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Constellation Energy vs Vistra: CEG and VST compared
Constellation Energy is the larger company: $7.5B of revenue in its latest quarter (Q2 2026) against $6.3B for Vistra (Q3 2026). Vistra is growing faster (+28% against +23% a year earlier). Vistra is more profitable, with an operating margin of 26.9% against 7.7%.
Where the money goes: CEG and VST
Constellation Energy (CEG) · Q2 2026
Constellation Energy, Q2 2026: revenue $7.5B (+23% year over year), operating margin 7.7%, net earnings $513M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
Vistra (VST) · Q3 2026
Vistra, Q3 2026: revenue $6.3B (+28% year over year), operating margin 26.9%, net earnings $1.1B, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Constellation Energy (CEG) | Vistra (VST) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $7.5B | $6.3B |
| Revenue growth, Y/Y | +23% | +28% |
| Operating margin | 7.7% | 26.9% |
| Net earnings | $513M | $1.1B |
| Net margin | 6.8% | 18.0% |
| Operating cash flow | $1.1B | $2.1B |
| Free cash flow | — | $1.4B |
| Market value | $86.3B | $38.3B |
| P/E | 24.9× | 17.3× |
| Analysts’ mean target | $337.77 | $202.67 |
Where the revenue comes from
Constellation Energy
- Total Power revenues: $5.4B (71%)
- Other revenues: $1.8B (24%)
- Gas revenues: $327M (4%)
Vistra
- Retail energy charge in ERCOT: $3.0B (47%)
- Retail energy charge in Northeast/Midwest: $1.3B (21%)
- Wholesale generation revenue from ISO/RTO: $1.2B (19%)
- Hedging revenues — unrealized: $517M (8%)
Questions
Which is bigger, Constellation Energy or Vistra?
Constellation Energy is the larger company: $7.5B of revenue in its latest quarter (Q2 2026) against $6.3B for Vistra (Q3 2026).
Is Constellation Energy or Vistra growing faster?
Vistra is growing faster (+28% against +23% a year earlier).
Which is more profitable, Constellation Energy or Vistra?
Vistra is more profitable, with an operating margin of 26.9% against 7.7%.
More: Constellation Energy earnings · how Constellation Energy makes money · Vistra earnings · how Vistra makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 6, 2026; 10-Q filed Nov 9, 2026). Fiscal quarters can end on different dates. Not investment advice.