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Utilities · NYSE: VST

Vistra: how the business works

Vistra sells electricity to about 5 million homes and businesses and runs about 44,000 MW of gas, coal, nuclear and solar power plants, with FY2025 revenue of $17.7 billion.

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Vistra Corp. · Irving, Texas

Updated for Q3 FY2026 · checked

Revenue, FY2025
$17.7B
Net income to common stock, FY2025
$752M
Generation capacity, Dec 31, 2025
43,641 MW
Retail customers, FY2025 10-K (about)
5 million
Full-time employees, Dec 31, 2025 (about)
6,390

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Vistra in 5 points

  1. 1 · What it sells

    Vistra sells electricity to about 5 million retail customers and into wholesale markets from 43,641 MW of gas, coal, nuclear and solar plants at Dec 31, 2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, retail customers paid 73.4% of Vistra's revenue, wholesale power markets and contract buyers 25.7%, and hedges, tax credits sold and other items 0.9%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Vistra kept $4.15 as net income for common stockholders, after an $808 million unrealized pre-tax hedge loss, while operating income was $10.51.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    In FY2025, Vistra's Texas plants earned $1,604 million of segment net income and Retail $1,290 million, while the East segment lost $91 million and Asset Closure $279 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Total debt was $19,895 million on Jun 30, 2026; after the roughly 5,500 MW Cogentrix purchase closed on Oct 30, 2026, Vistra repaid about $1.7 billion of the debt it assumed.

    More: the one thing to watch

Sources: From Vistra's FY2025 10-K, Q2 FY2026 10-Q and the 8-K filed Nov 5, 2026 · checked

See the full receipt and the management scorecard below

Sources (5)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Vistra's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Vistra · FY2025

Receipt for every $100

Where $100 of Vistra's money went in FY2025
Fuel, bought-in power and delivery fees$50.2
Running plants and mines$15.5
Wear-and-tear of plants (depreciation)$10.9
Selling, general and administrative$9.4
Impairments of assets$1.3
Interest$6.5
Income tax$1.0
Dividends on preferred stock$1.1
Kept as net income for common stockholders$4.2
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (operating revenues $17,738 million + other income $396 million = $18,134 million), each line = line ÷ $18,134 million × 100. Revenue is net of a $766 million unrealized hedge loss. Operating income was $10.51 of each $100.

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Sources (1)
Next: The business in one line

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02The business in one line

What does Vistra do?

Homes, businesses and wholesale power markets pay Vistra for electricity; about half of the money goes on fuel, bought-in power and delivery fees, and $4.15 of every $100 that came in during FY2025 was left for common stockholders.

  • Retail customers paid 73.4% of Vistra's FY2025 revenue of $17,738 million, and wholesale power markets and contract buyers 25.7%.
  • Vistra's own plants, 43,641 MW at Dec 31, 2025, supply much of the power its retail brands such as TXU Energy sell.
Next: Who pays it

03Who pays it

Who pays Vistra?

  • Retail customers (homes and businesses)

    73%

    of revenue

    73.4% of FY2025 revenue, or $13,025 million: $8,966 million of retail energy charges in Texas (ERCOT) and $4,059 million in the Northeast and Midwest. About 5 million customers.

  • Wholesale power markets and contract buyers

    26%

    of revenue

    25.7% of FY2025 revenue, or $4,561 million: power sold into grid markets ($3,188 million), net capacity payments ($227 million) and other wholesale contracts ($1,146 million).

  • Hedges, tax credits sold and other items

    1%

    of revenue

    0.9% of FY2025 revenue, or $152 million, net: tax credits sold ($229 million), realized hedge gains ($583 million), insurance ($118 million) and other items, less a $766 million unrealized hedge loss.

  • Retail customers (homes and businesses)73%
  • Wholesale power markets and contract buyers26%
  • Hedges, tax credits sold and other items1%

How spread out the customers are

Vistra discloses no customer that pays 10% or more of revenue. Shares by payer type are a Cityfort calculation from the FY2025 10-K's revenue note.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Vistra make money?

Vistra earns the gap between what power sells for and what its plants spend on fuel, and it locks in much of that gap ahead of time with hedges and its own retail customers.

Vistra's plants sell power to its own retail arm: $8,531 million of FY2025 sales between segments were removed in the total. Vistra said it had hedged about 100% of expected 2026 generation and about 98% of 2027 as of Oct 30, 2026. Hedges that are not yet settled change value with power prices, which swings GAAP profit.

Operating income per $100 of revenue

−$12.5$10.7

FY2021 to FY2025

  1. Plants burn gas, coal or nuclear fuel to make power
  2. Power goes to Vistra's retail customers or into wholesale markets
  3. Hedges and retail contracts fix much of the price ahead of time
  4. Grid operators also pay for plants to be available (capacity)
  5. The gap between power prices and fuel costs pays for plants, interest, buybacks and dividends

↺ Step 5 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Vistra?

  • Retail

    55%

    Sells electricity and gas to homes and businesses. The profit figure is segment net income. Shares are of segment revenue before Corporate and eliminations of minus $8,528 million, mostly sales between segments (Cityfort calculation from the FY2025 10-K). Segment net income was $1,290 million in FY2025.

    Revenue $14.3B · Operating profit $1.3B

  • Texas

    20%

    Power plants in the ERCOT grid, including Comanche Peak nuclear: 19,858 MW at Dec 31, 2025. Segment net income was $1,604 million in FY2025.

    Revenue $5.4B · Operating profit $1.6B

  • East

    24%

    Power plants in the PJM, ISO New England, MISO and New York grids, including four nuclear units: 22,254 MW at Dec 31, 2025. Its FY2025 segment net income was a $91 million loss.

    Revenue $6.2B · Operating profit −$91M

  • West

    1%

    Plants in California (CAISO): 1,529 MW at Dec 31, 2025. Segment net income was $54 million in FY2025.

    Revenue $325M · Operating profit $54M

  • Asset Closure

    0%

    Plants being retired or shut, including the Moss Landing batteries; FY2025 segment net income was a $279 million loss. Segment net incomes add to $2,578 million against Vistra's total of $944 million; the rest sits in Corporate and Other and eliminations (Cityfort calculation from the FY2025 10-K).

