Vistra Reports Third Quarter 2026 Results

Nine-month operating cash flow increased to $4,330 million from $2,638 million a year earlier.

Rhea-AI Summary

Vistra (NYSE: VST) reported third-quarter 2026 net income of $1,140 million, alongside higher operating earnings and increased full-year guidance. Net income rose from $652 million a year earlier and included $559 million of unrealized gains from hedges expected to settle in future years. Ongoing Operations adjusted EBITDA, a non-GAAP earnings measure, rose to $2,378 million from $1,581 million.

Vistra raised the midpoint and narrowed its 2026 adjusted EBITDA outlook to $7.1 billion–$7.5 billion and initiated 2027 guidance of $7.7 billion–$8.5 billion. An additional $1.5 billion buyback authorization leaves approximately $2.5 billion available. The October Cogentrix acquisition added approximately 5,500 MW of gas generation. Pulaski and Deer Creek began operations, and Vistra signed a 20-year Odessa power agreement. After subsequent financing and cash transactions, pro forma available liquidity was approximately $5.4 billion.

26 points · 1 major

PositiveiHow this balance works

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0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 Ongoing Operations adjusted EBITDA guidance midpoint increased; range narrowed to $7.1 billion–$7.5 billion.
• Moderate pointThird-quarter net income increased to $1,140 million from $652 million in 2025.
• Moderate pointThird-quarter Ongoing Operations adjusted EBITDA rose to $2,378 million from $1,581 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2027 Ongoing Operations guidance initiated at $7.7 billion–$8.5 billion adjusted EBITDA.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Additional $1.5 billion buyback authorization leaves approximately $2.5 billion available, expected completed no later than year-end 2028. 4% of market cap
• Moderate pointApproximately $6.7 billion repurchased since November 2021; shares outstanding fell approximately 30% versus November 2, 2021. 18% of market cap
• Moderate pointCogentrix acquisition closed in October 2026, adding approximately 5,500 MW of natural gas-fueled generation.
• Moderate point20-year, 207 MW power purchase agreement signed with New Era Energy and Digital at Odessa.
• Moderate pointApproximately $1.7 billion of assumed Cogentrix debt repaid in October and November 2026. 4.5% of market cap
• Moderate point$1 billion Series A Preferred Stock fully redeemed in October and November 2026. 2.6% of market cap
• Moderate pointThird-quarter operating revenues increased to $6,347 million from $4,971 million; nine-month revenues reached $16,004 million versus $13,154 million.
• Moderate pointThird-quarter operating income rose to $1,706 million from $1,037 million; nine-month income reached $3,758 million versus $1,432 million.
• Moderate pointNine-month operating cash flow increased to $4,330 million from $2,638 million.

13 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 Ongoing Operations adjusted free cash flow before growth guidance midpoint increased; range narrowed to $4.3 billion–$4.7 billion.
• Minor point. Forward-looking: it has not happened yet and may not happen.2027 Ongoing Operations adjusted free cash flow before growth guidance initiated at $4.3 billion–$5.1 billion.
• Minor point405 MW Pulaski Solar Facility began operations under a power purchase agreement with Microsoft.
• Minor point100 MW Deer Creek Solar & Energy Storage Facility commenced operations in California.
• Minor pointNine-month net income increased to $2,474 million from $711 million in 2025.
• Minor pointNine-month Ongoing Operations adjusted EBITDA increased to $5,639 million from $4,170 million.
• Minor pointTexas adjusted EBITDA rose to $1,227 million from $784 million quarterly; nine-month earnings reached $2,124 million versus $1,416 million.
• Minor pointEast adjusted EBITDA rose to $979 million from $719 million quarterly; nine-month earnings reached $2,422 million versus $1,651 million.
• Minor pointWest adjusted EBITDA rose to $76 million from $63 million quarterly; nine-month earnings reached $200 million versus $174 million.
• Minor pointRetail adjusted EBITDA rose to $98 million from $37 million quarterly, but fell to $939 million from $977 million nine-month.
• Minor pointCorporate and Other adjusted EBITDA losses narrowed to $2 million from $22 million quarterly and $46 million from $48 million nine-month.
• Minor pointInterest expense and related charges fell to $254 million from $286 million quarterly; $829 million from $908 million nine-month.
• Minor pointMartin Lake Unit 1 returned to operational status, contributing to third-quarter adjusted EBITDA growth.

