PowerVSTFilings through August 10, 2026
Vistra capital spending
In the quarter ended June 30, 2026, Vistra spent $0.7 billion on capital equipment, 67% of its $1.0 billion of operating cash flow and down 0% from a year earlier. Free cash flow was $0.3 billion, and long-term debt rose by $0.4 billion.
Next report: November 6, 2026, before the open. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through August 10, 2026
Vistra’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, Vistra capital spending, filings through August 10, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.
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.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,702 | 1,353 | 599 | 572 | 1,467 | 1,432 | 1,199 | 1,023 |
| Long-term debt issued | 0 | 1,617 | 0 | 209 | 215 | 2,082 | 2,250 | 4,172 |
| Short-term borrowing, net | 0 | 0 | 0 | 861 | (861) | 1,420 | (1,270) | (150) |
| Stock issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital spending | 685 | 430 | 768 | 690 | 458 | 836 | 883 | 689 |
| Finance-lease principal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-term debt repaid | 1,163 | 18 | 6 | 751 | 7 | 1,820 | 115 | 3,744 |
| Share repurchases | 399 | 245 | 337 | 252 | 187 | 252 | 372 | 337 |
| Dividends | 80 | 75 | 83 | 69 | 77 | 77 | 77 | 77 |
| Free cash flow | 1,017 | 923 | (169) | (118) | 1,009 | 596 | 316 | 334 |
| Net long-term debt issued | (1,163) | 1,599 | (6) | (542) | 208 | 262 | 2,135 | 428 |
| Returned to shareholders | 479 | 320 | 420 | 321 | 264 | 329 | 449 | 414 |
| Outside funding needed | (538) | (603) | 589 | 439 | (745) | (267) | 133 | 80 |
| Change in cash | (721) | 282 | (626) | (101) | 143 | 184 | (145) | (196) |
| Interest expense | 332 | 157 | 319 | 303 | 286 | 271 | 263 | 312 |
| Stock-based compensation | 23 | 24 | 21 | 25 | 36 | 31 | 32 | 35 |
Millions of dollars, outflows positive as reported in the cash flow statement.
Capex including finance leases
Across the hyperscalers| Millions of dollars | FY2018 Dec 2018 | FY2019 Dec 2019 | FY2020 Dec 2020 | FY2021 Dec 2021 | FY2022 Dec 2022 | FY2023 Dec 2023 | FY2024 Dec 2024 | FY2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash capital spending | 530 | 713 | 1,259 | 1,033 | 1,301 | 1,676 | 2,078 | 2,752 |
| Equipment acquired under finance leases | — | 13 | 108 | 0 | 6 | 0 | 0 | 4 |
| Capital spending including finance leases | — | 726 | 1,367 | 1,033 | 1,307 | 1,676 | 2,078 | 2,756 |
| Finance-lease principal paid | 0 | 4 | 10 | 5 | 12 | 0 | 0 | 0 |
| Finance-lease liability | — | 86 | 214 | 243 | 246 | 236 | 227 | 222 |
| Operating-lease liability | 109 | 55 | 48 | 43 | 53 | 55 | 111 | 105 |
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.