    Revenue $74M · Operating profit −$279M

How the mix changed

  • Retail
  • Texas
  • East
  • West
  • Asset Closure

Revenue by segment, FY2023 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearRetailTexasEastWestAsset Closure
FY2023$10.6B$4.0B$5.9B$866M$48M
FY2024$12.8B$5.4B$5.7B$839M$39M
FY2025$14.3B$5.4B$6.2B$325M$74M
Sources (1)
Next: How has it done

06The numbers · Consolidated · US$

How has Vistra done?

Revenue

$17.7BFY2025

Revenue rose every year, from $12,077 million in FY2021 to $17,738 million in FY2025, and it includes hedge results, such as a $766 million unrealized loss in FY2025.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$12.1B
FY2022$13.7B
FY2023$14.8B
FY2024$17.2B
FY2025$17.7B
Q3 FY2024$6.3B
Q4 FY2024$4.0B
Q1 FY2025$3.9B
Q2 FY2025$4.3B
Q3 FY2025$5.0B
Q4 FY2025$4.6B
Q1 FY2026$5.6B
Q2 FY2026$4.0B
Q3 FY2026$6.3B

Net profit

$752MFY2025

Net income to common stock was a loss in FY2021 and FY2022, reached $2,467 million in FY2024 and was $752 million in FY2025, after an $808 million unrealized pre-tax hedge loss.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$1.3B−$2.69
FY2022−$1.4B−$3.26
FY2023$1.3B$3.58
FY2024$2.5B$7.00
FY2025$752M$2.18
Q3 FY2024$1.8B$5.25
Q4 FY2024$393M–
Q1 FY2025−$317M−$0.93
Q2 FY2025$280M$0.81
Q3 FY2025$604M$1.75
Q4 FY2025$185M–
Q1 FY2026$980M$2.87
Q2 FY2026$258M$0.76
Q3 FY2026$1.1B–

Profit kept per $100 of revenue

$4.2FY2025

Operating income was $10.7 per $100 of revenue in FY2025, down from $23.7 in FY2024; Q4 quarters are a Cityfort calculation from the FY2024 and FY2025 10-Ks and the Q3 FY2024 and Q3 FY2025 earnings releases, and Vistra reports no Q4 EPS.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−10.7%4.4%
FY2022−10.0%6.3%
FY20239.1%31.2%
FY202414.3%39.0%
FY20254.2%27.4%

Free cash flow

$1.3BFY2025

Free cash flow was negative in FY2021 and FY2022, when cash posted as collateral rose, and was $1,318 million in FY2025 after $2,752 million of capital spending.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021−$206M$1.0B−$1.2B
FY2022$485M$1.3B−$816M
FY2023$5.5B$1.7B$3.8B
FY2024$4.6B$2.1B$2.5B
FY2025$4.1B$2.8B$1.3B
See all yearly numbers
Vistra annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$12.1B$535M−$1.3B−$2.69−$1.3B−$206M$1.0B−$1.2B
FY2022$13.7B$870M−$1.4B−$3.26−$1.2B$485M$1.3B−$816M
FY2023$14.8B$4.6B$1.3B$3.58$1.5B$5.5B$1.7B$3.8B
FY2024$17.2B$6.7B$2.5B$7.00$2.8B$4.6B$2.1B$2.5B
FY2025$17.7B$4.9B$752M$2.18$944M$4.1B$2.8B$1.3B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income to common stock is after $192 million of preferred dividends; total net income was $944 million.

Download Vistra's yearly and quarterly numbers (CSV, with source ids)

What revenue is made of · FY2025

Vistra's revenue includes hedge results: an unrealized hedge loss of $766 million and realized hedge gains of $583 million in FY2025. Unrealized results are paper gains or losses on hedges not yet settled and can reverse.

Revenue by type
Vistra revenue by type, FY2025
ItemTypeAmountShare of revenue
Retail energy charges, Texas (ERCOT)From customer contracts$9.0B50.5%
Retail energy charges, Northeast and MidwestFrom customer contracts$4.1B22.9%
Wholesale generation revenue from grid marketsFrom customer contracts$3.2B18.0%
Net capacity revenueFrom customer contracts$227M1.3%
Other wholesale contractsOther$1.1B6.5%
Nuclear and solar tax credits soldOther$229M1.3%
Hedging revenue, realizedOther$583M3.3%
Hedging revenue, unrealizedUnrealized (not yet cash)−$766M−4.3%
Business interruption insuranceOther$118M0.7%
OtherOther−$12M−0.1%

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (16)
Next: What they said, and what happened

07Who runs it

Who runs Vistra, and did they deliver?

  • James A. Burke

    President and Chief Executive Officer · since 2022

    CEO since Aug 1, 2022, after serving as President and Chief Financial Officer. His 2025 total pay in the Summary Compensation Table was $15,989,188; the CEO pay ratio was 117 to 1. He beneficially owned 1,513,011 shares on Mar 3, 2026, including vested options.

  • Kristopher E. Moldovan

    Executive Vice President and Chief Financial Officer · since 2022

    CFO since August 2022; earlier Senior Vice President and Treasurer from 2017 to 2022.

What they said, and what happened

2 delivered · 2 too early to tell

  1. Said on Feb 27, 2025

    Vistra's Q4 FY2024 earnings release (Feb 27, 2025) reaffirmed 2025 Ongoing Operations Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. guidance of $5.5 to $6.1 billion and adjusted free cash flowCash from operations minus spending on buildings and equipment. Learn more before growth of $3.0 to $3.6 billion, ranges first given in November 2024.

    What happened

    FY2025 results were $5,912 million and $3,592 million, both company measures. GAAP net income was $944 million.

    Delivered

  2. Said on Jan 5, 2026

    In agreements signed on Dec 31, 2025 and announced on Jan 5, 2026, Vistra agreed to buy Cogentrix Energy, about 5,500 MW of gas plants, for about $2.3 billion in cash, 5 million shares and about $1.5 billion of assumed debt.

    What happened

    The purchase closed on Oct 30, 2026 with about $2.2 billion in cash, 5,000,000 shares and about $1.7 billion of debt assumed.

