Companies · VST
Vistra Corp.
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Latest analysis
Updated Nov 6, 2026
Vistra posts record Q3 2026 EBITDA of $2.4B, closes Cogentrix at ~$729/kW, and guides 2027 EBITDA to $7.7B-$8.5B
Vistra delivered a company-record $2.378 billion of adjusted EBITDA in Q3 2026, a greater-than-50% increase versus Q3 2025, driven by average realized prices more than 10% higher per MWh, elevated capacity revenue in PJM, and the Lotus asset contribution. The Cogentrix acquisition closed October 30, adding approximately 5,500 MW of primarily CCGT capacity at an average acquisition multiple of less than 7x forward EBITDA, expanding Vistra's total portfolio to approximately 50,000 MW. Management introduced 2027 adjusted EBITDA guidance of $7.7B-$8.5B and projects approximately 70% growth in adjusted free cash flow per share from 2027 to 2030, underpinned by already-announced contracts with AWS and Meta, nuclear uprates, and Permian Peaker new builds.
Tone: bullishRevenue
$17.2B
VST 10-K · FY 2025
Employees
6,390
Revenue FY2023
$14.8B
Headquarters
Irving, TX
Profile
VST 10-K Item 1 · Feb 27, 2026Vistra Corp. is an integrated retail electricity and power generation company operating across 18 states and the District of Columbia, serving approximately 5 million residential, commercial, and industrial customers. The company combines a diversified generation fleet of approximately 44,000 MW — spanning natural gas, nuclear, coal, solar, and battery storage — with a scaled retail platform and commodity risk management capabilities. Its integrated model is designed to reduce commodity price volatility and support more stable cash flows across market cycles.
Read filing description ↓ Collapse description ↑
Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine. We combine an innovative, customer-centric approach to retail sales with safe, reliable, diverse, and efficient power generation. Our integrated power generation and wholesale operation allows us to efficiently obtain the electricity needed to serve our customers at the lowest cost. The integrated model enables us to structure products and contracts in a way that offers significant value compared to stand-alone retail electric providers. The Company brings its products and services to market in 18 states and the District of Columbia, including all major competitive wholesale power markets in the U.S. We serve approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas. Our generation fleet totals approximately 44,000 megawatts of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities. Our operations are aligned into five reportable business segments: Retail, Texas, East, West, and Asset Closure. Our Texas, East, and West segments include our electricity generation operations, and our Asset Closure segment is engaged in the decommissioning and reclamation of retired generation facilities, including mines, and battery removal and remediation activities. Vistra is one of the largest competitive residential retail electricity providers in the U.S. and one of the largest competitive power generators in the U.S. as measured by MWh of generation capacity, with annual expected generation of over 230 TWh as of December 31, 2025.
Primary products
- retail electricity
- natural gas
- wholesale electricity
- ancillary services
- capacity
- battery energy storage
Business segments
End markets
Geographies
Named customers
Named competitors
“Vistra is one of the largest competitive power generators in the U.S. as measured by MWh of generation capacity.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased to $17,224 million in 2025 from $14,779 million in 2023, driven in part by the addition of Energy Harbor's nuclear operations and growth in transferable PTC revenues and hedging revenues.
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