Vistra (VST)
Pairs retail energy sales with gas, nuclear, coal, solar, and battery generation.
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Vistra sells power to millions of homes and businesses, then makes much of that power in its own gas, nuclear and coal plants. Retail brings in most of the sales, but generation produces most of the profit. The company is becoming more heavily tied to long nuclear supply deals, added gas plants and an early push into data-center sites, while coal gradually recedes.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
10 in detail · 14 more below
Retail Operations
The sales giant: electricity and gas plans bring in 73.4% of company revenue. This customer base helps soften power-price swings; watch customers leaving, weather and the cost of replacement electricity.
Competes with Reliant electricity (NRG Energy) · Constellation retail supply (Constellation Energy)
In plain English
Flip a switch at home and Vistra may be the company selling you the electricity, even though a local utility owns the wires. About five million homes and business locations choose among plans with fixed or changing prices; some also buy gas and related services.
Vistra either makes the power in its own plants or buys it elsewhere, then pays the local utility to deliver it. Customers keep paying because electricity is essential, but they can change suppliers. Retail brings the most sales, while its bigger job is to provide steady demand for the generating fleet.
Natural Gas Generation
The fleet's largest source of electricity and a major profit engine, because gas units can start when demand and prices rise. Watch fuel costs, plant outages and regional power prices.
Competes with Calpine gas fleet (Constellation Energy) · NRG gas generation (NRG Energy)
In plain English
Gas plants are the adjustable burners in Vistra's power kitchen. They turn natural gas into electricity and can respond when homes, businesses or large computer centers suddenly need more power. That flexibility makes them useful beside slower-running plants and weather-dependent solar.
Regional electricity markets pay for the power produced, for keeping units ready and for small jobs that keep the grid balanced. Vistra earns the difference after fuel and operating costs, while advance price agreements soften some swings. Hot weather, cheap gas and reliable machinery help; broken equipment or expensive fuel hurt.
Cogentrix Energy Acquisition
A pending purchase of ten existing gas plants would make Vistra's flexible-power fleet much larger. It contributes nothing until the deal closes; then integration, plant reliability and regional power prices decide the payoff.
Competes with Calpine portfolio (Constellation Energy) · NRG Texas generation (NRG Energy)
In plain English
Think of Cogentrix as buying a ready-made chain of power workshops rather than constructing new ones. Its ten gas plants already sit in three regional electricity markets, where they can sell power and be paid to wait on standby.
Vistra plans to pay cash, take on debt and issue shares to bring those plants into its fleet. Once the purchase closes, money would come from the same sources as Vistra's existing gas stations: electricity sold, readiness payments and grid-balancing work. Until then, it is a signed expansion plan, not part of today's business.
Wholesale Power & Capacity
Plants earn when they produce electricity and when grid operators pay them to stand ready or keep supply balanced. Signed payments stretch years ahead; watch whether delivery schedules and plant reliability turn those promises into cash.
Competes with Constellation nuclear fleet (Constellation Energy) · Colstrip plant (Talen Energy and co-owners) · NRG coal generation (NRG Energy)
In plain English
Some electricity payments work like reserving a fire engine: the customer pays partly so capacity is ready before an emergency, not only after it runs. Regional grid operators—the traffic controllers for local power networks—also buy electricity and quick adjustments that hold supply and demand together.
Vistra collects money when its plants produce, when they remain available and under longer contracts with minimum commitments. Missing a promised level can bring penalties. The arrangement gives some future visibility, but it is not a complete list of everything Vistra will sell, and dependable plants are what make the promises valuable.
Nuclear Generation
Small by sales but powerful in the fleet: nuclear plants run for long stretches and supplied roughly a quarter of Vistra's electricity. Watch refueling outages, operating licenses and the rules behind federal support payments.
Competes with Constellation nuclear fleet (Constellation Energy) · Susquehanna station (Talen Energy)
In plain English
Nuclear plants are Vistra's marathon runners. Once operating, they make a large, steady stream of electricity for months before stopping to replace fuel and perform maintenance. That is how a modest slice of generating capacity can produce a much larger slice of the fleet's power.
The electricity is sold into regional markets or covered by long customer agreements. Vistra also receives federal payments tied to nuclear production. Keeping each station safe, licensed and available is crucial: a long shutdown removes a lot of output at once, while reliable years can support both market sales and dependable contracted income.
