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Side-by-side financial comparison of Constellation Energy (CEG) and Vistra Corp. (VST), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Constellation Energy is the larger business by last-quarter revenue ($5.7B vs $4.8B, roughly 1.2× Vistra Corp.). Constellation Energy runs the higher net margin — 7.6% vs 4.8%, a 2.7% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 25.8%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $-181.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 4.0%).
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
CEG vs VST — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $4.8B |
| Net Profit | $432.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 10.5% | 9.9% |
| Net Margin | 7.6% | 4.8% |
| Revenue YoY | 25.8% | 31.2% |
| Net Profit YoY | -49.3% | -47.2% |
| EPS (diluted) | $1.38 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $5.7B | $4.8B | ||
| Q3 25 | $5.7B | $4.8B | ||
| Q2 25 | $5.2B | $3.8B | ||
| Q1 25 | $6.1B | $4.3B | ||
| Q4 24 | $4.5B | $3.7B | ||
| Q3 24 | $4.8B | $4.3B | ||
| Q2 24 | $4.4B | $3.6B | ||
| Q1 24 | $5.3B | $3.2B |
| Q4 25 | $432.0M | $233.0M | ||
| Q3 25 | $930.0M | $652.0M | ||
| Q2 25 | $839.0M | $327.0M | ||
| Q1 25 | $118.0M | $-268.0M | ||
| Q4 24 | $852.0M | $441.0M | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $814.0M | $365.0M | ||
| Q1 24 | $883.0M | $-35.0M |
| Q4 25 | 10.5% | 9.9% | ||
| Q3 25 | 19.0% | 21.7% | ||
| Q2 25 | 18.4% | 13.7% | ||
| Q1 25 | 7.4% | -2.8% | ||
| Q4 24 | 21.5% | 16.4% | ||
| Q3 24 | 30.7% | 59.6% | ||
| Q2 24 | 25.0% | 22.5% | ||
| Q1 24 | 15.5% | 2.7% |
| Q4 25 | 7.6% | 4.8% | ||
| Q3 25 | 16.3% | 13.6% | ||
| Q2 25 | 16.3% | 8.7% | ||
| Q1 25 | 1.9% | -6.3% | ||
| Q4 24 | 18.8% | 12.0% | ||
| Q3 24 | 25.1% | 43.5% | ||
| Q2 24 | 18.5% | 10.1% | ||
| Q1 24 | 16.8% | -1.1% |
| Q4 25 | $1.38 | $0.55 | ||
| Q3 25 | $2.97 | $1.75 | ||
| Q2 25 | $2.67 | $0.81 | ||
| Q1 25 | $0.38 | $-0.93 | ||
| Q4 24 | $2.71 | $1.09 | ||
| Q3 24 | $3.82 | $5.25 | ||
| Q2 24 | $2.58 | $0.90 | ||
| Q1 24 | $2.78 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6B | $785.0M |
| Total DebtLower is stronger | $7.4B | $15.8B |
| Stockholders' EquityBook value | $14.5B | $5.1B |
| Total Assets | $57.2B | $41.5B |
| Debt / EquityLower = less leverage | 0.51× | 3.11× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.6B | $785.0M | ||
| Q3 25 | $4.0B | $602.0M | ||
| Q2 25 | $2.0B | $458.0M | ||
| Q1 25 | $1.8B | $561.0M | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $1.8B | $905.0M | ||
| Q2 24 | $311.0M | $1.6B | ||
| Q1 24 | $562.0M | $1.1B |
| Q4 25 | $7.4B | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | $8.5B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $14.5B | $5.1B | ||
| Q3 25 | $14.3B | $5.2B | ||
| Q2 25 | $13.4B | $4.8B | ||
| Q1 25 | $13.0B | $4.8B | ||
| Q4 24 | $13.2B | $5.6B | ||
| Q3 24 | $12.6B | $5.4B | ||
| Q2 24 | $11.4B | $5.6B | ||
| Q1 24 | $11.2B | $5.7B |
| Q4 25 | $57.2B | $41.5B | ||
| Q3 25 | $56.2B | $38.0B | ||
| Q2 25 | $53.0B | $38.1B | ||
| Q1 25 | $52.3B | $38.2B | ||
| Q4 24 | $52.9B | $37.8B | ||
| Q3 24 | $51.8B | $37.9B | ||
| Q2 24 | $51.3B | $39.1B | ||
| Q1 24 | $52.0B | $38.2B |
| Q4 25 | 0.51× | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | 0.64× | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $805.0M | $1.4B |
| Free Cash FlowOCF − Capex | $-181.0M | $596.0M |
| FCF MarginFCF / Revenue | -3.2% | 12.4% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 17.3% | 17.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.86× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $1.3B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $805.0M | $1.4B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.5B | $572.0M | ||
| Q1 25 | $107.0M | $599.0M | ||
| Q4 24 | $-1.0B | $1.4B | ||
| Q3 24 | $-112.0M | $1.7B | ||
| Q2 24 | $-613.0M | $1.2B | ||
| Q1 24 | $-723.0M | $312.0M |
| Q4 25 | $-181.0M | $596.0M | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $710.0M | $-118.0M | ||
| Q1 25 | $-699.0M | $-169.0M | ||
| Q4 24 | $-1.7B | $923.0M | ||
| Q3 24 | $-664.0M | $1.0B | ||
| Q2 24 | $-1.2B | $698.0M | ||
| Q1 24 | $-1.5B | $-153.0M |
| Q4 25 | -3.2% | 12.4% | ||
| Q3 25 | 25.6% | 21.1% | ||
| Q2 25 | 13.8% | -3.1% | ||
| Q1 25 | -11.4% | -4.0% | ||
| Q4 24 | -38.6% | 25.2% | ||
| Q3 24 | -13.9% | 23.4% | ||
| Q2 24 | -26.3% | 19.4% | ||
| Q1 24 | -27.8% | -4.8% |
| Q4 25 | 17.3% | 17.4% | ||
| Q3 25 | 6.8% | 9.6% | ||
| Q2 25 | 14.9% | 18.4% | ||
| Q1 25 | 13.2% | 18.1% | ||
| Q4 24 | 16.1% | 11.7% | ||
| Q3 24 | 11.6% | 15.8% | ||
| Q2 24 | 12.4% | 13.8% | ||
| Q1 24 | 14.0% | 14.7% |
| Q4 25 | 1.86× | 6.15× | ||
| Q3 25 | 1.99× | 2.25× | ||
| Q2 25 | 1.76× | 1.75× | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.19× | 3.07× | ||
| Q3 24 | -0.09× | 0.90× | ||
| Q2 24 | -0.75× | 3.28× | ||
| Q1 24 | -0.82× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
