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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
(a)    Our financial statements and financial statement schedules are incorporated under Part II, Item 8 of this annual report on Form 10-K.

(b)    SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

VISTRA CORP. (PARENT)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
(Millions of Dollars)
Year Ended December 31,
202420232022
Depreciation and amortization$— $(15)$(16)
Selling, general, and administrative expenses(102)(80)(69)
Operating loss(102)(95)(85)
Other income28 31 6 
Impacts of Tax Receivable Agreement(5)(164)(128)
Loss before income tax benefit(79)(228)(207)
Income tax benefit17 58 47 
Equity in earnings (losses) of subsidiaries, net of tax2,721 1,663 (1,067)
Net income (loss)$2,659 $1,493 $(1,227)

See Notes to the Condensed Financial Statements.
VISTRA CORP. (PARENT)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEETS
(Millions of Dollars)
December 31,
20242023
ASSETS
Cash and cash equivalents$22 $31 
Trade accounts receivable — affiliates13 — 
Income taxes receivable8 6 
Total current assets43 37 
Investment in affiliated companies4,670 4,507 
Property, plant, and equipment — net2 3 
Accumulated deferred income taxes960 1,086 
Other noncurrent assets3 — 
Total assets$5,678 $5,633 
LIABILITIES AND EQUITY
Trade accounts payable$8 $12 
Accounts payable —affiliates27 91 
Accrued taxes9 12 
Other current liabilities27 12 
Total current liabilities71 127 
Tax Receivable Agreement obligations14 164 
Other noncurrent liabilities and deferred debits10 20 
Total liabilities95 311 
Total stockholders' equity5,583 5,322 
Total liabilities and equity$5,678 $5,633 

See Notes to the Condensed Financial Statements.
VISTRA CORP. (PARENT)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS
(Millions of Dollars)
Year Ended December 31,
202420232022
Cash flows — operating activities:
Cash used in operating activities$(37)$(31)$(27)
Cash flows — investing activities:
Dividend received from subsidiaries1,705 1,625 1,775 
Proceeds from sales of subsidiary transferable ITCs150 — — 
Cash provided by investing activities1,855 1,625 1,775 
Cash flows — financing activities:
Stock repurchases(1,266)(1,245)(1,949)
Dividends paid to common stockholders(305)(313)(302)
Dividends paid to preferred stockholders(173)(150)(151)
TRA Repurchase and tender offer - return of capital(122)— — 
Other, net39 91 40 
Cash used in financing activities(1,827)(1,617)(2,362)
Net change in cash, cash equivalents and restricted cash(9)(23)(614)
Cash, cash equivalents and restricted cash — beginning balance31 54 668 
Cash, cash equivalents and restricted cash — ending balance$22 $31 $54 

See Notes to the Condensed Financial Statements.


NOTES TO CONDENSED FINANCIAL STATEMENTS

1.BASIS OF PRESENTATION

The accompanying unconsolidated condensed balance sheets, statements of net loss and cash flows present results of operations and cash flows of Vistra Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules of the SEC. Because the unconsolidated condensed financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the financial statements and related notes of Vistra Corp. and Subsidiaries included in the annual report on Form 10-K for the year ended December 31, 2024. Vistra Corp.'s subsidiaries have been accounted for under the equity method. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated.

Vistra Corp. (Parent) files a consolidated U.S. federal income tax return. Consolidated tax expenses or benefits and deferred tax assets or liabilities have been allocated to the respective subsidiaries in accordance with the accounting rules that apply to separate financial statements of subsidiaries.

2.RESTRICTIONS ON SUBSIDIARIES

The Vistra Operations Credit Agreement generally restricts the ability of Vistra Operations to make distributions to any direct or indirect parent unless such distributions are expressly permitted thereunder. As of December 31, 2024, Vistra Operations can distribute approximately $8.2 billion to Vistra Corp. (Parent) under the Vistra Operations Credit Agreement without the consent of any party. The amount that can be distributed by Vistra Operations to Parent was partially reduced by distributions made by Vistra Operations to Vistra Corp. (Parent) of approximately $1.705 billion, $1.625 billion, and $1.775 billion during the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, Vistra Operations may make distributions to Vistra Corp. (Parent) in amounts sufficient for Vistra Corp. (Parent) to make any payments required under the TRA or the Tax Matters Agreement or, to the extent arising out of Vistra Corp. (Parent)'s ownership or operation of Vistra Operations, to pay any taxes or general operating or corporate overhead expenses. As of December 31, 2024, all of the restricted net assets of Vistra Operations may be distributed to Vistra Corp. (Parent).
3.GUARANTEES

Vistra Corp. (Parent) has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. As of December 31, 2024, there are no material outstanding claims related to guarantee obligations of Vistra Corp. (Parent), and Vistra Corp. (Parent) does not anticipate it will be required to make any material payments under these guarantees in the near term.

4.DIVIDEND RESTRICTIONS

Under applicable law, Vistra Corp. (Parent) is prohibited from paying any dividend to the extent that immediately following payment of such dividend there would be no statutory surplus or Vistra Corp. (Parent) would be insolvent.

Vistra Corp. (Parent) received $1.705 billion, $1.625 billion, and $1.775 billion in dividends from its consolidated subsidiaries in the years ended December 31, 2024, 2023, and 2022, respectively.