Meta Nuclear Power Agreements
Meta will support three existing eastern nuclear stations and planned upgrades while their electricity stays on the regional grid. Delivery starts late in fiscal twenty twenty-six; watch license extensions, construction and the staged increase through later years.
Competes with Meta-Clinton power agreement (Constellation Energy) · AWS-Susquehanna agreement (Talen Energy)
In plain English
Meta, the technology company behind large computer centers, is promising to buy the financial value of steady nuclear power for a long time. Three Vistra stations will continue feeding the shared regional grid rather than running a private wire to Meta. Planned equipment upgrades would add more output later.
Meta pays under the agreements as delivery begins and expands, giving Vistra a steadier customer than the daily power market. In return, Vistra must keep the plants licensed, complete the upgrades and have them available. The first money is expected late in fiscal twenty twenty-six, with the full amount taking years to arrive.
AWS Comanche Peak Power Agreement
Amazon's rented-computing arm has agreed to support power from Comanche Peak, still delivered through the Texas grid. Payments begin in late fiscal twenty twenty-seven and build gradually; watch plant reliability and the long delivery schedule.
Competes with AWS-Susquehanna agreement (Talen Energy) · Microsoft-Crane power agreement (Constellation Energy)
In plain English
Amazon Web Services rents computing power to other organizations, and those computer buildings need electricity around the clock. Its agreement with Vistra puts a long-term buyer behind part of Comanche Peak's nuclear output. The electricity still mixes with everyone else's on the Texas grid; the contract settles the commercial promise.
Revenue starts in stages rather than all at once, much like opening lanes on a road one by one. Vistra gets a durable customer for existing output, while Amazon gets predictable support from a plant already connected to the grid. Operating performance and continued licenses determine whether delivery stays on track.
Coal Generation
Still material but shrinking, coal plants sell power and readiness when market prices cover fuel, pollution controls and maintenance. Their job is increasingly reliability rather than growth; watch retirement decisions, rail deliveries and costly outages.
Competes with NRG coal generation (NRG Energy) · Colstrip plant (Talen Energy and co-owners)
In plain English
The aging workhorses still show up when the grid needs them. Coal arrives by rail, is burned to boil water, and the steam turns a machine that makes electricity. These plants can also be paid simply for being ready when demand is tight.
Money comes from power sales and readiness payments, but coal carries more baggage than Vistra's other fuels: transport, pollution controls, maintenance and retirement costs. The national market is contracting, so this fleet's role is to cover difficult hours and throw off what cash it can while Vistra decides how long each plant remains worth operating.
Solar and Battery Energy Storage
A tiny starting point: solar sells daytime electricity, while batteries store it and release it when power is worth more. Named projects offer growth, but permits, grid connections, equipment costs and completion dates decide whether that promise becomes output.
Competes with Energy Resources solar and storage (NextEra Energy) · AES Clean Energy (AES)
In plain English
Sunlight makes electricity only when the sun is up; batteries let Vistra put electric power aside for later. Picture filling a thermos at lunchtime and pouring from it at dinner, except the stored thing is electricity. Solar projects can also sell the environmental value attached to cleaner generation.
Utilities and large technology customers agree to buy project output, which helps justify construction. Batteries earn by charging when power is cheaper, selling when it is dearer and helping the grid react to sudden changes. This remains a very small operation today, so each project reaching service matters more than a grand growth claim.
Helix Digital Infrastructure
An early partnership meant to finance and build computer centers beside power and network connections. Vistra could supply electricity and invest, but no customer, site, generating capacity or sales timetable had been announced.
Competes with Crusoe AI campuses (Crusoe) · Cumulus Data Campus (Talen Energy)
In plain English
Helix starts with the pieces needed for a computer campus, not with a finished building or paying tenant. Investment firms bring money, NVIDIA supplies computing know-how, and Vistra can provide power and project capital. Together they aim to coordinate land, electricity, network links and construction.
If a customer signs and a site is built, Vistra could earn by selling electricity and sharing in the project. For now, that chain has not begun: there is no disclosed customer, site or amount of power. The capital commitment shows intent, while permits, grid access, equipment and signed tenants determine whether it becomes a business.
