Vistra Corp 2025年季度报告

FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDEDMARCH 31, 2025 — OR —TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __ to __ Commission File Number001-38086 Vistra Corp. 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" inRule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. TABLE OF CONTENTS GLOSSARY OF TERMS AND ABBREVIATIONS FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q contains forward-looking statements that involve risk and uncertainties. All statements, other thanstatements of historical facts, that are included in this report, or made in presentations, in response to questions or otherwise, that addressactivities, events or developments that may occur in the future, including (without limitation) such matters as activities related to our financialor operational projections, capital allocation, capital expenditures, liquidity, dividend policy, business strategy, competitive strengths, goals,future acquisitions or dispositions, development or operation of power generation assets, market and industry developments, and the growth ofour businesses and operations, including potential transactions with large load facilities at our nuclear and natural gas plants (often, but notalways, through the use of words or phrases such as "intends," "plans," "potential," "will likely," "unlikely," "believe," "expect," "anticipated,""estimate," "should," "could," "may," "projection," "forecast," "target," "goal," "objective," and "outlook"), are forward-looking statements.Although we believe that in making any such forward-looking statement our expectations are based on reasonable assumptions, any suchforward-looking statement involves uncertainties and risks which could cause our actual results to differ materially from those projected in orimplied by such forward looking statements. Any such forward-looking statement is qualified in its entirety by reference to the discussion in (i)Item 1A.Risk Factorsand Item 7.Management's Discussion and Analysis of Financial Condition, and Results of Operationsin our 2024 Form10-K, and (ii) Part I, Item 2Management's Discussion and Analysis of Financial Condition, and Results of Operationsin this quarterly reporton Form 10-Q. Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, we undertake noobligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect theoccurrence of unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict them. Inaddition, we may be unable to assess the impact of any such event or condition or the extent to which any such event or condition, orcombination of events or conditions, may cause results to differ materially from those contained in or implied by any forward-lookingstatement. As such, you should not unduly rely on such forward-looking statements. PART I. FINANCIAL INFORMATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Unaudited) (Millions of Dollars) VISTRA CORP.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) (Millions of Dollars, Except Share Data) VISTRA CORP.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) (Millions of Dollars) See Notes to Condens