The balance sheet
The five hyperscalers combined| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 905 | 1,188 | 561 | 458 | 602 | 785 | 634 | 435 |
| Long-term investments | 4,520 | 4,512 | 4,476 | 4,752 | 5,008 | — | — | — |
| Cash and investments | 5,425 | 5,700 | 5,037 | 5,210 | 5,610 | 785 | 634 | 435 |
| Long-term debt | 13,945 | 15,418 | 15,423 | 15,540 | 15,757 | 15,842 | 17,264 | 17,719 |
| Current debt | 785 | 880 | 882 | 230 | 231 | 1,201 | 1,899 | 1,876 |
| Gross debt | 14,730 | 16,298 | 16,305 | 15,770 | 15,988 | 17,043 | 19,163 | 19,595 |
| Finance-lease liability | — | 227 | — | — | — | 222 | — | — |
| Net debt | 9,305 | 10,598 | 11,268 | 10,560 | 10,378 | 16,258 | 18,529 | 19,160 |
| Property and equipment, net, as reported | 18,388 | 18,173 | 17,716 | 17,736 | 17,725 | 19,846 | 19,876 | 19,944 |
| Accumulated depreciation | 7,583 | 8,020 | 8,415 | 8,541 | 8,918 | 9,273 | 9,694 | 9,981 |
| Construction in progress | 1,125 | 1,060 | 1,394 | 1,557 | 1,969 | 1,917 | 1,751 | 1,841 |
| Inventory | 949 | 970 | 960 | 965 | 970 | — | — | — |
| Total assets | 37,878 | 37,770 | 38,228 | 38,146 | 38,020 | 41,550 | 41,308 | 42,603 |
| Shareholders’ equity | 5,441 | 5,570 | 4,825 | 4,823 | 5,210 | 5,097 | 5,597 | 5,482 |
| Interest expense | 332 | 157 | 319 | 303 | 286 | 271 | 263 | 312 |
| Interest paid | 242 | 278 | 210 | 367 | 222 | 366 | 202 | 347 |
| Effective interest cost | 9.0% | 3.8% | 7.8% | 7.7% | 7.2% | 6.3% | 5.5% | 6.4% |
| Stock-based compensation | 23 | 24 | 21 | 25 | 36 | 31 | 32 | 35 |
| Shares outstanding, millions | 341 | 340 | 340 | 339 | 339 | 338 | 338 | 336 |
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.
What the asset base is made of
Across the hyperscalers| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Machinery and equipment | 22,690 | 48,332 | 24,507 | 24,477 | 2,054 | 2,036 | 2,273 | 2,183 |
| Buildings | — | 22,943 | — | — | 22,510 | 25,084 | 25,585 | 25,814 |
| Land | 603 | 603 | 603 | 614 | 614 | 637 | 637 | 636 |
| Construction in progress | — | 1,060 | — | — | — | — | — | — |
| Classes combined | 23,293 | 72,938 | 25,110 | 25,091 | 25,178 | 27,757 | 28,495 | 28,633 |
| Property and equipment, gross, as reported | 23,293 | 26,635 | 26,690 | 26,834 | 27,333 | 29,864 | 30,443 | 30,666 |
| Accumulated depreciation | 7,583 | 8,020 | 8,415 | 8,541 | 8,918 | 9,273 | 9,694 | 9,981 |
| Share of the balance the classes explain | 100.0% | 273.8% | 94.1% | 93.5% | 92.1% | 92.9% | 93.6% | 93.4% |
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.
Debt issued
The ledger across all companies| Priced | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Registered notes | 2 tranches, 2057 to 2057 | Floating | 1,500 | High: term sheet | FWP |
| Jul 16, 2026 | Credit facility (amendment) not counted | — | — | 1,250 | Low: one amount read from the filing text | 8-K |
| Jun 30, 2026 | Other obligation (amendment) not counted | — | — | 5,500 | Low: one amount read from the filing text | 8-K |
| Apr 28, 2026 | Notes | — | — | 4,000 | Low: one amount read from the filing text | 8-K |
| Jan 27, 2026 | Notes | — | — | 2,250 | Low: one amount read from the filing text | 8-K |
| Oct 15, 2025 | Notes | — | — | 2,000 | Low: one amount read from the filing text | 8-K |
| Jul 16, 2025 | Credit facility (amendment) not counted | — | — | 1,100 | Low: one amount read from the filing text | 8-K |
| Dec 9, 2024 | Notes | — | — | 1,250 | Low: one amount read from the filing text | 8-K |
| Oct 17, 2024 | Other obligation (amendment) not counted | — | — | 3,440 | Low: one amount read from the filing text | 8-K |
| Oct 8, 2024 | Revolving facility not counted | — | — | 1,750 | Low: one amount read from the filing text | 8-K |
| Apr 18, 2024 | Notes | — | — | 1,485 | Low: one amount read from the filing text | 8-K |
| Apr 9, 2024 | Credit facility (amendment) not counted | — | — | 1,000 | Low: one amount read from the filing text | 8-K |
| Apr 1, 2024 | Term loan | — | — | 700 | Low: one amount read from the filing text | 8-K |
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.