Retail OperationsThe sales giant: electricity and gas plans bring in 73.4% of company revenue. This customer base helps soften power-price swings; watch customers leaving, weather and the cost of replacement electricity.The sales giant: electricity and gas plans bring in 73.4% of company revenue. This customer base helps soften power-price swings; watch customers leaving, weather and the cost of replacement electricity.
In plain English
Flip a switch at home and Vistra may be the company selling you the electricity, even though a local utility owns the wires. About five million homes and business locations choose among plans with fixed or changing prices; some also buy gas and related services.
Vistra either makes the power in its own plants or buys it elsewhere, then pays the local utility to deliver it. Customers keep paying because electricity is essential, but they can change suppliers. Retail brings the most sales, while its bigger job is to provide steady demand for the generating fleet.
Competes with Reliant electricity (NRG Energy) · Constellation retail supply (Constellation Energy)
Natural Gas GenerationThe fleet's largest source of electricity and a major profit engine, because gas units can start when demand and prices rise. Watch fuel costs, plant outages and regional power prices.The fleet's largest source of electricity and a major profit engine, because gas units can start when demand and prices rise. Watch fuel costs, plant outages and regional power prices.
In plain English
Gas plants are the adjustable burners in Vistra's power kitchen. They turn natural gas into electricity and can respond when homes, businesses or large computer centers suddenly need more power. That flexibility makes them useful beside slower-running plants and weather-dependent solar.
Regional electricity markets pay for the power produced, for keeping units ready and for small jobs that keep the grid balanced. Vistra earns the difference after fuel and operating costs, while advance price agreements soften some swings. Hot weather, cheap gas and reliable machinery help; broken equipment or expensive fuel hurt.
Competes with Calpine gas fleet (Constellation Energy) · NRG gas generation (NRG Energy)
Cogentrix Energy AcquisitionA pending purchase of ten existing gas plants would make Vistra's flexible-power fleet much larger. It contributes nothing until the deal closes; then integration, plant reliability and regional power prices decide the payoff.A pending purchase of ten existing gas plants would make Vistra's flexible-power fleet much larger. It contributes nothing until the deal closes; then integration, plant reliability and regional power prices decide the payoff.
In plain English
Think of Cogentrix as buying a ready-made chain of power workshops rather than constructing new ones. Its ten gas plants already sit in three regional electricity markets, where they can sell power and be paid to wait on standby.
Vistra plans to pay cash, take on debt and issue shares to bring those plants into its fleet. Once the purchase closes, money would come from the same sources as Vistra's existing gas stations: electricity sold, readiness payments and grid-balancing work. Until then, it is a signed expansion plan, not part of today's business.
Competes with Calpine portfolio (Constellation Energy) · NRG Texas generation (NRG Energy)
Wholesale Power & CapacityPlants earn when they produce electricity and when grid operators pay them to stand ready or keep supply balanced. Signed payments stretch years ahead; watch whether delivery schedules and plant reliability turn those promises into cash.Plants earn when they produce electricity and when grid operators pay them to stand ready or keep supply balanced. Signed payments stretch years ahead; watch whether delivery schedules and plant reliability turn those promises into cash.
In plain English
Some electricity payments work like reserving a fire engine: the customer pays partly so capacity is ready before an emergency, not only after it runs. Regional grid operators—the traffic controllers for local power networks—also buy electricity and quick adjustments that hold supply and demand together.
Vistra collects money when its plants produce, when they remain available and under longer contracts with minimum commitments. Missing a promised level can bring penalties. The arrangement gives some future visibility, but it is not a complete list of everything Vistra will sell, and dependable plants are what make the promises valuable.
Competes with Constellation nuclear fleet (Constellation Energy) · Colstrip plant (Talen Energy and co-owners) · NRG coal generation (NRG Energy)
Nuclear GenerationSmall by sales but powerful in the fleet: nuclear plants run for long stretches and supplied roughly a quarter of Vistra's electricity. Watch refueling outages, operating licenses and the rules behind federal support payments.Small by sales but powerful in the fleet: nuclear plants run for long stretches and supplied roughly a quarter of Vistra's electricity. Watch refueling outages, operating licenses and the rules behind federal support payments.