Negative

• Moderate pointAvailable liquidity declined from approximately $8,923 million at September 30 to approximately $5.4 billion pro forma.
• Moderate pointCogentrix acquisition cash payment totaled approximately $2.2 billion in October and November 2026. 5.8% of market cap
• Moderate pointAccounts receivable financing facilities were borrowed to full capacity in October and November 2026.
• Moderate pointThird-quarter long-lived asset impairment increased to $269 million from $5 million; Moss Landing 350 was partially impaired.
• Moderate pointNine-month capital expenditures, including nuclear fuel purchases and LTSA prepayments increased to $2,319 million from $1,916 million.
• Moderate pointNine-month debt issuances totaled $7,985 million versus $424 million in 2025. 21% of market cap

7 minor points

• Minor pointThird-quarter depreciation and amortization increased to $711 million from $460 million; nine-month expense reached $1,640 million versus $1,523 million.
• Minor pointFuel, purchased power and delivery costs rose to $2,530 million from $2,370 million quarterly; $6,834 million from $6,791 million nine-month.
• Minor pointOperating costs rose to $683 million from $655 million quarterly; nine-month costs reached $2,236 million versus $2,081 million.
• Minor pointSelling, general and administrative expenses rose to $448 million from $444 million quarterly; $1,267 million from $1,254 million nine-month.
• Minor pointIncome tax expense rose to $356 million from $204 million quarterly; nine-month expense reached $661 million versus $104 million.
• Minor pointOther income, net declined to $44 million from $105 million quarterly; nine-month income reached $206 million versus $291 million.
• Minor pointAsset Closure adjusted EBITDA losses widened to $18 million from $17 million quarterly and $60 million from $58 million nine-month.

Argus 15 min delay 4 alerts

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Details

Market move: VST +4.99% vs previous close. 3Q26 earnings report

$114.35 – $120.80 Day Range

$39.78B Mkt Cap at Last Price

On Nov 6, the day this news came out, the latest delayed price for VST is 4.99% above the previous close. Our momentum scanner has recorded 4 alerts for this stock so far that day. The latest delayed price is $118.52. Relative volume is very high at 4.8x what this stock usually trades by this time of day.

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Key Figures

GAAP net income: $1,140 million Ongoing Operations Adjusted EBITDA: $2,378 million 2026 Adjusted EBITDA guidance: $7.1 billion to $7.5 billion +5 more

GAAP net income

$1,140 million

Third quarter 2026

Ongoing Operations Adjusted EBITDA

$2,378 million

Third quarter 2026; more than 50% growth year over year

2026 Adjusted EBITDA guidance

$7.1 billion to $7.5 billion

Raised midpoint and narrowed range

2026 Adjusted FCFbG guidance

$4.3 billion to $4.7 billion

Raised midpoint and narrowed range

2027 Adjusted EBITDA guidance

$7.7 billion to $8.5 billion

Initial guidance range

2027 Adjusted FCFbG guidance

$4.3 billion to $5.1 billion

Initial guidance range

Additional share repurchase authorization

$1.5 billion

Authorized by the board; expected to be utilized by year-end 2028

Pro forma available liquidity

$5.4 billion

After October and November 2026 transactions

Previous Earnings Reports

2 past events · Latest: Aug 07

Same Type 2 events

1. Aug 07

   Quarterly earnings

   24h Move

   -0.6%

   Adjusted EBITDA rose, while 2026 guidance was reaffirmed before this report raised its midpoint.

2. Nov 06

   Quarterly earnings

   24h Move

   -2.5%

   Prior-year third-quarter results provide a comparable EBITDA baseline and initial 2026 guidance reference.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, adjusted ebitda, power purchase agreement, mark-to-market

4 terms

gaap financial

"GAAP third quarter 2026 Net Income of $1,140 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted ebitda financial

"Ongoing Operations Adjusted EBITDA1 to $2,378 million for the quarter"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

power purchase agreement financial

"under a power purchase agreement with Microsoft"

A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a generator at an agreed price and schedule, similar to a multi-year subscription for power or a long-term lease of an energy source. Investors care because PPAs provide predictable revenue and cash flow for the generator, reduce market-price exposure, and shift credit and performance risk to the buyer, all of which affect valuation, financing and perceived investment stability.

