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Side-by-side financial comparison of Delek US Holdings, Inc. (DK) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $2.6B, roughly 1.8× Delek US Holdings, Inc.). Vistra Corp. runs the higher net margin — 4.8% vs -7.7%, a 12.5% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs -4.9%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs -10.8%).
Delek US Holdings, Inc. is an oil refining, logistics and biofuels company founded in 2001 and headquartered in Brentwood, Tennessee.
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
DK vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.6B | $4.8B |
| Net Profit | $-201.3M | $233.0M |
| Gross Margin | -5.8% | — |
| Operating Margin | — | 9.9% |
| Net Margin | -7.7% | 4.8% |
| Revenue YoY | -4.9% | 31.2% |
| Net Profit YoY | — | -47.2% |
| EPS (diluted) | $-3.34 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.4B | $4.8B | ||
| Q3 25 | $2.9B | $4.8B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.6B | $4.3B | ||
| Q4 24 | $2.4B | $3.7B | ||
| Q3 24 | $3.0B | $4.3B | ||
| Q2 24 | $3.3B | $3.6B |
| Q1 26 | $-201.3M | — | ||
| Q4 25 | $78.3M | $233.0M | ||
| Q3 25 | $178.0M | $652.0M | ||
| Q2 25 | $-106.4M | $327.0M | ||
| Q1 25 | $-172.7M | $-268.0M | ||
| Q4 24 | $-413.8M | $441.0M | ||
| Q3 24 | $-76.8M | $1.9B | ||
| Q2 24 | $-37.2M | $365.0M |
| Q1 26 | -5.8% | — | ||
| Q4 25 | 9.3% | — | ||
| Q3 25 | 13.8% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | -5.7% | — | ||
| Q3 24 | -0.7% | — | ||
| Q2 24 | 0.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.8% | 9.9% | ||
| Q3 25 | 10.2% | 21.7% | ||
| Q2 25 | -1.2% | 13.7% | ||
| Q1 25 | -4.8% | -2.8% | ||
| Q4 24 | -17.0% | 16.4% | ||
| Q3 24 | -4.0% | 59.6% | ||
| Q2 24 | 0.1% | 22.5% |
| Q1 26 | -7.7% | — | ||
| Q4 25 | 3.2% | 4.8% | ||
| Q3 25 | 6.2% | 13.6% | ||
| Q2 25 | -3.8% | 8.7% | ||
| Q1 25 | -6.5% | -6.3% | ||
| Q4 24 | -17.4% | 12.0% | ||
| Q3 24 | -2.5% | 43.5% | ||
| Q2 24 | -1.1% | 10.1% |
| Q1 26 | $-3.34 | — | ||
| Q4 25 | $1.23 | $0.55 | ||
| Q3 25 | $2.93 | $1.75 | ||
| Q2 25 | $-1.76 | $0.81 | ||
| Q1 25 | $-2.78 | $-0.93 | ||
| Q4 24 | $-6.48 | $1.09 | ||
| Q3 24 | $-1.20 | $5.25 | ||
| Q2 24 | $-0.58 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $624.1M | $785.0M |
| Total DebtLower is stronger | $3.2B | $15.8B |
| Stockholders' EquityBook value | $302.0M | $5.1B |
| Total Assets | $7.6B | $41.5B |
| Debt / EquityLower = less leverage | 10.54× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $624.1M | — | ||
| Q4 25 | $625.8M | $785.0M | ||
| Q3 25 | $630.9M | $602.0M | ||
| Q2 25 | $615.5M | $458.0M | ||
| Q1 25 | $623.8M | $561.0M | ||
| Q4 24 | $735.6M | $1.2B | ||
| Q3 24 | $1.0B | $905.0M | ||
| Q2 24 | $657.9M | $1.6B |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $15.8B | ||
| Q3 25 | $3.2B | $15.8B | ||
| Q2 25 | $3.1B | $15.5B | ||
| Q1 25 | $3.0B | $15.4B | ||
| Q4 24 | $2.8B | $15.4B | ||
| Q3 24 | $2.8B | $13.9B | ||
| Q2 24 | $2.5B | $13.9B |
| Q1 26 | $302.0M | — | ||
| Q4 25 | $547.3M | $5.1B | ||
| Q3 25 | $444.8M | $5.2B | ||
| Q2 25 | $294.9M | $4.8B | ||
| Q1 25 | $429.4M | $4.8B | ||
| Q4 24 | $575.2M | $5.6B | ||
| Q3 24 | $875.4M | $5.4B | ||
| Q2 24 | $982.8M | $5.6B |
| Q1 26 | $7.6B | — | ||
| Q4 25 | $6.8B | $41.5B | ||
| Q3 25 | $7.1B | $38.0B | ||
| Q2 25 | $7.1B | $38.1B | ||
| Q1 25 | $6.9B | $38.2B | ||
| Q4 24 | $6.7B | $37.8B | ||
| Q3 24 | $7.0B | $37.9B | ||
| Q2 24 | $6.9B | $39.1B |
| Q1 26 | 10.54× | — | ||
| Q4 25 | 5.91× | 3.11× | ||
| Q3 25 | 7.14× | 3.02× | ||
| Q2 25 | 10.51× | 3.22× | ||
| Q1 25 | 7.07× | 3.20× | ||
| Q4 24 | 4.81× | 2.77× | ||
| Q3 24 | 3.19× | 2.56× | ||
| Q2 24 | 2.50× | 2.49× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | — | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $502.8M | $1.4B | ||
| Q3 25 | $44.0M | $1.5B | ||
| Q2 25 | $51.4M | $572.0M | ||
| Q1 25 | $-62.4M | $599.0M | ||
| Q4 24 | $-163.5M | $1.4B | ||
| Q3 24 | $-21.6M | $1.7B | ||
| Q2 24 | $-48.4M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $382.8M | $596.0M | ||
| Q3 25 | $-64.0M | $1.0B | ||
| Q2 25 | $-114.4M | $-118.0M | ||
| Q1 25 | $-198.1M | $-169.0M | ||
| Q4 24 | $-354.0M | $923.0M | ||
| Q3 24 | $-140.6M | $1.0B | ||
| Q2 24 | $-128.3M | $698.0M |
| Q1 26 | — | — | ||
| Q4 25 | 15.8% | 12.4% | ||
| Q3 25 | -2.2% | 21.1% | ||
| Q2 25 | -4.1% | -3.1% | ||
| Q1 25 | -7.5% | -4.0% | ||
| Q4 24 | -14.9% | 25.2% | ||
| Q3 24 | -4.6% | 23.4% | ||
| Q2 24 | -3.9% | 19.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 17.4% | ||
| Q3 25 | 3.7% | 9.6% | ||
| Q2 25 | 6.0% | 18.4% | ||
| Q1 25 | 5.1% | 18.1% | ||
| Q4 24 | 8.0% | 11.7% | ||
| Q3 24 | 3.9% | 15.8% | ||
| Q2 24 | 2.4% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | 6.42× | 6.15× | ||
| Q3 25 | 0.25× | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DK
Segment breakdown not available.
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% |
