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Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity EQUITY
Common Stock

Common Stock Dividends

Dividends are subject to declaration by the Board and may be subject to numerous factors at the time of declaration. These factors include, but are not limited to, prevailing market conditions, Vistra's results of operations, financial condition and liquidity, Delaware law, and any contractual limitations, such as the cumulative dividend requirements described in the certificates of designation of our outstanding preferred stock. Dividends per common share totaled $0.2260 and $0.2195 for the three months ended September 30, 2025 and 2024, respectively, and $0.6745 and $0.6520 for the nine months ended September 30, 2025 and 2024, respectively.

In October 2025, the Board declared a quarterly dividend of $0.2270 per share of common stock that will be paid in December 2025.

Share Repurchase Program

As of September 30, 2025, the Board had authorized a $6.750 billion share repurchase program. In October 2025, the Board authorized an incremental amount of $1.0 billion for repurchases under the share repurchase program. Through October 31, 2025, 164,896,651 shares, at an average price of $33.81 per share, have been repurchased under this program. The following table provides information about our repurchases of common stock for the period between January 1, 2025 and October 31, 2025:
$6.750 Billion Board Authorization
Total Number of Shares RepurchasedAverage Price Paid
Per Share		Amount Paid for Shares RepurchasedAmount Available for Additional Repurchases at the End of the Period
(in millions, except share amounts and price paid per share)
Three Months Ended March 31, 20252,437,700$137.66 $336 
Three Months Ended June 30, 20251,776,176132.72 236 
Three Months Ended September 30, 2025 (a)955,216197.74 188 
Nine Months Ended September 30, 20255,169,092$147.07 $760 $1,249 
October 1, 2025 through October 31, 2025371,820199.20 74 
January 1, 2025 through October 31, 20255,540,912$150.56 $834 $2,175 
____________
(a)Shares repurchased include 15,956 of unsettled shares for $3 million as of September 30, 2025.


Preferred Stock

The following is a summary of our cumulative redeemable preferred stock outstanding. In the event of liquidation or dissolution of the Company, the payment of dividends and the distribution of assets to preferred stockholders takes precedence over the Company's common stockholders.
Preferred Stock SeriesIssuance
Date		Shares
Issued		Shares OutstandingContractual
Rates		Earliest Redemption Date (a)Date at Which Dividend Rate Becomes FloatingFloating Annual Rates
Series AOctober 15,
2021		1,000,000 1,000,000 8.000 %October 15,
2026		October 15,
2026
5-Year U.S. Treasury rate (subject to floor of 1.07%) plus 6.93%
Series BDecember 10,
2021		1,000,000 1,000,000 7.000 %December 15,
2026		December 15,
2026
5-Year U.S. Treasury rate (subject to floor of 1.26%) plus 5.74%
Series CDecember 29,
2023		476,081 476,066 8.875 %January 15,
2029		January 15,
2029
5-Year U.S. Treasury rate (subject to floor of 3.83%) plus 5.045%
____________
(a)Subject to our right, in limited circumstances, to redeem preferred stock prior to the earliest redemption date.
Each series of preferred stock has a liquidation price of $1,000, plus accrued and unpaid dividends through their redemption date. Preferred stock is not convertible into or exchangeable for any other securities of the Company and has limited voting rights.

Preferred Stock Dividends

Preferred stock dividends are payable semiannually in arrears when declared by the Board. The following table summarizes preferred stock dividends paid per share for the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
Preferred Stock Series2025202420252024
Series A Preferred Stock$— $— $40.000 $40.000 
Series B Preferred Stock$— $— $35.000 $35.000 
Series C Preferred Stock$44.375 $48.320 $88.750 $48.320 

In July 2025, the Board declared a semi-annual dividend of $40.000 per share of Series A Preferred Stock that was paid in October 2025. In October 2025, the Board declared (i) a semi-annual dividend of $35.000 per share on Series B Preferred Stock that will be paid in December 2025, and (ii) a semi-annual dividend of $44.375 per share on Series C Preferred Stock that will be paid in January 2026.