In plain English
Nuclear plants are Vistra's marathon runners. Once operating, they make a large, steady stream of electricity for months before stopping to replace fuel and perform maintenance. That is how a modest slice of generating capacity can produce a much larger slice of the fleet's power.
The electricity is sold into regional markets or covered by long customer agreements. Vistra also receives federal payments tied to nuclear production. Keeping each station safe, licensed and available is crucial: a long shutdown removes a lot of output at once, while reliable years can support both market sales and dependable contracted income.
Competes with Constellation nuclear fleet (Constellation Energy) · Susquehanna station (Talen Energy)
Meta Nuclear Power AgreementsMeta will support three existing eastern nuclear stations and planned upgrades while their electricity stays on the regional grid. Delivery starts late in fiscal twenty twenty-six; watch license extensions, construction and the staged increase through later years.Meta will support three existing eastern nuclear stations and planned upgrades while their electricity stays on the regional grid. Delivery starts late in fiscal twenty twenty-six; watch license extensions, construction and the staged increase through later years.
In plain English
Meta, the technology company behind large computer centers, is promising to buy the financial value of steady nuclear power for a long time. Three Vistra stations will continue feeding the shared regional grid rather than running a private wire to Meta. Planned equipment upgrades would add more output later.
Meta pays under the agreements as delivery begins and expands, giving Vistra a steadier customer than the daily power market. In return, Vistra must keep the plants licensed, complete the upgrades and have them available. The first money is expected late in fiscal twenty twenty-six, with the full amount taking years to arrive.
Competes with Meta-Clinton power agreement (Constellation Energy) · AWS-Susquehanna agreement (Talen Energy)
AWS Comanche Peak Power AgreementAmazon's rented-computing arm has agreed to support power from Comanche Peak, still delivered through the Texas grid. Payments begin in late fiscal twenty twenty-seven and build gradually; watch plant reliability and the long delivery schedule.Amazon's rented-computing arm has agreed to support power from Comanche Peak, still delivered through the Texas grid. Payments begin in late fiscal twenty twenty-seven and build gradually; watch plant reliability and the long delivery schedule.
In plain English
Amazon Web Services rents computing power to other organizations, and those computer buildings need electricity around the clock. Its agreement with Vistra puts a long-term buyer behind part of Comanche Peak's nuclear output. The electricity still mixes with everyone else's on the Texas grid; the contract settles the commercial promise.
Revenue starts in stages rather than all at once, much like opening lanes on a road one by one. Vistra gets a durable customer for existing output, while Amazon gets predictable support from a plant already connected to the grid. Operating performance and continued licenses determine whether delivery stays on track.
Competes with AWS-Susquehanna agreement (Talen Energy) · Microsoft-Crane power agreement (Constellation Energy)
Coal GenerationStill material but shrinking, coal plants sell power and readiness when market prices cover fuel, pollution controls and maintenance. Their job is increasingly reliability rather than growth; watch retirement decisions, rail deliveries and costly outages.Still material but shrinking, coal plants sell power and readiness when market prices cover fuel, pollution controls and maintenance. Their job is increasingly reliability rather than growth; watch retirement decisions, rail deliveries and costly outages.
In plain English
The aging workhorses still show up when the grid needs them. Coal arrives by rail, is burned to boil water, and the steam turns a machine that makes electricity. These plants can also be paid simply for being ready when demand is tight.
Money comes from power sales and readiness payments, but coal carries more baggage than Vistra's other fuels: transport, pollution controls, maintenance and retirement costs. The national market is contracting, so this fleet's role is to cover difficult hours and throw off what cash it can while Vistra decides how long each plant remains worth operating.
Competes with NRG coal generation (NRG Energy) · Colstrip plant (Talen Energy and co-owners)
Solar and Battery Energy StorageA tiny starting point: solar sells daytime electricity, while batteries store it and release it when power is worth more. Named projects offer growth, but permits, grid connections, equipment costs and completion dates decide whether that promise becomes output.A tiny starting point: solar sells daytime electricity, while batteries store it and release it when power is worth more. Named projects offer growth, but permits, grid connections, equipment costs and completion dates decide whether that promise becomes output.
In plain English
Sunlight makes electricity only when the sun is up; batteries let Vistra put electric power aside for later. Picture filling a thermos at lunchtime and pouring from it at dinner, except the stored thing is electricity. Solar projects can also sell the environmental value attached to cleaner generation.
