months Ended June 30, 2026 (a)2,155,553153.34 331 
Six Months Ended June 30, 20264,529,099$156.74 $710 $1,290 
July 1, 2026 through August 3, 2026436,821154.78 68 
January 1, 2026 through August 3, 2026 (a)4,965,920$156.57 $778 $1,222 
____________
(a)Shares repurchased include 15,435 and 17,244, respectively, of unsettled shares for $2 million and $3 million, respectively, as of June 30, 2026 and August 3, 2026, respectively.
Preferred Stock

The following is a summary of our cumulative redeemable preferred stock outstanding. In the event of liquidation or dissolution of the Company, the payment of dividends and the distribution of assets to preferred stockholders takes precedence over the Company's common stockholders.
Preferred Stock SeriesIssuance
Date		Shares
Issued		Shares
Outstanding		Contractual
Rates		Earliest Redemption Date (a)Date at Which Dividend Rate Becomes FloatingFloating Annual Rates
Series AOctober 15,
2021		1,000,000 1,000,000 8.000 %October 15,
2026		October 15,
2026
5-Year U.S. Treasury rate (subject to floor of 1.07%) plus 6.93%
Series BDecember 10,
2021		1,000,000 1,000,000 7.000 %December 15,
2026		December 15,
2026
5-Year U.S. Treasury rate (subject to floor of 1.26%) plus 5.74%
Series CDecember 29,
2023		476,081 476,066 8.875 %January 15,
2029		January 15,
2029
5-Year U.S. Treasury rate (subject to floor of 3.83%) plus 5.045%
____________
(a)Subject to our right, in limited circumstances, to redeem preferred stock prior to the earliest redemption date.

Each series of preferred stock has a liquidation price of $1,000, plus accrued and unpaid dividends through their redemption date. Preferred stock is not convertible into or exchangeable for any other securities of the Company and has limited voting rights.

Preferred Stock Dividends

Preferred stock dividends are payable semiannually in arrears when declared by the Board. The following table summarizes preferred stock dividends paid per share for the three and six months ended June 30, 2026 and 2025.
Three Months Ended June 30,Six Months Ended June 30,
Preferred Stock Series2026202520262025
Series A Preferred Stock$40.000 $40.000 $40.000 $40.000 
Series B Preferred Stock$35.000 $35.000 $35.000 $35.000 
Series C Preferred Stock$— $— $44.375 $44.375 

In April 2026, the Board declared a semi-annual dividend of $44.375 per share of Series C Preferred Stock that will be paid in July 2026. In July 2026, the Board declared a semi-annual dividend of $40.000 per share of Series A Preferred Stock that will be paid in October 2026.