Vistra Operations Company LLC income statement & cash flow
In the fiscal year ended Dec 31, 2025, Vistra Operations Company LLC reported net income of $944.00M on revenue of $17.74B. Operating cash flow was $4.07B and capital expenditures were $2.75B, leaving $1.32B of free cash flow (operating cash flow minus capital expenditures).
Income statement and cash flow summary
| Fiscal year ended | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.43B | $9.14B | $11.81B | $11.44B | $12.08B | $13.73B | $14.78B | $17.22B | $17.74B |
| Operating income | $198.00M | $491.00M | $1.99B | $1.52B | −$1.51B | −$1.18B | $2.66B | $4.08B | $1.91B |
| Net income | −$254.00M | −$54.00M | $928.00M | $636.00M | −$1.27B | −$1.23B | $1.49B | $2.66B | $944.00M |
| Diluted EPS | −$0.59 | −$0.11 | $1.86 | $1.30 | −$2.69 | −$3.26 | $3.58 | $7.00 | $2.18 |
| Operating cash flow | $1.39B | $1.47B | $2.74B | $3.34B | −$206.00M | $485.00M | $5.45B | $4.56B | $4.07B |
| Capital expenditures | $114.00M | $530.00M | $713.00M | $1.26B | $1.03B | $1.30B | $1.68B | $2.08B | $2.75B |
| Reported in | 10-K 2020 | 10-K 2021 | 10-K 2022 | 10-K 2023 | 10-K 2024 | 10-K 2025 | 10-K 2026 | 10-K 2026 | 10-K 2026 |
Margins
Each figure divided by revenue for the same fiscal year.
| Fiscal year ended | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| Dec 2025 | — | 10.7% | 5.3% |
| Dec 2024 | — | 23.7% | 15.4% |
| Dec 2023 | — | 18.0% | 10.1% |
| Dec 2022 | — | -8.6% | -8.9% |
| Dec 2021 | — | -12.5% | -10.5% |
Source: SEC EDGAR XBRL company facts for CIK 1692819 (raw data). Most recent filing in this dataset: 10-Q filed Aug 10, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.