Invesaro

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Southern vs Vistra: revenue, profit, margins and growth compared

Southern brought in $29.6B of revenue in fiscal 2025, Vistra $17.7B in fiscal 2025. Revenue changed by +10.4% at Southern and +3.0% at Vistra on the year before, so Southern grew faster. Southern kept 14.7% of its revenue as net profit, Vistra 5.3%. Free cash flow was -$2.9B at Southern and $1.3B at Vistra.

Side by side, latest fiscal year

SOVST
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$29.6B$17.7B
Revenue growth+10.4%+3.0%
Net income$4.3B$944M
Net margin14.7%5.3%
Free cash flow-$2.9B$1.3B
Free cash flow margin-9.9%7.4%
Earnings per share (diluted)$3.92$2.18
Cash$1.6B$785M
Debt$71.9B$17B
Price to earnings21.163.5
Market value$95.3B$46.5B
Dividend yield3.55%0.65%
Rank by revenue in sector#5 of 109 · Utilities#14 of 109 · Utilities

Over the years

Revenue
SO FY2018: $25.2BSO FY2019: $22.6BSO FY2020: $21.1BSO FY2021: $23.5BSO FY2022: $29.3BSO FY2023: $25.3BSO FY2024: $26.8BSO FY2025: $29.6BVST FY2018: $9.8BVST FY2019: $11.8BVST FY2020: $11.4BVST FY2021: $17.7BVST FY2022: $15.6BVST FY2023: $14.8BVST FY2024: $17.2BVST FY2025: $17.7BFY18FY19FY20FY21FY22FY23FY24FY25
SO $29.6BVST $17.7B
Net income
SO FY2018: $2.2BSO FY2019: $4.7BSO FY2020: $3.1BSO FY2021: $2.4BSO FY2022: $3.5BSO FY2023: $4BSO FY2024: $4.4BSO FY2025: $4.3BVST FY2018: -$54MVST FY2019: $928MVST FY2020: $636MVST FY2021: -$1.3BVST FY2022: -$1.2BVST FY2023: $1.5BVST FY2024: $2.7BVST FY2025: $944MFY18FY19FY20FY21FY22FY23FY24FY25
SO $4.3BVST $944M
Net margin
SO FY2018: 8.8%SO FY2019: 21.0%SO FY2020: 14.8%SO FY2021: 10.2%SO FY2022: 12.0%SO FY2023: 15.7%SO FY2024: 16.4%SO FY2025: 14.7%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
SO 14.7%VST 5.3%
Revenue growth
SO FY2019: -10.5%SO FY2020: -6.6%SO FY2021: +11.2%SO FY2022: +24.8%SO FY2023: -13.8%SO FY2024: +6.0%SO FY2025: +10.4%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
SO +10.4%VST +3.0%
Free cash flow
SO FY2018: -$1.1BSO FY2019: -$1.8BSO FY2020: -$826MSO FY2021: -$1.4BSO FY2022: -$1.6BSO FY2023: -$1.5BSO FY2024: $833MSO FY2025: -$2.9BVST FY2018: $941MVST FY2019: $2BVST FY2020: $2.1BVST FY2021: -$1.2BVST FY2022: -$816MVST FY2023: $3.8BVST FY2024: $2.5BVST FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
SO -$2.9BVST $1.3B

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

Questions about Southern and Vistra

Which is bigger by revenue, Southern or Vistra?

Southern is bigger by revenue: $29.6B in fiscal 2025, against $17.7B for Vistra in fiscal 2025.

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

Southern had a net margin of 14.7% in fiscal 2025; Vistra had 5.3% in fiscal 2025.

Which grew revenue faster, Southern or Vistra?

In their latest fiscal years revenue changed by +10.4% at Southern 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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