    Delivered

  3. Said on Jan 5, 2026

    Vistra said on Jan 5, 2026 that it plans about $300 million of dividends and at least $1 billion of buybacks each year, with long-term net leverage below 3 times.

    What happened

    In the first nine months of FY2026, Vistra bought back $917 million of shares and paid $231 million of common dividends.

    Too early to tell

  4. Said on Nov 6, 2025

    Vistra first gave 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8 to $7.6 billion in its Q3 FY2025 earnings release (Nov 6, 2025), and its Q4 FY2025 release (Feb 26, 2026) restated the range, excluding Cogentrix.

    What happened

    On Nov 6, 2026 Vistra narrowed the range to $7.1 to $7.5 billion; the first nine months came to $5,639 million (company measure).

    Too early to tell
Sources (8)
Next: What could go wrong

08What could go wrong

What could go wrong for Vistra?

  • Raw-material prices

    Power and fuel prices, and hedges

    The FY2025 10-K says Vistra cannot fully hedge its plants against commodity prices, and hedges may fail or counterparties may default. Unrealized hedge results swung FY2025 results by an $808 million pre-tax loss.

    Watch The unrealized hedge line in each earnings release, and the hedged share of future generation (about 98% of 2027 as of Oct 30, 2026, per Vistra).

  • Demand

    Demand growth and large power deals

    The 10-K names slower electricity demand growth, or failure to sign long-term deals with large users, as a risk. The Amazon Web Services deal starts deliveries in Q4 2027.

    Watch New long-term power deals and the start of Comanche Peak deliveries in Q4 2027.

  • Debt

    Rising debt and collateral needs

    Total debt rose from $10,731 million at Dec 31, 2021 to $19,895 million on Jun 30, 2026. Vistra then issued $1.5 billion of notes in September 2026, and in October and November 2026 it fully drew its accounts receivable financing facilities and repaid about $1.7 billion of debt assumed in the Cogentrix purchase. Interest expense was $1,179 million in FY2025. The 10-K names liquidity in volatile markets as a risk.

    Watch Total debt in the Q3 FY2026 10-Q, and the S&P and Fitch BBB- ratings.

  • Regulation

    Environmental and market rules

    The 10-K names regulation, coal ash rules, climate rules, state and federal market interference and subsidized generation as risks. Coal plants were 8,743 MW, or 20% of capacity, at Dec 31, 2025.

    Watch Rule changes for coal plants and power market design in ERCOT and PJM.

  • Execution

    Nuclear and plant accidents

    The 10-K names nuclear operational, regulatory and accident risk. A fire took Martin Lake Unit 1 (815 MW) out of service from Nov 27, 2024 until February 2026, with about $384 million of restoration spending.

    Watch Fleet availability, which Vistra put at nearly 95% in Q3 FY2026, and any unplanned outages.

  • Legal

    Moss Landing fire lawsuits

    Lawsuits have been filed in California courts against Vistra, LG Energy Solution and others after the Jan 16, 2025 fire. Vistra recorded a $269 million impairment on Moss Landing 350 in Q3 FY2026.

    Watch Updates on the lawsuits and the EPA consent order in the 10-Q and 10-K.

  • Other

    Extreme weather

    The 10-K says extreme weather, such as Winter Storm Uri in February 2021, has hurt results. Vistra lost $1,295 million for common stockholders in FY2021.

    Watch Results after winter and summer weather events in Texas and the PJM region.

  • Competition

    Retail competition

    The 10-K names competition from other retail electric providers and volatile supply costs for retail as risks. Retail paid 73.4% of FY2025 revenue.

    Watch Retail segment net income ($1,290 million in FY2025) and customer counts in the 10-K.

Sources (9)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose every year from $12,077 million in FY2021 to $17,738 million in FY2025.
  • Vistra has 20-year power deals with Amazon Web Services (1,200 MW) and Meta (2,609 MW).
  • S&P (Dec 2, 2025) and Fitch (Mar 16, 2026) raised their ratings on Vistra Operations to BBB-, an investment-grade level.
  • Vistra cleared about 10,314 MW in PJM's 2026/27 capacity auction at $329.17 per MW-day.
  • Vistra says its share count is down 30% since Nov 2, 2021, after $6.7 billion of buybacks.

What critics point to

  • Net income to common stock moved from a $1,377 million loss in FY2022 to $2,467 million in FY2024 and $752 million in FY2025, partly with hedge results.
  • Total debt rose from $10,731 million at Dec 31, 2021 to $19,895 million on Jun 30, 2026, before $1.5 billion of notes issued in September 2026 and a full draw on the accounts receivable financing facilities in October and November 2026.
  • Stockholders' equity was $5,097 million at Dec 31, 2025, including $2,476 million of preferred stock, after $6,925 million of shares were bought back and held.
  • Coal plants made up 8,743 MW, or 20% of capacity, at Dec 31, 2025.
  • The Moss Landing fire led to an EPA consent order, lawsuits and a $269 million impairment in Q3 FY2026.
Next: What to watch next

10What to watch next

What should you watch next at Vistra?

Next event

Q4 FY2026 results

Date not announced yet.

  • The Q3 FY2026 10-Q

    Not yet filed on Nov 7, 2026. It will give Q3 EPS, the Sep 30, 2026 balance sheet and debt, and the share count after the Cogentrix shares.

  • Cogentrix and debt

    Cogentrix added about 5,500 MW on Oct 30, 2026. In October and November 2026, Vistra repaid about $1.7 billion of debt assumed in the purchase and fully drew its accounts receivable financing facilities. Total debt was $19,895 million on Jun 30, 2026.

  • 2026 results against guidance

    Vistra narrowed 2026 Ongoing Operations Adjusted EBITDA guidance to $7.1 to $7.5 billion on Nov 6, 2026; the first nine months were $5,639 million (company measures).

  • Hedges in GAAP profit

    Q3 FY2026 net income to common stock of $1,092 million included a $559 million unrealized hedge gain.

