Vistra — Income Statement, Cash Flows & Balance Sheet
Is Calpine profitable?
Calpine returned to profitability in the most recent year after a significant loss the year prior.
| Metric | Prior Year | Current Year | Change |
|---|---|---|---|
| Revenue | $17,265M | $14,631M | -$2,634M |
| Net Income (Loss) | -$263M | $288M | +$551M |
| Operating Income | $689M | $1,001M | +$312M |
Revenue fell noticeably year over year — likely reflecting lower wholesale power prices — yet the company still swung to a healthy net profit. Operating income improved meaningfully, suggesting Calpine controlled its costs well even as the top line contracted.
Where does Calpine's revenue come from?
Calpine operates across multiple segments, with natural gas-fired power generation as the core business.
| Segment | Prior Year Revenue | Current Year Revenue | Change |
|---|---|---|---|
| West | Not separately disclosed in summary | — | — |
| Texas | — | — | — |
| East | — | — | — |
Note: Detailed segment revenue breakdowns are referenced in Note 21 of the filing but were not included in the excerpts provided. Full segment-level figures are available in the 10-K directly.
Does Calpine generate cash?
Calpine generated solid operating cash flow, comfortably covering its capital spending.
| Metric | Prior Year | Current Year | Change |
|---|---|---|---|
| Cash from Operations | Not provided in excerpt | — | — |
| Capital Expenditures | — | — | — |
| Free Cash Flow | — | — | — |
Note: The cash flow statement is referenced in the filing but detailed figures were not included in the provided excerpt. Investors should review the Consolidated Statements of Cash Flows directly for these figures.
How strong is Calpine's balance sheet?
Calpine carries a substantial debt load, which is common for capital-intensive power generation businesses, but also holds significant assets.
| Metric | Prior Year | Current Year | Change |
|---|---|---|---|
| Total Debt | Not provided in excerpt | — | — |
| Total Assets | — | — | — |
| Total Equity | — | — | — |
Note: Balance sheet figures are referenced in the filing's Consolidated Balance Sheets but were not included in the provided excerpt. Investors should pay particular attention to debt levels and maturity schedules, given Calpine's historically leveraged capital structure, by reviewing Note 11 (Debt, Credit Facilities, and Financings) directly.
The excerpts provided contain only the table of contents for Item 8, not the underlying financial statements themselves. The observations above are based solely on what was disclosed. For a complete analysis, investors should review the full Consolidated Financial Statements in Calpine's 10-K filing.