Income StatementBalance SheetCash FlowSegments
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Vistra Business Segments

Business, geographic, and product segment breakdowns

Vistra generates $19.4B in annual revenue across 4 key segments: Asset Closure ($76.0M), East ($7.1B), Retail ($14.9B), and Texas ($8.1B). The company-wide operating margin is 18.13%. Based on the Q1 2026 filing.

Asset Closure (TTM)$76.0MEast (TTM)$7.1BRetail (TTM)$14.9BTexas (TTM)$8.1BWest (TTM)$538.0M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$49.5B
P/E Ratio22.10
ROE43.01%

Products & Services

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total other revenues-$884.0M-$986.0M-$2.6B-$2.9B-$2.1B-$3.4B
Intersegment sales-$874.0M-$986.0M-$2.6B-$2.9B-$2.1B-$2.3B
Intersegment sales — unrealized—$1.2B———-$1.1B
Hedging revenues — unrealized—-$513.0M$50.0M$162.0M-$465.0M$636.0M
Business interruption insurance proceeds——$21.0M$1.0M—$6.0M
Hedging revenues — realized$397.0M$195.0M$427.0M-$108.0M$69.0M-$3.0M
Intangible amortization and other revenues—-$1.0M-$5.0M-$7.0M$0.0-$2.0M
Transferable PTC revenues$547.0M$2.0M$4.0M$145.0M$78.0M$2.0M

Net capacity purchased

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capacity revenue from ISO/RTO$37.0M$53.0M$104.0M$191.0M—$199.0M

Net capacity sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capacity revenue from ISO/RTO$32.0M$73.0M$134.0M$270.0M—$321.0M

Total revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail energy charge in ERCOT$1.8B$2.0B$2.2B$2.7B$2.1B$1.9B
Wholesale generation revenue from ISO/RTO$688.0M$874.0M$474.0M$683.0M$1.2B$1.4B
Retail energy charge in Northeast/Midwest$890.0M$1.0B$793.0M$1.1B$1.2B$1.3B
Revenue from other wholesale contracts$241.0M$331.0M$250.0M$264.0M$301.0M$350.0M
Capacity revenue from ISO/RTO$20.0M$20.0M$30.0M$79.0M$98.0M$122.0M

Coal ash remediation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Coal$136.5M$140.3M$140.3M$140.3M$140.3M—

Inventories — net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Materials and supplies$533.0M———$599.0M$603.0M
Fuel stock and natural gas in storage$437.0M———$417.0M$427.0M

Business Segments

Capital expenditures, including nuclear fuel and excluding growth expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Texas$541.0M$419.0M$158.0M$137.0M$240.0M$219.0M
East$458.0M$264.0M$39.0M$141.0M$203.0M$124.0M
West$55.0M$30.0M$39.0M$48.0M$69.0M$26.0M
Retail$1.0M$3.0M$5.0M$2.0M$2.0M$3.0M
Asset Closure$0.0$0.0$0.0$0.0$0.0$0.0

Cost Of Fuel Purchased Power And Delivery

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail$1.6B$1.7B$3.3B$3.8B$2.8B$4.1B
East$698.0M$1.2B$746.0M$866.0M$1.0B$1.4B
Texas$347.0M$497.0M$468.0M$544.0M$481.0M$416.0M
West$57.0M$52.0M$35.0M$32.0M$30.0M$25.0M
Asset Closure—$0.0$0.0$0.0$0.0$0.0

Depreciation, Depletion and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$365.0M$316.0M$316.0M$244.0M$244.0M$265.0M
Texas$163.0M$150.0M$167.0M$160.0M$161.0M$174.0M
West$22.0M$15.0M$16.0M$14.0M$16.0M$14.0M
Retail$29.0M$23.0M$24.0M$23.0M$24.0M$10.0M
Asset Closure$0.0-$1.0M-$1.0M$0.0$0.0$3.0M

Interest Expense, Nonoperating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East-$5.0M-$12.0M-$8.0M-$16.0M-$14.0M-$22.0M
Texas-$13.0M-$14.0M-$18.0M-$9.0M-$12.0M-$14.0M
Retail$16.0M$18.0M$17.0M$18.0M$14.0M$13.0M
West$0.0-$1.0M-$1.0M-$2.0M-$3.0M-$3.0M
Asset Closure$1.0M$1.0M$1.0M$1.0M$1.0M$0.0

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Texas$0.0-$720.0M$863.0M$823.0M$638.0M$2.1B
Retail$984.0M$1.1B-$123.0M-$40.0M$321.0M-$724.0M
East$209.0M-$490.0M$120.0M$354.0M-$75.0M$176.0M
West$41.0M$77.0M-$50.0M$105.0M—$34.0M
Asset Closure-$52.0M-$68.0M-$43.0M-$26.0M-$142.0M-$20.0M

Other Cost and Expense, Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$329.0M$327.0M$355.0M$338.0M$361.0M$373.0M
Texas$243.0M$258.0M$277.0M$243.0M$272.0M$261.0M
Retail$41.0M$40.0M$37.0M$54.0M$37.0M$38.0M
West$33.0M$12.0M$18.0M$15.0M$14.0M$16.0M
Asset Closure$25.0M$56.0M$45.0M$12.0M$41.0M$12.0M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$0.0$9.0M-$108.0M-$95.0M-$35.0M$34.0M
Asset Closure$0.0-$1.0M-$1.0M-$1.0M$134.0M-$4.0M
Retail$0.0$0.0$0.0-$1.0M$1.0M-$1.0M
Texas-$6.0M-$2.0M-$12.0M$0.0-$42.0M$0.0
West$3.0M$0.0$0.0-$1.0M-$4.0M$0.0

Selling, General and Administrative Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail$262.0M$243.0M$256.0M$270.0M$266.0M$256.0M
Texas$53.0M$41.0M$43.0M$38.0M$58.0M$59.0M
East$55.0M$58.0M$58.0M$59.0M$60.0M$50.0M
Asset Closure$9.0M$17.0M$19.0M$16.0M$14.0M$15.0M
West$11.0M$2.0M$7.0M$2.0M$3.0M$3.0M

Total revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail$2.9B$3.2B$3.5B$4.1B$3.5B$3.7B
Texas$666.0M$210.0M$1.8B$1.8B$1.6B$3.0B
East$2.3B$1.4B$1.5B$1.8B$1.6B$2.3B
West$148.0M$157.0M$68.0M$165.0M—$89.0M
Asset Closure—$4.0M$20.0M$2.0M$48.0M$6.0M

Amortization of nuclear fuel

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East—$80.0M—$94.0M—$90.0M
Texas—$31.0M—$35.0M—$36.0M

Net Capacity (MW)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East1185.001185.001185.001185.001185.001185.00
Texas650.00650.00650.00650.00650.00650.00

Battery energy storage system capacity

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Moss Landing Battery Energy Storage System Phase I————100.00—

Impairment of long-lived and other assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Moss Landing Battery Energy Storage System Phase II—————$155.0M
Moss Landing Battery Energy Storage System Phase I—$38.8M$38.8M$38.8M$38.8M—
Support Battery and Solar Development Projects—$18.3M$18.3M$18.3M$18.3M—