Next: Key dates

11Key dates

What are the key dates for Vistra?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Vistra
EventDateSource
Last day of the lock-up on the 5,000,000 shares issued for CogentrixThe seller, Q-Generation Holdings, agreed not to transfer the shares through this date, subject to certain exceptions.Form 8-K filed Nov 5, 2026: completion of the Cogentrix Energy acquisition (Items 2.01, 2.03, 3.02; Exhibit 99.1)
Comanche Peak deliveries to Amazon Web Services beginVistra said deliveries start in Q4 2027 and reach the full 1,200 MW by 2032.Not yet statedForm 8-K filed Sep 29, 2025: 20-year Comanche Peak power purchase agreement (Item 8.01); Earnings release, Q4 and full year 2025 (Form 8-K, Exhibit 99.1)

Learn: IPO lock-up agreements: what they are and when they end

Sources (3)
Next: Key facts

12Key facts

Key facts about Vistra

What does Vistra do?
Vistra Corp. is a Texas-based company that generates electricity and sells it. It had 43,641 MW of power plants at Dec 31, 2025: 62% natural gas, 20% coal, 15% nuclear and 3% solar and batteries. Its retail business sells electricity and natural gas in 16 states and Washington, D.C., through brands such as TXU Energy, and Vistra serves about 5 million retail customers.
How does Vistra make money, and what is its business model?
Vistra's business model joins power plants with retail electricity brands. Its plants sell power into wholesale markets and to its own retail arm, and the retail arm bills homes and businesses. In FY2025, Vistra's revenue was $17,738 million: $13,025 million (73.4%) from retail energy charges and $4,561 million (25.7%) from wholesale power, capacity and contract sales.
Is Vistra profitable?
Yes, in FY2023 to FY2025. Vistra's FY2025 net income to common stock was $752 million, or $2.18 per diluted share, down from $2,467 million in FY2024; FY2025 included an $808 million unrealized pre-tax loss on hedges for future years. Vistra lost $1,295 million in FY2021 and $1,377 million in FY2022.
What is Vistra's revenue by segment?
In FY2025, Vistra's Retail segment had revenue of $14,340 million, Texas $5,353 million, East $6,174 million, West $325 million and Asset Closure $74 million. These include sales between segments, mostly power the plants sell to Retail; after Corporate and eliminations of minus $8,528 million, total revenue was $17,738 million.
Who are Vistra's customers?
Vistra's customers are about 5 million retail electricity and natural gas customers, about 2.6 million of them in Texas, plus wholesale power markets such as ERCOT and PJM. Vistra discloses no customer that pays 10% of revenue. It has signed 20-year power deals with Amazon Web Services for 1,200 MW from Comanche Peak and with Meta for 2,609 MW from its PJM nuclear plants.
Who owns Vistra?
Vistra's largest reported holders include Vanguard Capital Management with 7.25% and Vanguard Portfolio Management with 5.01% (Mar 31, 2026), BlackRock with 8.4% and Qatar Investment Authority with 5.5% (as listed in the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more), and State Street with 5.0% (Jun 30, 2026). Vistra's directors and executive officers as a group held about 0.92% on Mar 3, 2026 (Cityfort calculation from the 2026 proxy statement).
What is Vistra's retail electricity business?
Vistra's Retail segment sells electricity and natural gas to about 5 million customers under brands including TXU Energy, Ambit, Dynegy, Energy Harbor and U.S. Gas & Electric. Retail had FY2025 revenue of $14,340 million and segment net income of $1,290 million.
How big is Vistra's power plant fleet?
Vistra had 43,641 MW of generation capacity at Dec 31, 2025: 26,989 MW natural gas, 8,743 MW coal, 6,448 MW nuclear, 1,274 MW solar and batteries and 187 MW fuel oil. After buying Cogentrix (about 5,500 MW) on Oct 30, 2026, Vistra says its fleet is nearly 50,000 MW.
What nuclear plants does Vistra own?
Vistra owns Comanche Peak 1 and 2 in Texas (1,200 MW each) and Beaver Valley 1 and 2, Perry and Davis-Besse in the PJM region, for 6,448 MW of nuclear capacity at Dec 31, 2025. Their operating licenses run to between 2036 and 2053.
How much debt does Vistra have?
Vistra had total debt of $19,895 million and cash of $435 million on Jun 30, 2026, up from debt of $10,731 million at Dec 31, 2021 (Cityfort calculation from the Q2 FY2026 10-Q and the FY2022 10-K). Vistra later issued $1.5 billion of junior subordinated notes in September 2026. In October and November 2026 it fully drew its accounts receivable financing facilities and repaid about $1.7 billion of debt it assumed in the Cogentrix purchase, which closed on Oct 30, 2026.
Sources (14)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Vistra sell?

Vistra makes electricity in its own power plants and sells it two ways: to homes and businesses through retail brands such as TXU Energy, and to wholesale power markets that run the grid. It also gets paid by grid operators for keeping plants ready to run (capacity).

  • Retail electricity and natural gas

    Monthly power and gas plans sold in 16 states and Washington, D.C., to about 5 million customers, about 2.6 million of them in Texas. Retail energy charges were $13,025 million of FY2025 revenue.

  • Wholesale power

    Power sold into grid markets such as ERCOT (Texas) and PJM (the mid-Atlantic and Midwest): $3,188 million of FY2025 revenue, plus $1,146 million from other wholesale contracts.

  • Capacity

    Payments from grid operators for having plants available. In PJM's auction for 2026/27, Vistra cleared about 10,314 MW at $329.17 per MW-day. Net capacity revenue was $227 million in FY2025.

  • Long-term power deals with large buyers

    20-year agreements to sell nuclear power to Amazon Web Services (1,200 MW from Comanche Peak, deliveries from Q4 2027) and to Meta (2,609 MW from PJM nuclear plants, including 433 MW of planned uprates).

What it does

  • Does: Runs gas, coal, nuclear, solar and battery plants in Texas, the eastern US and California.
  • Does: Sells electricity and natural gas to homes and businesses under its own brands.
  • Does: Buys and sells hedges to lock in prices for future power sales and fuel.
  • Does: Sells nuclear and solar tax credits to other companies ($229 million of FY2025 revenue).