mark-to-market financial

"an increase in unrealized mark-to-market gains of $375 million"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Earnings Release Highlights

• GAAP third quarter 2026 Net Income of $1,140 million, including an unrealized gain from hedges expected to settle in future years of $559 million.
• Achieved more than 50% growth in Ongoing Operations Adjusted EBITDA¹ to $2,378 million for the quarter compared to third quarter 2025.
• Raised the midpoint and narrowed the range for 2026 Ongoing Operations Adjusted EBITDA¹ to $7.1 billion to $7.5 billion and Ongoing Operations Adjusted FCFbG¹ to $4.3 billion to $4.7 billion.
• Initiated 2027 Ongoing Operations Adjusted EBITDA¹ and Ongoing Operations Adjusted FCFbG¹ guidance ranges of $7.7 billion to $8.5 billion and $4.3 billion to $5.1 billion, respectively.
• Board authorized an additional $1.5 billion of share repurchases, which is expected to be utilized by year-end 2028.
• In October 2026, closed the acquisition of Cogentrix Energy, consisting of approximately 5,500 MW of natural gas-fueled generation capacity.
• Commenced operations of our 405 MW Pulaski Solar Facility in Illinois, under a power purchase agreement with Microsoft, and our 100 MW Deer Creek Solar & Energy Storage Facility in California.
• Announced a 20-year 207 MW power purchase agreement with New Era Energy and Digital at our Odessa combined cycle gas plant in Texas.

IRVING, Texas, Nov. 6, 2026 /PRNewswire/ -- Vistra Corp. (NYSE: VST) today reported its third quarter 2026 financial results and other highlights.

"I am proud of the results the Vistra team delivered this quarter," said Jim Burke, president and CEO of Vistra. "Through one of the hottest calendar third quarters on record, our generation team kept the fleet running safely and reliably while our retail team delivered for our customers. At the same time, our people moved forward a significant amount of commercial and development work. I want to thank each one of our team members for their hard work and dedication - it's what truly sets Vistra apart."

"That effort shows in our results, with Ongoing Operations Adjusted EBITDA up more than 50% year over year. This summer brought record weather across our markets, including the new all-time peak demand records in July in both ERCOT and PJM. Through that period, our fleet achieved commercial availability of nearly 95%. Our disciplined approach to spring maintenance paid off when our customers and communities needed reliable power most. With the Cogentrix acquisition now closed, we've added approximately 5,500 MW of new natural gas-fueled generation to our portfolio, and we continue to be well positioned for the growing demand ahead."

Burke concluded, "We also made significant progress on our growth strategy this quarter. We began commercial operations at our Pulaski and Deer Creek facilities, and signed a 20-year agreement with New Era at our Odessa plant. As the power landscape evolves, we continue to see more of these opportunities. Our team remains focused on delivering safe, reliable, and affordable electricity to our customers, and we look forward to finishing the year strong."

Summary of Financial Results for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) (Millions of Dollars)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$        1,140		$           652		$        2,474		$           711
Ongoing Operations Adjusted EBITDA	$        2,378		$        1,581		$        5,639		$        4,170
Adjusted EBITDA by Segment
Retail	$            98		$            37		$           939		$           977
Texas	$       1,227		$          784		$        2,124		$        1,416
East	$          979		$          719		$        2,422		$        1,651
West	$            76		$            63		$           200		$           174
Corporate and Other	$            (2)		$           (22)		$           (46)		$           (48)
Asset Closure	$          (18)		$           (17)		$           (60)		$           (58)

For the quarter ended September 30, 2026, Vistra reported Net Income of $1,140 million and Ongoing Operations Adjusted EBITDA¹ of $2,378 million. Net Income for the third quarter 2026 increased $488 million compared to the third quarter 2025, driven primarily by higher EBITDA and an increase in unrealized mark-to-market gains of $375 million on derivative positions, partly offset by higher depreciation and amortization expense driven primarily by three months' contribution from the plants acquired from Lotus, the partial impairment of the Moss Landing 350 facility, and higher taxes. Ongoing Operations Adjusted EBITDA for the third quarter 2026 increased by $797 million compared to the third quarter 2025, driven primarily by higher realized energy and capacity prices, three months' contribution from the plants acquired from Lotus, and the return of Martin Lake Unit 1 to operational status.

