Vistra Corp. (VST) financials
NYSE · Utilities · Independent Power Producers · 6,390 employees · CEO James A. Burke
- Price
- $138.37 -1.83%
- Market cap
- $46.4B
- Enterprise value
- $65.9B
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-06 EPS est. $2.98
Revenue (TTM)$19.2B+3.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)18.6%-1.1 pp vs a year agoOperating income $3.57B
Net income (TTM)$2.22B-7.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.38B-16.8% vs a year agoCapex $3.75B
Diluted EPS (TTM)$5.93-6.0% vs a year agoSum of the last 4 quarters
Net cash-$19.5B-10.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $46.4B EV $65.9B
- Revenue
- $19.2B Trailing 12 months
- Revenue growth
- +23% FY2026 consensus
- Profit margin
- 11.6% Net income / revenue, TTM
- P/E
- 23.1× Forward 16.1× (FY2026)
- P/S
- 2.4× Price / sales, TTM
- EV / EBITDA
- 10.0× TTM
- Free cash flow
- $1.38B Trailing 12 months
- Net income
- $2.22B Trailing 12 months
- Revenue estimate
- $21.9B FY2026 consensus
- Earnings
- 2026-11-06 Revenue est. $6.03B
- Dividend
- $0.91 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-07): revenue missed by 26.5%, EPS missed by 52.2%Revenue $4.02B vs $5.46B expected (-26.5%); EPS $0.77 vs $1.61 (-52.2%).
- Revenue growth slowing: -5.5% year on yearQ2 '26 revenue $4.02B, against an average of 11.6% over the four quarters before.
- Operating margin 18.6% (TTM), -1.1 pp on a year agoOperating income grew -2.2% while revenue grew 3.8%.
- 27.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.8B vs operating income $3.57B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 19.5% of revenue (a year ago 13.9%)$3.75B invested in the last 4 quarters (+45.5% on a year earlier). Free cash flow $1.38B = 62.0% of net income.
- Returned $428M to shareholders = 31.1% of free cash flowBuybacks $120M (a year earlier $1.23B), dividends $308M, stock-based pay -$115M (TTM).
- Diluted share count down 0.1% in a year339M diluted shares in Q2 '26, 339M a year earlier.
- Net debt $19.5BCash + short-term investments $435M, debt incl. leases $19.9B; a year ago net debt $17.6B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.02B | $4.25B | -5.5% |
| Gross margin | 34.6% | 36.3% | -1.7 pp |
| Operating income | $553M | $583M | -5.1% |
| Operating margin | 13.8% | 13.7% | 0.0 pp |
| Net income | $305M | $327M | -6.7% |
| Diluted EPS | $0.76 | $0.83 | -8.4% |
| Operating cash flow | $1.02B | $572M | +78.8% |
| Capex | $890M | $690M | +29.0% |
| Free cash flow | $133M | -$118M | +212.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | -$101M | $25M | -504.0% |
Reported vs consensus
2026-08-07| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.02B | $5.46B | -26.5% |
| EPS (as estimated) | $0.77 | $1.61 | -52.2% |
From the report of 2026-08-07 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Retail Segment | $2.25B | +2.1% | 51.2% | $8.92B | +4.8% | |
| Texas Segment | $620M | +30.8% | 14.1% | $3.84B | -29.6% | |
| East Segment | $1.09B | +37.6% | 24.8% | $4.58B | +21.3% | |
| Revenue From Other Wholesale Contracts | $437M | +56.1% | 9.9% | $1.65B | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| East Segment | $954M | -35.5% | 92.4% | $6.53B | -2.4% | |
| West Segment | $79M | +16.2% | 7.6% | $333M | -45.9% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '24
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Retail Segment | – | – | -$1.21B | – | – | – | – |
| Texas Segment | – | – | $3.22B | – | – | – | – |
| East Segment | – | – | $362M | – | – | – | – |
| West Segment | – | – | $151M | – | – | – | – |
| Sunset Segment | – | – | $168M | – | – | – | – |
| Asset Closure Segment | – | – | -$24M | – | – | – | – |
| Corporate (unallocated) | – | – | -$74M | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.12B
- Capex
- -$3.75B
- Buybacks
- -$120M
- Dividends
- -$308M
- Acquisitions
- $0
- Net debt issued
- -$1.4B
- Stock-based compensation
- -$115M
- Free cash flow
- $1.38B
- Returned to shareholders / FCF
- 31.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 23.1× | 34.2× 3 of 5 years | 10.6× – 72.7× |
| EV / EBITDA | 10.0× | 15.4× | 5.6× – 26.4× |
| EV / Sales | 3.4× | 2.6× | 1.7× – 4.2× |
| Price / FCF | 33.8× | 149.0× 3 of 5 years | 3.8× – 424.1× |
| Price / Book | 8.5× | 5.0× | 1.3× – 10.7× |
| FCF yield | 3.0% | 2.5% | -11.3% – 26.5% |
| Return on invested capital | 8.3% | 3.0% | -4.6% – 10.7% |
| Return on equity | 41.5% | 10.8% | -25.0% – 47.7% |
Analysts
Consensus target $197.94 (+43.1%)
range $169.00 – $255.00 · rating Buy
Strong buy0
Buy22
Hold2
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $21.9B | +23.3% | $8.58 | +293.7% | 16.1× | 8 |
| FY2027 | $23.6B | +8.0% | $10.06 | +17.2% | 13.8× | 9 |
| FY2028 | $24.8B | +4.8% | $11.44 | +13.7% | 12.1× | 8 |
| FY2029 | $25.3B | +2.1% | $13.54 | +18.4% | 10.2× | 5 |
| FY2030 | $26.2B | +3.4% | $16.02 | +18.3% | 8.6× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 307 figures Vistra Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.5B | $1.28B | +17.9% | $1.64B | $1.51B | +8.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.29B | $2.23B | +2.9% | $2.32B | $1.98B | +17.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $73M | $75M | -2.7% | $89M | $79M | +12.7% |
| Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $44M | $43M | +2.3% | $201M | $183M | +9.8% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $44M | $43M | +2.3% | $191M | $165M | +15.8% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $2.37B | $2.3B | +2.7% | $2.41B | $2.06B | +17.0% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $44M | $43M | +2.3% | $201M | $183M | +9.8% |
| Accretion Expense | $34M | $32M | +6.3% | $134M | $114M | +17.5% |
| Accrual for Taxes Other than Income Taxes, Current | $125M | $143M | -12.6% | $224M | $209M | +7.2% |
| Accrued Income Taxes, Current | $3M | – | – | $02021-12-31 | $16M | -100.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment, Period Increase (Decrease) | $534M | $621M | -14.0% | $2.31B | $2.06B | +12.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $9.98B | $8.54B | +16.9% | $9.27B | $8.02B | +15.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $16M | $19M | -15.8% | $17M | $20M | -15.0% |
| Additional Paid in Capital, Common Stock | $9.54B | $9.45B | +0.9% | $9.54B | $9.44B | +1.1% |
| Amortization of Debt Discount (Premium) | $12M | $11M | +9.1% | $46M | $34M | +35.3% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 379K | 208 | +181,957.7% | 0 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $35M | $43M | -18.6% | $102M | $140M | -27.1% |
| Asset Retirement Obligation | $4.27B | $4.1B | +4.1% | $4.22B | $4.08B | +3.4% |
| Asset Retirement Obligation, Accretion Expense | $50M | $47M | +6.4% | $194M | $170M | +14.1% |
| Asset Retirement Obligation, Current | $197M | $146M | +34.9% | $181M | $142M | +27.5% |
| Asset Retirement Obligation, Liabilities Settled | $21M | $23M | -8.7% | $96M | $88M | +9.1% |
| Asset Retirement Obligations, Noncurrent | $4.07B | $3.95B | +3.0% | $4.04B | $3.94B | +2.5% |
| Assets | $42.6B | $38.1B | +11.7% | $41.6B | $37.8B | +10.0% |
| Assets for Plan Benefits, Defined Benefit Plan | $13M2025-09-30 | $18M | -27.8% | – | – | – |
| Assets Held-for-sale, Not Part of Disposal Group | $97M | – | – | – | – | – |
| Assets, Current | $10.3B | $8.48B | +21.1% | $9.18B | $8.12B | +13.1% |
| Assets, Fair Value Disclosure | $50M | – | – | $9M | $5M | +80.0% |
| Cash and Cash Equivalents, at Carrying Value | $435M | $458M | -5.0% | $785M | $1.19B | -33.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $481M | $495M | -2.8% | $822M | $1.22B | -32.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$196M | -$101M | -94.1% | -$400M | -$2.32B | +82.7% |
| Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -$530M | $50M | -1,160.0% | -$1.83B | $36M | -5,183.3% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.23 | $0.23 | +1.8% | $0.90 | $0.87 | +3.2% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1.8B | 1.8B | 0.0% | 1.8B | 1.8B | 0.0% |
| Common Stock, Shares, Outstanding | 336M | 339M | -0.9% | 338M | 340M | -0.5% |
| Common Stock, Value, Issued | $5M | $5M | 0.0% | $5M | $5M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $02025-09-30 | -$51M | +100.0% | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $653M2025-09-30 | $1.89B | -65.4% | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $230M2025-12-31 | $503M | -54.3% | $941M | $2.83B | -66.7% |
| Construction in Progress Expenditures Incurred but Not yet Paid | – | – | – | $108M | $258M | -58.1% |
| Construction in Progress, Gross | $1.84B | $1.56B | +18.2% | $1.92B | $1.06B | +80.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$3M | $2M | -250.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $43M | $48M | -10.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $46M | $46M | 0.0% |
| Debt Instrument, Repurchase Amount | $613M | $1.3B | -52.7% | $632M | $1.34B | -52.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $169M | $151M | +11.9% | $153M | $171M | -10.5% |
| Decommissioning Fund Investments | $4.93B2025-09-30 | $4.44B | +10.9% | $4.44B2024-12-31 | $1.95B | +127.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $149M | $561M | -73.4% |
| Deferred Income Tax Assets, Net | $213M | $9M | +2,266.7% | $239M | $9M | +2,555.6% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $136M | $607M | -77.6% |
| Deferred Income Tax Liabilities, Net | $1.27B | $569M | +123.4% | $1.05B | $697M | +50.5% |
| Deferred Income Taxes and Tax Credits | $96M | $57M | +68.4% | $136M | $607M | -77.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$13M | $46M | -128.3% |
| Deferred Tax Assets, Derivative Instruments | $661M2025-12-31 | $383M | +72.6% | $661M | $383M | +72.6% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $326M2025-12-31 | $340M | -4.1% | $326M | $340M | -4.1% |
| Deferred Tax Assets, Gross | $2.45B2025-12-31 | $2.15B | +14.0% | $2.45B | $2.15B | +14.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $1.08B2025-12-31 | $949M | +13.6% | $1.08B | $949M | +13.6% |
| Deferred Tax Assets, Other | $37M2025-12-31 | $36M | +2.8% | $37M | $36M | +2.8% |
| Deferred Tax Assets, Other Comprehensive Loss | $02025-12-31 | – | – | $0 | – | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $133M2025-12-31 | $133M | 0.0% | $133M | $133M | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02