What it does not do

  • Does not: Own the poles and wires that deliver power to homes: Vistra pays delivery fees to the utilities that do.
  • Does not: Work as a regulated utility with set returns: it sells into competitive markets.
  • Does not: Include Cogentrix in its Q3 FY2026 numbers: the purchase closed on Oct 30, 2026, after the quarter ended.
Sources (5)
14How the money flows

14How the money flows · FY2025

How does money flow through Vistra?

Money in

  • Operating revenues$17.7B
  • Other income, net ($394M) and Tax Receivable Agreement effect ($2M)$396M

The company

Vistra

$18.1B came in

Money out

  • Fuel, purchased power and delivery fees$9.1B
  • Plant and mine operating costs$2.8B
  • Depreciation and amortization$2.0B
  • Selling, general and administrative expenses$1.7B
  • Impairments (mainly Moss Landing)$228M
  • Interest expense$1.2B
  • Income tax$179M
  • Dividends on preferred stock$192M
  • Net income to common stock$752M
  1. Customers and power markets paid Vistra $17.7 billion in FY2025, and other income added $0.4 billion.
  2. Fuel, bought-in power and delivery fees took $9.1 billion, and running plants and mines $2.8 billion.
  3. Wear-and-tear of plants took $2.0 billion, overheads $1.7 billion and impairments $0.2 billion, leaving operating income of $1,906 million.
  4. Interest took $1.2 billion and income tax $0.2 billion, leaving net income of $944 million.
  5. After $192 million of dividends on preferred stock, $752 million was left for common stockholders.
Sources (1)
15What it needs to run

15What it needs to run

What does Vistra need to run?

  • Power plants

    43,641 MW at Dec 31, 2025: 26,989 MW gas, 8,743 MW coal, 6,448 MW nuclear, 1,274 MW solar and batteries and 187 MW fuel oil. Texas held 19,858 MW, the East 22,254 MW and the West 1,529 MW.

  • Fuel

    Natural gas, coal and nuclear fuel. Fuel, purchased power and delivery fees were $9,101 million in FY2025, the largest cost.

  • Nuclear operating licenses

    Federal licenses for Vistra's six nuclear units run to between 2036 (Beaver Valley 1) and 2053 (Comanche Peak 2).

  • Cash for collateral

    Hedging requires posting cash as collateral (margin deposits). Changes in these deposits moved operating cash flow by minus $1,874 million in FY2022 and plus $1,899 million in FY2023.

  • People

    About 6,390 full-time employees at Dec 31, 2025, about 1,860 of them under collective bargaining agreements.

Sources (2)
16Where growth could come from

16Where growth could come from

Where could Vistra's growth come from?

Vistra said in its Q3 FY2026 earnings release (Nov 6, 2026) that it narrowed its 2026 Ongoing Operations Adjusted EBITDA guidance to $7.1 to $7.5 billion and set 2027 guidance of $7.7 to $8.5 billion, based on market prices as of Nov 2, 2026. Adjusted EBITDA is a company measure; FY2025 GAAP net income was $944 million.
Management statement, Nov 6, 2026. Reported as a statement, not our forecast.

  • Long-term power deals with large buyers

    Early

    3,809 MW under 20-year deals

    Amazon Web Services (1,200 MW from Comanche Peak, deliveries from Q4 2027, full by 2032) and Meta (2,609 MW from PJM nuclear plants). In Q3 FY2026 Vistra added a 20-year, 207 MW deal at Odessa, Texas.

    Status: Early, too early to judge.

  • Cogentrix plants

    New

    About 5,500 MW, closed Oct 30, 2026

    Ten gas plants: 3,163 MW in PJM, 1,750 MW in New England and 583 MW in ERCOT. Vistra paid about $2.2 billion in cash and 5,000,000 shares and took on about $1.7 billion of debt, which it repaid in October and November 2026.

    Status: New, recently announced.

  • Lotus gas plants

    New

    About 2,600 MW, closed Oct 22, 2025

    Seven gas plants bought for a base price of $1.9 billion, including about $800 million of debt assumed.

    Status: New, recently announced.

  • PJM capacity prices

    Working

    $329.17 per MW-day for 2026/27

    Vistra cleared about 10,314 MW for 2026/27, about 10,566 MW at $333.44 for 2027/28 and about 10,924 MW at $325.00 for 2028/29.

    Status: Working, on track against what the company said.

  • New solar and storage

    New

    505 MW began operating in Q3 FY2026

    Pulaski Solar (405 MW, with a power deal with Microsoft) and Deer Creek storage (100 MW) began operating in Q3 FY2026.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (10)
17The company's own measures (non-GAAP)

17The company's own measures · FY2025 and Q3 FY2026, as each row says

What do Vistra's own measures show?

Adjusted (non-GAAP) figures are the company's own measures, shown next to the official (GAAP) number. Vistra's guidance and its pay targets use them.

  • Official (GAAP): Net income, FY2025

    $944M

    Company's own measure: Adjusted EBITDA, FY2025

    $5.8B

    Vistra's measure starts from EBITDA and leaves out unrealized hedge gains and losses, transition and merger costs, non-cash pay, nuclear decommissioning trust income, asset retirement costs and other items. It was $4,101 million in FY2023 and $5,539 million in FY2024.

  • Official (GAAP): Net income, FY2025

    $944M

    Company's own measure: Ongoing Operations Adjusted EBITDA, FY2025

    $5.9B

    Same as Adjusted EBITDA but without the Asset Closure segment. This is the measure Vistra's guidance uses. It was $4,140 million in FY2023 and $5,643 million in FY2024 (recast).

  • Official (GAAP): Cash from operations, FY2025

    $4.1B

    Company's own measure: Ongoing Operations Adjusted free cash flow before growth, FY2025

    $3.6B

    Cash from operations without changes in collateral deposits and working capital, less maintenance capital spending and other items. It leaves out growth spending ($1,126 million in FY2025), so it is not the same as this page's free cash flow of $1,318 million.

  • Official (GAAP): Net income to common stock, Q3 FY2026

    $1.1B

    Company's own measure: Ongoing Operations Adjusted EBITDA, Q3 FY2026

    $2.4B

    Up from $1,581 million in Q3 FY2025; Vistra described the rise as more than 50%. GAAP net income for the quarter includes a $559 million unrealized hedge gain and a $269 million impairment of Moss Landing 350.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (6)
18Financial strength and debt

18Financial strength · Jun 30, 2026

How much debt does Vistra have?

