VSTHIGH SIGNALFINANCIAL10-K

Vistra experienced dramatic financial deterioration with net income plummeting 64.5% to $944M while interest expense doubled and operating income fell 53.3%.

The company's profitability has been severely impacted, with operating income declining from $4.1B to $1.9B despite increased capital expenditures of $2.8B suggesting major investments or acquisitions. The doubling of interest expense to $740M indicates significant new debt financing, while the 40% increase in current liabilities and reduced cash position raises near-term liquidity concerns.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Vistra's financial performance deteriorated sharply with net income falling 64.5% and operating income declining 53.3%, while interest expense doubled to $740M indicating substantial new debt. The balance sheet shows stress with current liabilities increasing 40% to $11.8B and cash declining 34% to $785M, though the company increased capital expenditures 32% to $2.8B suggesting major investment activity. The combination of reduced profitability, higher debt service costs, and tighter liquidity creates a concerning financial picture that warrants close investor scrutiny.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+101.1%
$368.0M→$740.0M

Interest expense surged 101.1% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
-64.5%
$2.7B→$944.0M

Net income declined 64.5% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-53.3%
$4.1B→$1.9B

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
+40.1%
$8.4B→$11.8B

Current liabilities surged 40.1% — significant near-term obligations; verify ability to meet short-term debt.

Cash & Equivalents
Balance Sheet
-33.9%
$1.2B→$785.0M

Cash declined 33.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
+32.4%
$2.1B→$2.8B

Capital expenditure jumped 32.4% — major investment cycle underway; assess returns on deployment.

Inventory
Balance Sheet
+31.1%
$740.0M→$970.0M

Inventory surged 31.1% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Share Buybacks
Cash Flow
-18.8%
$1.3B→$1.0B

Buyback activity reduced 18.8% — capital being redeployed elsewhere or cash conservation underway.

Accounts Receivable
Balance Sheet
+17.2%
$2.0B→$2.3B

Receivables grew 17.2% — monitor days sales outstanding for collection efficiency.

Total Liabilities
Balance Sheet
+13.2%
$32.2B→$36.4B

Liabilities increased 13.2% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION, AND RESULTS OF OPERATIONS 51 K ey Financial Results 52 B usiness Environment and Outlook 53 Noteworthy Developments 53 F actors Affecting Our Financial Condition and Results of Oper ations 57 Results of Operations 60 Liquidity and Capital Resources 67 Critical Accounting Estimates 70 Changes in Accounting Standards 73 Item 7A.
FORM 10-K SUMMARY 180 Signatures 181 ii GLOSSARY OF TERMS AND ABBREVIATIONS When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.
2025 Employee Stock Purchase Plan ESS energy storage system Fitch Fitch Ratings Inc.
Any such forward-looking statement is qualified in its entirety by reference to the discussion in Item 1A.
General Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine.
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REMOVED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION, AND RESULTS OF OPERATIONS 50 Significant Activities and Events, and Items Influencing Future Performance 51 Critical Accounting Estimates 57 Results of Operations 60 Financial Condition 66 Commitments and Contingencies 72 Changes in Accounting Standards 72 Item 7A.
Bankruptcy Code ESG environmental, social and governance ESS energy storage system Fitch Fitch Ratings Inc.
Bankruptcy Code as subsidiaries of a newly formed company, Vistra, on the Effective Date TWh terawatt-hours U.S.
Although we believe that in making any such forward-looking statement our expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks and is qualified in its entirety by reference to the discussion in Item 1A.
General Vistra is an integrated retail electricity and power generation company.
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