Vistra is one of the largest competitive power generators and retail electricity providers in the U.S. The company owns and operates roughly 44,000 MW of generation capacity, concentrated in Texas (ERCOT) and the Eastern U.S. (PJM), with a fleet split roughly 62% natural gas, 20% coal (being actively retired), 15% nuclear, and 3% renewables and battery storage. Vistra also sells electricity and natural gas directly to approximately 5 million residential, commercial, and industrial customers across 16 states, primarily under the TXU Energy brand in Texas. Vistra's integrated model — combining power generation with retail sales — is central to its business logic: when wholesale power prices fall, retail margins expand, partially offsetting lower generation revenues and reducing overall earnings volatility. On the generation side, Vistra dispatches plants into competitive wholesale markets and earns capacity market revenues in PJM, ISO-NE, and MISO. Vistra's nuclear fleet is a growing focus, supported by a federal nuclear production tax credit and long-term PPAs with hyperscalers, including 20-year deals with Amazon Web Services and Meta covering several GW of nuclear capacity. Vistra's growth strategy centers on acquiring dispatchable gas and nuclear assets, organic capacity additions and upgrades, contracting additional nuclear capacity to large technology customers, and developing renewables and battery storage on existing sites. Vistra allocates free cash flow across share repurchases, dividends, growth investments, and debt reduction, targeting investment-grade credit metrics.