v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The operations of Vistra are aligned into five reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, and (v) Asset Closure. Our Chief Executive Officer is our chief operating decision maker (CODM). Our CODM reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources.

The Retail segment is engaged in retail sales of electricity and natural gas to residential, commercial, and industrial customers. Substantially all of these activities are conducted by TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, Energy Harbor, and U.S. Gas & Electric across 16 states and the District of Columbia.

The Texas and East segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel procurement, and logistics management. The Texas segment represents results from all of Vistra's electricity generation operations in the ERCOT market except for assets included in the Asset Closure segment. The East segment represents results from Vistra's electricity generation operations in the Eastern Interconnection of the U.S. electric grid, other than assets included in the Asset Closure segment, and includes operations in the PJM, MISO, ISO-NE, and NYISO markets.

The West segment represents results from the CAISO market, including our battery ESS project at our Moss Landing power plant site. The Moss Landing 300 MW and Moss Landing 100 MW battery facilities were transferred to the Asset Closure segment in the first quarter of 2025 and fourth quarter of 2025, respectively, as a result of the Moss Landing Incident (see Note 9 for additional information).
The Asset Closure segment is engaged in the decommissioning and reclamation of retired generation facilities, including mines, and battery removal and remediation activities. When facilities are transferred to the Asset Closure segment, prior period results are retrospectively adjusted for comparative purposes, provided the effects are material (see Note 8 for additional information). By separately reporting the Asset Closure segment, management gains improved insights into the performance and earnings potential of Vistra's ongoing operations while actively monitoring the cost associated with Asset Closure activities.

Corporate and Other represents the remaining non-segment operations consisting primarily of general corporate expenses, interest, taxes, other expenses, and nuclear fuel cash capital expenditures not allocated to our operating segments.

The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 to the Financial Statements in our 2025 Form 10-K. Our CODM uses more than one measure to assess segment performance, but primarily focuses on Adjusted EBITDA. While we believe this is a useful metric in evaluating operating performance, it is not a metric defined by U.S. GAAP and may not be comparable to non-GAAP metrics presented by other companies. Adjusted EBITDA is most comparable to consolidated Net income (loss) prepared based on U.S. GAAP. The CODM uses net income in competitive analysis by benchmarking to the Company's competitors and evaluating drivers of segment profits available to the Company's equity holders. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at market prices. Certain shared services costs are allocated to the segments. Substantially all income tax (expense) benefit is recognized in Corporate and Other.

