VST stock is the NYSE ticker for Vistra Corp., an Irving, Texas company that pairs a large competitive power fleet with a retail electricity business. Its 2025 Form 10-K lists 43,641 MW of generation capacity and about 5 million retail customers.
Vistra’s Fleet by Fuel: Gas First, Nuclear Third
Nuclear gets the AI headlines, but it is not the biggest slice of the fleet. Adding up the 10-K property table by primary fuel gives 26,989 MW of natural gas, 8,743 MW of coal and 6,448 MW of nuclear.
The nuclear piece is six units at four sites: two 1,200 MW units at Comanche Peak in Texas, plus Beaver Valley, Perry and Davis-Besse in PJM. Solar and battery storage add 1,274 MW.
Coal is shrinking on a schedule. Five coal plants totalling 4,578 MW are expected to retire by the middle of 2028, and Vistra intends to repower Coleto Creek and Miami Fort to burn gas.
More gas is on the way. The Cogentrix deal adds 10 gas plants of about 5,500 MW; per the Q2 2026 Form 10-Q, it received FERC approval in August 2026 and is expected to close in late 2026.
Video: CNBC Television
The Retail Arm Buying the Fleet’s Output
Vistra’s plants supply the company’s own retail brands, led by TXU Energy, which has sold power in competitive Texas retail for over 20 years. Texas accounts for about 2.6 million of the roughly 5 million retail customers, per the 10-K.
Other brands include Ambit Energy and U.S. Gas & Electric, across 16 states and the District of Columbia. The 10-K says pairing those customers with the fleet steadies cash flow through commodity price swings.
That is a stated aim, not a measured result, and it sets Vistra apart from pure generators on a typical AI energy stocks screen.
Two Data-Center Deals With Named Buyers
In September 2025 Vistra signed a 20-year power purchase agreement with Amazon Web Services for 1,200 MW from Comanche Peak, with options to extend for up to another 20 years.
Deliveries are expected to begin in the fourth quarter of 2027 and ramp to full capacity by 2032.
In January 2026 it signed 20-year PPAs with Meta for 2,609 MW from its PJM reactors. Of that, 2,176 MW is existing output from Perry (1,268 MW) and Davis-Besse (908 MW), with partial delivery expected in late 2026.
The other 433 MW does not exist yet. It depends on uprates at Perry, Davis-Besse and Beaver Valley, with first uprate deliveries expected by 2031 and full delivery by year end 2034.
Both contracts are anchored on reactors already running, like most large nuclear energy stocks, and unlike the new designs behind SMR stocks.
What the Deals Still Have to Clear
The 10-Q ties uprate timing and spending to regulatory approvals and engineering work. Spending runs from 2026 through 2034, with less than 20% of it by year end 2028.
The 10-K risk factors name regulatory reviews and uprate capital costs as threats to meeting contract obligations. Neither filing names the NRC licence amendments each uprate needs, so any approval date you see elsewhere is an outside estimate.
In December 2025 the Federal Energy Regulatory Commission (FERC) directed PJM, the grid operator for all or parts of 13 states and the District of Columbia, to create transmission service products for large loads co-located with generators.
Per the 10-K, PJM is still developing those products with stakeholders.
Capacity revenue is the other visible input. Per an 8-K dated July 14, 2026, Vistra cleared about 10,924 MW in PJM’s 2028/2029 auction at $325.00 per megawatt-day.
Vistra vs Constellation: Fleet Mix Side by Side
Constellation Energy also owns reactors and sells into competitive markets, but its fleet leans the other way.
| Measure (at Dec 31, 2025) | Vistra (VST) | Constellation Energy (CEG) |
|---|---|---|
| Total owned capacity | 43,641 MW | 31,676 MW |
| Nuclear | 6,448 MW | 22,069 MW |
| Natural gas | 26,989 MW | 4,617 MW, plus 1,353 MW oil/gas dual-fuel |
| Coal | 8,743 MW | None listed |
| Hydro, wind, solar, storage | 1,274 MW | 2,561 MW |
| Oil | 187 MW | 1,076 MW |
| Exchange listing | NYSE | Nasdaq |
| Fiscal year end | December 31 | December 31 |
Fuel rows sum each company’s Item 2 property table, from the Vistra 10-K and the Constellation 2025 Form 10-K; listing and fiscal year come from SEC filer records.
Constellation closed its Calpine acquisition in January 2026, so its current gas share is higher than this snapshot.
This is general information about a listed company, not investment advice.
VST Stock FAQ
What does Vistra Corp. do?
It generates electricity from a 43,641 MW fleet and sells it wholesale and through retail brands to about 5 million customers, according to its 2025 Form 10-K. It is incorporated in Delaware and headquartered in Irving, Texas, and its largest retail market is Texas, with about 2.6 million customers.
Is Vistra mainly a nuclear company?
No. Nuclear is 6,448 MW, roughly 15% of the capacity listed in the 10-K property table. Natural gas is about 62% and coal about 20%. Both named data-center contracts, with Amazon Web Services and Meta, are tied to that smaller nuclear share.
Where does VST trade and when does Vistra’s fiscal year end?
VST trades on the New York Stock Exchange, and Vistra’s fiscal year ends December 31, per its SEC filer record. Annual results arrive in a Form 10-K, filed on February 27, 2026 for fiscal 2025, and quarterly results in Form 10-Q filings.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.