Vistra Corp. (NYSE: VST) swings to Q1 profit and reaffirms strong 2026 guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Vistra Corp. reported a strong start to 2026, with first quarter Net Income of $1,029 million versus a loss a year ago and Ongoing Operations Adjusted EBITDA of $1,494 million. Results were helped by a $723 million unrealized hedge gain, higher realized energy and capacity prices, and contributions from the Lotus acquisition.
The company reaffirmed full‑year 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Ongoing Operations Adjusted FCFbG guidance of $3.925–$4.725 billion. Vistra highlighted that a second major agency upgraded its corporate issuer credit rating to Investment Grade and noted it has repurchased about $6.3 billion of stock since November 2021, reducing shares outstanding to roughly 337 million.
Positive
- Sharp improvement in profitability: Q1 2026 Net Income reached $1,029 million versus a loss in Q1 2025, with Ongoing Operations Adjusted EBITDA rising to $1,494 million from $1,240 million.
- Strong guidance reaffirmed: The company maintained 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Ongoing Operations Adjusted FCFbG guidance of $3.925–$4.725 billion.
- Credit rating upgrade to investment grade: Vistra’s corporate issuer credit rating was upgraded to Investment Grade at a second major credit rating agency.
- Large, ongoing capital returns: Approximately $6.3 billion of share repurchases since November 2021 reduced shares outstanding to about 337 million, with $1.5 billion of authorization remaining.
Negative
- None.
Insights
Vistra posts sharply higher earnings, reaffirms strong 2026 guidance, and gains a second investment‑grade rating.
Vistra delivered Net Income of $1,029 million and Ongoing Operations Adjusted EBITDA of $1,494 million for Q1 2026, both substantially above the prior year. The swing in profitability is mainly tied to a $723 million unrealized hedging gain, stronger realized energy and capacity prices, and the Lotus acquisition contribution.
Management reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Ongoing Operations Adjusted FCFbG of $3.925–$4.725 billion, signaling confidence in the outlook. A second major agency upgraded Vistra’s corporate issuer credit rating to Investment Grade, which can support financing flexibility.
Capital returns remain substantial: since November 2021 the company has executed about $6.3 billion of share repurchases, reducing shares outstanding to roughly 337 million, and it still has about $1.5 billion of authorization expected to be completed by year end 2027. Available liquidity of about $4,173 million as of March 31, 2026 underpins this strategy alongside high hedge coverage for 2026–2028.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Net Income: $1,029 million
Q1 2025 Net Loss: $(268) million
Q1 2026 Ongoing Operations Adjusted EBITDA: $1,494 million
+5 more
8 metrics
Q1 2026 Net Income
$1,029 million
Net income attributable to Vistra for the three months ended March 31, 2026
Q1 2025 Net Loss
$(268) million
Net loss for the three months ended March 31, 2025
Q1 2026 Ongoing Operations Adjusted EBITDA
$1,494 million
Non-GAAP Ongoing Operations Adjusted EBITDA for Q1 2026
Q1 2026 Operating Revenues
$5,640 million
Operating revenues for the three months ended March 31, 2026
2026 Adjusted EBITDA Guidance
$6,800–$7,600 million
Reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance range
2026 Adjusted FCFbG Guidance
$3,925–$4,725 million
Reaffirmed 2026 Ongoing Operations Adjusted FCFbG guidance range
Total Liquidity
$4,173 million
Total available liquidity as of March 31, 2026
Share Repurchases Since Nov. 2021
~$6.3 billion
Aggregate share repurchases executed as of May 1, 2026
Key Terms
Ongoing Operations Adjusted EBITDA, Ongoing Operations Adjusted FCFbG, non-GAAP financial measures, nuclear decommissioning trust, +2 more
6 terms
Ongoing Operations Adjusted EBITDA financial
"Ongoing Operations Adjusted EBITDA1 of $1,494 million."
