Vistra
Vistra Corp. is a Fortune 500 integrated U.S. retail electricity and power generation company operating approximately 44,000 MW across nuclear, gas, coal, solar, and storage, serving roughly 5 million retail customers and hyperscalers including Meta and AWS through long-term PPAs.
- Company typePublic
- Founded2016
- HeadquartersIrving, United States
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
What Vistra does
Vistra Corp. (NYSE: VST) is a Fortune 500 integrated retail electricity and power generation company headquartered in Irving, Texas, with approximately 7,000 employees and operations spanning from California to Maine. The company operates a diversified generation fleet totaling approximately 44,000 MW across natural gas, nuclear, coal, solar, and battery energy storage facilities in the ERCOT, PJM, MISO, and ISO-NE competitive wholesale markets. Vistra's retail platform serves roughly 5 million residential, commercial, and industrial customers through six brands — TXU Energy (Texas), Dynegy (Northeast/Mid-Atlantic/Midwest), Homefield Energy (Illinois), Ambit Energy (national direct-sell network), U.S. Gas & Electric, and Energy Harbor (PJM nuclear acquired March 2024) — generating revenue through retail electricity sales, wholesale generation, and capacity market payments.
The company's revenue model combines subscription-based retail electricity supply with usage-based wholesale generation, augmented by recurring capacity payments in PJM and ERCOT. Its technology stack centers on dispatchable generation assets rather than software: four nuclear plants (Perry 1,268 MW, Davis-Besse 908 MW, Beaver Valley 1,872 MW, Comanche Peak), natural gas peakers and combined-cycle units, coal retirements being replaced by gas repowering (Coleto Creek 600 MW), and growing battery storage and solar via the Vistra Zero sub-brand. Recent strategic emphasis has been on long-duration contracted cash flows from hyperscalers, with a 20-year, 2,609 MW nuclear PPA with Meta Platforms announced in January 2026 and a long-term PPA with Amazon Web Services for nuclear and dispatchable supply, supplemented by the pending $4.7 billion Cogentrix Energy acquisition adding 5,500 MW of natural gas.
Vistra's go-to-market operates on two fronts: a sales-led retail motion across consumer-facing brands that use multi-channel acquisition (digital, call centers, direct sellers, and government channels including a GSA contract for Homefield Energy), and an enterprise field-sales motion targeting hyperscalers and large industrial customers through direct, multi-decade PPAs. The company's recent anchor-investor role in KKR-led Helix Digital Infrastructure (alongside NVIDIA and Kuwait Investment Authority) positions it as a vertically integrated AI infrastructure power provider. The company achieved investment-grade credit ratings from both S&P and Fitch in 2026, reflecting balance-sheet strengthening supported by $5.64B in Q1 2026 revenue and adjusted EBITDA guidance of $6.8-$7.6B for the full year.
Vistra firmographics
Firmographics- Name
- Vistra
- Legal name
- Vistra Corp.
- Website
- https://vistracorp.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Vistra Corp. is a Fortune 500 integrated U.S. retail electricity and power generation company operating approximately 44,000 MW across nuclear, gas, coal, solar, and storage, serving roughly 5 million retail customers and hyperscalers including Meta and AWS through long-term PPAs.
- Ownership category
- akta.pro rank
Vistra industry classification
Industry- Product category
- Retail Electricity and Power Generation
- NAICS
- Utilities (22)
- SIC
- Electric, Gas & Sanitary Services (4900), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Retail Electric Providers / Competitive Distribution Utilities (where applicable) (EUADABAE)
- akta.pro secondary industry
- Retail Supply + DER/Virtual Power Plant Bundles (Solar, Storage, DR) (EUAGABAI)
Keywords
Where Vistra is headquartered
LocationHeadquarters
- HQ city
- Irving
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Vistra business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Retail Electricity Sales: Selling retail electricity and value-added services to approximately 5 million residential and business customers through brands including TXU Energy, Dynegy, Homefield Energy, Ambit, U.S. Gas & Electric, and Energy Harbor
- Wholesale Power Generation: Generating and selling electricity from diverse fleet of natural gas, nuclear, coal, solar, and battery storage facilities totaling 44,000+ MW across ERCOT, PJM, and ISO-NE markets
- Capacity Payments: Revenue from capacity markets in PJM and other competitive markets where generation assets receive capacity payments for providing reliability
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Dividend yield for income-focused investors |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
Vistra product offering
Product offeringCore offering
Vistra is an integrated retail electricity and power generation company that owns and operates approximately 44,000 MW of generation capacity across natural gas, nuclear, coal, solar, and battery storage facilities in ERCOT, PJM, and ISO-NE markets, and supplies electricity and related energy services to roughly 5 million residential, commercial, and industrial customers through brands including TXU Energy, Dynegy, Homefield Energy, Ambit, U.S. Gas & Electric, Energy Harbor, and Vistra Zero. The company also sells capacity and energy into wholesale markets and secures long-term power purchase agreements (PPAs) with hyperscalers and government customers.
