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Side-by-side financial comparison of Equitable Holdings, Inc. (EQH) 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 $4.2B, roughly 1.1× Equitable Holdings, Inc.). Equitable Holdings, Inc. runs the higher net margin — 14.7% vs 4.8%, a 9.8% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs -7.6%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 9.8%).
Equitable Holdings, Inc. is an American financial services and insurance company that was founded in 1859 by Henry Baldwin Hyde.
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
EQH vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.2B | $4.8B |
| Net Profit | $621.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | — | 9.9% |
| Net Margin | 14.7% | 4.8% |
| Revenue YoY | -7.6% | 31.2% |
| Net Profit YoY | 885.7% | -47.2% |
| EPS (diluted) | $2.14 | $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 | $4.2B | — | ||
| Q4 25 | $3.3B | $4.8B | ||
| Q3 25 | $1.4B | $4.8B | ||
| Q2 25 | $2.4B | $3.8B | ||
| Q1 25 | $4.6B | $4.3B | ||
| Q4 24 | $3.6B | $3.7B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $3.5B | $3.6B |
| Q1 26 | $621.0M | — | ||
| Q4 25 | $215.0M | $233.0M | ||
| Q3 25 | $-1.3B | $652.0M | ||
| Q2 25 | $-349.0M | $327.0M | ||
| Q1 25 | $63.0M | $-268.0M | ||
| Q4 24 | $899.0M | $441.0M | ||
| Q3 24 | $-134.0M | $1.9B | ||
| Q2 24 | $428.0M | $365.0M |
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | 9.9% | ||
| Q3 25 | -93.0% | 21.7% | ||
| Q2 25 | -15.4% | 13.7% | ||
| Q1 25 | 3.8% | -2.8% | ||
| Q4 24 | 33.1% | 16.4% | ||
| Q3 24 | -0.5% | 59.6% | ||
| Q2 24 | 19.4% | 22.5% |
| Q1 26 | 14.7% | — | ||
| Q4 25 | 6.6% | 4.8% | ||
| Q3 25 | -90.3% | 13.6% | ||
| Q2 25 | -14.8% | 8.7% | ||
| Q1 25 | 1.4% | -6.3% | ||
| Q4 24 | 24.8% | 12.0% | ||
| Q3 24 | -4.4% | 43.5% | ||
| Q2 24 | 12.2% | 10.1% |
| Q1 26 | $2.14 | — | ||
| Q4 25 | $0.69 | $0.55 | ||
| Q3 25 | $-4.47 | $1.75 | ||
| Q2 25 | $-1.21 | $0.81 | ||
| Q1 25 | $0.16 | $-0.93 | ||
| Q4 24 | $2.72 | $1.09 | ||
| Q3 24 | $-0.47 | $5.25 | ||
| Q2 24 | $1.23 | $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 | $8.2B | $785.0M |
| Total DebtLower is stronger | $3.8B | $15.8B |
| Stockholders' EquityBook value | $4.2B | $5.1B |
| Total Assets | $310.4B | $41.5B |
| Debt / EquityLower = less leverage | 0.91× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $8.2B | — | ||
| Q4 25 | $12.5B | $785.0M | ||
| Q3 25 | $13.6B | $602.0M | ||
| Q2 25 | $15.0B | $458.0M | ||
| Q1 25 | $8.2B | $561.0M | ||
| Q4 24 | $7.0B | $1.2B | ||
| Q3 24 | $9.6B | $905.0M | ||
| Q2 24 | $9.7B | $1.6B |
| Q1 26 | $3.8B | — | ||
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B |
| Q1 26 | $4.2B | — | ||
| Q4 25 | $-74.0M | $5.1B | ||
| Q3 25 | $148.0M | $5.2B | ||
| Q2 25 | $1.1B | $4.8B | ||
| Q1 25 | $2.4B | $4.8B | ||
| Q4 24 | $1.6B | $5.6B | ||
| Q3 24 | $3.2B | $5.4B | ||
| Q2 24 | $1.6B | $5.6B |
| Q1 26 | $310.4B | — | ||
| Q4 25 | $318.0B | $41.5B | ||
| Q3 25 | $314.4B | $38.0B | ||
| Q2 25 | $303.1B | $38.1B | ||
| Q1 25 | $287.4B | $38.2B | ||
| Q4 24 | $295.9B | $37.8B | ||
| Q3 24 | $299.0B | $37.9B | ||
| Q2 24 | $287.8B | $39.1B |
| Q1 26 | 0.91× | — | ||
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 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 | $-154.0M | $1.4B | ||
| Q3 25 | $369.0M | $1.5B | ||
| Q2 25 | $341.0M | $572.0M | ||
| Q1 25 | $158.0M | $599.0M | ||
| Q4 24 | $400.0M | $1.4B | ||
| Q3 24 | $683.0M | $1.7B | ||
| Q2 24 | $892.0M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | -0.72× | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | 0.44× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 2.08× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EQH
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% |
