VST
Updated: 24/09/2026, 02:03:16
Vistra Corp., along with its various holdings, functions as a unified entity primarily engaged in retail electricity supply and power generation. The company organizes its operations across six distinct segments: Retail, Texas, East, West, Sunset, and Asset Closure. It directly provides electricity and natural gas to residential, commercial, and industrial clients throughout 20 U.S. states and the District of Columbia. Beyond its retail endeavors, Vistra also participates in generating electricity, facilitating wholesale energy transactions, managing commodity-related risks, producing fuel, and overseeing fuel logistics. With approximately 4.3 million customers, Vistra commands an impressive generation capacity of about 38,700 megawatts. This capacity is sustained by a diverse portfolio of facilities, including those powered by natural gas, nuclear energy, coal, solar, and advanced battery energy storage systems. The enterprise, initially known as Vistra Energy Corp., adopted its current name, Vistra Corp., in July 2020. Tracing its origins back to 1882, Vistra Corp. maintains its corporate headquarters in Irving, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$17.6B
FY 2025 · Reported
Net income
$0.9B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.3B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Integrated retail electricity and power generation company
Integrated retail electricity and power generation company; ~5 million customers; ~44,000 MW capacity across 18 states and DC
“Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine.”
Five reportable business segments
Retail, Texas, East, West, Asset Closure
“The operations of Vistra are aligned into five reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, and (v) Asset Closure.”
Retail customer base
~5 million residential, commercial, and industrial customers; ~2.6 million in Texas
“We serve approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas.”
Generation fleet by fuel/technology at December 31, 2025
Natural Gas 26,989 MW (62%); Coal 8,743 MW (20%); Nuclear 6,448 MW (15%); Solar/Battery 1,274 MW (3%); Fuel Oil 187 MW; Total 43,641 MW
“Natural GasCCGT, CT or ST26,989 62% CoalST8,743 20% UraniumNuclear6,448 15% RenewableSolar/Battery1,274 3% Fuel OilCT187 —% Total43,641 100%”
Nuclear fleet detail (six units at four facilities)
Six nuclear units: Comanche Peak 1&2 (ERCOT, 2,400 MW), Beaver Valley 1&2, Perry, Davis-Besse (PJM); total 6,448 MW
“We own and operate six nuclear generation units at four different facilities”
Retail product differentiation
100% wind and solar options, thermostats, dashboards, and energy-efficiency programs
“including 100% wind and solar options, as well as thermostats, dashboards, and other programs designed to encourage reduced electricity consumption and increased energy efficiency”
Generation capacity by segment and ISO/RTO
Texas 19,858 MW (46%, ERCOT); East 22,254 MW (51%, PJM/ISO-NE/MISO/NYISO); West 1,529 MW (3%, CAISO); Total 43,641 MW
“Texas19,858 46%ERCOT East22,254 51%PJM, ISO-NE, MISO, and NYISO West1,529 3%CAISO Total43,641 100%”
Generation fleet footprint across ISOs/RTOs
Fleet across ERCOT, PJM, ISO-NE, MISO, NYISO, CAISO; presence in 18 states + DC
“The Company brings its products and services to market in 18 states and the District of Columbia, including all major competitive wholesale power markets in the U.S.”
Coal procurement and lignite mining
Coal from multiple suppliers (rail/barge); self-mined lignite in ERCOT
“We meet our fuel requirements at our coal-fueled generation facilities in PJM and MISO with coal purchased from multiple suppliers under contracts of various lengths and transported to the facilities by either railcar or barges.”
Nuclear fuel contracted through 2030; Russian supply risk mitigation
Nuclear fuel contracted through 2030; strategic inventory against potential Russian supply disruption
“We have nuclear fuel contracted to support all of our refueling needs through 2030.”
Natural gas fuel sourcing
Natural gas via spot market/near-term contracts, transportation and storage agreements for 40 gas facilities
“We satisfy our fuel requirements at these facilities through a combination of spot market and near-term purchase contracts.”
