Vistra Corp.

Overview

Vistra Corp. is a U.S. electricity company that combines retail electricity and natural-gas sales with power generation and wholesale energy operations. It serves residential, commercial, and industrial customers across markets extending from California to Maine. Its generation fleet includes natural gas, nuclear, coal, solar, and battery-storage facilities.[1][2]

Vistra’s stated approach is to pair reliable power generation with customer-focused retail service while moving its fleet toward lower-carbon resources. It serves approximately 5 million retail customers and has about 44,000 megawatts of generation capacity. In 2025, it reported $17.7 billion in revenue and employed approximately 6,390 full-time people.[1]+4 [1]+4

Products & services

Vistra sells electricity and natural gas to retail customers, along with related services, through brands including TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy and U.S. Gas & Electric. TXU Energy serves residential and business electricity customers in Texas’s competitive ERCOT market; Dynegy Energy Services serves residential and business customers in MISO and PJM markets, while Homefield Energy serves municipal customers in MISO. The company also sells electricity into wholesale markets and provides commodity risk-management services.[6][7]

Vistra supplies electricity from a portfolio of natural-gas, nuclear, coal, solar and battery-storage facilities. Its disclosed revenue categories distinguish retail energy charges from wholesale generation and capacity revenue rather than reporting sales by individual retail plan or brand. In 2025, retail energy charges in ERCOT and the Northeast/Midwest totaled $13.0 billion, compared with $3.2 billion of wholesale ISO/RTO generation revenue and $227 million of capacity revenue.[8][9] [6]+6

Geographic presence

Vistra’s principal executive office is in Irving, Texas. Its retail business serves approximately 5 million customers across 16 U.S. states and the District of Columbia, including approximately 2.6 million retail electricity customers in Texas.[10][11]

Its generation portfolio is organized geographically around Texas, East and West operations. Texas facilities operate in the ERCOT market; the East region spans markets in the eastern and midwestern United States, including PJM; and West facilities are in California’s CAISO market. Reported net generation capacity is 19,858 MW in Texas, 22,254 MW in East and 1,529 MW in West.[12]+3 In 2025, retail energy charges were $8.966 billion in ERCOT and $4.059 billion in the Northeast/Midwest. These figures are revenue categories rather than a complete state-by-state breakdown of company revenue.[9] [10]+8

Business segments

Vistra reports five segments: Retail, Texas, East, West and Asset Closure. Retail sells electricity and natural gas to residential, commercial and industrial customers. Texas comprises generation operations in ERCOT; East comprises generation in eastern markets including PJM, MISO, ISO New England and NYISO; and West operates in the California market. Asset Closure covers decommissioning and reclamation of retired facilities and mines, along with related remediation.[15]+4

Based on 2025 segment operating revenue, Retail contributed approximately 55% of the total reported by the five segments, East 24%, Texas 20%, West 1%, and Asset Closure less than 1%. These are shares of revenue **before intersegment eliminations**, not shares of consolidated revenue; sales between segments are substantial.[18] [15]+5

Company history

Vistra traces its origins to Texas Competitive Electric Holdings (TCEH), whose principal businesses included the power generator Luminant and the retail electricity provider TXU Energy. After TCEH and related Energy Future Holdings entities entered Chapter 11 bankruptcy in April 2014, they emerged on October 3, 2016, as subsidiaries of the newly formed Vistra Energy. Vistra’s shares began trading on the New York Stock Exchange in May 2017.[19]+2

Vistra expanded through its April 2018 merger with Dynegy and its 2019 acquisitions of retail electricity providers Crius and Ambit. It also moved into large-scale battery storage: the first phase of its Moss Landing project began operating in 2020, followed by a second phase in 2021. Jim Burke succeeded Curt Morgan as chief executive in August 2022. In March 2024, Vistra completed its acquisition of Energy Harbor, adding nuclear generation and retail customers.[22]+6 [19]+9

Sources

• Vistra Corp. — Full financial report (2025 Y)
  16 citations

  [1][2][4][5][7][8][9][10][11][12][13][14][15][16][17][18]
• PREMIER FOODS — Full financial report (2019 Y)[3]
• Vistra Corp. — Full financial report (2024 Y)[6]
• Vistra Corp. — Full financial report (2017 Y)[19][22]
• Vistra Corp. — Full financial report (2020 Y)
  4 citations

  [20][23][24][25]
• Vistra Corp. — Full financial report (2018 Y)[21]
• Vistra Corp. — Full financial report (2021 Q 2)[26]
• Vistra Corp. — Full financial report (2022 Y)[27]
• Vistra Corp. — Press release (2024 Q 1)[28]