Product overview
Vistra Corp. is a Fortune 500 integrated retail electricity and power generation company. Its operations span two interconnected business lines: (1) a wholesale power generation fleet of approximately 44,000 MW of capacity across natural gas, nuclear, coal, solar, and battery energy storage, serving competitive wholesale markets including ERCOT, PJM, MISO, and ISO-NE; and (2) a retail electricity platform serving approximately 5 million customers through multiple brands including TXU Energy (Texas), Dynegy (Northeast/Mid-Atlantic/Midwest), Homefield Energy (Illinois), Ambit Energy (national direct-sell), U.S. Gas & Electric, and Energy Harbor (acquired 2024, PJM nuclear). The portfolio also includes Vistra Zero for zero-carbon/solar assets. Key recent strategic moves include Helix Digital Infrastructure (KKR-backed AI data center venture), 20-year nuclear PPAs with Meta (2,609 MW) and AWS, and the pending Cogentrix acquisition adding 5,500 MW of gas capacity.
Differentiator
Problem solved
Functional benefit
Products and services
- TXU Energy
Quantifiable outcome
- 20-year PPA with Meta for 2,609 MW of nuclear capacity including 433 MW of new generation through uprates
- +3 more outcomes
Companies that use Vistra
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Vistra technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Vistra partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered flagship, core, major and minor.
- NVIDIAflagshipNVIDIA serves as strategic AI partner for Helix Digital Infrastructure, contributing AI data-center design expertise and the DSX AI factory platform. Vistra provides power solutions through its generation fleet.
- Meta Platformscore20-year power purchase agreements for 2,609 MW of zero-carbon nuclear energy from Perry, Davis-Besse, and Beaver Valley plants to support Meta's AI data center operations. Includes 433 MW of new capacity through uprates.
- U.S. General Services AdministrationmajorHomefield Energy contract to supply carbon pollution-free electricity to federal facilities in Illinois, powered by nearly 80% wind energy to help GSA meet federal sustainability goals.
- Amazon Web ServicescoreLong-term power purchase agreement for nuclear power supply from Comanche Peak plant and other Vistra facilities for AWS data center operations.
- Energy HarborcoreVistra acquired Energy Harbor in March 2024 for $2.2 billion, adding nuclear generation capacity in PJM market and creating a leading integrated zero-carbon generation and retail electricity platform.
- Cogentrix EnergycoreVistra agreed to acquire Cogentrix Energy for approximately $4.7 billion, adding 5,500 MW of natural gas generation capacity across PJM, ISO New England, and ERCOT markets.
- University of ToledominorVistra participates in UT-led nuclear workforce training consortium funded by $19.2 million DOE grant as part of $49.7 million program to train 375,000 nuclear energy workers.
- BakerRipleyminorLong-standing community partnership for Hurricane Harvey relief and ongoing TXU Energy Aid program distributing bill payment assistance to Texas families.
Scale indicators8 records
Recent moves8 records
Expansion highlights6 records
Vistra competitors and assessment
Company assessmentDirect peers
- NRG Energy: NRG is one of the largest U.S. competitive retail electricity providers and generators, operating across PJM, ERCOT, and other ISO markets with a heavy emphasis on residential and C&I retail supply. It is the closest direct competitor to Vistra's integrated retail-plus-generation model, including similar Texas market exposure and participation in capacity markets.
- Constellation Energy: Constellation is the largest U.S. competitive nuclear operator and competitive power generator, with significant exposure to PJM and a growing portfolio of hyperscaler PPAs (e.g., Microsoft). It directly competes with Vistra in nuclear-led, carbon-free baseload supply for AI data centers.
