Vistra Corp 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDEDDECEMBER 31, 2024 — OR —☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __ to __ Commission File Number001-38086 Vistra Corp. 36-4833255 (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicated by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements forthe past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company"in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issuedits audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of June 30, 2024, the last business day of Vistra Corp.'s most recently completed second fiscal quarter, the aggregate market value of the Vistra Corp.common stock held by non-affiliates of the registrant was $29,500,179,937based on the closing sale price as reported on the New York Stock Exchange. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. DOCUMENTS INCORPORATED BY REFERENCEPortions of the Registrant's definitive Proxy Statement relating to its 2025 Annual Meeting of Stockholders are incorporated by reference in Part III of this annual report on Form 10-K. TABLE OF CONTENTS PAGEGlossary of Terms and AbbreviationsiiiForward-Looking StatementsviiIndustry and Market InformationviiPART I.Item 1.BUSINESS1Market Discussion1Business Strategy6Human Capital Resources7Environmental Regulations and Related Considerations9Corporate Information17Available Information17Item 1A.RISK FACTORS18Item 1B.UNRESOLVED STAFF COMMENTS44Item 1C.CYBERSECURITY45Item 2.PROPERTIES46Item 3.LEGAL PROCEEDINGS48Item 4.MINE SAFETY DISCLOSURES48PART II.Item 5.MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDERMATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES49Item 6.[RESERVED]50Item 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION, ANDRESULTS OF OPERATIONS50Significant Activities and Events, and Items Influencing Future Performance51Critical Accounting Estimates57Results of Operations60Financial Condition66Commitments and Contingencies72Changes in Accounting Standards72Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK72Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA75Consolidated Statements of Operations78Consolidated Statements of Comprehensive Income (Loss)78Consolidated Balance Sheets79Consolidated Statements of Cash Flows81Consolidated Statement of Changes in Equity83Notes to Consolidated Financial Statements:851. Business and Significant Accounting Policies852.Acquisitions913. Revenue944. Government Assistance985. Income Taxes996.