Watch on earnings:Ongoing Operations EBITDA guidance and quarterly beat/miss versus consensusRetail gross margin per customer and customer count trends at TXU EnergyHedge position and percentage of expected generation sold forward at locked-in pricesERCOT reserve margin forecasts and forward power price curves (2025-2027)Nuclear capacity factor and unplanned outage daysFree cash flow generation and capital allocation (buybacks, debt reduction, growth capex)
Key metrics:ERCOT real-time and day-ahead power prices ($/MWh) and forward curve through 2027 · Henry Hub natural gas spot and futures prices ($/MMBtu) for spark spread calculations · ERCOT reserve margin forecasts and peak demand growth rates · Vistra's hedge book percentage and average locked-in power prices by year
⚠ High leverage with 3.4x Debt/Equity and $15B+ gross debt creating refinancing risk and limiting financial flexibility during commodity price downturns
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
1,325
455↓65.7%
3,485↑665.9%
1,188↓65.9%
816↓31.3%
Total Current Assets
7,883
11,116↑41.0%
11,637↑4.7%
8,119↓30.2%
9,179↑13.1%
Total Assets
29,683
32,787↑10.5%
32,966↑0.5%
37,770↑14.6%
41,550↑10.0%
Total Current Liabilities
5,843
10,337↑76.9%
9,823↓5.0%
8,432↓14.2%
11,814↑40.1%
Total Liabilities
21,391
27,869↑30.3%
27,644↓0.8%
32,187↑16.4%
36,440↑13.2%
Total Equity
8,291
4,902↓40.9%
5,307↑8.3%
5,570↑5.0%
5,110↓8.3%
Total Debt
11,009
13,336↑21.1%
14,684↑10.1%
17,364↑18.3%
20,395↑17.5%
Net Debt
9,684
12,881↑33.0%
11,199↓13.1%
16,176↑44.4%
19,579↑21.0%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
-206
485↑335.4%
5,453↑1024.3%
4,563↓16.3%
4,070↓10.8%
Capital Expenditure
-1,033
-1,301↓25.9%
-1,676↓28.8%
-2,078↓24.0%
-3,941↓89.7%
Free Cash Flow
-1,239
-816↑34.1%
3,777↑562.9%
2,485↓34.2%
129↓94.8%
Stock-Based Comp
47
63↑34.0%
77↑22.2%
100↑29.9%
113↑13.0%
Net Change in Cash
915
-834↓191.1%
3,014↑461.4%
-2,317↓176.9%
-400↑82.7%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down