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VST

Vistra Corp.

VST

Vistra Corp. • NYSE
$179.05 ▲ 1.27% (+2.25)
Market Cap $60.67 B
52w High $219.82
52w Low $90.51
Dividend Yield 0.90%
P/E 62.17
Volume 1.91M
Outstanding Shares 338.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.971B ▲ $444M ▲ $652M ▲ 13.116% ▲ $0.11 ▼ $1.867B ▲
Q2-2025 $4.25B ▼ $419M ▲ $327M ▲ 7.694% ▲ $0.83 ▲ $1.118B ▲
Q1-2025 $5.171B ▼ $373M ▼ $-268M ▼ -5.183% ▼ $-0.93 ▼ $599M ▼
Q4-2024 $7.362B ▲ $411M ▲ $441M ▼ 5.99% ▼ $1.16 ▼ $1.562B ▼
Q3-2024 $5.534B $386M $1.888B 34.116% $5.36 $3.354B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $602M ▲ $38.02B ▼ $32.797B ▼ $5.21B ▲
Q2-2025 $458M ▼ $38.146B ▼ $33.31B ▼ $4.823B ▼
Q1-2025 $561M ▼ $38.228B ▲ $33.39B ▲ $4.825B ▼
Q4-2024 $1.188B ▲ $37.77B ▼ $32.187B ▲ $5.57B ▲
Q3-2024 $905M $37.878B $29.225B $5.441B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $652M ▲ $1.467B ▲ $-491M ▲ $-833M ▼ $113M ▲ $890M ▼
Q2-2025 $327M ▲ $572M ▼ $-610M ▲ $-63M ▲ $-101M ▲ $1.34B ▲
Q1-2025 $-268M ▼ $599M ▼ $-1.061B ▼ $-164M ▲ $-626M ▼ $-169M ▼
Q4-2024 $490M ▼ $1.353B ▼ $-317M ▲ $-754M ▲ $282M ▲ $923M ▼
Q3-2024 $1.837B $1.702B $-762M $-1.661B $-721M $1.017B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Capacity Revenue
Capacity Revenue
 $20.00M ▲$40.00M ▲$20.00M ▼$30.00M ▲
Hedging And Other Revenues
Hedging And Other Revenues
 $1.94Bn ▲$0 ▼$-510.00M ▼$50.00M ▲
Intersegment Sales
Intersegment Sales
 $0 ▲$0 ▲$0 ▲$-2600.00M ▼
Retail Energy Charge In ERCOT
Retail Energy Charge In ERCOT
 $2.50Bn ▲$3.86Bn ▲$1.99Bn ▼$2.21Bn ▲
Retail Energy Charge In NortheastMidwest
Retail Energy Charge In NortheastMidwest
 $1.05Bn ▲$1.88Bn ▲$1.04Bn ▼$790.00M ▼
Revenue From Other Wholesale Contracts
Revenue From Other Wholesale Contracts
 $250.00M ▲$510.00M ▲$330.00M ▼$250.00M ▼
Total Other Revenues
Total Other Revenues
 $1.95Bn ▲$620.00M ▼$-320.00M ▼$500.00M ▲
Wholesale Generation Revenue From ERCOT
Wholesale Generation Revenue From ERCOT
 $520.00M ▲$970.00M ▲$870.00M ▼$470.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Vistra’s income statement has moved from choppy and occasionally loss-making results to much stronger and more consistent profitability in the last two years. Revenue has generally trended higher over the five-year period, with only one down year, and profits have expanded even faster than sales. Margins have improved meaningfully, reflecting better pricing, more efficient operations, and the benefits of its more balanced generation mix. The company did experience loss-making years earlier in the period, which shows how exposed it can be to power market volatility, weather events, and one-off charges. But the recent pattern points to a business that has become more resilient and better managed. Overall, the trend is toward higher scale, stronger earnings, and healthier margins, with the caveat that this remains a cyclical and event-sensitive business.

Balance Sheet

Balance Sheet Vistra’s balance sheet shows a company that has grown significantly in size but has also taken on more debt to do so. Total assets have expanded steadily, helped by acquisitions and investments in generation and storage, which should support future earnings. At the same time, debt levels have climbed, leaving the company clearly leveraged and dependent on continued strong cash generation and stable credit markets. Equity has dipped and then recovered, which reflects earlier losses, share repurchases, and more recent profitability. Cash balances have moved up and down rather than steadily rising, suggesting active capital deployment rather than hoarding liquidity. Overall, the balance sheet is sizeable and asset-rich but also debt-heavy, so the company’s ongoing efforts to improve its credit profile and manage leverage will remain important watch points.

