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Vistra cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$334M in Q2 2026 · $2.3B over twelve months

Operating cash flow$1.0B
Capital spending−$689M
Free cash flow+$334M
Cash / net income3.4×

Analysis

In Q2 2026, Vistra generated $1.0B of operating cash flow and spent $689M on capital projects, leaving free cash flow of $334M. That is $452M more than in Q2 2025 (−$118M).

Over the twelve months to Jun 30, 2026, operating cash flow was $5.1B; the largest uses were capital spending ($2.9B), other financing ($1.8B), buybacks ($1.1B); besides operations, cash came from net borrowing (+) / repaid (−) ($2.2B); the cash balance fell by $14.0M.

Operating cash flow was $1.0B against net income of $305M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$645M, other operating capital −$245M, deferred taxes +$96.0M.

Free cash flow

Vistra: free cash flow by quarterVistra: free cash flow by quarter$1.0BQ3 2024$923MQ4 2024−$169MQ1 2025−$118MQ2 2025$1.0BQ3 2025$596MQ4 2025$316MQ1 2026$334MQ2 2026
Operating cash flow less capital spending.
Vistra: operating cash flow against capital spendingVistra: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$685MQ3 2024$1.4B$430MQ4 2024$599M$768MQ1 2025$572M$690MQ2 2025$1.5B$458MQ3 2025$1.4B$836MQ4 2025$1.2B$883MQ1 2026$1.0B$689MQ2 2026
Latest (Q2 2026): Operating cash flow $1.0B, Capital spending $689M.

Capital allocation, year by year

Vistra: where the cash came from (up) and went (down), by fiscal yearVistra: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$206MFY2021: Net borrowing $864MFY2021: Shares issued $2.0BFY2021: Capital spending −$1.0BFY2021: Buybacks −$471MFY2021: Dividends −$290M$2.9BFY2021FY2022: Operating cash flow $485MFY2022: Net borrowing $2.1BFY2022: Capital spending −$1.3BFY2022: Buybacks −$1.9BFY2022: Dividends −$302M$2.6BFY2022FY2023: Operating cash flow $5.5BFY2023: Net borrowing $1.8BFY2023: Capital spending −$1.7BFY2023: Buybacks −$1.2BFY2023: Dividends −$313M$7.3BFY2023FY2024: Operating cash flow $4.6BFY2024: Net borrowing $1.5BFY2024: Capital spending −$2.1BFY2024: Acquisitions −$3.1BFY2024: Buybacks −$1.3BFY2024: Dividends −$305M$6.1BFY2024FY2025: Operating cash flow $4.1BFY2025: Net borrowing $1.7BFY2025: Capital spending −$2.8BFY2025: Buybacks −$1.0BFY2025: Dividends −$306M$5.8BFY2025
Over these 5 years operating cash flow totalled $14.4B; the largest uses were capital spending ($8.8B) and buybacks ($6.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$435M
Debt$19.6B
Net debt$19.2B
Due within a year$1.2B

Vistra funds itself: free cash flow was $2.3B over the last twelve months, and $435M of cash and investments stands against $19.6B of debt ($1.2B due within a year, 0.4× covered by cash).

Vistra: debt maturities by year (FY2025)Vistra: debt maturities by year (FY2025)$1.2BYear 1$3.4BYear 2$786MYear 3$2.4BYear 4$2.9BYear 5$6.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $435M of cash and investments now.

Where the cash came from and went

Vistra: sources (+) and uses (−) of cash, Q2 2026Vistra: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$1.0BCapital spending−$689MOther financing−$592MNet borrowing (+) / repaid (−)$428MBuybacks−$337MCash drawn (+) / kept (−)$196MDividends−$77.0MOther investing$48.0M
Vistra: sources (+) and uses (−) of cash, TTM to Q2 2026Vistra: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$5.1BCapital spending−$2.9BNet borrowing (+) / repaid (−)$2.2BOther financing−$1.8BBuybacks−$1.1BOther investing−$1.1BDividends−$308MCash drawn (+) / kept (−)$14.0M

From profit to cash

Vistra: net income to operating cash flow, Q2 2026Vistra: net income to operating cash flow, Q2 2026Net income$305MDepreciation & amortization$645MStock-based pay$35.0MDeferred taxes$96.0MOther non-cash$12.0MEmployee-related liabilities$36.0MIncome taxes payable$10.0MOther operating capital−$245MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$1.0B−$689M—−$337M−$77.0M$428M$196M$334M
Q1 2026$1.2B−$883M$6.0M−$372M−$77.0M$335M$145M$316M
Q4 2025$1.4B−$836M—−$252M−$77.0M$2.1B−$184M$596M
Q3 2025$1.5B−$458M—−$187M−$77.0M−$653M−$143M$1.0B
Q2 2025$572M−$690M—−$252M−$69.0M$319M$101M−$118M
Q1 2025$599M−$768M—−$337M−$83.0M−$6.0M$626M−$169M
Q4 2024$1.4B−$430M—−$245M−$75.0M$1.6B−$282M$923M
Q3 2024$1.7B−$685M—−$399M−$80.0M−$1.2B$721M$1.0B

Vistra: income statement and cash flow

Vistra, Q3 2026: revenue $6.3B (+28% year over year), operating margin 26.9%. The chart follows the revenue to costs, profit and cash.

Vistra: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.