On Jun 30, 2026, Vistra had $19,895 million of debt and $435 million of cash; net debt was about 4.8 times FY2025 operating cash flow of $4,070 million.
  • Total debt$19.9B
  • Cash and investments$435M
  • Net debt (debt minus cash)$19.5B
  • Net worth (shareholders' money)$5.5B
Debt to equity
3.63×
$ of debt for every $1 of shareholders' money
  • Net debt of $19,460 million = total debt of $19,895 million (accounts receivable financing $300 million, long-term debt due currently $1,876 million and long-term debt $17,719 million) minus cash of $435 million (Cityfort calculation from the Q2 FY2026 10-Q).
  • Total debt on the same basis was $10,731 million at Dec 31, 2021 and $20,068 million at Dec 31, 2025 (Cityfort calculation from the FY2022 and FY2025 10-Ks). It leaves out the forward repurchase obligation for the Vistra Vision buyout ($632 million at Dec 31, 2025), margin deposit financing with an affiliate ($444 million), leases and the Tax Receivable Agreement obligation.
  • Stockholders' equity of $5,482 million on Jun 30, 2026 includes $2,476 million of preferred stock and is reduced by $7,627 million of repurchased (treasury) shares. Debt to equity of 3.63 uses total stockholders' equity (Cityfort calculation from the Q2 FY2026 10-Q).
  • After Jun 30, 2026: Vistra issued $1.5 billion of junior subordinated notes in September 2026. In October and November 2026 it redeemed its $1,000 million Series A preferred stock, paid about $2.2 billion in cash for Cogentrix (closed Oct 30, 2026), fully drew its accounts receivable financing facilities and repaid about $1.7 billion of debt assumed in the Cogentrix purchase.
  • Cash was $2,743 million on Sep 30, 2026. Vistra stated liquidity of about $8,923 million then, and about $5.4 billion pro forma after the preferred redemption and Cogentrix. The Q3 FY2026 10-Q, with the full Sep 30 balance sheet, was not yet filed on Nov 7, 2026.
Sources (6)
19Who owns it

19Who owns it · ownership as of Mar 3, 2026

Who owns Vistra?

Vistra has one class of common stock, with one vote per share. Directors, nominees and executive officers as a group (15 people) held 3,103,579 shares on Mar 3, 2026, about 0.92% of 338,549,292 shares (Cityfort calculation from the 2026 proxy statement). FMR LLC, listed at 5.1% in the proxy, reported 3.6% at Sep 30, 2026. Vistra's insider trading policy bars directors and officers from hedging Vistra stock or using it as collateral for loans. Vistra also has cumulative preferred stock: Series B ($1,000 million) and Series C ($476 million) remain after Series A was redeemed.
Officers and directors (as a group), shares
0.9%
Share classes
Vistra share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (About 339 million shares as of Nov 2, 2026, as stated in the Q3 FY2026 earnings release, after 5,000,000 shares were issued for Cogentrix on Oct 30, 2026. The last exact count is 335,635,195 shares on Aug 3, 2026 (Q2 FY2026 10-Q cover).)3391Public and institutions––Yes
Holders of 5% or more
Vistra holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.8.4%–Mar 18, 2026S2028,343,531 shares, as the 2026 proxy lists them from BlackRock's Schedule 13G/A filed Nov 8, 2024.
Vanguard Capital Management7.3%–Apr 28, 2026S31, S33, S2024,565,610 shares at Mar 31, 2026, from its Schedule 13G. The proxy lists The Vanguard Group at 12.6%, but its 13G/A filed Mar 26, 2026 reports 0 shares because Vanguard units now report separately. The figures are never added.
Qatar Investment Authority (through Seismic Holding LLC)5.5%–Mar 18, 2026S2018,675,188 shares, as the 2026 proxy lists them from a Schedule 13G filed Aug 5, 2025.
Vanguard Portfolio Management5.0%–Apr 28, 2026S3216,991,032 shares at Mar 31, 2026, from its Schedule 13G.
State Street Corporation5.0%–Aug 7, 2026S3016,867,244 shares at Jun 30, 2026, from its Schedule 13G.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Vistra's insiders report trading?

Vistra's insiders made 44 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported 3 purchases (8,665 shares) and 20 sales (339,934 shares) in the open market or privately (codes P and S).

15 of the 20 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 52 other share transactions (A: 22, F: 21, M: 6, G: 3).