Long-term nuclear PPAs with AWS and Meta
20-yr PPA with AWS for 1,200 MW from Comanche Peak; 20-yr PPAs with Meta for 2,609 MW from PJM nuclear plants
“we announced that we had entered into a 20-year power purchase agreement (PPA) (with options to extend for up to an additional 20 years) with Amazon Web Services (AWS) to supply 1,200 MW of carbon-free power from our Comanche Peak Nuclear Power Plant.”
Cogentrix acquisition of ~5,500 MW natural gas capacity
Definitive agreements (Dec 2025) to acquire Cogentrix Energy: 10 gas facilities, ~5,500 MW; close mid-to-late 2026
“In December 2025, we executed definitive agreements to acquire Cogentrix Energy, consisting of 10 natural gas generation facilities totaling approximately 5,500 MW of capacity.”
Lotus acquisition of 2,600 MW natural gas capacity
Acquired 2,600 MW of natural gas generation capacity from Lotus
“targeted natural gas expansion, including the development of an 860 MW facility in West Texas and the acquisition of 2,600 MW of natural gas generation capacity from Lotus”
Natural gas expansion and nuclear uprates
860 MW West Texas gas plant; 433 MW nuclear uprates; coal-to-gas repowering; 200 MW Oak Hill solar
“Planned uprates at the Company's operating Perry Nuclear Power Plant (Perry), Davis-Besse Nuclear Power Plant (Davis-Besse), and Beaver Valley Nuclear Power Plant (Beaver Valley) would add 433 MW of incremental carbon-free nuclear energy and capacity to the PJM region”
Four strategic priorities including integrated business model and energy transition
Integrated model, disciplined capital allocation, resilient balance sheet, energy transition
“The following are financial and operating highlights we achieved in the execution of our four strategic priorities”
Supply chain constraints and labor shortages
Supply chain constraints and labor shortages raising costs and delaying projects
“Our industry continues to face ongoing supply chain constraints and labor shortages, which have reduced the availability of essential equipment and supplies for constructing new generation facilities”
Total indebtedness at December 31, 2025
~$20.7 billion total indebtedness; ~$19.9 billion net of cash
“As of December 31, 2025, we had approximately $20.7 billion of total indebtedness and approximately $19.9 billion of indebtedness net of cash.”
October 2025 senior secured notes issuances
$2.0 billion of senior secured notes issued Oct 2025 (4.300% 2028, 4.600% 2030, 5.250% 2035)
“In October 2025, we issued $750 million of 4.300% senior secured notes due 2028, $500 million of 4.600% senior secured notes due 2030, and $750 million of 5.250% senior secured notes due 2035.”
Electricity demand growth drivers
Data centers, oil field electrification, and EV load driving fast-paced load growth
“Electricity demand drivers including the rise of large scale data centers, the electrification of oil field operations, and electric vehicle load building are contributing to a projected fast paced load growth in the regions we serve.”
Capital returns and credit rating upgrade
$306M dividends; $1.0B buybacks in 2025; S&P upgrade to BBB- (Dec 2025)
“In December 2025, S&P raised its issuer credit rating on Vistra to investment grade from BB+ to BBB-.”
Geopolitical risk: Russia/Ukraine conflict and Russian uranium import ban
PRUI Act bans Russian uranium; Russia suspended shipments Nov 2024; Vistra fuel needs covered through 2030
“The Prohibiting Russian Uranium Imports Act (PRUI Act), which was signed into law on August 11, 2024, prohibits importation of Russian uranium”
Nuclear operational and accident risk
Nuclear accident and operational risk at owned nuclear facilities
“We may suffer material losses, costs and liabilities due to operational risks, regulatory risks, and the risk of nuclear accidents arising from the ownership and operation of the nuclear generation facilities.”
