When I am looking at stock VST, I found that sales data are quite different from other source, like yahoo finance or seeking alpha.
Thanks a lot
When FactSet calculates net sales, they don't just report what's on the first line of the income statement (or in this case the statement of operations). Vistra reports "operating revenue," and breaks it down pretty thoroughly. FactSet then calculates net sales or revenue. Here's their breakdown:
Represents sales of goods and services, earned from the company’s core and recurring operations, reduced by cash and trade discounts, allowance for sales return and pass-through taxes, such as sales and excise taxes.
It includes:
Franchise sales included in revenues Consulting fees included in revenues Royalty income included in revenues Contracts-in-progress income Commissions earned (not gross billings) for advertising companiesIt excludes:
Deductions from amortization of intangibles (for companies dealing with long-term service contracts) Gains and/or losses from hedging derivatives Gains and/or losses from asset disposals Gains from reversals of restructuring and other non-recurring items Equity in earnings Dividend and interest income Non-operating income Interest income Interest capitalized Equity in earnings of unconsolidated subsidiaries Rental income Dividend income Foreign exchange adjustment Gain on debt retired Sale of land or natural resources Sale of plant and equipment Sale of investment Security transactions Income on reserve fund securities when shown separately Operating differential subsidies for shipping companies Net mutual aid assistance for airlines companies General and Service Taxes Value-Added taxes Excise taxes Windfall Profit Taxes Government grants and subsidies
If you look at Vistra's revenue disaggregation (on p 14 of their 10-Q), you'll see a lot of their revenue comes from unrealized net gains from mark-to-market valuations of commodity positions. That explains some of the discrepancy, but not all.