The Revenue LinesNarrow moat

Vistra (VST) — moat facet

The retailer books 80% of the outside revenue and the generators earn three-quarters of the profit, selling most of their power to it.

Vistra reports its revenue by segment, and the external split looks nothing like the business. Of $17,738 million of operating revenue in 2025, Retail booked $14,233 million from outside customers, East $2,169 million, Texas $934 million and West $322 million 1. Retail was 80% of external revenue 2.

Adjusted EBITDA by segment, 2025 ($M)East$2,282MTexas$1,834MRetail$1,622MWest$244MVistra 10-K FY2025, segment information; Sunset and corporate lost $144M
Retail books 80% of external revenue and earns about a quarter of segment EBITDA; the generators earn the rest.

That is because the generators sell most of their output to the retailer: segment operating revenues were Retail $14,340 million, Texas $5,353 million, East $6,174 million and West $325 million 3, and $8,528 million of intersegment sales were eliminated on consolidation 4.

Profit runs the other way. Adjusted EBITDA in 2025 was $2,282 million in East, $1,834 million in Texas, $1,622 million in Retail and $244 million in West 5; the three generation segments earned 73% of the four segments' total 6. A small fifth band, Sunset and other, is the asset-closure segment (Moss Landing and retired plants) and corporate, with $80 million of external revenue 7.

The mix has moved toward East. East's Adjusted EBITDA rose from $2,017 million to $2,282 million in 2025 on a full year of Energy Harbor's nuclear plants, while Texas fell from $2,032 million to $1,834 million 8. In the first half of 2026 East earned $1,443 million, Texas $897 million, Retail $841 million and West $124 million 9.

The leaves follow the chart's bands. The integrated hedge, the nuclear licences and the contracts are argued under The Moat; the leaves keep to each segment's revenue, earnings and outlook. The test for the four together is the generation segments' share of Adjusted EBITDA, 75% in the first half of 2026 10: the AI-power case is a generation case, and it shows up there first.

Moat trajectory: Holding steady

The generation segments' share of Adjusted EBITDA rose from 73% in 2025 to 75% in the first half of 2026 as East grew; the mix is shifting slowly toward contracted nuclear.

The number that tests this moat
Moat Explorer calc
Generation share of segment Adjusted EBITDA, first half
75% in H1 2026 ($2,464M of $3,305M), from 73% in 2025

The AI-power case is a generation case; a falling share would mean the retail hedge, not the fleet, is carrying the earnings.

How it's calculated: (East + Texas + West) / (East + Texas + West + Retail) Adjusted EBITDA
Source: Vistra 10-Q Q2 2026 and 10-K FY2025 ↗
Dig deeper
DIG DEEPER 01
Retail
Five million customers who can leave in minutes, and the internal buyer that turns a merchant fleet into a hedged one.
DIG DEEPER 02
East
The Energy Harbor reactors made East the most profitable segment, and Meta has bought the output for twenty years.
DIG DEEPER 03
Texas
The original business earns its year in a few hot or cold weeks, under a market that caps prices when they matter most.
DIG DEEPER 04
West
A California gas fleet that ran half as much in 2025 and still earned more.
References
  1. Moat Explorer calcOf $17,738 million of operating revenue in 2025, Retail booked $14,233 million from outside customers, East $2,169 million, Texas $934 million and West $322 million .
    Moat Explorer calculation from Vistra's Form 10-K FY2025 and Q2 2026 10-Q: external revenue by segment (segment revenue less intersegment sales), shares of revenue and Adjusted EBITDA, volume changes — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  2. Moat Explorer calcRetail was 80% of external revenue .
    Moat Explorer calculation from Vistra's Form 10-K FY2025 and Q2 2026 10-Q: external revenue by segment (segment revenue less intersegment sales), shares of revenue and Adjusted EBITDA, volume changes — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedThat is because the generators sell most of their output to the retailer: segment operating revenues were Retail $14,340 million, Texas $5,353 million, East $6,174 million and West $325 million , and $8,528 million of intersegment sales were eliminated on consolidation .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedThat is because the generators sell most of their output to the retailer: segment operating revenues were Retail $14,340 million, Texas $5,353 million, East $6,174 million and West $325 million , and $8,528 million of intersegment sales were eliminated on consolidation .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  5. ReportedAdjusted EBITDA in 2025 was $2,282 million in East, $1,834 million in Texas, $1,622 million in Retail and $244 million in West ; the three generation segments earned 73% of the four segments' total .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  6. Moat Explorer calcAdjusted EBITDA in 2025 was $2,282 million in East, $1,834 million in Texas, $1,622 million in Retail and $244 million in West ; the three generation segments earned 73% of the four segments' total .
    Moat Explorer calculation from Vistra's Form 10-K FY2025 and Q2 2026 10-Q: external revenue by segment (segment revenue less intersegment sales), shares of revenue and Adjusted EBITDA, volume changes — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  7. Moat Explorer calcA small fifth band, Sunset and other, is the asset-closure segment (Moss Landing and retired plants) and corporate, with $80 million of external revenue .
    Moat Explorer calculation from Vistra's Form 10-K FY2025 and Q2 2026 10-Q: external revenue by segment (segment revenue less intersegment sales), shares of revenue and Adjusted EBITDA, volume changes — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  8. ReportedEast's Adjusted EBITDA rose from $2,017 million to $2,282 million in 2025 on a full year of Energy Harbor's nuclear plants, while Texas fell from $2,032 million to $1,834 million .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  9. ReportedIn the first half of 2026 East earned $1,443 million, Texas $897 million, Retail $841 million and West $124 million .
    Vistra Form 10-Q for the quarter ended 30 June 2026 - segment Adjusted EBITDA and net income for the quarter and half, retail sales volumes, Meta PPA delivery schedule — Q2 2026 · publ. August 2026 · source ↗
  10. Moat Explorer calcThe test for the four together is the generation segments' share of Adjusted EBITDA, 75% in the first half of 2026 : the AI-power case is a generation case, and it shows up there first.
    Moat Explorer calculation from Vistra's Form 10-K FY2025 and Q2 2026 10-Q: external revenue by segment (segment revenue less intersegment sales), shares of revenue and Adjusted EBITDA, volume changes — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026