A measure of a company's operating profitability that starts with earnings before interest, taxes, depreciation and amortization (EBITDA) and then removes one-time items, discontinued lines and other non-recurring or non-core effects so only results from continuing business activities remain. Investors use it as a cleaner view of the company’s recurring cash-generating performance—like judging a car’s engine by running it without temporary add-ons or removed parts—to compare trends and value the ongoing business.
Ongoing Operations Adjusted FCFbG financial
"Ongoing Operations Adjusted FCFbG1 guidance ranges of $3.925 billion to $4.725 billion"
non-GAAP financial measures financial
"are “non-GAAP financial measures.” A non-GAAP financial measure is a numerical measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
nuclear decommissioning trust financial
"Unrealized net loss from nuclear decommissioning trusts | 111"
A nuclear decommissioning trust is a legally protected fund set aside over the operating life of a nuclear power plant to pay for safely shutting down the plant and managing radioactive waste. Think of it as a dedicated savings account or piggy bank that must cover costly, long-term cleanup obligations; its size, investment performance and regulatory rules affect a utility’s future cash needs, credit strength and potential costs passed on to shareholders or ratepayers.
Asset Closure segment financial
"Ongoing Operations excludes the Asset Closure segment."
investment grade financial
"Vistra’s corporate issuer credit rating upgraded to Investment Grade at second major credit rating agency."
A credit rating label assigned to bonds or borrowers that signals relatively low risk of default; think of it as a strong health check for a company's or government's ability to repay debt. It matters to investors because investment-grade status typically means lower interest costs for the borrower, greater eligibility for conservative funds and pension portfolios, and generally more stable returns compared with higher-risk, non-investment-grade debt.
Earnings Snapshot
Operating revenues: $5,640 million · Guidance included
Q1 2026
Operating revenues
$5,640 million
Net income
$1,029 million
Ongoing Operations Adjusted EBITDA
$1,494 million
Guidance
Reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Ongoing Operations Adjusted FCFbG guidance of $3.925–$4.725 billion.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||
(Address of principal executive offices) (Zip Code) | (Registrant's telephone number, including area code) | |||||||||||||||||||||||||
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.l4a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
| NYSE Texas | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On May 7, 2026, Vistra Corp. (the “Company”) issued a news release announcing, among other matters, its financial results for the quarter ended March 31, 2026. A copy of such news release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
| Item 9.01. | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | News release dated May 7, 2026 | |||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Vistra Corp. | ||||||||||||||||||||
| Dated: May 7, 2026 | /s/ Margaret Montemayor | |||||||||||||||||||
| Name: | Margaret Montemayor | |||||||||||||||||||
| Title: | Senior Vice President and Chief Accounting Officer | |||||||||||||||||||
Vistra Reports First Quarter 2026 Results
Earnings Release Highlights
•GAAP first quarter 2026 Net Income of $1,029 million, including an unrealized gain from hedges expected to settle in future years of $723 million, and Ongoing Operations Adjusted EBITDA1 of $1,494 million.
•Reaffirmed 2026 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of $6.8 billion to $7.6 billion and $3.925 billion to $4.725 billion, respectively.3
•Vistra’s corporate issuer credit rating upgraded to Investment Grade at second major credit rating agency.
IRVING, Texas — May 7, 2026 — Vistra Corp. (NYSE: VST) today reported its first quarter 2026 financial results and other highlights.
"Vistra had an exciting start to 2026, powered by the talent of our people, the capabilities of our generation portfolio, our commitment to our customers, and our ability to grow strategically," said Jim Burke, president and CEO of Vistra. "The first week of the year brought announcements of our plans to acquire the 5,500-MW Cogentrix natural gas generation portfolio, which we continue to target closing in the second half of the year, followed by our signing of long-term power purchase agreements with Meta at our PJM nuclear sites. Vistra performed well, with the fleet delivering strong performance during an extended period of volatile weather including Winter Storm Fern, while the retail business experienced one of the mildest first quarters in Texas history. Finally, Fitch's recent upgrade of our corporate credit rating to Investment Grade, following S&P's action last year, reflects the progress we've made in strengthening our balance sheet and providing visibility into the longer-term earnings power of the company."
