Vistra (VST) Q1 FY2024 earnings: revenue $3.1 billion, down 31.0% on the year

Vistra Corp. (VST) reported revenue of $3.1 billion for Q1 FY2024, the quarter ended 31 March 2024, down 31.0% on the same quarter a year earlier. Net income was -$35 million, and diluted earnings per share $-0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 10 May 2024.

Revenue

$3.1 billion

-31.0% on the year · -0.8% on the quarter

Q2 FY2022Q1 FY2024

Operating margin

2.8%

25.6% a year earlier

Q2 FY2022Q1 FY2024

Net income

-$35 million

Q2 FY2022Q1 FY2024

Diluted EPS

-$0.24

Q2 FY2022Q1 FY2024

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2024	Q4 FY2023	Q1 FY2023	On the quarter	On the year
Revenue	3,054	3,079	4,425	-0.8%	-31.0%
Selling, general and administrative	351	354	288	-0.8%	+21.9%
Operating income	86.0	105	1,131	-18.1%	-92.4%
Operating margin	2.8%	3.4%	25.6%
Interest expense	170	290	207	-41.4%	-17.9%
Pre-tax income	-2.0	-146	876
Income tax	-20.0	38.0	178
Effective tax rate	n/a	n/a	20.3%
Net income	-35.0	-184	699
Net margin	-1.1%	-6.0%	15.8%
Diluted EPS	-$0.24	-$0.55	$1.71

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2024	Q4 FY2023	Q1 FY2023	On the quarter	On the year
Operating cash flow	312	881	1,435	-64.6%	-78.3%
Capital expenditure	465	414	484	+12.3%	-3.9%
Free cash flow	-153	467	951
Free cash flow margin	-5.0%	15.2%	21.5%
Cash from investing	-3,528	-763	-513
Cash from financing	793	196	-874	+304.6%
Depreciation and amortisation	403	392	366	+2.8%	+10.1%
Share-based compensation	21.0	14.0	22.0	+50.0%	-4.5%
Buybacks	291	379	301	-23.2%	-3.3%
Dividends paid	77.0	85.0	77.0	-9.4%	0.0%
Dividend per share	$0.21	n/a	n/a
Diluted shares, weighted	349m	375m	388m	-7.0%	-10.0%
Shares outstanding at period end	349m	351m	379m	-0.8%	-7.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2024	Q4 FY2023	Q1 FY2023	On the quarter	On the year
Shareholders' equity	5,656	5,307	5,201	+6.6%	+8.7%
Non-controlling interest	1,628	15.0	15.0	+10,753.3%	+10,753.3%
Redeemable equity	n/a	0.0	n/a
Short-term borrowings	n/a	0.0	0.0
Debt	15,247	14,402	11,930	+5.9%	+27.8%
Operating lease liabilities	56.0	48.0	45.0	+16.7%	+24.4%
Finance lease liabilities	231	227	235	+1.8%	-1.7%
Other liabilities	15,360	12,967	13,691	+18.5%	+12.2%
Total liabilities and equity	38,178	32,966	31,117	+15.8%	+22.7%
Fixed assets	18,014	12,432	12,611	+44.9%	+42.8%
Goodwill	2,877	2,583	2,583	+11.4%	+11.4%
Intangible assets	2,278	1,864	1,940	+22.2%	+17.4%
Investments	4,219	2,035	1,832	+107.3%	+130.3%
Cash and equivalents	1,070	3,485	518	-69.3%	+106.6%
Receivables	1,729	1,674	1,464	+3.3%	+18.1%
Inventory	976	740	629	+31.9%	+55.2%
Other assets	7,015	8,153	9,540	-14.0%	-26.5%
Total assets	38,178	32,966	31,117	+15.8%	+22.7%

Questions

What was Vistra's revenue in Q1 FY2024?

Vistra (VST) reported revenue of $3.1 billion for Q1 FY2024, the quarter ended 31 March 2024, down 31.0% on the same quarter a year earlier.

How much did Vistra earn in Q1 FY2024?

Net loss for Q1 FY2024 was $35 million, and the diluted loss per share $0.24.

When did Vistra report Q1 FY2024 results?

Vistra filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 10 May 2024.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,991	3,314	3,125	1,588	5,146	3,869	4,425	3,189	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250	4,971	4,584	5,640	4,017
SG&A	269	268	288	280	323	298	288	309	357	354	351	375	411	464	391	419	444	460	427	392
Operating income	119	887	-288	-1,683	894	-100	1,131	591	834	105	86.0	808	2,588	599	-120	515	1,037	474	1,499	553
Operating margin	4%	27%	-9%	-106%	17%	-3%	26%	19%	20%	3%	3%	21%	41%	15%	-3%	12%	21%	10%	27%	14%
Interest expense	124	96.0	7.0	109	71.0	181	207	100	143	290	170	241	332	157	319	303	286	271	263	312
Pre-tax income	41.0	842	-375	-1,764	914	-335	876	599	671	-146	-2.0	626	2,392	451	-444	403	856	308	1,212	427
Tax rate	76%	13%	n/a	n/a	26%	n/a	20%	21%	25%	n/a	n/a	25%	23%	-9%	n/a	19%	24%	24%	15%	29%
Net income	7.0	726	-285	-1,365	668	-245	699	476	502	-184	-35.0	365	1,888	441	-268	327	652	233	1,029	305
Net margin	0%	22%	-9%	-86%	13%	-6%	16%	15%	12%	-6%	-1%	9%	30%	11%	-7%	8%	13%	5%	18%	8%
Diluted EPS	$0.01	$1.44	-$0.72	-$3.27	$1.51	-$0.78	$1.71	$1.17	$1.25	-$0.55	-$0.24	$0.90	$5.25	$1.09	-$0.93	$0.81	$1.75	$0.55	$2.87	$0.76
Operating cash flow	564	287	591	-1,314	815	393	1,435	1,577	1,560	881	312	1,196	1,702	1,353	599	572	1,467	1,432	1,199	1,023
Capital expenditure	244	243	373	240	296	392	484	442	336	414	465	498	685	430	768	690	458	836	883	689
Free cash flow	320	44.0	218	-1,554	519	1.0	951	1,135	1,224	467	-153	698	1,017	923	-169	-118	1,009	596	316	334
Buybacks	0.0	296	710	484	396	359	301	251	314	379	291	331	399	245	337	252	187	252	372	337
Dividends paid	72.0	71.0	77.0	75.0	75.0	75.0	77.0	76.0	75.0	85.0	77.0	73.0	80.0	75.0	83.0	69.0	77.0	77.0	77.0	77.0
Shares outstanding	483m	469m	439m	421m	405m	390m	379m	370m	362m	351m	349m	345m	341m	340m	340m	339m	339m	338m	338m	336m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2024, filed 10 May 2024: the filing.