Extreme weather and seasonality risk
Extreme weather (e.g., Winter Storm Uri) has materially affected results
“For example, Winter Storm Uri in February 2021 had a material impact on our results of operations.”
Regulatory and environmental compliance risk
EPA environmental rules and shifting federal policy create compliance cost and uncertainty
“In June 2025, the EPA proposed to repeal the GHG rule issued in May 2024, and the rule remains subject”
Wholesale power price and fuel cost risk
Exposure to wholesale power prices, fuel costs, and imperfect hedging
“We purchase natural gas, coal, fuel oil, and nuclear fuel for our generation facilities, and higher than expected fuel costs or disruptions in these fuel markets may have an adverse impact on, our costs, revenues, results of operations, financial condition, and cash flows.”
Cybersecurity risk
Cybersecurity attacks could disrupt operations and expose to significant liabilities
“Cybersecurity attacks or technology systems failures could disrupt business operations and expose us to significant liabilities, reputational damage, loss of customers, and regulatory action.”
Demand growth and large load offtake execution risk
Risk that demand growth or large load offtake deals disappoint
“If electricity demand does not grow at the rate expected, or if we are unable to execute on large load offtake opportunities, including under long-term power purchase or offtake agreements that we have entered into, our financial performance, growth opportunities, and stock price could be adversely impacted.”
Vistra Zero growth subject to capital requirements and uncertainties
Vistra Zero (solar, battery ESS, renewables) growth subject to substantial capital requirements
“Our ability to achieve the expected growth of our Vistra Zero portfolio, consisting of our solar generation, battery ESS, and other renewables development projects, is subject to substantial capital requirements and other significant uncertainties.”
Technology change and emerging generation technologies risk
Emerging technologies could reduce value of traditional generation assets and demand
“Technological advances have improved, and are likely to continue to improve, for existing and alternative methods to produce and store power”
Cogentrix Transactions execution and synergy risk
Cogentrix deal may not close on anticipated terms or realize synergies
“We may not be able to consummate the Cogentrix Transactions on the anticipated terms, on the anticipated timeline, or at all”
Largest fleet share (62%) is natural gas-fueled; fuel sourced via spot market, near-term contracts, transportation and storage agreements.
“Our natural gas-fueled generation fleet is comprised of 28 CCGT generation facilities totaling 22,167 MW and 12 peaking generation facilities totaling 4,822 MW. We satisfy our fuel requirements at these facilities through a combination of spot market and near-term purchase contracts.”
20-year PPAs: 1,200 MW with AWS (Comanche Peak) and 2,609 MW with Meta (PJM nuclear plants) lock in long-term revenue.
“In January 2026, we announced that we had entered into 20-year PPAs with Meta Platforms, Inc. (Meta) to supply 2,609 MW of carbon-free power and capacity from our PJM nuclear power plants”
Large-scale data centers are a named demand driver; AWS and Meta PPAs underwrite base profitability.
“Electricity demand drivers including the rise of large scale data centers, the electrification of oil field operations, and electric vehicle load building are contributing to a projected fast paced load growth in the regions we serve.”
Largest retail concentration (~2.6 million customers) and largest generation segment (19,858 MW, ERCOT).
“The largest portion of our retail operations are in Texas, where we provide retail electricity to approximately 2.6 million customers.”
Nuclear fuel contracted through 2030; exposure to Russian supply disruption mitigated by strategic inventory; PRUI Act context.
“We have nuclear fuel contracted to support all our refueling needs through 2030 without any additional Russian deliveries.”
EPA rules (Good Neighbor Plan, GHG rule, Regional Haze) could require significant control equipment, capex, higher operating/fuel costs, curtailments, or retirements.
“if not repealed, altered, or invalidated by the courts could require us to install significant additional control equipment, resulting in potentially material costs of compliance for our generation units, including capital expenditures, higher operating and fuel costs and potential production curtailments or plant retirements”
Constraints reduced equipment availability, raised lead times and labor costs, and led to deferral/abandonment of some solar/battery capex.
