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NextEra Energy vs Vistra: NEE and VST compared
NextEra Energy is the larger company: $8.1B of revenue in its latest quarter (Q3 2026) against $6.3B for Vistra (Q3 2026). Vistra is growing faster (+28% against +2% a year earlier). NextEra Energy is more profitable, with an operating margin of 32.4% against 26.9%.
Where the money goes: NEE and VST
NextEra Energy (NEE) · Q3 2026
NextEra Energy, Q3 2026: revenue $8.1B (+2% year over year), operating margin 32.4%, net earnings $4.8B, operating cash flow $5.0B. 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.
| NextEra Energy (NEE) | Vistra (VST) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $8.1B | $6.3B |
| Revenue growth, Y/Y | +2% | +28% |
| Operating margin | 32.4% | 26.9% |
| Net earnings | $4.8B | $1.1B |
| Net margin | 59.0% | 18.0% |
| Operating cash flow | $5.0B | $2.1B |
| Free cash flow | — | $1.4B |
| Market value | $185.1B | $38.3B |
| P/E | 18.9× | 17.3× |
| Analysts’ mean target | $94.00 | $202.67 |
Where the revenue comes from
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, NextEra Energy or Vistra?
NextEra Energy is the larger company: $8.1B of revenue in its latest quarter (Q3 2026) against $6.3B for Vistra (Q3 2026).
Is NextEra Energy or Vistra growing faster?
Vistra is growing faster (+28% against +2% a year earlier).
Which is more profitable, NextEra Energy or Vistra?
NextEra Energy is more profitable, with an operating margin of 32.4% against 26.9%.
More: NextEra Energy earnings · how NextEra Energy makes money · Vistra earnings · how Vistra makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 21, 2026; 10-Q filed Nov 9, 2026). Fiscal quarters can end on different dates. Not investment advice.