Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions, except share data)
Net income attributable to Vistra	$	327	$	365	$	59	$	330
Less cumulative dividends attributable to Series A Preferred Stock	(20)		(20)		(40)		(40)
Less cumulative dividends attributable to Series B Preferred Stock	(17)		(17)		(35)		(35)
Less cumulative dividends attributable to Series C Preferred Stock	(10)		(10)		(21)		(21)
Net income attributable to common stock — basic and diluted	$	280	$	318	$	(37)	$	234
Weighted average shares of common stock outstanding:
Basic	339,401,983		347,046,021		339,599,887		348,006,109

Dilutive securities: Stock-based incentive compensation plan	6,103,205		7,281,372		—		7,549,320
Diluted	345,505,188		354,327,393		339,599,887		355,555,429
Net income per weighted average share of common stock outstanding:
Basic	$	0.82	$	0.92	$	(0.11)	$	0.67
Diluted	$	0.81	$	0.90	$	(0.11)	$	0.66

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 208 and 9,981 shares in the three months ended June 30, 2025 and 2024, respectively, and 7,342,840 and 5,554 shares for the six months ended June 30, 2025 and 2024, respectively.