Earnings Per Share

3 Months Ended

Mar. 31, 2025

EARNINGS PER SHARE

Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements.


	Three Months Ended March 31,
		2025		2024
		(in millions, except share data)
Net loss attributable to Vistra		$	(268)	$	(35)
Less cumulative dividends attributable to Series A Preferred Stock		(20)		(20)
Less cumulative dividends attributable to Series B Preferred Stock		(18)		(18)
Less cumulative dividends attributable to Series C Preferred Stock		(11)		(11)
Net loss attributable to common stock — basic and diluted		$	(317)	$	(84)
Weighted average shares of common stock outstanding:
Basic		339,799,989		348,966,197

Dilutive securities: Stock-based incentive compensation plan		—		—
Diluted		339,799,989		348,966,197
Net loss per weighted average share of common stock outstanding:
Basic		$	(0.93)	$	(0.24)
Diluted		$	(0.93)	$	(0.24)

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 8,582,267 and 7,954,878 shares for the three months ended March 31, 2025 and 2024, respectively.