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

Nrg Energy brought in $30.7B of revenue in fiscal 2025, Vistra $17.7B in fiscal 2025. Revenue changed by +9.2% at Nrg Energy and +3.0% at Vistra on the year before, so Nrg Energy grew faster. Nrg Energy kept 2.8% of its revenue as net profit, Vistra 5.3%. Free cash flow was $766M at Nrg Energy and $1.3B at Vistra.

Side by side, latest fiscal year

NRGVST
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$30.7B$17.7B
Revenue growth+9.2%+3.0%
Net income$864M$944M
Net margin2.8%5.3%
Free cash flow$766M$1.3B
Free cash flow margin2.5%7.4%
Earnings per share (diluted)$4.01$2.18
Cash$4.7B$785M
Debt$16.6B$17B
Price to earnings25.063.5
Market value$21.1B$46.5B
Dividend yield1.75%0.65%
Rank by revenue in sector#4 of 109 · Utilities#14 of 109 · Utilities

Over the years

Revenue
NRG FY2018: $9.5BNRG FY2019: $9.8BNRG FY2020: $9.1BNRG FY2021: $27BNRG FY2022: $31.5BNRG FY2023: $28.8BNRG FY2024: $28.1BNRG FY2025: $30.7BVST FY2018: $9.8BVST FY2019: $11.8BVST FY2020: $11.4BVST FY2021: $17.7BVST FY2022: $15.6BVST FY2023: $14.8BVST FY2024: $17.2BVST FY2025: $17.7BFY18FY19FY20FY21FY22FY23FY24FY25
NRG $30.7BVST $17.7B
Net income
NRG FY2018: $268MNRG FY2019: $4.4BNRG FY2020: $510MNRG FY2021: $2.2BNRG FY2022: $1.2BNRG FY2023: -$202MNRG FY2024: $1.1BNRG FY2025: $864MVST FY2018: -$54MVST FY2019: $928MVST FY2020: $636MVST FY2021: -$1.3BVST FY2022: -$1.2BVST FY2023: $1.5BVST FY2024: $2.7BVST FY2025: $944MFY18FY19FY20FY21FY22FY23FY24FY25
NRG $864MVST $944M
Net margin
NRG FY2018: 2.8%NRG FY2019: 45.2%NRG FY2020: 5.6%NRG FY2021: 8.1%NRG FY2022: 3.9%NRG FY2023: -0.7%NRG FY2024: 4.0%NRG FY2025: 2.8%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
NRG 2.8%VST 5.3%
Revenue growth
NRG FY2019: +3.6%NRG FY2020: -7.4%NRG FY2021: +196.8%NRG FY2022: +16.9%NRG FY2023: -8.6%NRG FY2024: -2.4%NRG FY2025: +9.2%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
NRG +9.2%VST +3.0%
Free cash flow
NRG FY2018: $989MNRG FY2019: $1.2BNRG FY2020: $1.6BNRG FY2021: $224MNRG FY2022: -$7MNRG FY2023: -$819MNRG FY2024: $1.8BNRG FY2025: $766MVST FY2018: $941MVST FY2019: $2BVST FY2020: $2.1BVST FY2021: -$1.2BVST FY2022: -$816MVST FY2023: $3.8BVST FY2024: $2.5BVST FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
NRG $766MVST $1.3B

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

Questions about Nrg Energy and Vistra

Which is bigger by revenue, Nrg Energy or Vistra?

Nrg Energy is bigger by revenue: $30.7B in fiscal 2025, against $17.7B for Vistra in fiscal 2025.

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

Nrg Energy had a net margin of 2.8% in fiscal 2025; Vistra had 5.3% in fiscal 2025.

Which grew revenue faster, Nrg Energy or Vistra?

In their latest fiscal years revenue changed by +9.2% at Nrg 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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