Ctrl K
Operating cash flow averaged $1.1B per quarter with OCF-to-dividend coverage of 6.7x in 2026Q2, but capital expenditures of $883M and negative FCF of $133M highlight ongoing nuclear investment needs.
Vistra Corp. (VST) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 5.12B | 4.07B | 4.56B | 5.45B | 485M | -206M | 3.34B | 2.74B | 1.47B | 1.39B | -157M | 237M | 444M | -270M | -237M |
| Operating CF Growth % | 171.04% | -10.8% | -16.32% | 1024.33% | 335.44% | -106.17% | 21.97% | 86% | 6.13% | 982.8% | -166.24% | -46.62% | 264.44% | -13.92% | - |
| Operating CF / Revenue % | 32.05% | 23.98% | 23.55% | 35.08% | 2.72% | -1.55% | 30.17% | 23.79% | 14.64% | 25.76% | -2.99% | 4.41% | 7.43% | -4.58% | -4.21% |
| Net Income | 2.22B | 944M | 2.81B | 1.49B | -1.21B | -1.26B | 624M | 926M | -56M | -254M | -819M | -4.68B | -6.23B | -2.2B | -2.95B |
| Depreciation & Amortization | 1.42B | 2.95B | 2.63B | 1.96B | 2.05B | 2.05B | 2.05B | 1.88B | 1.53B | 835M | 817M | 995M | 1.44B | 1.45B | 1.56B |
| Deferred Taxes | 264M | 136M | 612M | 621M | -231M | -528M | 225M | 318M | 17M | 205M | -52M | -883M | -2.35B | 0 | 42M |
| Other Non-Cash Items | 3.47B | 1.11B | -1.18B | -282M | 2.39B | 792M | 329M | -524M | 384M | 321M | 350M | 4.68B | 7.26B | 723M | 1.15B |
| Working Capital Changes | -801M | -1.18B | -416M | 1.59B | -2.58B | -1.3B | 46M | 93M | -480M | 279M | -411M | 126M | 328M | -248M | -46M |
| Capital Expenditures | -3.75B | -3.94B | -5.28B | -1.68B | -1.3B | -1.03B | -1.26B | -1.72B | -496M | -531M | -1.47B | -460M | -413M | -588M | -844M |
| CapEx / Revenue % | 9.12% | 23.22% | 27.23% | 10.78% | 7.29% | 7.75% | 11.38% | 14.93% | 1.17% | 1.15% | 27.86% | 2.29% | 1.29% | 9.97% | 14.98% |
| CapEx / D&A | 1.03x | 1.34x | 2.01x | 0.86x | 0.64x | 0.50x | 0.61x | 0.92x | 0.08x | 0.07x | 1.79x | 0.12x | 0.05x | 0.40x | 0.54x |
| CapEx Coverage (OCF/CapEx) | 3.51x | 1.03x | 0.86x | 3.25x | 0.37x | -0.20x | 2.65x | 1.59x | 12.47x | 22.35x | -0.11x | 1.93x | 5.77x | -0.46x | -0.28x |
| Cash from Investing | -4B | -4.4B | -5.28B | -2.15B | -1.24B | -1.15B | -1.57B | -1.72B | -101M | -541M | -1.47B | -650M | -458M | 16M | 120M |
| Acquisitions | 0 | -746M | -3.06B | 0 | 0 | 0 | 0 | -880M | 445M | -355M | -1.34B | 0 | 0 | 0 | 0 |
| Purchase of Investments | 3.04B | -5.18B | -2.24B | -624M | -693M | -505M | -455M | -453M | -274M | -272M | -245M | -418M | -331M | 0 | 0 |
| Sale of Investments | -3.02B | 5.15B | 2.22B | 601M | 670M | 483M | 433M | 431M | 252M | 252M | 226M | 401M | 314M | 0 | 0 |
| Other Investing | -5.47B | 315M | -110M | -446M | 85M | -98M | -291M | -726M | -406M | -290M | 103M | -510M | -364M | 604M | 964M |
| Cash from Financing | -1.13B | -74M | -1.6B | -294M | -80M | 2.27B | -1.8B | -1.24B | -2.72B | -201M | 1.06B | -30M | 1.11B | -175M | 1.17B |
| Dividends Paid | -500M | -498M | -478M | -463M | -453M | -290M | -266M | -243M | 0 | -1.5B | -992M | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | 32.42% | 11.47% | 20.96% | - | - | 41.82% | 26.19% | - | - | 4.37% | - | - | - | - |
| Debt Issuance (Net) | -4M | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69M | 0 | 0 | 0 | 0 |
| Share Repurchases | -120M | -1.03B | -1.27B | -1.25B | -1.95B | -471M | 0 | -656M | -763M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 886M | -722M | -1.39B | -401M | 425M | -334M | -172M | -86M | -224M | -10M | -183M | -9M | -91M | -175M | 1.17B |
| Net Change in Cash | -122M | -400M | -2.32B | 3.01B | -834M | 915M | -31M | -218M | -1.35B | 644M | -557M | -443M | 1.1B | -429M | 1.18B |
| Exchange Rate Effect | -108M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120M |
| Cash at Beginning | 671M | 1.22B | 3.54B | 525M | 1.36B | 444M | 475M | 693M | 2.05B | 843M | 1.4B | 1.84B | 746M | 1.18B | 0 |
| Cash at End | 435M | 822M | 1.22B | 3.54B | 525M | 1.36B | 444M | 475M | 693M | 1.49B | 843M | 1.4B | 1.84B | 746M | 1.18B |
| Free Cash Flow | 1.38B | 129M | -713M | 3.78B | -816M | -1.24B | 2.08B | 1.02B | 975M | 855M | -1.62B | -223M | 31M | -858M | -1.08B |
| FCF Growth % | -16.76% | 118.09% | -118.88% | 562.87% | 34.14% | -159.62% | 103.93% | 4.51% | 14.04% | 152.71% | -627.35% | -819.35% | 103.61% | 20.63% | - |
| FCF Margin % | 8.61% | 0.76% | -3.68% | 24.3% | -4.57% | -9.29% | 18.79% | 8.86% | 9.7% | 15.89% | -30.85% | -4.15% | 0.52% | -14.54% | -19.18% |
| FCF / Net Income % | 62.01% | 13.67% | -26.81% | 252.98% | 66.5% | 97.25% | 326.73% | 109.81% | -1805.56% | -336.61% | -7.15% | 4.77% | -0.5% | 39.05% | 36.67% |
Quick answers to the most common questions about buying VST stock.
