FFilingLens
Quarterly TTM Annual
Income Balance Cash flow
8Y

Three-Statement Breakdown

VST
2026-06-30 · figures in $M

FCF DOWN

Free cash flow fell 47% to $1.3B, and covered net income 1.40×.

CASH FROM OPS -10.8%
4,070 22.9% MGN
CAPITAL EXPENDITURE +32.4%
2,752
FREE CASH FLOW -47.0%
1,318
FCF / NET INCOME +49.4%
1.40× TARGET >1.0×
Cash flow FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YoY TTM 8Q
Net income
-54 928 636 -1,274 -1,227 1,493 2,659 944 -64.5% 2,219 2024-09-30 · $1.9B2024-12-31 · $441.0M2025-03-31 · -$268.0M2025-06-30 · $327.0M2025-09-30 · $652.0M2025-12-31 · $233.0M2026-03-31 · $1.0B2026-06-30 · $305.0M
Depreciation & amortization
1,394 1,640 1,737 1,753 1,596 1,502 1,843 1,986 +7.8% 1,852
Stock-based comp
73 47 65 47 63 77 100 113 +13.0% 134
Cash from operations
1,471 2,736 3,337 -206 485 5,453 4,563 4,070 -10.8% 5,121 2024-09-30 · $1.7B2024-12-31 · $1.4B2025-03-31 · $599.0M2025-06-30 · $572.0M2025-09-30 · $1.5B2025-12-31 · $1.4B2026-03-31 · $1.2B2026-06-30 · $1.0B
Cash conversion
NOT DISCLOSED
— 2.95× 5.25× — — 3.65× 1.72× 4.31× +151.2% 2.31×
Capital expenditures
(530) (713) (1,259) (1,033) (1,301) (1,676) (2,078) (2,752) +32.4% (2,866)
Free cash flow
941 2,023 2,078 -1,239 -816 3,777 2,485 1,318 -47.0% 2,255 2024-09-30 · $1.0B2024-12-31 · $923.0M2025-03-31 · -$169.0M2025-06-30 · -$118.0M2025-09-30 · $1.0B2025-12-31 · $596.0M2026-03-31 · $316.0M2026-06-30 · $334.0M
FCF margin
10.3% 17.1% 18.2% -10.3% -5.9% 25.6% 14.4% 7.4% -48.5% 11.7%
Cash from investing
-101 -1,717 -1,572 -1,153 -1,239 -2,145 -5,276 -4,396 — -4,004
Dividends paid
0 243 266 290 302 313 305 306 +0.3% 308
Share repurchases
763 656 0 471 1,949 1,245 1,266 1,028 -18.8% 1,148
Debt repayment
3,075 7,109 1,008 381 251 33 2,287 2,584 +13.0% 5,686
Cash from financing
-2,723 -1,237 -1,796 2,274 -80 -294 -1,604 -74 — -1,131
Net change in cash
-1,353 -218 -31 915 -834 3,014 -2,317 -400 — -14
Ending cash balance
636 300 406 1,325 455 3,485 1,188 785 -33.9% 435

Click a line to select it — Enter or the EXPAND pill folds out its quarter-by-quarter history.

SELECTED · FREE CASH FLOW · QoQ BRIDGE
FROM2,485 CASH FROM OPERATIONS-493 CAPITAL EXPENDITURES-674 TO1,318
↹ CLICK A LINE TO SELECT · ⌘F FIND LINE ITEM SRC 10-Q FILED 2026-08-10 ↗