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Debt, Credit Facilities and Financings (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt, credit facilities and financing obligations on the condensed consolidated balance sheets consisted of the following:
September 30, 2025December 31, 2024
(in millions)
Long-term debt, including amounts due currently:
Project-level debt$1,488 $1,064 
Vistra Operations debt14,642 15,405 
Long -term debt before unamortized premiums, discounts and issuance costs16,130 16,469 
Unamortized premiums, discounts and issuance costs(142)(171)
Long-term debt including amounts due currently$15,988 $16,298 
Accounts receivable financing$1,225 $750 
Forward repurchase obligation$1,314 $1,335 
Schedule of Long-Term Debt Instruments
The Company's long-term debt obligations, including amounts due currently, consisted of the following:
September 30, 2025December 31, 2024
(in millions)
Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030$2,456 $2,475 
BCOP Credit Facility, Bridge Loans (a)367 367 
BCOP Credit Facility, Construction / Term Loans (a)424 — 
Vistra Zero Credit Facility, Term Loan B Facility due April 30, 2031697 697 
Vistra Operations Senior Secured Notes:
5.125% Senior Secured Notes, due May 13, 2025
— 744 
5.050% Senior Secured Notes, due December 30, 2026
500 500 
3.700% Senior Secured Notes, due January 30, 2027
800 800 
4.300% Senior Secured Notes, due July 15, 2029
800 800 
6.950% Senior Secured Notes, due October 15, 2033
1,050 1,050 
6.000% Senior Secured Notes, due April 15, 2034
500 500 
5.700% Senior Secured Notes, due December 30, 2034
750 750 
Total Vistra Operations Senior Secured Notes4,400 5,144 
Energy Harbor Revenue Bonds:
3.375% Revenue Bond, due August 1, 2029
100 100 
4.750% Revenue Bonds, due June 1, 2033 and July 1, 2033
285 285 
3.750% Revenue Bond, due October 1, 2047
46 46 
Total Energy Harbor Revenue Bonds431 431 
Vistra Operations Senior Unsecured Notes:
5.500% Senior Unsecured Notes, due September 1, 2026
1,000 1,000 
5.625% Senior Unsecured Notes, due February 15, 2027
1,300 1,300 
5.000% Senior Unsecured Notes, due July 31, 2027
1,300 1,300 
4.375% Senior Unsecured Notes, due May 1, 2029
1,250 1,250 
7.750% Senior Unsecured Notes, due October 15, 2031
1,450 1,450 
6.875% Senior Unsecured Notes, due April 15, 2032
1,000 1,000 
Total Vistra Operations Senior Unsecured Notes7,300 7,300 
Other:
Equipment Financing Agreements55 55 
Total other long-term debt55 55 
Unamortized debt premiums, discounts and issuance costs(142)(171)
Total long-term debt including amounts due currently15,988 16,298 
Less amounts due currently (b)
(231)(880)
Total long-term debt less amounts due currently$15,757 $15,418 
___________
(a)See Credit Facilities table below for details of the BCOP Credit Facility maturities.
(b)Excludes 5.500% Senior Unsecured Notes due September 1, 2026 as amounts were refinanced on a long-term basis using a portion of the net proceeds from the October 2025 issuance of $2.0 billion of Vistra Operations senior secured notes. See Vistra Operations Senior Secured Notes below.
Schedule of Maturities of Long-Term Debt
Long-term debt maturities as of September 30, 2025 are as follows:
September 30, 2025
(in millions)
Remainder of 2025$208 
2026 (a)2,014 
20273,432 
202832 
20292,283 
Thereafter8,161 
Unamortized premiums, discounts and debt issuance costs(142)
Total long-term debt, including amounts due currently$15,988 
___________
(a)Includes 5.500% Senior Unsecured Notes due September 1, 2026 that were refinanced on a long-term basis using a portion of the net proceeds from the October 2025 issuance of $2.0 billion of Vistra Operations senior secured notes. See Vistra Operations Senior Secured Notes below.
Schedule of Line of Credit Facilities
Our credit facilities and related available capacity as of September 30, 2025 are presented below.
September 30, 2025
Credit FacilitiesMaturity DateFacility
Limit		Cash
Borrowings (Long-Term Debt, Including Amounts Due Currently)		Letters of
Credit Outstanding		Available
Capacity
(in millions)
Vistra Operations debt:
Revolving Credit FacilityOctober 11, 2029$3,440 $— $981 $2,459 
Term Loan B-3 FacilityDecember 20, 20302,456 2,456 — — 
Total Vistra Operations Credit Facilities5,896 2,456 981 2,459 
Vistra Operations Commodity-Linked Facility
October 1, 2025 (a)
1,750 — — 644 
Total Vistra Operations debt$7,646 $2,456 $981 $3,103 
Project-level debt:
Bridge Loans
November 1, 2025 (b) / December 3, 2026
$367 $367 $— $— 
Construction / Term Loans
(c)
424 424 — — 
BCOP Credit Facility (d)
791 791 — — 
Vistra Zero Term Loan B Facility (d)
April 30, 2031697 697 — — 
Total project-level debt$1,488 $1,488 $— $— 
Total credit facilities$9,134 $3,944 $981 $3,103 
___________
(a)In October 2025, Vistra Operations amended the Commodity-Linked Facility to, among other things, extend the maturity date to September 30, 2026.
(b)In October 2025, the maturity date on $106 million of Bridge Loans was extended to January 30, 2026. See further discussion in BCOP Project-level Credit Facilities discussion below.
(c)Consists of $120 million of Term Loans due December 3, 2029, $88 million of Construction Term Loans with a maturity date of November 1, 2025 that converted to Term Loans on October 30, 2025 with a maturity date of December 3, 2029, and $216 million of Construction Loans with a maturity date of December 3, 2026 that are expected to convert to Term Loans on or before December 3, 2026. See further discussion in BCOP Project-level Credit Facilities discussion below.
(d)Vistra Zero Operating's and BCOP's obligations under the Vistra Zero Credit Agreement and the BCOP Credit Agreement, respectively, are guaranteed by subsidiaries of Vistra Zero Operating and BCOP, respectively, but are otherwise non-recourse to Vistra Operations and its other subsidiaries.
Schedule of Repurchase Obligation Principal and interest payments remaining due to Nuveen are as follows:
September 30, 2025
(in millions)
Remainder of 2025$701 
2026669 
Thereafter— 
Total scheduled payments under the UPAs$1,370 
Schedule of Interest Expense and Related Charges
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Interest expense$272 $244 $819 $702 
Unrealized mark-to-market net losses on interest rate swaps10 84 84 26 
Amortization of debt issuance costs, discounts, and premiums11 9 33 25 
Debt extinguishment gain— — — (6)
Capitalized interest(30)(20)(86)(52)
Other23 15 58 48 
Total interest expense and related charges$286 $332 $908 $743