Guidance
($ in millions)	Narrowed 2026 Guidance Ranges	Initiated 2027 Guidance Ranges
Ongoing Operations Adjusted EBITDA	$7,100 - $7,500	$7,700 - $8,500
Ongoing Operations Adjusted FCFbG	$4,300 - $4,700	$4,300 - $5,100

As of Oct. 30, 2026, Vistra had hedged approximately 100% of its expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028. 

Share Repurchase Program

As of Nov. 2, 2026:

• Vistra executed ~$6.7 billion in share repurchases since November 2021.
• Vistra had ~339 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.
• Vistra's Board of Directors authorized an additional $1.5 billion of share repurchases. Accordingly, ~$2.5 billion of share repurchase authorization remains available, which we expect to complete no later than year-end 2028.

Liquidity

As of September 30, 2026, Vistra had total available liquidity of approximately $8,923 million, including cash and cash equivalents of $2,743 million, $4,714 million of availability under its corporate revolving credit facility, and $1,466 million of availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $1,466 million and excludes $284 million of commitments under the facility that were not available to be drawn as of September 30, 2026. Total available liquidity at such date excluded $1,375 million of capacity under Vistra's accounts receivable financing facilities.

In October and November 2026, Vistra redeemed all $1 billion of its Series A Preferred Stock, paid approximately $2.2 billion in cash as part of its acquisition of Cogentrix Energy, borrowed the full capacity under its accounts receivable financing facilities, and repaid approximately $1.7 billion of debt assumed in the acquisition of Cogentrix Energy, reducing available liquidity to approximately $5.4 billion on a pro forma basis.

Earnings Webcast

Vistra will host a webcast today, Nov. 6, 2026, beginning at 10 a.m. ET (9 a.m. CT) to discuss these results and related matters. The live webcast and the accompanying slides that will be discussed on the call can be accessed via Vistra's website at www.vistracorp.com under "Investor Relations" and then "Events & Presentations." Participants can register here in advance to access the webcast. A replay of the webcast will be available on Vistra's website for one year following the live event.

About Vistra

Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, that provides essential resources to customers, businesses, and communities from California to Maine. Vistra is a leader in transforming the energy landscape, with an unyielding focus on reliability, affordability, and sustainability. The company safely operates a reliable, efficient power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business. Learn more at https://www.vistracorp.com.

1 Ongoing Operations excludes the Asset Closure segment. Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth are non-GAAP financial measures. Any reference to "Ongoing Operations Adjusted FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth. See the "Non-GAAP Reconciliation" tables for further detail. Total segment information may not tie due to rounding.

About Non-GAAP Financial Measures and Items Affecting Comparability

"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, transition and merger expenses, non-cash compensation expenses, nuclear decommissioning trust income, asset retirement obligation expenses, and certain other items described from time to time in Vistra's earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (cash from operating activities excluding changes in margin deposits and working capital and adjusted for maintenance capital expenditures, other net investment activities, and other items described from time to time in Vistra's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), and "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth) are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.

Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and believes that analysis of capital available to allocate for debt service, growth, and return of capital to stockholders is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and Vistra's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra's ongoing operations. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

Cautionary Note Regarding Forward-Looking Statements

The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, financial condition and cash flows, projected synergy, net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations, including potential transactions with large load facilities at our nuclear and natural gas plants (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe," "confident," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance," "on track" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives and to successfully integrate acquired businesses, including our ability to integrate Cogentrix Energy; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating revenues	$        6,347		$        4,971		$       16,004		$       13,154
Fuel, purchased power costs, and delivery fees	(2,530)		(2,370)		(6,834)		(6,791)
Operating costs	(683)		(655)		(2,236)		(2,081)
Depreciation and amortization	(711)		(460)		(1,640)		(1,523)
Selling, general, and administrative expenses	(448)		(444)		(1,267)		(1,254)
Impairment of long-lived assets	(269)		(5)		(269)		(73)
Operating income	1,706		1,037		3,758		1,432
Other income, net	44		105		206		291
Interest expense and related charges	(254)		(286)		(829)		(908)
Net income before income taxes	1,496		856		3,135		815
Income tax expense	(356)		(204)		(661)		(104)
Net income attributable to Vistra	$        1,140		$           652		$        2,474		$           711
Cumulative dividends attributable to preferred stock	(48)		(48)		(144)		(144)
Net income attributable to Vistra common stock	$        1,092		$           604		$        2,330		$           567