"Looking ahead, we remain focused on operational execution and preparing our fleet for the upcoming summer months. Load growth remains strong across our primary markets, and we believe a large, diversified, and dispatchable generation fleet like ours is essential in meeting demand and supporting market reliability. Our integrated model and focus on disciplined execution position us well to deliver reliable power to our customers and create long‑term value for our stakeholders."
Vistra – Press Release
May 7, 2026, Page 2
Summary of Financial Results for the Three Months Ended March 31, 2026 and 2025
(Unaudited) (Millions of Dollars)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Net income (loss) | $ | 1,029 | $ | (268) | |||||||
| Ongoing operations Adjusted EBITDA | $ | 1,494 | $ | 1,240 | |||||||
| Adjusted EBITDA by Segment | |||||||||||
| Retail | $ | 68 | $ | 184 | |||||||
| Texas | $ | 586 | $ | 490 | |||||||
| East | $ | 801 | $ | 514 | |||||||
| West | $ | 56 | $ | 62 | |||||||
| Corporate and Other | $ | (17) | $ | (10) | |||||||
| Asset Closure | $ | (19) | $ | (24) | |||||||
For the quarter ended March 31, 2026, Vistra reported Net Income of $1,029 million and Ongoing Operations Adjusted EBITDA1 of $1,494 million. Net Income for the first quarter 2026 increased $1,297 million compared to the first quarter 2025, driven primarily by unrealized mark-to-market gains on derivative positions, with an increase of $1,290 million, as well as higher realized capacity prices and three months contribution from the plants acquired in the Lotus acquisition. Ongoing Operations Adjusted EBITDA for the first quarter 2026 increased by $254 million compared to the first quarter 2025, driven primarily by higher realized energy and capacity prices and three months contribution from the plants acquired in the Lotus acquisition, partly offset by unfavorable results in our retail segment primarily driven by mild weather.
Guidance3
($ in millions) | Reaffirmed 2026 Guidance Ranges | ||||
| Ongoing Operations Adjusted EBITDA | $6,800 - $7,600 | ||||
| Ongoing Operations Adjusted FCFbG | $3,925 - $4,725 | ||||
As of May 1, 2026, Vistra had hedged approximately 98% of its expected generation volumes for 2026, approximately 89% for 2027, and approximately 65% for 2028. The company's comprehensive hedging program supports the reaffirmed 2026 guidance ranges and the previously announced Ongoing Operations Adjusted EBITDA midpoint opportunity2 range of $7.4 billion to $7.8 billion for 2027.3 The ranges exclude any potential benefits from the pending acquisition of Cogentrix and the recently signed power purchase agreements with Meta, part of which are expected to begin contributing to our Adjusted EBITDA in 2027.
Vistra – Press Release
May 7, 2026, Page 3
Share Repurchase Program
As of May 1, 2026:
•Vistra executed ~$6.3 billion in share repurchases since November 2021.
•Vistra had ~337 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.
•~$1.5 billion dollars of the share repurchase authorization remained available, which we expect to complete by year end 2027.
Liquidity
As of March 31, 2026, Vistra had total available liquidity of approximately $4,173 million, including cash and cash equivalents of $634 million, $2,126 million of availability under its corporate revolving credit facility, and $1,413 million availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $1,413 million and excludes $337 million of commitments under the facility that were not available to be drawn as of March 31, 2026.
Vistra – Press Release
May 7, 2026, Page 4
Earnings Webcast
Vistra will host a webcast today, May 7, 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 also listen by phone by registering here prior to the start time of the call to receive a conference call dial-in number. 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.
