EastNarrow moat

Vistra (VST) — moat facet

The Energy Harbor reactors made East the most profitable segment, and Meta has bought the output for twenty years.

East is now Vistra's most profitable segment. It had operating revenues of $6,174 million in 2025, against $5,661 million in 2024 and $5,890 million in 2023 1, but only $2,169 million came from outside customers, because most of its output is sold to Retail 2. Its Adjusted EBITDA was $2,282 million in 2025, from $2,017 million 3.

East production by fuel, 2025 against 2024 (GWh)60,279Gas 2462,870Gas 2526,540Nuclear 2432,203Nuclear 2516,938Coal 2419,505Coal 25Vistra 10-K FY2025, East segment results
Nuclear output rose 21% with a full year of Energy Harbor, the part of East the Meta contracts buy.

It covers PJM, New York and New England, and since March 2024 the Energy Harbor fleet: Beaver Valley, Perry and Davis-Besse. It produced 32,203 GWh of nuclear power in 2025 against 26,540 GWh, 62,870 GWh from gas and 19,505 GWh from coal, with its nuclear units at a 90.8% capacity factor 4.

It is paid twice: for energy, and in PJM for being available. East sold $793 million of capacity in 2025 and bought $566 million 5. The 10-K attributes 2025's higher Adjusted EBITDA to a full twelve months of Energy Harbor against ten in 2024 and higher realised energy and capacity prices, partly offset by $264 million less nuclear production tax credit revenue 6.

Reported profit tells a different story. East's net income was a loss of $91 million in 2025 against a profit of $902 million, mainly on a $1.1 billion increase in unrealised mark-to-market losses on its hedges 7.

The latest quarter continued the rise: Adjusted EBITDA of $642 million against $418 million, and $1,443 million for the half 8. Meta's twenty-year contracts for 2,609 MW of this segment's nuclear output, including 433 MW of uprates, begin delivering in late 2026 9.

The figure to watch is East's nuclear capacity factor, 90.8% in 2025 10. The Meta contracts pay for delivered megawatt-hours, so a fall toward the mid-80s would cost the segment on exactly the output the market is valuing most.

Moat trajectory: Widening

Adjusted EBITDA rose to $2,282M in 2025 and $642M in the June 2026 quarter against $418M, with the Meta contracts starting to deliver in late 2026.

The number that tests this moat
Reported
East nuclear capacity factor
90.8% in 2025, from 89.3%

The Meta contracts pay for delivered megawatt-hours; a slide toward the mid-80s would cost East exactly the output the market values most.

Source: Vistra 10-K FY2025 ↗
References
  1. ReportedIt had operating revenues of $6,174 million in 2025, against $5,661 million in 2024 and $5,890 million in 2023 , but only $2,169 million came from outside customers, because most of its output is sold to Retail .
    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 ↗
  2. Moat Explorer calcIt had operating revenues of $6,174 million in 2025, against $5,661 million in 2024 and $5,890 million in 2023 , but only $2,169 million came from outside customers, because most of its output is sold to Retail .
    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. ReportedIts Adjusted EBITDA was $2,282 million in 2025, from $2,017 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 ↗
  4. ReportedIt produced 32,203 GWh of nuclear power in 2025 against 26,540 GWh, 62,870 GWh from gas and 19,505 GWh from coal, with its nuclear units at a 90.8% capacity factor .
    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. ReportedEast sold $793 million of capacity in 2025 and bought $566 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 ↗
  6. ReportedThe 10-K attributes 2025's higher Adjusted EBITDA to a full twelve months of Energy Harbor against ten in 2024 and higher realised energy and capacity prices, partly offset by $264 million less nuclear production tax credit revenue .
    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 ↗
  7. ReportedEast's net income was a loss of $91 million in 2025 against a profit of $902 million, mainly on a $1.1 billion increase in unrealised mark-to-market losses on its hedges .
    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 ↗
  8. ReportedThe latest quarter continued the rise: Adjusted EBITDA of $642 million against $418 million, and $1,443 million for the half .
    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 ↗
  9. ReportedMeta's twenty-year contracts for 2,609 MW of this segment's nuclear output, including 433 MW of uprates, begin delivering in late 2026 .
    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. ReportedThe figure to watch is East's nuclear capacity factor, 90.8% in 2025 .
    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 ↗
Sources
Generated September 23, 2026