They also report 6 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 75 transactions
Vistra's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Moldovan Kristopher E.EVP and CFOOct 7, 2026S20,000 D$165.00179,044 (indirect: by Moldovan Family Living Trust UAD 10/08/2025)CheckedForm 4, filed Oct 8, 2026
HUDSON SCOTT AEVP & President Vistra RetailOct 6, 2026S22,222 D$160.14308,915CheckedForm 4, filed Oct 7, 2026
HUDSON SCOTT AEVP & President Vistra RetailSep 8, 2026S7,777 D$150.97367,804CheckedForm 4, filed Sep 10, 2026
HUDSON SCOTT AEVP & President Vistra RetailSep 8, 2026S28,826 D$151.85338,978CheckedForm 4, filed Sep 10, 2026
HUDSON SCOTT AEVP & President Vistra RetailSep 8, 2026S7,841 D$152.56331,137CheckedForm 4, filed Sep 10, 2026
Moldovan Kristopher E.EVP and CFOSep 8, 2026S20,000 D$151.03199,044 (indirect: by Moldovan Family Living Trust UAD 10/08/2025)CheckedForm 4, filed Sep 10, 2026
BURKE JAMES ADirector, President and CEOSep 1, 2026P4,465 A$135.251,146,352 (indirect: By JAMEB, LP, a limited partnership jointly owned by Reporting Person and his spouse)Not checkedForm 4, filed Sep 2, 2026
BURKE JAMES ADirector, President and CEOAug 31, 2026P2,200 A$135.991,141,887 (indirect: By JAMEB, LP, a limited partnership jointly owned by Reporting Person and his spouse)Not checkedForm 4, filed Sep 2, 2026
BURKE JAMES ADirector, President and CEOAug 24, 2026P2,000 A$135.001,139,687 (indirect: By JAMEB, LP, a limited partnership jointly owned by Reporting Person and his spouse)Not checkedForm 4, filed Aug 24, 2026
SULT JOHN RDirectorJun 18, 2026S6,500 D$170.0070,714CheckedForm 4, filed Jun 23, 2026
Acosta ArciliaDirectorJun 18, 2026S7,500 D$165.0440,107CheckedForm 4, filed Jun 23, 2026
Acosta ArciliaDirectorJun 18, 2026S7,500 D$170.0032,607CheckedForm 4, filed Jun 23, 2026
HELM SCOTT BDirectorJun 16, 2026S25,000 D$160.00232,200CheckedForm 4, filed Jun 18, 2026
BARBAS PAUL MDirectorJun 15, 2026S244 D$153.0053,006CheckedForm 4, filed Jun 16, 2026
BARBAS PAUL MDirectorJun 12, 2026S244 D$147.9353,250CheckedForm 4, filed Jun 16, 2026
Montemayor MargaretSVP, Chief Accounting OfficerJun 2, 2026S4,600 D$160.009,760Not checkedForm 4, filed Jun 4, 2026
Montemayor MargaretSVP, Chief Accounting OfficerMay 27, 2026S5,000 D$164.9614,360Not checkedForm 4, filed May 29, 2026
BARBAS PAUL MDirectorMay 15, 2026A1,268 A$0.0053,494Not checkedForm 4, filed May 19, 2026
SULT JOHN RDirectorMay 15, 2026A1,268 A$0.0077,214Not checkedForm 4, filed May 19, 2026
Ackermann Hilary E.DirectorMay 15, 2026A1,268 A$0.0068,852Not checkedForm 4, filed May 19, 2026
Crutchfield LisaDirectorMay 15, 2026A1,268 A$0.0034,618Not checkedForm 4, filed May 19, 2026
Baiera Gavin R.DirectorMay 15, 2026A1,268 A$0.0051,641Not checkedForm 4, filed May 19, 2026
Acosta ArciliaDirectorMay 15, 2026A1,268 A$0.0047,607Not checkedForm 4, filed May 19, 2026
HELM SCOTT BDirectorMay 15, 2026A2,008 A$0.00257,200Not checkedForm 4, filed May 19, 2026
Lagacy Julie A.DirectorMay 15, 2026A1,268 A$0.0021,321Not checkedForm 4, filed May 19, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Vistra's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (8)
20What it does with profit

20What it does with profit

What does Vistra do with its profit?

Dividends paid per common share rose every year from $0.60 in FY2021 (Cityfort calculation from the FY2023 10-K: 4 × $0.15) to $0.9015 in FY2025. Payout = dividends per share ÷ diluted EPS (Cityfort calculation from the FY2023 and FY2025 10-Ks); there is none for the loss years. Vistra said on Nov 6, 2026 that it added a $1.5 billion buyback authorization, leaving $2.5 billion, and that its share count is down 30% since Nov 2, 2021.

Dividend per share

$0.90FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$0.60–
FY2022$0.72–
FY2023$0.8222.9%
FY2024$0.8712.5%
FY2025$0.9041.4%

  • Buyback · Dec 31, 2021

    Shares repurchased in FY2021.

    $471M

  • Buyback · Dec 31, 2022

    Shares repurchased in FY2022.

    $1.9B

  • Buyback · Dec 31, 2023

    Shares repurchased in FY2023.

    $1.2B

  • Buyback · Dec 31, 2024

    Shares repurchased in FY2024.

    $1.3B

  • Buyback · Dec 31, 2025

    Shares repurchased in FY2025.

    $1.0B

  • Buyback · Sep 30, 2026

    Shares repurchased in the first nine months of FY2026.

    $917M

  • Money raised · Sep 24, 2026

    Junior subordinated notes due 2057 (7.000% Series A $850 million, 7.250% Series B $650 million).

    $1.5B

  • Money raised · Oct 30, 2026

    5,000,000 common shares issued to the seller as part of the Cogentrix purchase.

Sources (5)
21Governance signals

21Governance signals

What do Vistra's governance filings show?

Auditor
Deloitte & Touche LLP, since 2002
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The 2026 proxy statement says there have been no related person transactions since Jan 1, 2025.
Credit rating
S&P Global Ratings and Fitch Ratings, on the subsidiary Vistra Operations Company LLC (as stated in the Q2 FY2026 10-Q) BBB- (S&P, raised from BB+ on Dec 2, 2025) / BBB- (Fitch, raised from BB+ on Mar 16, 2026) (Stable at both), Mar 16, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • disclosure · Nov 6, 2026

    Hedges move reported results

    Unrealized gains and losses on hedges run through revenue. FY2025 results include an $808 million unrealized pre-tax loss on hedges for future years, and Q3 FY2026 net income includes a $559 million unrealized hedge gain.

  • regulatory · Jan 16, 2025

    Moss Landing battery fire

    A fire hit the 300 MW Moss Landing battery facility in California on Jan 16, 2025. In July 2025, Vistra entered into an Administrative Settlement Agreement and Order on Consent with the EPA for the Moss Landing 300 site, and it estimates the required battery removal and remediation work at about $110 million. Lawsuits have been filed in California courts against Vistra, LG Energy Solution and others.

  • other · Oct 30, 2026

    Shares issued for Cogentrix

    Vistra issued 5,000,000 shares to the Cogentrix seller, Q-Generation Holdings, which agreed not to transfer them through Jan 30, 2027, subject to certain exceptions.

  • disclosure

    What this page does not cover

    No earnings call transcripts or investor slides were used. Q3 FY2026 figures come from the earnings release, because the Q3 FY2026 10-Q was not yet filed; Q3 EPS and the Sep 30, 2026 balance sheet are not shown.