- Talen Energy: Talen is an independent power producer with nuclear and dispatchable gas capacity across PJM, recently expanding hyperscaler PPA activity (notably with Amazon). It competes with Vistra in marketing 24/7 carbon-free nuclear to large AI and data center customers.
- Calpine: Calpine is one of the largest U.S. generators of natural gas and geothermal power, with a fleet concentrated in California, Texas, and the Northeast. It overlaps with Vistra in wholesale generation, capacity market participation, and dispatchable supply for industrial customers.
- AES Corporation: AES is a global power generation and utility company with a growing renewables and battery storage portfolio alongside traditional thermal generation. It is comparable to Vistra as a competitive power producer investing in the energy transition and serving both wholesale and retail customers.
Broad incumbents
- NextEra Energy: NextEra is the largest U.S. renewable energy generator (through NextEra Energy Resources) and operates Florida Power & Light, one of the largest regulated U.S. utilities. While more renewables-heavy and regulated, it competes with Vistra in capital allocation toward AI/data center power supply and clean generation.
- Duke Energy: Duke Energy is a major regulated U.S. utility with significant generation across the Carolinas, Midwest, and Florida. While primarily regulated, its scale, generation mix, and growing focus on data center load growth make it a broad incumbent comparable to Vistra's integrated utility-like operations.
- Southern Company: Southern Company is one of the largest U.S. regulated electric utility holding companies with significant generation capacity in the Southeast. It is broadly comparable to Vistra in scale and exposure to large-load customers, though with a regulated rather than competitive model.
- Public Service Enterprise Group (PSEG): PSEG is a diversified energy holding company with regulated utilities and merchant generation in the Northeast and Mid-Atlantic, including significant nuclear capacity in New Jersey. It overlaps with Vistra in competitive nuclear and capacity market participation in PJM.
- DTE Energy: DTE Energy is a Michigan-based regulated utility with growing generation and transmission investments and increasing exposure to data center demand. While primarily regulated, its generation scale and Midwestern footprint are thematically comparable to Vistra's broader regional generation strategy.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Vistra social profiles
Digital presenceVistra financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vistra leadership team
Management profileNumber of profiles
Profiles5 records
Vistra subsidiaries and ownership
Company hierarchySubsidiaries7 records
Vistra funding detail
Funding detailFunding overview
Funding rounds9 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vistra M&A and investment
M&A and investmentM&A2 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vistra
What does Vistra do?
Vistra is an integrated retail electricity and power generation company that owns and operates approximately 44,000 MW of generation capacity across natural gas, nuclear, coal, solar, and battery storage facilities in ERCOT, PJM, and ISO-NE markets, and supplies electricity and related energy services to roughly 5 million residential, commercial, and industrial customers through brands including TXU Energy, Dynegy, Homefield Energy, Ambit, U.S. Gas & Electric, Energy Harbor, and Vistra Zero. The company also sells capacity and energy into wholesale markets and secures long-term power purchase agreements (PPAs) with hyperscalers and government customers.
Is Vistra a public or private company?
Vistra is a public company. It is classified as public and is currently operating.
When was Vistra founded?
Vistra was founded in 2016. It employs 5,001 to 10,000 people.
Where is Vistra based?
Vistra is headquartered in Irving, United States, in the North America region.
How does Vistra make money?
Three revenue lines are on record. Retail Electricity Sales are the primary driver. The others are wholesale Power Generation and capacity Payments.
Who are Vistra's main competitors?
Direct peers on record are NRG Energy, Constellation Energy, Talen Energy, Calpine and AES Corporation. Broad incumbents are NextEra Energy, Duke Energy, Southern Company, Public Service Enterprise Group (PSEG) and DTE Energy.
Does Vistra have an API?
No public API is recorded for Vistra.
What industry is Vistra in?
Vistra's product category is Retail Electricity and Power Generation. Its primary akta.pro industry code is EUADABAE, Retail Electric Providers / Competitive Distribution Utilities (where applicable), with a secondary code of EUAGABAI, Retail Supply + DER/Virtual Power Plant Bundles (Solar, Storage, DR). Its NAICS code is 22 and its SIC code is 4900.