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Side-by-side financial comparison of Exelon (EXC) and Vistra Corp. (VST), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Exelon is the larger business by last-quarter revenue ($5.4B vs $4.8B, roughly 1.1× Vistra Corp.). On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs -19.4%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 0.5%).
Exelon Corporation is an American public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 187th on the Fortune 500.
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
EXC vs VST — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $4.8B |
| Net Profit | — | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 21.9% | 9.9% |
| Net Margin | — | 4.8% |
| Revenue YoY | -19.4% | 31.2% |
| Net Profit YoY | — | -47.2% |
| EPS (diluted) | — | $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.
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.4B | $4.8B | ||
| Q3 25 | $6.7B | $4.8B | ||
| Q2 25 | $5.4B | $3.8B | ||
| Q1 25 | $6.7B | $4.3B | ||
| Q4 24 | $5.5B | $3.7B | ||
| Q3 24 | $6.2B | $4.3B | ||
| Q2 24 | $5.4B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | $594.0M | $233.0M | ||
| Q3 25 | $875.0M | $652.0M | ||
| Q2 25 | $391.0M | $327.0M | ||
| Q1 25 | $908.0M | $-268.0M | ||
| Q4 24 | $647.0M | $441.0M | ||
| Q3 24 | $707.0M | $1.9B | ||
| Q2 24 | $448.0M | $365.0M |
| Q1 26 | 21.9% | — | ||
| Q4 25 | 21.9% | 9.9% | ||
| Q3 25 | 22.4% | 21.7% | ||
| Q2 25 | 17.1% | 13.7% | ||
| Q1 25 | 22.9% | -2.8% | ||
| Q4 24 | 20.0% | 16.4% | ||
| Q3 24 | 19.4% | 59.6% | ||
| Q2 24 | 17.0% | 22.5% |
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 4.8% | ||
| Q3 25 | 13.0% | 13.6% | ||
| Q2 25 | 7.2% | 8.7% | ||
| Q1 25 | 13.5% | -6.3% | ||
| Q4 24 | 11.8% | 12.0% | ||
| Q3 24 | 11.5% | 43.5% | ||
| Q2 24 | 8.4% | 10.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.55 | ||
| Q3 25 | $0.86 | $1.75 | ||
| Q2 25 | $0.39 | $0.81 | ||
| Q1 25 | $0.90 | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | $0.70 | $5.25 | ||
| Q2 24 | $0.45 | $0.90 |
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 | $626.0M | $785.0M |
| Total DebtLower is stronger | $49.4B | $15.8B |
| Stockholders' EquityBook value | $28.8B | $5.1B |
| Total Assets | $116.6B | $41.5B |
| Debt / EquityLower = less leverage | 1.72× | 3.11× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $626.0M | — | ||
| Q4 25 | $626.0M | $785.0M | ||
| Q3 25 | $1.5B | $602.0M | ||
| Q2 25 | $724.0M | $458.0M | ||
| Q1 25 | $1.0B | $561.0M | ||
| Q4 24 | $357.0M | $1.2B | ||
| Q3 24 | $616.0M | $905.0M | ||
| Q2 24 | $934.0M | $1.6B |
| Q1 26 | $49.4B | — | ||
| Q4 25 | $49.4B | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | $44.7B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B |
| Q1 26 | $28.8B | — | ||
| Q4 25 | $28.8B | $5.1B | ||
| Q3 25 | $28.1B | $5.2B | ||
| Q2 25 | $27.6B | $4.8B | ||
| Q1 25 | $27.6B | $4.8B | ||
| Q4 24 | $26.9B | $5.6B | ||
| Q3 24 | $26.6B | $5.4B | ||
| Q2 24 | $26.2B | $5.6B |
| Q1 26 | $116.6B | — | ||
| Q4 25 | $116.6B | $41.5B | ||
| Q3 25 | $113.5B | $38.0B | ||
| Q2 25 | $111.1B | $38.1B | ||
| Q1 25 | $109.5B | $38.2B | ||
| Q4 24 | $107.8B | $37.8B | ||
| Q3 24 | $106.1B | $37.9B | ||
| Q2 24 | $105.1B | $39.1B |
| Q1 26 | 1.72× | — | ||
| Q4 25 | 1.72× | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | 1.66× | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× |
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 | — | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 17.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $2.3B | $1.5B | ||
| Q2 25 | $1.5B | $572.0M | ||
| Q1 25 | $1.2B | $599.0M | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.5B | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $596.0M | ||
| Q3 25 | $163.0M | $1.0B | ||
| Q2 25 | $-502.0M | $-118.0M | ||
| Q1 25 | $-746.0M | $-169.0M | ||
| Q4 24 | $-510.0M | $923.0M | ||
| Q3 24 | $-6.0M | $1.0B | ||
| Q2 24 | $-237.0M | $698.0M |
| Q1 26 | — | — | ||
| Q4 25 | -22.0% | 12.4% | ||
| Q3 25 | 2.4% | 21.1% | ||
| Q2 25 | -9.3% | -3.1% | ||
| Q1 25 | -11.1% | -4.0% | ||
| Q4 24 | -9.3% | 25.2% | ||
| Q3 24 | -0.1% | 23.4% | ||
| Q2 24 | -4.4% | 19.4% |
| Q1 26 | — | — | ||
| Q4 25 | 45.0% | 17.4% | ||
| Q3 25 | 31.9% | 9.6% | ||
| Q2 25 | 37.1% | 18.4% | ||
| Q1 25 | 29.0% | 18.1% | ||
| Q4 24 | 35.4% | 11.7% | ||
| Q3 24 | 27.5% | 15.8% | ||
| Q2 24 | 31.7% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.09× | 6.15× | ||
| Q3 25 | 2.63× | 2.25× | ||
| Q2 25 | 3.86× | 1.75× | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 2.20× | 3.07× | ||
| Q3 24 | 2.39× | 0.90× | ||
| Q2 24 | 3.26× | 3.28× |
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
EXC
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% |