Cash Flow

Cash Flow Vistra’s cash flows have been volatile but show a clear improvement in recent years. Operating cash flow swung from strong to weak and back again earlier in the period, highlighting how power prices, fuel costs, and hedging results can affect near-term cash generation. More recently, operating cash flow has been robust, comfortably covering spending needs and supporting both investment and capital returns. Free cash flow, after capital spending, has turned solidly positive in the last two years, even as the company continues to spend meaningfully on plants, batteries, and clean energy projects. This indicates that the business, in its current configuration, can largely fund growth and shareholder returns from internal cash. The main risks are the inherent swings in commodity markets, regulatory changes, and potential spikes in capital needs for large projects or acquisitions.

Competitive Edge

Competitive Edge Vistra holds a strong competitive position as a large, diversified power producer with both generation and retail operations. Its fleet spans natural gas, nuclear, solar, and large-scale battery storage, giving it the ability to provide round-the-clock power as well as flexibility during periods of peak demand. This is especially valuable as data centers and AI workloads require stable, continuous electricity rather than just intermittent renewable output. Its nuclear assets, particularly Comanche Peak and the acquired Energy Harbor units, provide reliable, carbon-free baseload power that many competitors cannot easily replicate. Long-term power purchase agreements with major technology companies reinforce its importance in the grid and help lock in predictable revenue streams. On the retail side, well-known brands like TXU Energy and Dynegy give Vistra a direct relationship with customers, adding stability and cross-selling opportunities. Risks to its position include regulatory shifts, competition from other independent power producers and vertically integrated utilities, and the technical and financial challenges of managing a complex generation portfolio. Nonetheless, its combination of scale, asset diversity, and retail presence creates a meaningful moat relative to smaller or less integrated rivals.

Innovation and R&D

Innovation and R&D Vistra is leaning heavily into technology and innovation, even though it operates in a traditionally slow-changing sector. It uses artificial intelligence across its fleet for predictive maintenance, grid optimization, cybersecurity, and price forecasting, which can reduce downtime, improve fuel efficiency, and enhance trading decisions. These tools turn operational data into a competitive asset, helping it run plants and batteries more profitably. The company is also innovating on the product side, especially through its retail brands. Offerings like EV-focused electricity plans and smart-meter–based efficiency tools show a willingness to tailor products to changing customer behavior. On the infrastructure side, Vistra is repurposing legacy coal sites into solar and storage projects and building some of the largest battery facilities in the world, positioning itself at the intersection of reliability and decarbonization. While Vistra does not emphasize R&D in the same way a technology company might, its partnerships with academic institutions, use of advanced analytics, and ongoing clean energy conversions function as practical, applied research. The key uncertainty is execution: integrating new assets, scaling AI systems, and delivering large clean-energy projects on time and on budget are all complex undertakings.

Summary

Vistra has evolved into a larger, more profitable power company with a clear strategic focus on dependable, low- and zero-carbon electricity. The income statement now reflects strong earnings and expanding margins, following a period of volatility and losses. The balance sheet is substantial but leveraged, underscoring the importance of disciplined debt management as the company grows. Improved cash generation in recent years has given Vistra room to invest in its fleet, build out storage and renewables, and return capital, while still keeping an eye on credit quality. Competitively, it benefits from a diversified generation mix, nuclear baseload strength, large-scale batteries, and a sizable retail footprint, all of which position it well for rising demand from AI, data centers, and electrification. Its innovation efforts—particularly the use of AI for optimization, the redevelopment of coal sites into clean energy hubs, and the development of customer-centric retail offerings—suggest a company actively adapting to the energy transition rather than resisting it. The main factors to monitor are commodity and regulatory risk, the execution of large projects and acquisitions, and its ability to steadily reduce leverage over time while maintaining growth and reliability.

NEWS

November 6, 2025 · 7:00 AM UTC

Vistra Reports Third Quarter 2025 Results, Narrows 2025 Guidance, and Initiates 2026 Guidance

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October 30, 2025 · 4:15 PM UTC

Vistra Declares Dividend on Common Stock, Series B Preferred Stock, and Series C Preferred Stock

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October 22, 2025 · 5:05 PM UTC

Lotus Infrastructure Partners Announces Closing of Natural Gas Portfolio to Vistra Corp.

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October 22, 2025 · 9:56 AM UTC

Vistra Completes Acquisition of Seven Natural Gas Plants, Expanding Diverse Generation Fleet

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October 2, 2025 · 7:24 PM UTC

Vistra Marks Next Step in Acquisition of Gas Generation Fleet with Approval from the Federal Energy Regulatory Commission

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