Vistra Corp. (VST) Cash Flow Statement
Where VST’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.07B −10.8% vs 2024
- Capital expenditures
- $3.94B 22.2% of revenue
- Free cash flow
- $129.0M 0.7% margin
- Returned to shareholders
- $1.53B 1,183% of free cash flow
- Change in cash
- −$400.0M cash at year-end $822.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VST operating cash flow, capex and free cash flow
VST cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$157.0M2016 | $4.07B2025 | — | |
| Capital expenditures | $352.0M2016 | $3.94B2025 | +30.8%/yr | |
| Free cash flow | −$509.0M2016 | $129.0M2025 | — | |
| Free cash flow margin | −9.9%2016 | 0.7%2025 | +10.6 pts | |
| Operating cash flow / net income | 2.952019 | 4.312025 | +1.36 | |
| Stock-based compensation | $3.0M2016 | $113.0M2025 | +49.7%/yr | |
| Dividends paid | $992.0M2016 | $498.0M2025 | −7.4%/yr | |
| Share buybacks (net) | $02016 | $1.03B2025 | — | |
| Capex / revenue | 6.8%2016 | 22.2%2025 | +15.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VST cash flow by activity
VST net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VST cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $944.0M | $2.81B | $1.49B | −$1.21B | −$1.26B | $624.0M | $926.0M | −$56.0M | −$254.0M | −$819.0M |
| Depreciation & amortization | $2.95B | $2.63B | $1.96B | $2.05B | $2.05B | $2.05B | $1.88B | $1.53B | $835.0M | $817.0M |
| Stock-based compensation | $113.0M | $100.0M | $77.0M | $63.0M | $47.0M | $65.0M | $47.0M | $73.0M | $19.0M | $3.0M |
| Change in working capital | −$1.18B | −$416.0M | $1.59B | −$2.58B | −$1.30B | $46.0M | $93.0M | −$580.0M | $279.0M | −$411.0M |
| Other non-cash items | $1.25B | −$564.0M | $339.0M | $2.16B | $262.0M | $554.0M | −$206.0M | $501.0M | $507.0M | $253.0M |
| Cash from operating activities | $4.07B | $4.56B | $5.45B | $485.0M | −$206.0M | $3.34B | $2.74B | $1.47B | $1.39B | −$157.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.94B | −$2.08B | −$1.68B | −$1.30B | −$1.03B | −$1.26B | −$609.0M | −$496.0M | −$531.0M | −$352.0M |
| Investments (net) | −$24.0M | −$5.28B | −$1.74B | −$23.0M | −$22.0M | −$22.0M | −$22.0M | −$22.0M | −$541.0M | −$1.47B |
| Acquisitions & other investing | −$431.0M | $2.08B | $1.27B | $85.0M | −$98.0M | −$291.0M | −$1.09B | $417.0M | $531.0M | $352.0M |
| Cash from investing activities | −$4.40B | −$5.28B | −$2.15B | −$1.24B | −$1.15B | −$1.57B | −$1.72B | −$101.0M | −$541.0M | −$1.47B |
| Financing activities | ||||||||||
| Dividends paid | −$498.0M | −$478.0M | −$463.0M | −$453.0M | −$290.0M | −$266.0M | −$243.0M | −$243.0M | −$1.50B | −$992.0M |
| Share repurchases & issuance (net) | −$1.03B | −$1.27B | −$1.25B | −$1.95B | −$471.0M | −$24.0M | −$656.0M | −$763.0M | −$225.0M | $69.0M |
| Net borrowing (repayment) | $2.20B | $1.53B | $1.81B | $2.29B | $556.0M | −$1.52B | −$344.0M | −$1.97B | −$191.0M | $3.02B |
| Shares issued | $0 | $0 | $0 | $0 | $2.00B | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$745.0M | −$1.39B | −$401.0M | $31.0M | $479.0M | $19.0M | $6.0M | $255.0M | $1.72B | −$1.04B |
| Cash from financing activities | −$74.0M | −$1.60B | −$294.0M | −$80.0M | $2.27B | −$1.80B | −$1.24B | −$2.72B | −$201.0M | $1.06B |
| Summary | ||||||||||
| Net change in cash | −$400.0M | −$2.32B | $3.01B | −$834.0M | $915.0M | −$31.0M | −$218.0M | −$1.35B | $644.0M | −$557.0M |
| Cash at end of period | $822.0M | $1.22B | $3.54B | $525.0M | $1.36B | $444.0M | $475.0M | $693.0M | $1.49B | $843.0M |
| Free cash flow | $129.0M | $2.48B | $3.78B | −$816.0M | −$1.24B | $2.08B | $2.13B | $975.0M | $855.0M | −$509.0M |
| Free cash flow margin | 0.7% | 14.4% | 25.6% | −5.9% | −10.3% | 18.2% | 18.0% | 10.7% | 15.7% | −9.9% |
| Capex / revenue | 22.2% | 12.1% | 11.3% | 9.5% | 8.6% | 11.0% | 5.2% | 5.4% | 9.8% | 6.8% |
| Operating cash flow / net income | 4.31 | 1.62 | 3.65 | — | — | 5.35 | 2.95 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$159.0M | $159.0M | $233.0M | $652.0M | $327.0M | −$268.0M | $490.0M | $1.84B | $467.0M | $18.0M | −$184.0M | $502.0M |
| Depreciation & amortization | $645.0M | $718.0M | $725.0M | $691.0M | $762.0M | $772.0M | $740.0M | $714.0M | $622.0M | $555.0M | $514.0M | $501.0M |