Three Months Ended June 30, 2026
RetailTexasEastWestAsset ClosureTotal Reportable Segments
(in millions)
Operating revenues (a)$3,610 $1,418 $954 $71 $— $6,053 
Reconciliation of consolidated operating revenues:
Corporate and Other(2,036)
Total consolidated operating revenues$4,017 
Fuel, purchased power costs, and delivery fees (b)(2,838)(363)(594)(15)— 
Operating costs(37)(293)(410)(16)(97)
Selling, general, and administrative expenses(231)(45)(44)(2)(16)
Other segment items:
Depreciation and amortization(10)(184)(216)(14)(3)
Interest expenses and related charges(10)10 24 4 (1)
Other (c)— 49 120 — 1 
Total reportable segment net income (loss)$484 $592 $(166)$28 $(116)$822 
Reconciliation to consolidated income before income taxes:
Corporate and Other — net loss(517)
Corporate and Other — income tax expense122 
Total consolidated income before income taxes$427 
____________
(a)See Note 3 for disaggregated revenue by segment. Includes intersegment sales eliminated in Corporate and Other.
(b)Includes nuclear fuel amortization of $30 million and $86 million, respectively, in the Texas and East segments.
(c)Other includes other income, net.
Three Months Ended June 30, 2025
RetailTexasEastWestAsset ClosureTotal Reportable Segments
(in millions)
Operating revenues (a)$3,532 $1,788 $1,480 $25 $20 $6,845 
Reconciliation of consolidated operating revenues:
Corporate and Other(2,595)
Total consolidated operating revenues$4,250 
Fuel, purchased power costs, and delivery fees (b)(3,321)(468)(746)(35)— 
Operating costs(37)(277)(355)(18)(45)
Selling, general, and administrative expenses(256)(43)(58)(7)(19)
Other segment items:
Depreciation and amortization(24)(167)(316)(16)1 
Interest expenses and related charges(17)18 8 1 (1)
Other (c)— 12 107 — 1 
Total reportable segment net income (loss)$(123)$863 $120 $(50)$(43)$767 
Reconciliation to consolidated income before income taxes:
Corporate and Other — net loss(440)
Corporate and Other — income tax expense76 
Total consolidated income before income taxes$403 
____________
(a)See Note 3 for disaggregated revenue by segment. Includes intersegment sales eliminated in Corporate and Other.
(b)Includes nuclear fuel amortization of $30 million and $92 million, respectively, in the Texas and East segments.
(c)Other includes other income, net.
Six Months Ended June 30, 2026
RetailTexasEastWestAsset ClosureTotal Reportable Segments
(in millions)
Operating revenues (a)$7,299 $4,405 $3,214 $160 $6 $15,084 
Reconciliation of consolidated operating revenues:
Corporate and Other(5,427)
Total consolidated operating revenues$9,657 
Fuel, purchased power costs, and delivery fees (b)(6,935)(779)(1,978)(40)— 
Operating costs(75)(554)(783)(32)(109)
Selling, general, and administrative expenses(487)(104)(94)(5)(31)
Other segment items:
Depreciation and amortization(20)(358)(481)(28)(6)
Interest expenses and related charges(23)24 46 7 (1)
Other (c)1 49 86 — 5 
Total reportable segment net income (loss)$(240)$2,683 $10 $62 $(136)$2,379 
Reconciliation to consolidated income before income taxes:
Corporate and Other — net loss(1,045)
Corporate and Other — income tax expense305 
Total consolidated income before income taxes$1,639 
Capital expenditures, excluding growth expenditures$7 $380 $305 $47 $— $739 
Reconciliation to consolidated capital expenditures, including nuclear fuel and excluding growth expenditures
Corporate and Other — nuclear fuel net purchases315 
Total capital expenditures, including nuclear fuel and excluding growth expenditures$1,054 
____________
(a)See Note 3 for disaggregated revenue by segment. Includes intersegment sales eliminated in Corporate and Other.
(b)Includes nuclear fuel amortization of $66 million and $176 million, respectively, in the Texas and East segments.
(c)Other includes other income, net.
Six Months Ended June 30, 2025
RetailTexasEastWestAsset ClosureTotal Reportable Segments
(in millions)
Operating revenues (a)$6,700 $1,998 $2,860 $182 $24 $11,764 
Reconciliation of consolidated operating revenues:
Corporate and Other(3,581)
Total consolidated operating revenues$8,183 
Fuel, purchased power costs, and delivery fees (b)(5,033)(965)(1,918)(87)— 
Operating costs(77)(535)(682)(30)(101)
Selling, general, and administrative expenses(499)(84)(116)(9)(36)
Other segment items:
Depreciation and amortization(47)(317)(632)(31)2 
Interest expenses and related charges(35)32 20 2 (2)
Other (c)— 14 98 — 2 
Total reportable segment net income (loss)$1,009 $143 $(370)$27 $(111)$698 
Reconciliation to consolidated loss before income taxes:
Corporate and Other — net loss(639)
Corporate and Other — income tax benefit(100)
Total consolidated loss before income taxes$(41)
Capital expenditures, excluding growth expenditures$8 $577 $303 $69 $— $957 
Reconciliation to consolidated capital expenditures, including nuclear fuel and excluding growth expenditures
Corporate and Other — nuclear fuel net purchases329 
Total capital expenditures, including nuclear fuel and excluding growth expenditures$1,286 
____________
(a)See Note 3 for disaggregated revenue by segment. Includes intersegment sales eliminated in Corporate and Other.
(b)Includes nuclear fuel amortization of $61 million and $176 million, respectively, in the Texas and East segments.
(c)Other includes other income, net.