v3.26.1
Debt, Credit Facilities, and Financings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Debt, credit facilities and financing obligations on the condensed consolidated balance sheets consisted of the following:
June 30,
2026		December 31,
2025
(in millions)
Long-term debt, including amounts due currently:
Project-level debt$1,633 $1,569 
Vistra Operations debt18,131 15,627 
Long-term debt before unamortized premiums, discounts and issuance costs19,764 17,196 
Unamortized premiums, discounts and issuance costs(169)(153)
Long-term debt including amounts due currently$19,595 $17,043 
Short-term borrowings$— $1,800 
Accounts receivable financing$300 $1,225 
Forward repurchase obligation$613 $632 
Schedule of Long-Term Debt Instruments
The Company's long-term debt obligations, including amounts due currently, consisted of the following:
June 30,
2026		December 31,
2025
(in millions)
Vistra Operations Credit Facilities, Term Loan B-3 Facility$— $2,450 
BCOP Credit Facility, Bridge Loans261 367 
BCOP Credit Facility, Construction / Term Loans503 505 
Vistra Zero Credit Facility, Term Loan B Facility due April 30, 2031697 697 
Texas Energy Fund (TxEF) Loan, due June 18, 2046172 — 
Vistra Operations Senior Notes:
5.050% Senior Notes, due December 30, 2026 (a)
500 500 
3.700% Senior Notes, due January 30, 2027 (a)
800 800 
5.625% Senior Notes, due February 15, 2027
— 1,300 
5.000% Senior Notes, due July 31, 2027
1,300 1,300 
4.300% Senior Notes, due October 15, 2028 (a)
750 750 
4.550% Senior Notes, due October 30, 2028
500 — 
4.375% Senior Notes, due May 1, 2029
1,250 1,250 
4.300% Senior Notes, due July 15, 2029 (a)
800 800 
4.600% Senior Notes, due October 15, 2030 (a)
500 500 
4.700% Senior Notes, due January 31, 2031
1,000 — 
5.000% Senior Notes, due April 30, 2031
1,000 — 
7.750% Senior Notes, due October 15, 2031
1,450 1,450 
6.875% Senior Notes, due April 15, 2032
1,000 1,000 
5.250% Senior Notes, due April 30, 2033
1,000 — 
6.950% Senior Notes, due October 15, 2033 (a)
1,050 1,050 
6.000% Senior Notes, due April 15, 2034 (a)
500 500 
5.700% Senior Notes, due December 30, 2034 (a)
750 750 
5.250% Senior Notes, due October 15, 2035 (a)
750 750 
5.350% Senior Notes, due January 31, 2036 (a)
1,250 — 
5.550% Senior Notes, due April 30, 2036
1,500 — 
Total Vistra Operations Senior Notes17,650 12,700 
Energy Harbor Revenue Bonds:
3.375% Revenue Bond, due August 1, 2029
100 100 
4.750% Revenue Bonds, due June 1, 2033 and July 1, 2033
285 285 
3.750% Revenue Bond, due October 1, 2047
46 46 
Total Energy Harbor Revenue Bonds431 431 
Other:
Equipment Financing Agreements46 46 
Other4 — 
Total other long-term debt50 46 
Unamortized debt premiums, discounts and issuance costs(169)(153)
Total long-term debt including amounts due currently19,595 17,043 
Less amounts due currently(1,876)(1,201)
Total long-term debt less amounts due currently$17,719 $15,842 
___________
(a)The Vistra Operations senior secured notes balances as of December 31, 2025 have been presented to give effect to the Indenture Collateral Release.
Schedule of Line of Credit Facilities
Our credit facilities and related available capacity as of June 30, 2026 are presented below.
June 30, 2026
Credit FacilitiesMaturity DateFacility
Limit		Borrowings OutstandingLetters of Credit OutstandingAvailable
Capacity
(in millions)
Vistra Operations debt:
Revolving Credit FacilityOctober 11, 2029$5,500 $— $1,092 $4,408 
Total Vistra Operations Credit Facilities5,500 — 1,092 4,408 
Vistra Operations Commodity-Linked FacilitySeptember 30, 20261,750 — — 1,452 
Total Vistra Operations debt$7,250 $— $1,092 $5,860 
Project-level debt:
Bridge LoansDecember 3, 2026$261 $261 $— $— 
Construction / Term Loans(a)503 503 — — 
BCOP Credit Facility764 764 — — 
Vistra Zero Term Loan B FacilityApril 30, 2031697 697 — — 
Texas Energy Fund (TxEF) LoanJune 18, 2046172 172 — — 
Total project-level debt$1,633 $1,633 $— $— 
Total credit facilities$8,883 $1,633 $1,092 $5,860 
___________
(a)Maturity dates between December 3, 2026 and December 3, 2029. See additional information in BCOP Project-level Credit Facilities discussion below.
Schedule of Debt Key Changes These amounts reflect a June 2026 amendment to the Vistra Operations Credit Agreement, which includes the following key changes:
Key Changes
Increased Revolving Credit Facility commitments from $3.44 billion to $5.5 billion and aggregate revolving letter of credit commitments (included in Revolving Credit Facility commitments) from $3.44 billion to $5.475 billion
Released each guarantor from its guarantee to the extent related to the Revolving Credit Facility and/or secured cash management agreements
Removed collateral reinstatement requirements
Amended, suspended, and/or removed certain covenants, representations, and warranties
Schedule of Interest Expense and Related Charges
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Interest expense$272 $275 $557 $547 
Unrealized mark-to-market net (gains) losses on interest rate swaps9 26 (7)74 
Amortization of debt issuance costs, discounts, and premiums12 11 21 22 
Debt extinguishment loss35 — 35 — 
Capitalized interest(40)(27)(82)(56)
Other24 18 51 35 
Total interest expense and related charges$312 $303 $575 $622