| Stock-based compensation | −$101.0M | $32.0M | −$82.0M | $36.0M | $25.0M | $21.0M | $24.0M | $23.0M | $32.0M | $21.0M | $14.0M | $20.0M |
| Change in working capital | −$492.0M | −$170.0M | −$168.0M | $29.0M | −$539.0M | −$506.0M | −$301.0M | $320.0M | −$48.0M | −$387.0M | −$7.0M | $15.0M |
| Other non-cash items | $1.13B | $460.0M | $724.0M | $59.0M | −$3.0M | $580.0M | $400.0M | −$1.19B | $123.0M | $105.0M | $544.0M | $522.0M |
| Cash from operating activities | $1.02B | $1.20B | $1.43B | $1.47B | $572.0M | $599.0M | $1.35B | $1.70B | $1.20B | $312.0M | $881.0M | $1.56B |
| Investing activities | ||||||||||||
| Capital expenditures | −$890.0M | −$883.0M | −$1.51B | −$458.0M | −$690.0M | −$768.0M | −$430.0M | −$685.0M | −$498.0M | −$596.0M | −$414.0M | −$336.0M |
| Investments (net) | $0 | −$1.0M | −$6.0M | −$491.0M | −$610.0M | −$1.06B | −$317.0M | −$762.0M | −$669.0M | −$3.53B | −$763.0M | −$415.0M |
| Acquisitions & other investing | $249.0M | $246.0M | −$714.0M | $458.0M | $690.0M | $768.0M | $430.0M | $685.0M | $498.0M | $596.0M | $414.0M | $336.0M |
| Cash from investing activities | −$641.0M | −$638.0M | −$2.23B | −$491.0M | −$610.0M | −$1.06B | −$317.0M | −$762.0M | −$669.0M | −$3.53B | −$763.0M | −$415.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$152.0M | −$98.0M | −$152.0M | −$98.0M | −$144.0M | −$104.0M | −$150.0M | −$103.0M | −$148.0M | −$77.0M | −$160.0M | −$75.0M |
| Share repurchases & issuance (net) | −$337.0M | −$372.0M | $776.0M | −$187.0M | −$252.0M | −$337.0M | −$245.0M | −$399.0M | −$331.0M | −$291.0M | −$379.0M | −$314.0M |
| Net borrowing (repayment) | −$22.0M | −$140.0M | $2.06B | −$553.0M | $362.0M | $326.0M | $849.0M | −$1.16B | — | — | — | $1.74B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$67.0M | −$96.0M | −$1.70B | $5.0M | −$29.0M | −$49.0M | −$1.21B | $4.0M | $497.0M | $1.16B | $735.0M | $28.0M |
| Cash from financing activities | −$578.0M | −$706.0M | $986.0M | −$833.0M | −$63.0M | −$164.0M | −$754.0M | −$1.66B | $18.0M | $793.0M | $196.0M | $1.38B |
| Summary | ||||||||||||
| Net change in cash | −$236.0M | −$182.0M | $153.0M | $143.0M | −$101.0M | −$626.0M | $282.0M | −$721.0M | $545.0M | −$2.42B | $314.0M | $2.53B |
| Cash at end of period | $435.0M | $634.0M | $785.0M | $638.0M | $495.0M | $596.0M | $1.22B | $940.0M | $1.66B | $1.10B | $3.54B | $3.23B |
| Free cash flow | $133.0M | $316.0M | −$82.0M | $1.01B | −$118.0M | −$169.0M | $923.0M | $1.02B | $698.0M | −$284.0M | $467.0M | $1.22B |
| Free cash flow margin | 3.3% | 5.6% | −1.8% | 20.3% | −2.8% | −4.3% | 22.9% | 16.2% | 18.2% | −9.3% | 15.2% | 30.0% |
| Capex / revenue | 22.2% | 15.7% | 33.0% | 9.2% | 16.2% | 19.5% | 10.7% | 10.9% | 13.0% | 19.5% | 13.5% | 8.2% |
| Operating cash flow / net income | — | 7.54 | 6.15 | 2.25 | 1.75 | — | 2.76 | 0.93 | 2.56 | 17.33 | — | 3.11 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VST cash generation
In fiscal 2025 (ended December 31, 2025), Vistra generated $4.1 billion of cash from operations (down 10.8%) and spent $3.9 billion on capital expenditures, leaving free cash flow of $129.0 million, 0.7% of revenue. It returned $1.5 billion to shareholders through dividends ($498.0 million) and net share buybacks ($1.0 billion). Cash and equivalents fell by $400.0 million over the year.
Related: VST income statement, VST balance sheet, VST dividend history. See the VST stock overview for the latest quote and news.
VST cash flow FAQ
What is Vistra's free cash flow?
Vistra's free cash flow was $129.0 million in fiscal 2025: $4.1 billion of operating cash flow minus $3.9 billion of capital expenditures It was $2.5 billion a year earlier..
How much cash does Vistra generate from operations?
Vistra generated $4.1 billion of cash from operating activities in fiscal 2025, 4.31 times its net income of $944.0 million.
How much does Vistra spend on capital expenditures?
Vistra spent $3.9 billion on capital expenditures in fiscal 2025, 22.2% of revenue, compared with $2.1 billion the year before.
How much stock does Vistra buy back?
Vistra spent $1.0 billion on net share repurchases in fiscal 2025.
How much does Vistra pay in dividends?
Vistra paid $498.0 million in dividends in fiscal 2025, 386.0% of free cash flow.