 

VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars)
	Nine Months Ended September 30,
	2026		2025
Cash flows — operating activities:
Net income	$        2,474		$           711
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	2,338		2,225
Deferred income tax expense, net	589		68
Impairment of long-lived and other assets	269		73
Unrealized net (gain) loss from mark-to-market valuations of commodities	(810)		367
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps	(31)		84
Unrealized net (gain) loss from nuclear decommissioning trusts	58		(164)
Asset retirement obligation accretion expense	96		100
Bad debt expense	164		152
Stock-based compensation expense	96		82
Involuntary conversion gain	(102)		(80)
Other, net	16		36
Changes in operating assets and liabilities:
Margin deposits, net	(184)		(361)
Accrued interest	176		32
Accrued taxes other than income	(37)		(19)
Accrued employee incentive	(52)		(106)
Other operating assets and liabilities	(730)		(562)
Cash provided by operating activities	4,330		2,638
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	(2,319)		(1,916)
Lotus acquisition purchase price adjustment	6		—
Proceeds from sales of nuclear decommissioning trust fund securities	4,370		4,120
Investments in nuclear decommissioning trust fund securities	(4,371)		(4,138)
Proceeds from sales of environmental allowances	153		57
Purchases of environmental allowances	(251)		(511)
Insurance proceeds for recovery of damaged property, plant, and equipment	246		198
Proceeds from sales of property, plant, and equipment, including nuclear fuel	55		21
Other, net	88		7
Cash used in investing activities	(2,023)		(2,162)
Cash flows — financing activities:
Issuances of debt	7,985		424
Repayments/repurchases of debt	(3,862)		(764)
Net borrowings (repayments) under accounts receivable financing	(1,225)		475
Borrowings under Revolving Credit Facility	400		150
Repayments under Revolving Credit Facility	(780)		(150)
Borrowings under Commodity-Linked Facility	—		987
Repayments under Commodity-Linked Facility	(1,420)		(987)
Debt issuance costs	(94)		(2)
Stock repurchases	(917)		(776)
Dividends paid to common stockholders	(231)		(229)
Dividends paid to preferred stockholders	(117)		(117)
Tax withholding on stock-based compensation	(73)		(51)
Principal payment on forward repurchase obligation	(19)		(41)
Other, net	—		21
Cash used in financing activities	(353)		(1,060)
Net change in cash, cash equivalents and restricted cash (current and noncurrent)	1,954		(584)
Cash, cash equivalents and restricted cash (current and noncurrent) — beginning balance	822		1,222
Cash, cash equivalents and restricted cash (current and noncurrent) — ending balance	$        2,776		$           638

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 (Unaudited) (Millions of Dollars)
	Retail		Texas		East		West		Eliminations / Corp and Other		Ongoing Operations Consolidated		Asset Closure		Vistra Corp. Consolidated
Net income (loss)	$   137		$ 1,863		$   120		$  (237)		$      (728)		$    1,155		$   (15)		$    1,140
Income tax expense	—		—		—		—		356		356		—		356
Interest expense and related charges (a)	4		(9)		(23)		(3)		284		253		1		254
Depreciation and amortization (b)	11		234		534		14		47		840		(5)		835
EBITDA before Adjustments	152		2,088		631		(226)		(41)		2,604		(19)		2,585
Unrealized net (gain) loss resulting from commodity hedging transactions	(65)		(818)		293		31		—		(559)		—		(559)
Purchase accounting impacts	5		—		(4)		—		—		1		—		1
Non-cash compensation expenses	—		—		—		—		35		35		—		35
Transition and merger expenses	—		1		3		—		22		26		—		26
Impairment of long-lived assets	—		—		—		269		—		269		—		269
Insurance income (c)	—		(54)		—		—		—		(54)		(11)		(65)
Decommissioning-related activities (d)	—		5		47		(2)		—		50		10		60
Other, net	6		5		9		4		(18)		6		2		8
Adjusted EBITDA	$    98		$ 1,227		$   979		$    76		$        (2)		$    2,378		$   (18)		$    2,360

