Vistra Corp.

Overview

Vistra Corp. is a U.S.-based integrated electricity company that generates and sells power and supplies electricity to residential and business customers. Its generation portfolio spans natural gas, coal, nuclear, solar and battery storage, with about 44,000 MW of capacity reported on its company website.[1][2] Its operations are focused on the United States, including Texas and eastern and western competitive electricity markets; the company reports serving about 5 million retail customers across 20 states and having approximately 5,400 employees.[3][1]

Vistra reports five segments: Retail, Texas, East, West and Asset Closure. For fiscal 2025, consolidated operating revenue was $17.738 billion.[4] The company’s stated core principles emphasize competing to win and caring for employees, customers and the communities where it operates.[5] [4]+4

Products & services

Vistra sells electricity, natural gas and related services to residential, commercial and industrial customers through retail brands including TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, Energy Harbor and U.S. Gas & Electric. Its retail offerings include renewable-energy plans, customer-use dashboards, thermostats and energy-efficiency programs.[6]+2 TXU Energy lists specific residential offers such as Free EV Nights and a home-solar buyback plan that provides credits for excess solar generation; availability and terms may vary.[9][10]

For commercial and industrial customers, Vistra offers fixed-price and index-based electricity procurement, renewable and emission-free energy options—including certificates and power purchase agreements—and solutions such as on-site solar and storage, energy-efficiency support, demand response and sustainability reporting.[11]+2

Its generation portfolio includes natural-gas combined-cycle, combustion-turbine and steam-turbine plants, coal-fired steam plants, nuclear facilities, solar and battery resources, and fuel-oil capacity. At year-end 2025, reported net capacity was 43,641 MW, including 26,989 MW of natural gas, 8,743 MW of coal, 6,448 MW of nuclear, 1,274 MW of solar and battery, and 187 MW of fuel oil.[14]+2 Vistra also offers residential battery aggregation: its TXU Energy Battery Rewards program provides incentives to eligible customers with Enphase IQ Batteries for exporting stored power during high-demand periods.[17] [6]+11

Geographic presence

Vistra’s U.S. footprint spans Texas, the East and West. Its 2025 annual filing said it marketed products and services in 18 states and Washington, D.C., while its current operations page reports 20 states; its retail page describes service in 16 states and D.C. These figures refer to different descriptions of the company’s footprint.[6]+2 Its generation portfolio is concentrated in Texas and the East, with a smaller West presence. The East portfolio operates across PJM, MISO, ISO-NE and NYISO, while the West portfolio is in CAISO.[19][20]

The facility footprint includes Texas; Illinois, Ohio, Pennsylvania, Delaware, Virginia, New Jersey and West Virginia; and California. The company also lists generation in New York, Massachusetts, Maine, Connecticut and Rhode Island. Retail and generation operations are reported across ERCOT and the Northeast/Midwest, alongside the West generation segment.[21]+2

For the six months ended June 30, 2026, Vistra reported $9.402 billion of revenue from contracts with customers. Disclosed segment amounts were $4.147 billion for Retail–ERCOT, $2.350 billion for Retail–Northeast/Midwest, $544 million for Texas generation, $2.209 billion for East generation and $150 million for West generation. These equate to approximately 44.1%, 25.0%, 5.8%, 23.5% and 1.6%, respectively, of that contract-revenue total; they are segment and market categories, not a state-by-state breakdown of revenue by customer location.[22] Vistra’s principal executive offices are in Irving, Texas; the company also identifies regional offices in Collinsville, Illinois, and Cincinnati, Ohio.[23][3] [6]+14

Business segments

Vistra reports five business segments. For the six months ended June 30, 2026, their shares of consolidated segment Adjusted EBITDA were approximately: **East, 44.8%**; **Texas, 27.9%**; **Retail, 26.1%**; **West, 3.9%**; and **Asset Closure, (1.3)%**. These shares use $3.219 billion of segment Adjusted EBITDA as the denominator; the negative Asset Closure contribution means the segment shares do not add to 100%.[24][25]

**Retail** sells electricity and natural gas to residential, commercial, and industrial customers. **Texas** covers generation and wholesale power-market activities in ERCOT, while **East** covers generation and related wholesale activities in eastern U.S. markets, including PJM, MISO, ISO-NE, and NYISO. These segment definitions exclude assets assigned to Asset Closure.[26][19]

**West** covers activity in the CAISO market, including battery-storage projects at Moss Landing. **Asset Closure** includes decommissioning and reclamation of retired generation facilities and mines, as well as battery removal and remediation.[27][28]

For comparison, on a full-year 2025 basis, the segments’ shares of $5.838 billion in consolidated segment Adjusted EBITDA were approximately East 39.1%, Texas 31.4%, Retail 27.8%, West 4.2%, and Asset Closure (1.3)%. Vistra separately reconciles Corporate and Other, which is not a reportable segment.[29][30] [24]+7

Company history

Vistra’s immediate predecessor, Texas Competitive Electric Holdings, emerged from Energy Future Holdings’ Chapter 11 restructuring in October 2016. In November 2016, the business became a standalone company through a tax-free spin-off and adopted the name Vistra Energy, with TXU Energy and Luminant among its businesses [31]. Its shares began trading on the New York Stock Exchange in May 2017 [32].

A major expansion followed Vistra’s merger with Dynegy, announced in 2017 and completed in April 2018, which enlarged its integrated power generation and retail operations [33][34]. In 2019, Vistra added retail businesses through its acquisitions of Crius Energy Trust and Ambit Energy [35][36].

Jim Burke succeeded Curt Morgan as chief executive officer in August 2022 [37]. In 2024, Vistra completed its acquisition of Energy Harbor, expanding its nuclear generation and retail businesses [38]. It also completed the purchase of minority investors’ interests in Vistra Vision at the end of 2024 [39]. In 2025, it completed the acquisition of seven natural-gas plants from Lotus Infrastructure Partners [40]. [31]+9

Sources

• vistracorp.com[1]
• vistracorp.com[2]
• vistracorp.com[3]
• Vistra Corp. — Full financial report (2025 Y)
  16 citations

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• vistracorp.com[5]
• www.txu.com[9]
• www.txu.com[10]
• commercial.vistracorp.com[11]
• commercial.vistracorp.com[12]
• commercial.vistracorp.com[13]
• investor.vistracorp.com[17]
• vistracorp.com[18]
• Vistra Corp. — Full financial report (2026 Q 2)[22]
• Vistra Corp. — Press release (2026 Q 2)[24][25]
• hub.vistracorp.com[31]
• investor.vistracorp.com[32]
• investor.vistracorp.com[33]
• investor.vistracorp.com[34]
• investor.vistracorp.com[35]
• investor.vistracorp.com[36]
• investor.vistracorp.com[37]
• investor.vistracorp.com[38]
• investor.vistracorp.com[39]
• investor.vistracorp.com[40]