Vistra Corp.

vistracorp.com

What Do They Do?

Sells electricity and natural gas to residential, commercial, and industrial customers, and generates power for wholesale markets.

How Do They Make Money?

Retail customers are invoiced for electricity as it is delivered, with payment terms of 15 to 60 days from invoice. Wholesale generation revenue comes from power delivered, reliability services performed, and capacity made available.

revenue

Segment	Share	Revenue
Transferable PTC revenues	1.3%
Hedging revenues — realized	3.3% FY2022: 1.9%
Hedging revenue — unrealized	−4.3% FY2022: −16%
Business interruption insurance proceeds	0.7%
Intangible amortization and other revenues	−0.1% FY2022: 0.0%
Intersegment sales	0.0% FY2022: 0.0%
Total other revenues	0.9% FY2022: −14%

Who Are Their Customers?

Residential, commercial, and industrial customers buy electricity and natural gas through Vistra's retail brands; generation is also sold to regional grid operators and under other wholesale contracts.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

11% of revenue

▼ −53% vs FY2024 ($4.1B, 24%)

Net income, FY2025

5% of revenue

▼ −64% vs FY2024 ($2.7B, 15%)

Free cash flow, FY2025

7% of revenue

▼ −47% vs FY2024 ($2.5B, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $4.3B in Q2 FY2025
Net income: ▼ −7%; vs $327M in Q2 FY2025

Hedging revenues — realized share of revenue vs 10.1% in Q2 FY2025

Aug 7, 2026 Reaffirmed 2026 guidance and announced Helix Digital Infrastructure Vistra reaffirmed its 2026 financial guidance and announced Helix with partners, including an initial Vistra commitment of up to $1.0 billion.

Growing. Revenue grew 47% in 4 years, from $12.1B in FY2021 to $17.7B in FY2025, about 10% a year.

Revenue over time

Transferable PTC revenues Hedging revenues — realized Hedging revenue — unrealized Business interruption insurance proceeds Intangible amortization and other revenues Intersegment sales Total other revenues

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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