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Constellation Energy vs Vistra: revenue, profit, margins and growth compared

Constellation Energy brought in $25.5B of revenue in fiscal 2025, Vistra $17.7B in fiscal 2025. Revenue changed by +8.3% at Constellation Energy and +3.0% at Vistra on the year before, so Constellation Energy grew faster. Constellation Energy kept 9.1% of its revenue as net profit, Vistra 5.3%. Free cash flow was $1.3B at Constellation Energy and $1.3B at Vistra.

Side by side, latest fiscal year

CEGVST
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$25.5B$17.7B
Revenue growth+8.3%+3.0%
Net income$2.3B$944M
Net margin9.1%5.3%
Free cash flow$1.3B$1.3B
Free cash flow margin5.0%7.4%
Earnings per share (diluted)$7.40$2.18
Cash$3.6B$785M
Debt$7.4B$17B
Price to earnings35.663.5
Market value$93.3B$46.5B
Dividend yield0.15%0.65%
Rank by revenue in sector#7 of 109 · Utilities#14 of 109 · Utilities

Over the years

Revenue
CEG FY2020: $17.6BCEG FY2022: $19.6BCEG FY2022: $24.4BCEG FY2023: $24.9BCEG FY2024: $23.6BCEG FY2025: $25.5BVST FY2018: $9.8BVST FY2019: $11.8BVST FY2020: $11.4BVST FY2021: $17.7BVST FY2022: $15.6BVST FY2023: $14.8BVST FY2024: $17.2BVST FY2025: $17.7BFY18FY19FY20FY21FY22FY23FY24FY25
CEG $25.5BVST $17.7B
Net income
CEG FY2020: $589MCEG FY2022: -$205MCEG FY2022: -$160MCEG FY2023: $1.6BCEG FY2024: $3.7BCEG FY2025: $2.3BVST FY2018: -$54MVST FY2019: $928MVST FY2020: $636MVST FY2021: -$1.3BVST FY2022: -$1.2BVST FY2023: $1.5BVST FY2024: $2.7BVST FY2025: $944MFY18FY19FY20FY21FY22FY23FY24FY25
CEG $2.3BVST $944M
Net margin
CEG FY2020: 3.3%CEG FY2022: -1.0%CEG FY2022: -0.7%CEG FY2023: 6.5%CEG FY2024: 15.9%CEG FY2025: 9.1%VST FY2018: -0.6%VST FY2019: 7.9%VST FY2020: 5.6%VST FY2021: -7.2%VST FY2022: -7.8%VST FY2023: 10.1%VST FY2024: 15.4%VST FY2025: 5.3%FY18FY19FY20FY21FY22FY23FY24FY25
CEG 9.1%VST 5.3%
Revenue growth
CEG FY2022: +11.6%CEG FY2022: +24.4%CEG FY2023: +2.0%CEG FY2024: -5.4%CEG FY2025: +8.3%VST FY2019: +20.5%VST FY2020: -3.1%VST FY2021: +54.7%VST FY2022: -11.7%VST FY2023: -5.5%VST FY2024: +16.5%VST FY2025: +3.0%FY19FY20FY21FY22FY23FY24FY25
CEG +8.3%VST +3.0%
Free cash flow
CEG FY2020: -$1.2BCEG FY2022: -$2.7BCEG FY2022: -$4BCEG FY2023: -$7.7BCEG FY2024: -$5BCEG FY2025: $1.3BVST FY2018: $941MVST FY2019: $2BVST FY2020: $2.1BVST FY2021: -$1.2BVST FY2022: -$816MVST FY2023: $3.8BVST FY2024: $2.5BVST FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
CEG $1.3BVST $1.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Constellation Energy and Vistra

Which is bigger by revenue, Constellation Energy or Vistra?

Constellation Energy is bigger by revenue: $25.5B in fiscal 2025, against $17.7B for Vistra in fiscal 2025.

Which keeps more of its revenue as profit, Constellation Energy or Vistra?

Constellation Energy had a net margin of 9.1% in fiscal 2025; Vistra had 5.3% in fiscal 2025.

Which grew revenue faster, Constellation Energy or Vistra?

In their latest fiscal years revenue changed by +8.3% at Constellation Energy and +3.0% at Vistra.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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