Vistra dividend: payout, cash cover and yield
Vistra pays $0.23 quarterly, with base dividends per share rising from $0.92 to $1.00 in the forecast. Vistra's ongoing-operations adjusted free cash flow before growth was $3.592 billion in 2025, against a $300M annual dividend plan.
How much does Vistra pay in dividends?
Base dividends per share rise from $0.92 to $1.00. They reach $1.10 in the final window. Bear stays at $0.92; bull reaches $1.10 and $1.25. The current $0.23 quarterly payment and $300M annual plan support gradual rather than rapid growth.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 2.18 | 7.00 | 3.58 | -3.26 | -2.69 |
| Dividend per share | 0.90 | 0.87 | 0.82 | 0.72 | 0.60 |
What this means. Vistra does not report gross profit itself; our figure subtracts only fuel, purchased power, and delivery fees, leaving out other operating costs and depreciation.
Does Vistra's cash cover its dividend?
Vistra used free cash flow for acquisitions, shareholder returns and ownership buyouts, while its debt burden increased. Free cash flow means cash from operations left after capital spending, but it is not a promise that the same amount remains unused in the bank. Power prices, fuel costs, hedging and investment timing can make it rise or fall sharply.
Shareholder payouts sometimes exceeded the year’s free cash flow. Vistra could cover that gap with cash on hand, borrowing, asset sales or other financing, but those choices compete with plant maintenance, acquisitions, debt repayment and collateral requirements. A buyback reduces the number of shares sharing future earnings; it does not improve a power plant or reduce debt. Its value therefore depends on the price Vistra paid and on whether the cash had a more urgent use.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,318 | 2,485 | 3,777 | -816 | -1,239 |
| − Dividends paid | 306 | 305 | 313 | 302 | 290 |
| − Share buybacks | 1,028 | 1,266 | 1,245 | 1,949 | 471 |
| = Free cash flow not paid out | 734 | 2,219 | |||
| = Paid out more than the free cash flow | 16 | 3,067 | 2,000 |
What this means. The company's own net debt differs from ours because it leaves out some project-level borrowing but includes future payments to buy out minority owners.
What could change Vistra's dividend?
Management reaffirmed consolidated 2026 adjusted EBITDA guidance of $6,720–$7,520 million on August 7, 2026. It also set consolidated 2026 adjusted free cash flow before growth guidance at $3,760–$4,560 million. That cash pool must compete with maintenance, growth, debt, and shareholder returns.
What is Vistra's dividend yield today?
Vistra’s ongoing-operations adjusted free cash flow before growth was $3.592 billion in 2025. Operations generated $4.070 billion, while capital expenditures used $2.752 billion; that left about $1.3 billion before acquisitions. The dividend is modest, so the investment case depends more on earnings growth and buybacks than on income today.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 152.02 |
| Free cash flow yield (calculated) | 2.6% |
| Real free cash flow yield (calculated) | 2.4% |
| Dividend yield (calculated) | 0.6% |
What this means. The whole-business value is higher than the stock-market value because it adds debt and subtracts cash, estimating what it would cost to buy the entire company.