Earnings quality
Compare earnings and operating cash flow for earnings quality.
Vistra Corp.
Ticker VST · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-27 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 10.8%; equity ratio is 12.3%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin10.8%
Equity ratio12.3%
Last priceUSD 112.89
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Vistra Operations Company LLC is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 214-812-4600 · As of filing date 2026-02-27
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $14.8B | $17.6B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $4.1B | $1.9B |
| Income tax | $655.0M | $179.0M |
| Net income | $2.7B | $944.0M |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $1.2B | $785.0M |
| Current assets | $8.1B | $9.2B |
| Non-current assets* | $29.7B | $32.4B |
| Total assets | $37.8B | $41.5B |
| Current liabilities | $8.4B | $11.8B |
| Non-current liabilities* | $23.8B | $24.6B |
| Total liabilities | $32.2B | $36.4B |
| Stockholders’ equity | $5.6B | $5.1B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $4.6B | $4.1B |
| Investing cash flow | -$5.3B | -$4.4B |
| Financing cash flow | -$1.6B | -$74.0M |
| Cash at end of period | $1.2B | $785.0M |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $17.7B | $15.6B | $13.8B | $14.8B | $17.6B | |
| Operating profit | -$1.5B | -$1.2B | $2.7B | $4.1B | $1.9B | |
| Net income | -$1.3B | -$1.2B | $1.5B | $2.7B | $944.0M | |
| Total assets | $29.7B | $32.8B | $33.0B | $37.8B | $41.5B | |
| Cash & equivalents | $1.3B | $455.0M | $3.5B | $1.2B | $785.0M | |
| Stockholders’ equity | $8.3B | $4.9B | $5.3B | $5.6B | $5.1B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $14.8B to $17.6B (▲ +19.1%). Operating profit went from $4.1B to $1.9B (▼ -53.3%).
Operating cash flow was $4.1B (prior $4.6B), with cash on the balance sheet at $785.0M versus $1.2B.
Liquidity & leverage
Cash moved from $1.2B to $785.0M; current liabilities $11.8B.
Capital buffer
Stockholders’ equity moved from $5.6B to $5.1B.
Was this page helpful?
Source: SEC EDGAR 0001692819-26-000006
(Vistra Operations Company LLC), period end 2025-12-31.