Media
Meranda Cohn
214-875-8004
Media.Relations@vistracorp.com
Analysts
Eric Micek
Eric Micek
214-812-0046
Investor@vistracorp.com
Investor@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.
2 Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Ongoing Operations Adjusted EBITDA in 2027 based on market curves as of October 31, 2025. Actual results could vary and are subject to a number of risks, uncertainties and factors, including power price market movements and our hedging strategy. We have not provided a quantitative reconciliation of Ongoing Operations Adjusted EBITDA opportunities for 2027 to GAAP net income (loss) because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from Ongoing Operations Adjusted EBITDA in such out year periods.
3 2026 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth guidance ranges and 2027 Ongoing Operations Adjusted EBITDA Midpoint Opportunity exclude any potential impact from the pending acquisition of Cogentrix and the announced long-term power purchase agreements with Meta.
Vistra – Press Release
May 7, 2026, Page 5
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), “Net Income (Loss) from Ongoing Operations” (net income less net income 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. Vistra uses Net Income (Loss) from Ongoing Operations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company’s Net Income excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. 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 (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 the assets acquired from Lotus and our ability to close the acquisition of Cogentrix; (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 – Press Release
May 7, 2026, Page 6
| VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating revenues | $ | 5,640 | $ | 3,933 | |||||||
| Fuel, purchased power costs, and delivery fees | (2,530) | (2,447) | |||||||||
| Operating costs | (700) | (693) | |||||||||
| Depreciation and amortization | (484) | (522) | |||||||||
| Selling, general, and administrative expenses | (427) | (391) | |||||||||
| Operating income (loss) | 1,499 | (120) | |||||||||
| Other deductions, net | (24) | (5) | |||||||||
| Interest expense and related charges | (263) | (319) | |||||||||
| Net income (loss) before income taxes | 1,212 | (444) | |||||||||
| Income tax (expense) benefit | (183) | 176 | |||||||||
| Net income (loss) attributable to Vistra | $ | 1,029 | $ | (268) | |||||||
| Cumulative dividends attributable to preferred stock | (49) | (49) | |||||||||
| Net income (loss) attributable to Vistra common stock | $ | 980 | $ | (317) | |||||||
Vistra – Press Release
May 7, 2026, Page 7
| VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows — operating activities: | |||||||||||
| Net income (loss) | $ | 1,029 | $ | (268) | |||||||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 718 | 772 | |||||||||
| Deferred income tax expense (benefit), net | 159 | (185) | |||||||||
| Unrealized net (gain) loss from mark-to-market valuations of commodities | (723) | 567 | |||||||||
| Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | (16) | 48 | |||||||||
| Unrealized net loss from nuclear decommissioning trusts | 111 | 15 | |||||||||
| Asset retirement obligation accretion expense | 29 | 34 | |||||||||
| Bad debt expense | 42 | 44 | |||||||||
| Stock-based compensation expense | 32 | 21 | |||||||||
| Other, net | (12) | 57 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Margin deposits, net | 67 | (217) | |||||||||
| Accrued interest | 99 | 51 | |||||||||
| Accrued taxes other than income | (110) | (109) | |||||||||
| Accrued employee incentive | (135) | (177) | |||||||||
| Other operating assets and liabilities | (91) | (54) | |||||||||
| Cash provided by operating activities | 1,199 | 599 | |||||||||
| Cash flows — investing activities: | |||||||||||
| Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (883) | (768) | |||||||||
| Lotus acquisition purchase price adjustment | 6 | — | |||||||||
