Vistra

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.

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

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

• Retail electricity services
• Power generation
• Competitive energy markets
• Nuclear power generation
• Natural gas generation

Headquarters

HQ city

Irving

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. 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
2. 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
3. Capacity Payments: Revenue from capacity markets in PJM and other competitive markets where generation assets receive capacity payments for providing reliability

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core 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

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered flagship, core, major and minor.

• NVIDIAflagshipTechnology or Integration · 11 June 2026NVIDIA 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 PlatformscoreStrategic or Co-development Partner · 9 January 202620-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 AdministrationmajorStrategic or Co-development Partner · 30 July 2024Homefield 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 ServicescoreStrategic or Co-development PartnerLong-term power purchase agreement for nuclear power supply from Comanche Peak plant and other Vistra facilities for AWS data center operations.
• Energy HarborcoreStrategic or Co-development PartnerVistra 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 EnergycoreStrategic or Co-development PartnerVistra 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 ToledominorStrategic or Co-development PartnerVistra 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.
• BakerRipleyminorOthersLong-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

Direct 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

• Xx.com/VistraCorp
• Facebookfacebook.com/vistracorp
• LinkedInlinkedin.com/company/vistra-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vistra