Vistra (VST) FY2025 results: revenue $17.7 billion, up 3.0% on the year

Vistra is an integrated retail electricity and power generation company that provides power resources to customers, businesses and communities from California to Maine. It brings its products and services to market in 18 states and the District of Columbia, including all major competitive wholesale power markets in the United States, serving approximately 5 million residential, commercial and industrial retail customers with electricity and natural gas. Its generation fleet totals approximately 44,000 MW. It had approximately 6,390 full-time employees at the end of 2025, including approximately 1,860 under collective bargaining agreements. Its five reportable segments are Retail, Texas, East, West and Asset Closure.

Retail

Retail sales of electricity, natural gas and related services to approximately 5 million customers, which the filing says makes Vistra one of the largest competitive residential retail electricity providers in the United States. Substantially all of it runs through the brands TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, Energy Harbor and U.S. Gas & Electric, across 16 states and the District of Columbia. Texas is the largest part, at approximately 2.6 million retail electricity customers. The company also owns the trade names TriEagle Energy and Public Power, and says the TXU Energy brand has been used in the competitive Texas retail market for over 20 years. Products include 100 percent wind and solar options alongside thermostats, dashboards and other programmes the filing says are designed to encourage reduced consumption and greater energy efficiency.

Generation

Net capacity was 43,641 MW at the end of 2025. Natural gas accounts for 26,989 MW of that, or 62 percent, coal 8,743 MW at 20 percent, nuclear 6,448 MW at 15 percent, solar and battery 1,274 MW at 3 percent, and fuel oil 187 MW. The filing says annual expected generation was over 230 TWh as at the end of 2025.

The gas fleet is 28 combined cycle facilities totalling 22,167 MW and 12 peaking facilities totalling 4,822 MW, with fuel bought through a combination of spot market and near-term purchase contracts and backed by near-term transportation and storage agreements. The coal and lignite fleet is seven facilities totalling 8,743 MW; in PJM and MISO the coal is bought from multiple suppliers under contracts of various lengths and moved by railcar or barge, while in ERCOT the company mines lignite at its own generation facilities and buys additional coal delivered by railcar.

Nuclear is six units at four facilities: Comanche Peak Units 1 and 2 in ERCOT at 1,200 MW each, with licences to 2050 and 2053; Beaver Valley Units 1 and 2 in PJM at 939 MW and 933 MW, to 2036 and 2047; Perry at 1,268 MW to 2046; and Davis-Besse at 908 MW to 2037. The units are generally operated at full capacity, with refuelling outages scheduled for the spring or autumn off-peak periods and other maintenance, modification and testing work completed during them. At a dual-unit site the other unit is intended to keep running at full capacity through a refuelling outage. Nuclear fuel is contracted to support all refuelling needs through 2030, and the filing says the company continues to build strategic inventory and deploy mitigating procurement strategies against potential Russian supply disruption.

By segment, the East holds 22,254 MW or 51 percent of net capacity across PJM, ISO-NE, MISO and NYISO, Texas holds 19,858 MW or 46 percent in ERCOT, and the West holds 1,529 MW or 3 percent in CAISO.

How generation and retail fit together

The filing says the integrated power generation and wholesale operation lets the company obtain the electricity needed to serve its customers at the lowest cost, and structure products and contracts in a way that offers significant value compared with stand-alone retail electric providers. The wholesale commodity risk management group dispatches the fleet in response to market needs after applying portfolio optimisation strategies, which is what links generation output to retail customers and wholesale sales opportunities. The same group enters into electricity, natural gas and other commodity derivative contracts to reduce exposure to price movements.

Load varies moment to moment with business and residential demand, often driven by weather, and because electricity production and consumption must stay balanced instantaneously, units are dispatched into the grid in order from lowest to highest variable cost. Baseload units with low variable operating costs cover the demand that runs through the day, intermediate and load-following units cover most intraday changes, and peaking units, the costliest to run but able to start and stop quickly, cover brief peaks. The market price is set by the highest variable cost unit that clears to satisfy demand at that moment.

Asset Closure

Decommissioning and reclamation of retired generation facilities, including mines, along with battery removal and remediation activities.

From Vistra's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.