Utilities and large technology customers agree to buy project output, which helps justify construction. Batteries earn by charging when power is cheaper, selling when it is dearer and helping the grid react to sudden changes. This remains a very small operation today, so each project reaching service matters more than a grand growth claim.
Competes with Energy Resources solar and storage (NextEra Energy) · AES Clean Energy (AES)
Helix Digital InfrastructureAn early partnership meant to finance and build computer centers beside power and network connections. Vistra could supply electricity and invest, but no customer, site, generating capacity or sales timetable had been announced.An early partnership meant to finance and build computer centers beside power and network connections. Vistra could supply electricity and invest, but no customer, site, generating capacity or sales timetable had been announced.
In plain English
Helix starts with the pieces needed for a computer campus, not with a finished building or paying tenant. Investment firms bring money, NVIDIA supplies computing know-how, and Vistra can provide power and project capital. Together they aim to coordinate land, electricity, network links and construction.
If a customer signs and a site is built, Vistra could earn by selling electricity and sharing in the project. For now, that chain has not begun: there is no disclosed customer, site or amount of power. The capital commitment shows intent, while permits, grid access, equipment and signed tenants determine whether it becomes a business.
Competes with Crusoe AI campuses (Crusoe) · Cumulus Data Campus (Talen Energy)
Named in filings, launches and programs
- TXU EnergyBrandTexas-facing brand for household and business electricity plans.
- Ambit EnergyBrandCompetitive electricity and gas brand built around direct selling.
- Dynegy Energy ServicesBrandRetail power supplier used in competitive eastern and Midwestern markets.
- Homefield EnergyBrandIllinois-focused brand for retail electricity plans.
- Energy HarborBrandAcquired retail brand and former operating platform; its nuclear stations now sit in Vistra's eastern generation business.
- U.S. Gas & ElectricBrandCompetitive supplier of household and business electricity and natural gas.
- TriEagle EnergyBrandVistra retail brand used for electricity plans.
- Public PowerBrandVistra retail brand used in markets where customers choose their energy supplier.
- Lotus natural-gas portfolioBrandSeven gas plants totaling 2.6 GW, acquired in October 2025 and now part of current operations.
- Permian PeakersProduct · RampingTwo quick-start gas units totaling up to 860 MW, targeted to begin operating around mid-2028.
- Oak Hill SolarProduct · RampingSolar project on reclaimed mine land; its first 200 MW phase supplies AWS under a power agreement.
- Pulaski SolarProduct · RampingSolar project under development with Microsoft as the named buyer.
- Newton projectProduct · RampingA smaller power development described as producing electricity during fiscal 2026.
- Asset ClosureSegmentHandles dismantling and site cleanup for retired plants and certain closed storage assets.
TXU EnergyBrand
Texas-facing brand for household and business electricity plans.
Ambit EnergyBrand
Competitive electricity and gas brand built around direct selling.
Dynegy Energy ServicesBrand
Retail power supplier used in competitive eastern and Midwestern markets.
Homefield EnergyBrand
Illinois-focused brand for retail electricity plans.
Energy HarborBrand
Acquired retail brand and former operating platform; its nuclear stations now sit in Vistra's eastern generation business.
U.S. Gas & ElectricBrand
Competitive supplier of household and business electricity and natural gas.
TriEagle EnergyBrand
Vistra retail brand used for electricity plans.
Public PowerBrand
Vistra retail brand used in markets where customers choose their energy supplier.
Lotus natural-gas portfolioBrand
Seven gas plants totaling 2.6 GW, acquired in October 2025 and now part of current operations.
Permian PeakersProduct · Ramping
Two quick-start gas units totaling up to 860 MW, targeted to begin operating around mid-2028.
Oak Hill SolarProduct · Ramping
Solar project on reclaimed mine land; its first 200 MW phase supplies AWS under a power agreement.
Pulaski SolarProduct · Ramping
Solar project under development with Microsoft as the named buyer.
Newton projectProduct · Ramping
A smaller power development described as producing electricity during fiscal 2026.
Asset ClosureSegment
Handles dismantling and site cleanup for retired plants and certain closed storage assets.