_____________
(a)	Corporate and Other includes $24 million of unrealized mark-to-market net gains on interest rate swaps.
(b)	Includes nuclear fuel amortization of $36 million and $89 million, respectively, in the Texas and East segments.
(c)	Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment.
(d)	Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 (Unaudited) (Millions of Dollars)
	Retail		Texas		East		West		Eliminations / Corp and Other		Ongoing Operations Consolidated		Asset Closure		Vistra Corp. Consolidated
Net income (loss)	$  (103)		$ 4,546		$   130		$  (175)		$   (1,773)		$    2,625		$  (151)		$    2,474
Income tax expense	—		—		—		—		661		661		—		661
Interest expense and related charges (a)	27		(33)		(69)		(10)		912		827		2		829
Depreciation and amortization (b)	31		658		1,191		42		83		2,005		1		2,006
EBITDA before Adjustments	(45)		5,171		1,252		(143)		(117)		6,118		(148)		5,970
Unrealized net (gain) loss resulting from commodity hedging transactions	961		(2,986)		1,147		68		—		(810)		—		(810)
Purchase accounting impacts	6		—		(19)		—		(13)		(26)		—		(26)
Non-cash compensation expenses	—		—		—		—		102		102		—		102
Transition and merger expenses	—		1		5		—		46		52		—		52
Impairment of long-lived assets	—		—		—		269		—		269		—		269
Insurance income (c)	—		(102)		—		—		—		(102)		(17)		(119)
Decommissioning-related activities (d)	—		13		12		(1)		—		24		102		126
Other, net	17		27		25		7		(64)		12		3		15
Adjusted EBITDA	$   939		$ 2,124		$ 2,422		$   200		$       (46)		$    5,639		$   (60)		$    5,579

_____________
(a)	Corporate and Other includes $31 million of unrealized mark-to-market net gains on interest rate swaps.
(b)	Includes nuclear fuel amortization of $102 million and $265 million, respectively, in the Texas and East segments.
(c)	Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.
(d)	Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 (Unaudited) (Millions of Dollars)
	Retail		Texas		East		West		Eliminations / Corp and Other		Ongoing Operations Consolidated		Asset Closure		Vistra Corp. Consolidated
Net income (loss)	$   (40)		$   823		$   354		$   105		$      (564)		$      678		$   (26)		$      652
Income tax expense	—		—		—		—		204		204		—		204
Interest expense and related charges (a)	18		(9)		(16)		(2)		294		285		1		286
Depreciation and amortization (b)	23		195		338		14		18		588		—		588
EBITDA before Adjustments	1		1,009		676		117		(48)		1,755		(25)		1,730
Unrealized net (gain) loss resulting from commodity hedging transactions	20		(239)		93		(57)		—		(183)		(1)		(184)
Purchase accounting impacts	8		1		8		—		—		17		—		17
Non-cash compensation expenses	—		—		—		—		36		36		—		36
Transition and merger expenses	3		—		3		—		16		22		—		22
Impairment of long-lived assets	—		—		5		—		—		5		—		5
Decommissioning-related activities (c)	—		5		(74)		1		—		(68)		6		(62)
ERP system implementation expenses	—		—		1		—		—		1		—		1
Other, net	5		8		7		2		(26)		(4)		3		(1)
Adjusted EBITDA	$    37		$   784		$   719		$    63		$       (22)		$    1,581		$   (17)		$    1,564

_____________
(a)	Corporate and Other includes $10 million of unrealized mark-to-market net losses on interest rate swaps.
(b)	Includes nuclear fuel amortization of $35 million and $94 million, respectively, in the Texas and East segments.
(c)	Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 (Unaudited) (Millions of Dollars)
	Retail		Texas		East		West		Eliminations / Corp and Other		Ongoing Operations Consolidated		Asset Closure		Vistra Corp. Consolidated
Net income (loss)	$   969		$   966		$   (16)		$   132		$   (1,203)		$      848		$  (137)		$      711
Income tax expense	—		—		1		—		103		104		—		104
Interest expense and related charges (a)	53		(41)		(36)		(4)		933		905		3		908
Depreciation and amortization (b)	70		573		1,146		45		57		1,891		(2)		1,889
EBITDA before Adjustments	1,092		1,498		1,095		173		(110)		3,748		(136)		3,612
Unrealized net (gain) loss resulting from commodity hedging transactions	(136)		(109)		621		(7)		—		369		(2)		367
Purchase accounting impacts	16		1		31		—		—		48		—		48
Non-cash compensation expenses	—		—		—		—		82		82		—		82
Transition and merger expenses	8		—		4		—		50		62		—		62
Impairment of long-lived assets	—		68		5		—		—		73		—		73
Insurance income (c)	—		(80)		—		—		—		(80)		(21)		(101)
Decommissioning-related activities (d)	—		14		(120)		1		—		(105)		95		(10)
ERP system implementation expenses	3		3		4		—		—		10		1		11
Other, net (e)	(6)		21		11		7		(70)		(37)		5		(32)
Adjusted EBITDA	$   977		$ 1,416		$ 1,651		$   174		$       (48)		$    4,170		$   (58)		$    4,112