Sources (6)
22What the market paid

22What the market paid · price as of Nov 5, 2026

What did the market pay for Vistra on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: a $112.89 close, from Nasdaq's historical price table for VST; Vistra's shares are listed on the NYSE. The same table shows a $139.59 close on Nov 3, 2026. Market value = $112.89 × about 339 million shares (as of Nov 2, 2026) = about $38,270 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 earnings release). P/E is price ÷ earnings per share: 51.8 on FY2025 diluted EPS of $2.18, which includes an $808 million unrealized pre-tax hedge loss (Cityfort calculation from the FY2025 10-K). A four-quarter P/E is not shown: Vistra reports no Q4 EPS, and Q3 FY2026 EPS awaits the 10-Q.

Share price
$112.89
Market value (market cap)
$38.3B
P/E
51.8×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 339 million ($112.89 × 339 million shares ≈ $38.3B). Source: Earnings release, Q3 2026 (Form 8-K, Exhibit 99.1); Form 8-K filed Nov 5, 2026: completion of the Cogentrix Energy acquisition (Items 2.01, 2.03, 3.02; Exhibit 99.1); Form 10-Q, Q2 2026 (quarter ended Jun 30, 2026)

Source: VST historical prices, Oct 20 to Nov 5, 2026; Earnings release, Q3 2026 (Form 8-K, Exhibit 99.1); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 1 more

Sources (9)
23How it got here

23How it got here

How did Vistra get here?

  1. 2021

    Crisis

    Winter Storm Uri

    The February 2021 storm hit Vistra's Texas business; Vistra lost $1,295 million for common stockholders in FY2021.

  2. 2022

    Crisis

    Hedge losses

    Unrealized commodity losses of $2,510 million left a $1,377 million loss to common stockholders in FY2022.

  3. 2024

    Business-model change

    Energy Harbor nuclear plants

    Vistra completed the Energy Harbor purchase in March 2024, adding about 4,000 MW of nuclear, and bought out the Vistra Vision minority owners at Dec 31, 2024.

  4. 2024

    Crisis

    Martin Lake fire

    A fire on Nov 27, 2024 took the 815 MW Martin Lake Unit 1 offline until February 2026.

  5. 2025

    Crisis

    Moss Landing battery fire

    A fire on Jan 16, 2025 hit the 300 MW battery facility in California; an EPA consent order and lawsuits followed.

  6. 2025

    Milestone

    Comanche Peak 20-year deal

    On Sep 29, 2025, Vistra announced a 20-year deal to sell 1,200 MW from Comanche Peak, later named as Amazon Web Services.

  7. 2025

    Milestone

    Lotus plants and investment-grade rating

    Vistra closed the purchase of seven gas plants (about 2,600 MW) on Oct 22, 2025, and S&P raised its rating to BBB- on Dec 2, 2025.

  8. 2026

    Milestone

    Meta nuclear deals

    In January 2026, Vistra announced 20-year deals with Meta for 2,609 MW from its PJM nuclear plants.

  9. 2026

    Business-model change

    Cogentrix purchase closes

    On Oct 30, 2026, Vistra added about 5,500 MW of gas plants, taking its fleet to nearly 50,000 MW by its count.

Sources (10)

24Sources and changes

Where every number on this page comes from

Sources (35 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2026
  2. S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2025
  3. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 29, 2024
  4. S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 1, 2023
  5. S5Form 10-Q, Q2 2026 (quarter ended Jun 30, 2026) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
  6. S6Form 10-Q, Q1 2026 (quarter ended Mar 31, 2026) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
  7. S7Form 10-Q, Q3 2025 (quarter ended Sep 30, 2025) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2025
  8. S8Form 10-Q, Q2 2025 (quarter ended Jun 30, 2025) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 8, 2025
  9. S9Form 10-Q, Q1 2025 (quarter ended Mar 31, 2025) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  10. S10Form 10-Q, Q3 2024 (quarter ended Sep 30, 2024) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 8, 2024
  11. S11Earnings release, Q3 2026 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2026
  12. S12Earnings release, Q2 2026 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  13. S13Earnings release, Q1 2026 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  14. S14Earnings release, Q4 and full year 2025 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
  15. S15Earnings release, Q3 2025 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  16. S16Earnings release, Q2 2025 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
  17. S17Earnings release, Q1 2025 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  18. S18Earnings release, Q4 and full year 2024 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
  19. S19Earnings release, Q3 2024 (Form 8-K, Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
  20. S202026 proxy statement (DEF 14A) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2026
  21. S21Form 8-K filed Nov 5, 2026: completion of the Cogentrix Energy acquisition (Items 2.01, 2.03, 3.02; Exhibit 99.1) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  22. S22Form 8-K filed Jan 5, 2026: agreements to acquire Cogentrix Energy (Exhibit 99.1 press release) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 5, 2026
  23. S23Form 8-K filed Oct 28, 2025: completion of the Lotus natural gas plants acquisition (Item 2.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2025
  24. S24Form 8-K filed Jan 9, 2026: 20-year power purchase agreements with Meta (Item 7.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 9, 2026
  25. S25Form 8-K filed Sep 29, 2025: 20-year Comanche Peak power purchase agreement (Item 8.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 29, 2025
  26. S26Form 8-K filed Jul 14, 2026: PJM capacity auction results, planning year 2028/2029 (Item 8.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 14, 2026
  27. S27Form 8-K filed Dec 17, 2025: PJM capacity auction results, planning year 2027/2028 (Item 8.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 17, 2025
  28. S28Form 8-K filed Sep 24, 2026: $1.5 billion junior subordinated notes due 2057 (Items 1.01, 8.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 24, 2026
  29. S29Schedule 13G/A by FMR LLC, filed Nov 5, 2026 · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  30. S30Schedule 13G by State Street Corporation, filed Aug 7, 2026 · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  31. S31Schedule 13G by Vanguard Capital Management, filed Apr 28, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
  32. S32Schedule 13G by Vanguard Portfolio Management, filed Apr 28, 2026 · Vanguard Portfolio Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
  33. S33Schedule 13G/A by The Vanguard Group, filed Mar 26, 2026 · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  34. S34VST historical prices, Oct 20 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  35. S35Form 8-K filed Jul 23, 2025: PJM capacity auction results, planning year 2026/2027 (Item 8.01) · Vistra Corp. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2025
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026), with Q3 figures from the earnings release. (first version)

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