Basic earnings per share available to common stockholders are based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in millions, except share data)
Net income attributable to Vistra	$	305	$	327	$	1,334	$	59
Less cumulative dividends attributable to Series A Preferred Stock	(20)		(20)		(40)		(40)
Less cumulative dividends attributable to Series B Preferred Stock	(17)		(17)		(35)		(35)
Less cumulative dividends attributable to Series C Preferred Stock	(10)		(10)		(21)		(21)
Net income (loss) attributable to common stock — basic and diluted	258		280		$	1,238	$	(37)
Weighted average shares of common stock outstanding:
Basic	336,846,562		339,401,983		337,332,362		339,599,887
Dilutive securities: Stock-based incentive compensation plan	2,384,414		6,103,205		3,208,814		—
Diluted	339,230,976		345,505,188		340,541,176		339,599,887
Net income (loss) per weighted average share of common stock outstanding:
Basic	$	0.77	$	0.82	$	3.67	$	(0.11)
Diluted	$	0.76	$	0.81	$	3.64	$	(0.11)

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 378,680 and 208 shares in the three months ended June 30, 2026 and 2025, respectively, and 247,496 and 7,342,840 shares for the six months ended June 30, 2026 and 2025, respectively.