Vistra(NYSE) VST

Vistra makes and sells electricity to homes and businesses across the United States. It helps people keep their lights on using many different energy sources. The company serves roughly 5 million customers from California to Maine.

The Power Portfolio

• Retail Electricity: Sells power and natural gas to roughly 5 million residential and industrial customers through brands like TXU Energy; serves 2.6 million customers in Texas alone.
• Natural Gas Generation: Produces electricity using 28 gas-fired plants and 12 peaking units; represents 62% of the company's 43,641 megawatt total capacity.
• Coal and Lignite: Operates seven generation facilities using coal or mined lignite; accounts for 20% of total generation capacity.
• Nuclear Power: Runs six nuclear units at four facilities, including Comanche Peak and Beaver Valley; provides 15% of total capacity.
• Renewables and Storage: Manages solar farms and battery energy storage projects; makes up 3% of the generation fleet.

Recent Moves and Acquisitions

• Acquired Energy Harbor in 2024, adding 4,048 megawatts of nuclear generation to the portfolio.
• Purchased 2,557 megawatts of natural gas facilities in 2025 across Delaware, Pennsylvania, Rhode Island, New York, and California.
• Announced plans in January 2026 to increase capacity at three nuclear power plants in the PJM Interconnection region.
• Expanded the Vistra Zero portfolio with 350 megawatts of battery storage in California and 538 megawatts of solar in Texas by year-end 2025.

What Makes Vistra Different

The company uses an integrated model that combines power plants with a retail business to manage price swings. It operates across 18 states and the District of Columbia, giving it a presence in every major competitive power market in the U.S.

Key Financial Performance

• Net income reached $233 million in Q4 2025, up 226.6% from two years ago.
• Operating cash flow was $1.4 billion in Q4 2025, a 5.8% increase year-over-year.
• Revenue for Q4 2025 was $2.3 billion, down 68.2% from the $7.4 billion reported in Q4 2024.
• Market capitalization grew to $54.8 billion in Q4 2025, up 304.9% over a two-year period.
• Free cash flow fell to negative $82 million in Q4 2025, down 108.9% year-over-year.

Bottom Line

Vistra has transitioned from a traditional utility into a large-scale independent power producer with a significant focus on nuclear and retail operations. The company is currently shifting its fleet toward low-carbon resources while maintaining a large portfolio of natural gas and coal plants.