Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions, except share data)
Net income attributable to Vistra	$	652	$	1,888	$	711	$	2,218
Less cumulative dividends attributable to Series A Preferred Stock	(20)		(20)		(60)		(60)
Less cumulative dividends attributable to Series B Preferred Stock	(17)		(17)		(52)		(52)
Less cumulative dividends attributable to Series C Preferred Stock	(11)		(11)		(32)		(32)
Net income attributable to common stock — basic and diluted	604		1,840		$	567	$	2,074
Weighted average shares of common stock outstanding:
Basic	338,749,454		342,969,916		339,313,294		346,315,125
Dilutive securities: Stock-based incentive compensation plan	6,285,706		7,233,776		6,990,323		7,490,812
Diluted	345,035,160		350,203,692		346,303,617		353,805,937
Net income per weighted average share of common stock outstanding:
Basic	$	1.78	$	5.36	$	1.67	$	5.99
Diluted	$	1.75	$	5.25	$	1.64	$	5.86

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 308 and 531 shares in the three months ended September 30, 2025 and 2024, respectively, and 103 and 11,210 shares for the nine months ended September 30, 2025 and 2024, respectively.