Vistra Corp. (VST) generated $4.07B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vistra Corp. (VST) generated $129.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Vistra Corp. (VST) spent $3.94B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vistra Corp. (VST) returned $498.0M to shareholders via cash dividends and spent $1.03B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue normalization and high leverage
Metrics are mathematically derived from official filings.
Cash Generation Remains Resilient
Operating cash flow averaged $1.1B per quarter over the last four quarters, despite a 12.4% revenue decline, indicating strong cash conversion from hedged operations, as reported in recent financial statements.
The stability of OCF, even as wholesale prices normalized, suggests that Vistra's integrated model and hedging program are effectively protecting cash generation. With OCF consistently exceeding $1B in most quarters, the company appears well-positioned to cover its fixed obligations, including interest and dividends, without strain.
Capital Spending Surges on Nuclear Expansion
Capital expenditures spiked to $3.5B in 2024Q1, driving a negative FCF of -$3.2B, but have since moderated to an average of $883M per quarter, reflecting ongoing investment in nuclear and growth projects.
The elevated CAPEX, particularly in early 2024, aligns with the acquisition of Energy Harbor and expansion of nuclear assets. While this has temporarily pressured free cash flow, the investment is expected to expand rate base and future earnings. The CapEx/OCF ratio, though volatile, indicates that operating cash flow is sufficient to fund a significant portion of capital spending, reducing reliance on external financing.
Financing Needs Met Despite Leverage
With a debt-to-equity ratio of 3.99, Vistra's leverage is elevated, yet the company has consistently accessed capital markets, issuing $1.0M in long-term debt in several quarters, indicating adequate financing capacity.
The free cash flow deficit in some quarters, such as 2025Q2 and 2025Q1, was offset by debt issuance and equity repurchases, suggesting that management is balancing capital returns with investment needs. The high leverage warrants monitoring, but the strong ROE of 17.7% and stable OCF provide some cushion. Investors should watch for any deterioration in credit metrics if revenue continues to decline.
Working Capital Swings Reflect Hedging
Quarterly OCF volatility, ranging from $312M to $1.7B, suggests significant working capital adjustments, likely driven by mark-to-market on hedges and timing of fuel and power purchases, as per reported cash flow data.
The wide swings in OCF, particularly the low $312M in 2024Q1 and high $1.7B in 2024Q3, indicate that working capital items such as receivables, payables, and deferred fuel costs are material. These fluctuations are typical for IPPs with extensive hedging programs and do not necessarily reflect underlying cash generation weakness. Analysts should adjust for these items to assess ongoing cash flow.
Dividend Well Covered by Cash Flow
OCF-to-dividend coverage averaged 9.1x over the last four quarters, with the lowest at 4.0x in 2025Q2, indicating that dividends are comfortably supported by operating cash flow, as per recent filings.
Even in the weakest quarter, OCF covered dividends four times over, suggesting a high degree of safety. The company's commitment to returning capital to shareholders, including share repurchases, appears sustainable given the stable OCF. However, if wholesale prices continue to normalize and OCF declines, coverage could tighten, but current levels provide ample cushion.
What Could Invalidate the Base Case
Despite stable OCF, the 12.4% revenue decline and debt-to-equity of 3.99 suggest that Vistra's cash flow may be more vulnerable to wholesale price normalization and rising interest costs than the market anticipates.
The reported revenue decline and high leverage indicate that if wholesale prices continue to fall, OCF could deteriorate, pressuring the company's ability to fund CAPEX and maintain dividends. Additionally, the elevated debt load may constrain financial flexibility for future investments or capital returns. Investors should monitor the sustainability of OCF and the company's ability to manage its leverage in a lower-price environment.