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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The operations of Vistra are aligned into five reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, and (v) Asset Closure. Our Chief Executive Officer is our chief operating decision maker (CODM). Our CODM reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. In the fourth quarter of 2024, we updated our reportable segments to reflect changes in how the Company's CODM makes operating decisions, assesses performance, and allocates resources by removing the Sunset segment. The results of the plants previously included in the Sunset segment are now reflected in the Texas and East segments based on their respective geographies.

The Retail segment is engaged in retail sales of electricity and natural gas to residential, commercial, and industrial customers. Substantially all of these activities are conducted by TXU Energy, Ambit, Dynegy Energy Services, Homefield Energy, Energy Harbor, and U.S. Gas & Electric across 16 states and the District of Columbia.

The Texas and East segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel procurement, and logistics management. The Texas segment represents results from all of Vistra's electricity generation operations in the ERCOT market except for assets included in the Asset Closure segment. The East segment represents results from Vistra's electricity generation operations in the Eastern Interconnection of the U.S. electric grid, other than assets included in the Asset Closure segment, and includes operations in the PJM, MISO, ISO-NE, and NYISO markets.

The West segment represents results from the CAISO market, including our battery ESS projects at our Moss Landing power plant site. The Moss Landing 300 facility was transferred to the Asset Closure segment in the first quarter of 2025 as a result of the Moss Landing Incident.

The Asset Closure segment is engaged in the decommissioning and reclamation of retired generation facilities and mines. When facilities are transferred to the Asset Closure segment, prior period results are retrospectively adjusted for comparative purposes, provided the effects are material (see Note 6 for additional information). By separately reporting the Asset Closure segment, management gains improved insights into the performance and earnings potential of Vistra's ongoing operations while actively monitoring the cost associated with decommissioning and reclaiming retired generation facilities, including mines.

Corporate and Other represents the remaining non-segment operations consisting primarily of general corporate expenses, interest, taxes, other expenses, and nuclear fuel cash capital expenditures not allocated to our operating segments.

The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 to the Financial Statements in our 2024 Form 10-K. Our CODM uses more than one measure to assess segment performance, but primarily focuses on Adjusted EBITDA. While we believe this is a useful metric in evaluating operating performance, it is not a metric defined by U.S. GAAP and may not be comparable to non-GAAP metrics presented by other companies. Adjusted EBITDA is most comparable to consolidated Net income (loss) prepared based on U.S. GAAP. The CODM uses net income in competitive analysis by benchmarking to the Company's competitors and evaluating drivers of segment profits available to the Company's equity holders. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at market prices. Certain shared services costs are allocated to the segments. Substantially all income tax (expense) benefit is recognized in Corporate and Other.
Three Months Ended September 30, 2025
RetailTexasEastWestAsset ClosureTotal Reportable SegmentsCorporate and OtherTotal
(in millions)
Operating revenues$4,139 $1,799 $1,750 $165 $2 $7,855 $(2,884)$4,971 
Fuel, purchased power costs, and delivery fees (a)
(3,815)(544)(866)(32)— (5,257)2,887 (2,370)
Operating costs(54)(243)(338)(15)(12)(662)7 (655)
Selling, general, and administrative expenses(270)(38)(59)(2)(16)(385)(59)(444)
Other segment items:
Depreciation and amortization(23)(160)(244)(14)— (441)(19)(460)
Interest expenses and related charges(18)9 16 2 (1)8 (294)(286)
Income tax expense— — — — — — (204)(204)
Other (b)
1 — 95 1 1 98 2 100 
Net income (loss)$(40)$823 $354 $105 $(26)$1,216 $(564)$652 
____________
(a)Includes nuclear fuel amortization of $35 million and $94 million, respectively, in the Texas and East segments.
(b)Other includes impairment of long-lived assets and other income, net.

Three Months Ended September 30, 2024
RetailTexasEastWestAsset ClosureTotal Reportable SegmentsCorporate and OtherTotal
(in millions)
Operating revenues$4,251 $4,244 $1,853 $232 $11 $10,591 $(4,303)$6,288 
Fuel, purchased power costs, and delivery fees (a)
(5,117)(487)(859)(45)(2)(6,510)4,303 (2,207)
Operating costs(47)(242)(296)(11)(19)(615)(1)(616)
Selling, general, and administrative expenses(266)(40)(32)(8)(9)(355)(56)(411)
Other segment items:
Depreciation and amortization(31)(155)(241)(15)(7)(449)(17)(466)
Interest expenses and related charges(16)11 4 1 (1)(1)(331)(332)
Income tax expense— — — — — — (555)(555)
Other (b)
— 23 97 1 7 128 8 136 
Net income (loss)$(1,226)$3,354 $526 $155 $(20)$2,789 $(952)$1,837 
____________
(a)Includes nuclear fuel amortization of $28 million and $95 million, respectively, in the Texas and East segments.
(b)Other includes other income, net.
Nine Months Ended September 30, 2025
RetailTexasEastWestAsset ClosureTotal Reportable SegmentsCorporate and OtherTotal
(in millions)
Operating revenues$10,839 $3,797 $4,610 $347 $26 $19,619 $(6,465)$13,154 
Fuel, purchased power costs, and delivery fees (a)
(8,848)(1,509)(2,784)(119)— (13,260)6,469 (6,791)
Operating costs(131)(778)(1,020)(45)(113)(2,087)6 (2,081)
Selling, general, and administrative expenses(769)(122)(175)(11)(52)(1,129)(125)(1,254)
Other segment items:
Depreciation and amortization(70)(477)(876)(45)2 (1,466)(57)(1,523)
Interest expenses and related charges(53)41 36 4 (3)25 (933)(908)
Income tax expense
— — (1)— — (1)(103)(104)
Other (b)
1 14 194 1 3 213 5 218 
Net income (loss)$969 $966 $(16)$132 $(137)$1,914 $(1,203)$711 
Capital expenditures, including nuclear fuel and excluding growth expenditures (c)
$10 $714 $444 $117 $— $1,285 $411 $1,696 
____________
(a)Includes nuclear fuel amortization of $96 million and $270 million, respectively, in the Texas and East segments.
(b)Other includes impairment of long-lived assets and other income, net.
(c)Corporate and other includes $380 million of nuclear fuel purchases.

Nine Months Ended September 30, 2024
RetailTexasEastWestAsset ClosureTotal Reportable SegmentsCorporate and OtherTotal
(in millions)
Operating revenues$9,913 $4,924 $4,241 $701 $29 $19,808 $(6,621)$13,187 
Fuel, purchased power costs, and delivery fees (a)
(8,724)(1,249)(2,000)(164)(5)(12,142)6,622 (5,520)
Operating costs(118)(753)(774)(39)(56)(1,740)(2)(1,742)
Selling, general, and administrative expenses(715)(116)(93)(14)(34)(972)(165)(1,137)
Other segment items:
Depreciation and amortization(85)(423)(684)(43)(21)(1,256)(50)(1,306)
Interest expenses and related charges(38)33 4 1 (3)(3)(740)(743)
Income tax expense— — — — — — (694)(694)
Other (b)
(1)29 177 — 14 219 58 277 
Net income (loss)$232 $2,445 $871 $442 $(76)$3,914 $(1,592)$2,322 
Capital expenditures, including nuclear fuel and excluding growth expenditures (c)
$3 $544 $393 $44 $1 $985 $486 $1,471 
____________
(a)Includes nuclear fuel amortization of $80 million and $189 million, respectively, in the Texas and East segments.
(b)Other includes other income, net and the impacts of the Tax Receivable Agreement.
(c)Corporate and other includes $445 million of nuclear fuel purchases.