Integrated power generation and retail electricity company with strong exposure to merchant power pricing and rising AI-driven load growth.
Profile & Fundamentals
Vistra Energy: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Vistra Energy Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Vistra Corp., together with its subsidiaries, operates as an integrated retail electricity and power generation company in the United States. The company operates through five segments: Retail, Texas, East, West, and Asset Closure. The company retails electricity and natural gas to residential, commercial, and industrial customers across states in the United States and the District of Columbia. It is also involved in electricity generation, wholesale energy purchases and sales, commodity risk management, fuel procurement, and fuel logistics management activities. In addition, the company engages in decommissioning and reclamation of retired generation facilities, including mines, and battery removal and remediation activities. It serves approximately 5 million customers with a generation capacity of approximately 44,000 megawatts with a portfolio of natural gas, nuclear, coal, solar, and battery energy storage facilities. The company was formerly known as Vistra Energy Corp. and changed its name to Vistra Corp. in July 2020. Vistra Corp. was founded in 1882 and is based in Irving, Texas.
Company profile record
Vistra Corp.
Common Stock · Utilities · Independent Power Producers & Energy Traders
Company
- Company / asset
- Vistra Corp.
- Security type
- Common Stock
- Sector
- Utilities
- Industry
- Independent Power Producers & Energy Traders
- HQ
- 🇺🇸 United States
- Head office
- 6555 Sierra Drive, Irving, TX, United States, 75039
Leadership & scale
- Chief executive
- Mr. James A. Burke CPA
- CEO year born
- 1968
- Full-time employees
- 6.4K
- Fiscal year end
- December
- IPO date
- 2016-10-04
Fundamentals snapshot
- Market Cap
- USD 54.5B
- P/E
- 24.6x
- Revenue (Q2 26)
- USD 4.0B
- Profit (Q2 26)
- USD 305.0M
- Dividend Yield
- 0.5%
- Revenue (FY 25)
- USD 17.0B
- Shares in public float
- 312.9M
- Insider ownership
- 0.78%
Reporting & identifiers
- Symbol
- VST.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US92840M1027
- Asset ID
- equity_9d99e626-9bd8-5d26-b4f7-a12e5b614da1
Ownership
Shares Outstanding
Latest: 339.8M | Max: 502.0M | Min: 339.8M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
92.10%
312.9M latest reported shares
Insider Ownership
0.78%
Latest reported insider stake
Short Float
0.03%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 428,450,400 |
| 2018-01-01 | 501,985,900 |
| 2019-01-01 | 487,698,100 |
| 2020-01-01 | 489,305,900 |
| 2021-01-01 | 469,072,600 |
| 2022-01-01 | 391,261,300 |
| 2023-01-01 | 351,457,000 |
| 2024-01-01 | 339,754,300 |
| 2025-01-01 | 339,800,000 |
| 2026-01-01 | 339,800,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 28,480,341 | 8.49% | 2026-03-31 |
| Vanguard Capital Management, LLC | 21,393,960 | 6.37% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 16,902,218 | 5.04% | 2026-03-31 |
| State Street Corp | 16,770,480 | 5% | 2026-03-31 |
| FMR Inc | 15,808,007 | 4.71% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 10,714,910 | 3.19% | 2026-08-31 |
| Geode Capital Management, LLC | 9,033,671 | 2.69% | 2026-03-31 |
| Vanguard 500 Index Investor | 8,418,224 | 2.51% | 2026-08-31 |
| Morgan Stanley - Brokerage Accounts | 8,256,938 | 2.46% | 2026-03-31 |
| JPMorgan Chase & Co | 7,489,657 | 2.23% | 2026-03-31 |
| Vanguard MStar Mid Cap Index Instl | 7,293,441 | 2.17% | 2026-08-31 |
| NORGES BANK | 5,811,201 | 1.73% | 2026-06-30 |
| State Street®UtilSelSectSPDR®ETF | 5,252,897 | 1.57% | 2026-08-31 |
| UBS Group AG | 4,597,984 | 1.37% | 2026-03-31 |
| iShares Core S&P 500 ETF | 4,220,535 | 1.26% | 2026-08-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Headline financial results show dramatic accounting swings that disguise healthy cash generation. In 2025, reported operating income dropped sharply as paper losses from forward commodity hedges were booked under standard accounting rules. However, operational reality told the opposite story: Ongoing Operations Adjusted EBITDA climbed to $5.91 billion in 2025 and continued surging by more than 25% year-over-year in the first half of 2026. This divergence is crucial for investors. The business is not suffering from falling power demand. Instead, multi-year hedging contracts and newly acquired gas generation are stabilizing recurring revenue. As paper hedging charges settle and record auction payments take effect, reported financials will align with underlying cash flow.
