Vistra Corp. (VST)

Vistra is an integrated retail electricity and power generation company that supplies electricity and natural gas to customers, businesses, and communities from California to Maine. It pairs a customer-focused retail business with a diverse power generation fleet and wholesale operations, which let it source electricity for its retail customers at low cost and structure products and contracts that it believes offer more value than stand-alone retail electric providers. The company sells in 18 states and the District of Columbia, including all major competitive wholesale power markets in the U.S.

Operations are organized into five reportable segments: Retail, Texas, East, West, and Asset Closure. The Texas, East, and West segments hold the generation operations, and Asset Closure handles decommissioning and reclamation of retired generation facilities, including mines, plus battery removal and remediation. At December 31, 2025, the fleet had about 43,641 MW of capacity: natural gas 62% (28 combined-cycle and 12 peaking facilities), coal and lignite 20% (seven facilities), nuclear 15% (six units at four sites: Comanche Peak, Beaver Valley, Perry, and Davis-Besse), solar and battery storage 3%, and a small amount of fuel oil. By segment, Texas holds 46% of capacity, East 51%, and West 3%. A wholesale commodity risk management group dispatches the fleet, links it to retail and wholesale sales, and uses electricity, natural gas, and other commodity derivatives to reduce price volatility. Expected annual generation exceeds 230 TWh.

The retail business is one of the largest competitive residential retail electricity providers in the U.S. and serves about 5 million residential, commercial, and industrial customers with electricity, natural gas, and related services across 16 states and the District of Columbia. Its brands include TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, Energy Harbor, and U.S. Gas & Electric. Texas is the largest market, with about 2.6 million customers. Offerings include 100% wind and solar plans, thermostats, dashboards, and other energy-efficiency programs. Generation is sold into the ERCOT, PJM, ISO-NE, NYISO, MISO, and CAISO markets, which are run by independent system operators and regional transmission organizations.

Natural gas plants buy fuel through spot and near-term contracts, backed by near-term pipeline transportation and storage agreements. Coal plants in PJM and MISO use coal from multiple suppliers delivered by rail or barge, while ERCOT plants use lignite mined at the generation sites plus purchased coal. Nuclear fuel is contracted through 2030. Vistra competes with regulated utilities, industrial companies, non-utility generators, competitive utility subsidiaries, independent power producers, retail electric providers, and other energy marketers. It had about 6,390 full-time employees at December 31, 2025, roughly 1,860 of them under collective bargaining agreements.