Skip to content
OpenCapital
Get started
Income StatementBalance SheetCash FlowSegments
Vistra logo

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)$528.0M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$49.4B
P/E Ratio22.02
ROE43.01%

Products & Services

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total other revenues-$884M-$986M-$2.6B-$2.9B-$2.1B-$3.4B
Intersegment sales-$874M-$2.1B-$2.6B-$2.9B-$2.1B-$2.3B
Intersegment sales — unrealized—$1.2B———-$1.1B
Hedging revenues — unrealized—-$513M$50M$162M-$465M$636M
Business interruption insurance proceeds—$0$21M$1M$96M$6M
Hedging revenues — realized$397M$195M$427M-$108M$69M-$3M
Intangible amortization and other revenues—-$1M-$5M-$7M$0-$2M
Transferable PTC revenues$547M$2M$4M$145M$78M$2M

Net capacity purchased

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capacity revenue from ISO/RTO$51M$53M$104M$191M—$199M

Net capacity sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capacity revenue from ISO/RTO$32M$73M$134M$270M—$321M

Total revenue from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail energy charge in ERCOT$1.8B$2B$2.2B$2.7B$2.1B$1.9B
Wholesale generation revenue from ISO/RTO$688M$874M$474M$683M$1.2B$1.4B
Retail energy charge in Northeast/Midwest$890M$1B$793M$1.1B$1.2B$1.3B
Revenue from other wholesale contracts$241M$331M$250M$264M$301M$350M
Capacity revenue from ISO/RTO$20M$20M$30M$79M$98M$122M

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$533M———$599M$603M
Fuel stock and natural gas in storage$437M———$417M$427M

Business Segments

Capital expenditures, including nuclear fuel and excluding growth expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Texas$207M$264M$313M$137M$240M$219M
East$164M$177M$126M$141M$203M$124M
West$24M$30M$39M$48M$69M$26M
Retail$1M$3M$5M$2M$2M$3M
Asset Closure$1M$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$698M$1.2B$746M$866M$1B$1.4B
Texas$347M$497M$468M$544M$481M$416M
West$54M$52M$35M$32M$30M$25M
Asset Closure$1M$0$0$0$0$0

Depreciation, Depletion and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$312M$316M$316M$244M$244M$265M
Texas$158M$150M$167M$160M$161M$174M
West$15M$15M$16M$14M$16M$14M
Retail$29M$23M$24M$23M$24M$10M
Asset Closure$7M-$1M-$1M$0$0$3M

Interest Expense, Nonoperating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East-$5M-$12M-$8M-$16M-$14M-$22M
Texas-$13M-$14M-$18M-$9M-$12M-$14M
Retail$16M$18M$17M$18M$14M$13M
West$0-$1M-$1M-$2M-$3M-$3M
Asset Closure$1M$1M$1M$1M$1M$0

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Texas—-$720M$863M$823M$638M$2.1B
Retail$984M$1.1B-$123M-$40M$321M-$724M
East$31M-$490M$120M$354M-$75M$176M
West$44M$77M-$50M$105M—$34M
Asset Closure-$55M-$68M-$43M-$26M-$142M-$20M

Other Cost and Expense, Operating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$329M$327M$355M$338M$361M$373M
Texas$243M$258M$277M$243M$272M$261M
Retail$41M$40M$37M$54M$37M$38M
West$13M$12M$18M$15M$14M$16M
Asset Closure$45M$56M$45M$12M$41M$12M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$0$9M-$108M-$95M-$35M$34M
Asset Closure-$3M-$1M-$1M-$1M$134M-$4M
Retail$0$0$0-$1M$1M-$1M
Texas-$6M-$2M-$12M$0-$42M$0
West$6M$0$0-$1M-$4M$0

Selling, General and Administrative Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Retail$262M$243M$256M$270M$266M$256M
Texas$53M$41M$43M$38M$58M$59M
East$55M$58M$58M$59M$60M$50M
Asset Closure$14M$17M$19M$16M$14M$15M
West$6M$2M$7M$2M$3M$3M

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$470M$210M$1.8B$1.8B$1.6B$3B
East$1.4B$1.4B$1.5B$1.8B$1.6B$2.3B
West$138M$157M$68M$165M—$89M
Asset Closure$10M$4M$20M$2M$48M$6M

Amortization of nuclear fuel

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
East$93M$80M$96M$94M$84M$90M
Texas$25M$31M$30M$35M$37M$36M

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—————$155M
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—