Headline financial results show dramatic accounting swings that disguise healthy cash generation. In 2025, reported operating income dropped sharply as paper losses from forward commodity hedges were booked under standard accounting rules. However, operational reality told the opposite story: Ongoing Operations Adjusted EBITDA climbed to $5.91 billion in 2025 and continued surging by more than 25% year-over-year in the first half of 2026. This divergence is crucial for investors. The business is not suffering from falling power demand. Instead, multi-year hedging contracts and newly acquired gas generation are stabilizing recurring revenue. As paper hedging charges settle and record auction payments take effect, reported financials will align with underlying cash flow.
Revenue, Net Income, and Free Cash Flow
Latest: USD 17.0B | Max: USD 22.7B | Min: USD -1.3B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 58x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins experienced sharp cyclical whiplash, as accounting gross margins narrowed in 2025 before rebounding through mid-2026. This contraction stemmed primarily from paper derivative revaluations and seasonal fuel price spikes rather than permanent operational damage. Meanwhile, the retail business through TXU Energy protected profit margins by passing power costs through customer tariffs. Looking forward, profit margins are positioned for structural expansion. Guaranteed capacity revenues from regional power auctions carry almost pure profit with negligible extra operating expense. Combined with high-margin, fixed-price nuclear contracts signed with tech giants, the firm's earnings margins will steadily decouple from volatile wholesale energy swings.
Profitability margins experienced sharp cyclical whiplash, as accounting gross margins narrowed in 2025 before rebounding through mid-2026. This contraction stemmed primarily from paper derivative revaluations and seasonal fuel price spikes rather than permanent operational damage. Meanwhile, the retail business through TXU Energy protected profit margins by passing power costs through customer tariffs. Looking forward, profit margins are positioned for structural expansion. Guaranteed capacity revenues from regional power auctions carry almost pure profit with negligible extra operating expense. Combined with high-margin, fixed-price nuclear contracts signed with tech giants, the firm's earnings margins will steadily decouple from volatile wholesale energy swings.
Profitability Margins
Latest: 17.5% | Max: >100.0% | Min: -9.6%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
17.5%
Gross profit / revenue
Operating Margin
7.9%
Operating income / revenue
Net Margin
5.6%
Net income / revenue
FCF Margin
0.8%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 5,258,000,000 | 22,688,000,000 | -509,000,000 |
| 2017-12-31 | 5,380,000,000 | -254,000,000 | 855,000,000 |
| 2018-12-31 | 9,144,000,000 | -54,000,000 | 975,000,000 |
| 2019-12-31 | 11,502,000,000 | 928,000,000 | 2,127,000,000 |
| 2020-12-31 | 11,062,000,000 | 636,000,000 | 2,078,000,000 |
| 2021-12-31 | 13,333,000,000 | -1,274,000,000 | -1,239,000,000 |
| 2022-12-31 | 17,837,000,000 | -1,227,000,000 | -816,000,000 |
| 2023-12-31 | 15,543,000,000 | 1,493,000,000 | 3,777,000,000 |
| 2024-12-31 | 19,377,000,000 | 2,659,000,000 | 2,485,000,000 |
| 2025-12-31 | 16,972,000,000 | 944,000,000 | 129,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 58.07 | Trailing four quarters |
| 2024-12-31 | 17.62 | Trailing four quarters |
| 2023-12-31 | 9.07 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 17.46 | 5.15 | 431.49 | -9.68 |
| 2017-12-31 | 14.14 | 2.99 | -4.72 | 15.89 |
| 2018-12-31 | 30.74 | 5.37 | -0.59 | 10.66 |
| 2019-12-31 | 22.25 | 14.42 | 8.07 | 18.49 |
| 2020-12-31 | 22.61 | 13.4 | 5.75 | 18.79 |
| 2021-12-31 | 0.45 | -7.41 | -9.56 | -9.29 |
| 2022-12-31 | 21.38 | 14.79 | -6.88 | -4.57 |
| 2023-12-31 | 33.27 | 25.18 | 9.61 | 24.3 |
| 2024-12-31 | 39.7 | 32.14 | 13.72 | 12.82 |
| 2025-12-31 | 17.52 | 7.87 | 5.56 | 0.76 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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