_____________
(a)	Corporate and Other includes $84 million of unrealized mark-to-market net losses on interest rate swaps.
(b)	Includes nuclear fuel amortization of $96 million and $270 million, respectively, in the Texas and East segments.
(c)	Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.
(d)	Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
(e)	Includes the final application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri in the Retail segment.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - 2026 GUIDANCE1 (Unaudited) (Millions of Dollars)
	Ongoing Operations				Asset Closure				Vistra Corp. Consolidated
	Low		High		Low		High		Low		High
Net income (loss)	$ 4,140		$       4,460		$ (170)		$ (170)		$ 3,970		$ 4,290
Income tax expense	1,040		1,120		—		—		1,040		1,120
Interest expense and related charges (a)	1,220		1,220		—		—		1,220		1,220
Depreciation and amortization (b)	2,190		2,190		—		—		2,190		2,190
EBITDA before Adjustments	$ 8,590		$       8,990		$ (170)		$ (170)		$ 8,420		$ 8,820
Unrealized net (gain) loss resulting from hedging transactions	(1,956)		(1,956)		—		—		(1,956)		(1,956)
Fresh start/purchase accounting impacts	45		45		—		—		45		45
Non-cash compensation expenses	162		162		—		—		162		162
Transition and merger expenses	185		185		—		—		185		185
Decommissioning-related activities (c)	117		117		86		86		203		203
ERP system implementation expenses & other transformational initiatives	17		17		—		—		17		17
Other, net	(60)		(60)		4		4		(56)		(56)
Adjusted EBITDA guidance	$ 7,100		$       7,500		$  (80)		$  (80)		$ 7,020		$ 7,420

_____________
1 Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026.
(a)	Includes $37 million interest related to noncontrolling interest repurchase.
(b)	Includes nuclear fuel amortization of $416 million.
(c)	Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - 2026 GUIDANCE1 (Unaudited) (Millions of Dollars)
	Ongoing Operations				Asset Closure				Vistra Corp. Consolidated
	Low		High		Low		High		Low		High
Adjusted EBITDA guidance	$       7,100		$       7,500		$  (80)		$  (80)		$ 7,020		$ 7,420
Interest paid, net	(1,091)		(1,091)		—		—		(1,091)		(1,091)
Tax (paid) / received	(57)		(57)		—		—		(57)		(57)
Working capital, margin deposits, and accrued environmental allowances	182		182		(18)		(18)		164		164
Reclamation and remediation	(59)		(59)		(44)		(44)		(103)		(103)
ERP system implementation expenditures	(22)		(22)		—		—		(22)		(22)
Other changes in other operating assets and liabilities	(145)		(145)		(46)		(46)		(191)		(191)
Cash provided by operating activities	$       5,908		$       6,308		$ (188)		$ (188)		$ 5,720		$ 6,120
Capital expenditures including nuclear fuel purchases and LTSA prepayments (a)	(1,711)		(1,711)		—		—		(1,711)		(1,711)
Other net investing activities	(9)		(9)		—		—		(9)		(9)
Working capital, margin deposits, and accrued environmental allowances	(182)		(182)		18		18		(164)		(164)
Transition and merger expenditures	207		207		—		—		207		207
Interest on noncontrolling interest repurchase obligation	60		60		—		—		60		60
ERP implementation expenditures	22		22		—		—		22		22
Other, net	5		5		—		—		5		5
Adjusted free cash flow before growth guidance	$       4,300		$       4,700		$ (170)		$ (170)		$ 4,130		$ 4,530