“This has led to the deferral or abandonment of some planned capital expenditures for our solar and battery projects and could impact the economic feasibility of additional projects in our new generation development pipeline.”
Weather drives load variability and extreme events have materially affected results (Winter Storm Uri) and can damage assets and fuel supply.
“For example, Winter Storm Uri in February 2021 had a material impact on our results of operations.”
$20.7 billion debt, mixed investment/non-investment grade ratings, collateral requirements, and capital access factors affect cost of capital.
“As of December 31, 2025, we had approximately $20.7 billion of total indebtedness and approximately $19.9 billion of indebtedness net of cash.”
State or federal interference in wholesale/retail power markets and subsidized generation may materially adversely affect results.
“Competition, changes in market structure, and/or state or federal interference in the wholesale and retail power markets, together with subsidized generation, may have a material adverse effect on our financial condition, results of operations, and cash flows.”
Sanctions on Russian energy and nuclear fuel; PRUI Act; Russia suspended uranium shipments to U.S. Nov 2024; mitigated through 2030.
“On November 15, 2024, the Russian Federation temporarily suspended shipments of uranium to the U.S., stating that they would grant future export licenses on a case-by-case basis.”
Coal fleet (8,743 MW) relies on purchased coal from multiple suppliers (rail/barge) and self-mined lignite in ERCOT.
“We meet our fuel requirements in ERCOT using lignite that we mine at our generation facilities and coal purchased and transported by railcar.”
Variable-rate borrowings under Vistra Operations Credit Facilities create interest rate exposure on USD debt; only a portion hedged.
“exposing us to the risk of increased interest rates because certain of our borrowings, including borrowings under the Vistra Operations Credit Facilities, are at variable rates of interest, only a portion of which are hedged”
See which prediction-market events move VST, how its filings map to real-world exposure, and what 12 AI strategies are doing with positions like it.
Free forever to follow AlphaBrain’s AI strategies. No card required.
Vistra vs. Constellation: Which AI Power Stock Is the Better Buy Right Now?
24/7 Wall Street • STOCK • 05/06/2026, 09:30:04
Vistra: A Buy On AI Demand, Nuclear Power, And Strong Cash Flow
Seeking Alpha • STOCK • 03/06/2026, 02:13:16
Vistra vs. Talen: Which Stock Is Better Positioned for the AI Boom?
Zacks Investment Research • STOCK • 29/05/2026, 14:36:12
Here is What to Know Beyond Why Vistra Corp. (VST) is a Trending Stock
Zacks Investment Research • STOCK • 27/05/2026, 12:06:08
VST Stock Underperforms Industry in the Past 3 Months: How to Play?
Zacks Investment Research • STOCK • 25/05/2026, 15:26:21
A Peer Showdown Reveals Why Vistra Stands Out Vs. Other Major IPPs
Seeking Alpha • STOCK • 25/05/2026, 04:39:30
This May Be My Favorite 9% Yield + Growth Dividend Combo
Seeking Alpha • STOCK • 17/05/2026, 09:30:00
Vistra: Locked Into A Virtuous Cycle
Seeking Alpha • STOCK • 12/05/2026, 15:27:40
Vistra: Don't Underestimate The Nuclear Energy Potential
Seeking Alpha • STOCK • 12/05/2026, 13:19:40
Vistra Q1 Earnings Beat Estimates as Hedging Fortifies Visibility
Zacks Investment Research • STOCK • 11/05/2026, 15:06:12
AI Has A Power Problem, And Vistra Owns The Answer
Seeking Alpha • STOCK • 11/05/2026, 13:33:16
Vistra Corp. (VST) is a Top-Ranked Value Stock: Should You Buy?
Zacks Investment Research • STOCK • 11/05/2026, 12:40:50