Demand behind the capex
All companies, side by side| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,341 | 3,662 | 4,250 | 3,753 | 4,778 | 4,805 | 5,001 | 4,401 |
| Remaining performance obligations | 3,052 | 2,969 | 2,790 | 2,676 | 3,631 | 7,889 | 7,474 | 7,128 |
| Backlog over trailing revenue | 0.2× | 0.2× | 0.2× | 0.2× | 0.2× | 0.4× | 0.4× | 0.4× |
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.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 685 | 430 | 768 | 690 | 458 | 836 | 883 | 689 |
| Depreciation of property and equipment | 421 | 491 | — | — | — | — | — | — |
| Capex to depreciation | 1.6× | 0.9× | — | — | — | — | — | — |
| Amortization of intangibles | — | — | — | — | — | — | — | — |
| Depreciation and amortization, as reported | 466 | 537 | 522 | 541 | 460 | 463 | 484 | 445 |
| Property and equipment, net, as reported | 18,388 | 18,173 | 17,716 | 17,736 | 17,725 | 19,846 | 19,876 | 19,944 |
| Property and equipment, gross | 23,293 | — | — | — | — | — | — | — |
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.
The statement
Download the source data| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,288 | 4,037 | 3,933 | 4,250 | 4,971 | 4,584 | 5,640 | 4,017 |
| Operating cash flow | 1,702 | 1,353 | 599 | 572 | 1,467 | 1,432 | 1,199 | 1,023 |
| Capital spending | 685 | 430 | 768 | 690 | 458 | 836 | 883 | 689 |
| Free cash flow | 1,017 | 923 | (169) | (118) | 1,009 | 596 | 316 | 334 |
| Depreciation and amortization | 466 | 537 | 522 | 541 | 460 | 463 | 484 | 445 |
| Long-term debt | 14,730 | 16,298 | 16,305 | 15,770 | 15,988 | 17,043 | 19,163 | 19,595 |
| First filed / release date | Nov 8, 2024 | Feb 28, 2025 | May 8, 2025 | Aug 8, 2025 | Nov 7, 2025 | Feb 27, 2026 | May 8, 2026 | Aug 10, 2026 |
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.
Questions this page answers
- How much did Vistra spend on capital expenditures last quarter?
- Vistra spent $0.7 billion on purchases of property and equipment in the quarter ended June 30, 2026, down 0% from the same quarter a year earlier. Over its latest four reported quarters it spent $2.9 billion.
- Did Vistra's capital spending exceed its operating cash flow?
- No. In the quarter ended June 30, 2026 capital spending was 67% of Vistra's $1.0 billion of operating cash flow, leaving free cash flow of $0.3 billion.
- What is Vistra's free cash flow?
- $0.3 billion in the quarter ended June 30, 2026, and $2.3 billion over the latest four reported quarters, against $1.7 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
- Is Vistra's capital spending still rising?
- Not in the latest quarter: Vistra's capital spending in Jun 2026 was at or below the same quarter a year earlier.
- Did Vistra borrow to fund its spending?
- Vistra's long-term debt rose by $0.4 billion over the quarter ended June 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
- How does Vistra's capital spending compare with its depreciation?
- In the quarter ended June 30, 2026 Vistra spent 1.5 times its depreciation and amortization of $0.4 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
- Is this Vistra's AI spending?
- No. These are Vistra's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.