_____________
1 Regulation G Table 2026 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026.
(a)	Includes property damage insurance proceeds of approximately $100 million from 2024 Martin Lake event.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - 2027 GUIDANCE1 (Unaudited) (Millions of Dollars)
	Ongoing Operations				Asset Closure				Vistra Corp. Consolidated
	Low		High		Low		High		Low		High
Net income (loss)	$ 3,470		$       4,100		$ (110)		$ (110)		$ 3,360		$ 3,990
Income tax expense	890		1,060		—		—		890		1,060
Interest expense and related charges	1,430		1,430		—		—		1,430		1,430
Depreciation and amortization (a)	2,130		2,130		—		—		2,130		2,130
EBITDA before Adjustments	$ 7,920		$       8,720		$ (110)		$ (110)		$ 7,810		$ 8,610
Unrealized net (gain) loss resulting from hedging transactions	(476)		(476)		—		—		(476)		(476)
Fresh start/purchase accounting impacts	73		73		—		—		73		73
Non-cash compensation expenses	155		155		—		—		155		155
Transition and merger expenses	32		32		6		6		38		38
Decommissioning-related activities (b)	77		77		25		25		102		102
Other, net	(81)		(81)		4		4		(77)		(77)
Adjusted EBITDA guidance	$ 7,700		$       8,500		$  (75)		$  (75)		$ 7,625		$ 8,425

_____________
1 Regulation G Table for 2027 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026.
(a)	Includes nuclear fuel amortization of $404 million.
(b)	Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.

 

VISTRA CORP. NON-GAAP RECONCILIATIONS - 2027 GUIDANCE1 (Unaudited) (Millions of Dollars)
	Ongoing Operations				Asset Closure				Vistra Corp. Consolidated
	Low		High		Low		High		Low		High
Adjusted EBITDA guidance	$       7,700		$       8,500		$  (75)		$  (75)		$ 7,625		$ 8,425
Interest paid, net	(1,353)		(1,353)		—		—		(1,353)		(1,353)
Tax (paid) / received	(117)		(117)		—		—		(117)		(117)
Working capital, margin deposits, and accrued environmental allowances	704		704		—		—		704		704
Reclamation and remediation	(106)		(106)		(111)		(111)		(217)		(217)
Other changes in other operating assets and liabilities	(100)		(100)		(90)		(90)		(190)		(190)
Cash provided by operating activities	$       6,728		$       7,528		$ (276)		$ (276)		$ 6,452		$ 7,252
Capital expenditures including nuclear fuel purchases and LTSA prepayments (a)	(1,750)		(1,750)		—		—		(1,750)		(1,750)
Other net investing activities	(20)		(20)		10		10		(10)		(10)
Working capital, margin deposits, and accrued environmental allowances	(704)		(704)		—		—		(704)		(704)
Transition and merger expenditures	30		30		—		—		30		30
Other, net	16		16		41		41		57		57
Adjusted free cash flow before growth guidance	$       4,300		$       5,100		$ (225)		$ (225)		$ 4,075		$ 4,875

_____________
1 Regulation G Table 2027 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026.
(a)	Includes expected property damage insurance proceeds of approximately $74 million from 2024 Martin Lake event.

 

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SOURCE Vistra Corp

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Vistra's third-quarter 2026 earnings?

Vistra reported $1,140 million in net income, compared with $652 million in third-quarter 2025. Ongoing Operations adjusted EBITDA increased to $2,378 million from $1,581 million. Net income included $559 million of unrealized gains from hedges expected to settle in future years.

What is Vistra's 2026 and 2027 financial guidance?

Vistra's Ongoing Operations guidance is $7.1 billion–$7.5 billion in adjusted EBITDA for 2026 and $7.7 billion–$8.5 billion for 2027. Adjusted free cash flow before growth guidance is $4.3 billion–$4.7 billion for 2026 and $4.3 billion–$5.1 billion for 2027. These are non-GAAP measures.

How much of Vistra's expected generation is hedged?

As of October 30, 2026, Vistra had hedged approximately 100% of expected generation volumes for 2026, approximately 98% for 2027 and approximately 78% for 2028. Hedges are contracts used to limit exposure to changes in prices.