Vistra capital spending

Vistra’s quarterly capital spending has been above the same quarter a year earlier for none of the recent quarters. Over the latest four quarters it generated $5.1 billion from operations and spent $2.9 billion, leaving $2.3 billion of free cash flow against $1.7 billion over the four before.

The dot is the quarter’s change in cash. Hover a quarter to read it.

Millions of dollars, outflows positive as reported in the cash flow statement.

Vistra discloses equipment acquired under finance leases only in its annual 10-K, so this section runs by fiscal year as filed. The addition is a non-cash item and is not in cash capital spending.

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Gross cost before depreciation, by the classes the company reports, with finance-lease right-of-use assets included in the reported total. Classes read: Depreciable Property Plantand Equipment, Electric Generation Equipment, Land, Nuclear Fuel, Office Equipment, Power Generation Structures Office and Other Equipment, Property Plant and Equipment Gross With Construction In Progress.

In 2026 Vistra has priced $7.8B of notes and term loans in 5 filings, with $6.8B of facilities and obligations listed but not counted. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

5 filings could not be parsed and are listed without an amount: 8-K 2.03 of Jul 12, 2024, 8-K 2.03 of Dec 16, 2024, 8-K 2.03 of Dec 19, 2024, 8-K 2.03 of Oct 6, 2025, 8-K 2.03 of Oct 5, 2026.

At Jun 2026 Vistra carried $7.1B of remaining performance obligations, 0.4× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

In Dec 2024 Vistra spent 0.9× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 28 of 40 quarters on file.

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Terms used on this page

Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.