Vistra Corp. (VST): financials, SEC filings and peers

Vistra Corp. (VST) is an electric utilities company in the Utilities sector of the S&P 500, headquartered in Irving, Texas.

It was founded in 2016 and joined the S&P 500 on May 8, 2024.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Electric Services”.

Vistra Corp. at a glance

Revenue (12 months): $20.6B
Revenue growth: +19.8%
Operating margin: 20.6%
Net income (12 months): $2.7B
Free cash flow (12 months): $2.6B
Cash: $2.7B
Debt: $21.1B
Diluted EPS (12 months): $7.40

Twelve months to September 30, 2026, from the 10-Q filed November 9, 2026.

Latest twelve months

Over the twelve months to September 30, 2026, Vistra Corp. reported revenue of $20.6 billion, up 19.8% from a year earlier.

Its operating margin was 20.6%, up 8.7 percentage points from a year earlier: for every $100 of sales, about $21 was left as operating profit.

Net income was $2.7 billion (13.1% of revenue), 135.0% higher than a year earlier.

Operating cash flow was $5.8 billion and capital spending $3.2 billion, leaving free cash flow of $2.6 billion (12.7% of revenue). Capital spending equal to 15% of revenue is high; the company is investing heavily.

At the end of the period it held $2.7 billion in cash and $21.1 billion in debt, a net debt position of $18.4 billion.

The diluted share count fell 2.1% in a year, typically the result of buybacks.

Five-year trend

Revenue went from $11.4 billion in fiscal 2020 to $17.7 billion in fiscal 2025, about 9.2% a year.
Revenue has grown for 5 fiscal years in a row.
Operating margin narrowed from 13.3% to 10.7% over the same years.
Free cash flow was negative in 2 of the last 6 fiscal years.
Vistra Corp. reported a net loss in 2 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$12.1B	$13.7B	$14.8B	$17.2B	$17.7B
Revenue growth	5.5%	13.7%	7.7%	16.5%	3.0%
Operating margin	-12.5%	-8.6%	18.0%	23.7%	10.7%
Net income	−$1.3B	−$1.2B	$1.5B	$2.7B	$944M
Free cash flow	−$1.2B	−$816M	$3.8B	$2.5B	$1.3B
Diluted EPS	$-2.69	$-3.26	$3.58	$7.00	$2.18

Fiscal years as reported in Vistra Corp.’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

8-K filed November 9, 2026 — Other event
10-Q filed November 9, 2026 — quarterly report
8-K filed November 6, 2026 — Earnings results
8-K filed November 5, 2026 — Acquisition or sale of assets; New debt obligation
8-K filed October 5, 2026 — Material agreement; New debt obligation
8-K filed September 24, 2026 — Material agreement; Other event
10-Q filed August 10, 2026 — quarterly report
8-K filed August 7, 2026 — Earnings results

All Vistra Corp. filings on SEC EDGAR

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Questions about Vistra Corp.

Is Vistra Corp.'s revenue growing?

Yes. Revenue for the twelve months to September 30, 2026 was $20.6 billion, up 19.8% from a year earlier, according to its SEC filings.

Is Vistra Corp. profitable?

Yes. It earned $2.7 billion in net income over the twelve months to September 30, 2026, a net margin of 13.1%.

Does Vistra Corp. have more cash or more debt?

At September 30, 2026 it had $2.7 billion in cash and $21.1 billion in debt, so more debt than cash.

When did Vistra Corp. last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on November 9, 2026.

Which companies are similar to Vistra Corp.?

In the S&P 500, Vistra Corp. is grouped in Electric Utilities within the Utilities sector. American Electric Power (AEP), Constellation Energy (CEG), Duke Energy (DUK), Edison International (EIX), Eversource Energy (ES) are in the same group.

Understand the numbers

Source: Vistra Corp.’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.