| Proceeds from sales of nuclear decommissioning trust fund securities | 1,821 | 2,107 | |||||||||
| Investments in nuclear decommissioning trust fund securities | (1,822) | (2,112) | |||||||||
| Proceeds from sales of environmental allowances | 121 | 21 | |||||||||
| Purchases of environmental allowances | (160) | (307) | |||||||||
| Insurance proceeds for recovery of damaged property, plant, and equipment | 186 | — | |||||||||
| Proceeds from sales of property, plant, and equipment, including nuclear fuel | 28 | — | |||||||||
| Other, net | 65 | (2) | |||||||||
| Cash used in investing activities | (638) | (1,061) | |||||||||
Vistra – Press Release
May 7, 2026, Page 8
| VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows — financing activities: | |||||||||||
| Issuances of debt | 2,250 | — | |||||||||
| Repayments/repurchases of debt | (115) | (6) | |||||||||
| Net borrowings (repayments) under accounts receivable financing | (475) | 332 | |||||||||
| Borrowings under Revolving Credit Facility | 150 | — | |||||||||
| Repayments under Revolving Credit Facility | (530) | — | |||||||||
| Repayments under Commodity-Linked Facility | (1,420) | — | |||||||||
| Debt issuance costs | (26) | — | |||||||||
| Stock repurchases | (372) | (337) | |||||||||
| Dividends paid to common stockholders | (77) | (83) | |||||||||
| Dividends paid to preferred stockholders | (21) | (21) | |||||||||
| Tax withholding on stock based compensation | (69) | (50) | |||||||||
| Other, net | (1) | 1 | |||||||||
| Cash used in financing activities | (706) | (164) | |||||||||
| Net change in cash, cash equivalents and restricted cash (current and noncurrent) | (145) | (626) | |||||||||
| 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 | $ | 677 | $ | 596 | |||||||
Vistra – Press Release
May 7, 2026, Page 9
VISTRA CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED MARCH 31, 2026
(Unaudited) (Millions of Dollars)
| Retail | Texas | East | West | Eliminations / Corp and Other | Ongoing Operations Consolidated | Asset Closure | Vistra Corp. Consolidated | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | (724) | $ | 2,091 | $ | 176 | $ | 34 | $ | (528) | $ | 1,049 | $ | (20) | $ | 1,029 | |||||||||||||||||||||||||||||||
| Income tax expense | — | — | — | — | 183 | 183 | — | 183 | |||||||||||||||||||||||||||||||||||||||
| Interest expense and related charges (a) | 13 | (14) | (22) | (3) | 289 | 263 | — | 263 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization (b) | 10 | 211 | 355 | 14 | 18 | 608 | 3 | 611 | |||||||||||||||||||||||||||||||||||||||
| EBITDA before Adjustments | (701) | 2,288 | 509 | 45 | (38) | 2,103 | (17) | 2,086 | |||||||||||||||||||||||||||||||||||||||
| Unrealized net (gain) loss resulting from commodity hedging transactions | 765 | (1,722) | 225 | 9 | — | (723) | — | (723) | |||||||||||||||||||||||||||||||||||||||
| Purchase accounting impacts | — | — | (1) | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||
| Non-cash compensation expenses | — | — | — | — | 32 | 32 | — | 32 | |||||||||||||||||||||||||||||||||||||||
| Transition and merger expenses | (1) | — | — | — | 12 | 11 | — | 11 | |||||||||||||||||||||||||||||||||||||||
| Insurance income (c) | — | — | — | — | — | — | (6) | (6) | |||||||||||||||||||||||||||||||||||||||
| Decommissioning-related activities (d) | — | 4 | 60 | — | — | 64 | 2 | 66 | |||||||||||||||||||||||||||||||||||||||
| Other, net | 5 | 16 | 8 | 2 | (23) | 8 | 2 | 10 | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 68 | $ | 586 | $ | 801 | $ | 56 | $ | (17) | $ | 1,494 | $ | (19) | $ | 1,475 | |||||||||||||||||||||||||||||||
___________
(a)Corporate and other includes $16 million of unrealized mark-to-market net gains on interest rate swaps.
(b)Includes nuclear fuel amortization of $36 million and $90 million, respectively, in the Texas and East segments.
(c)Includes 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 – Press Release
May 7, 2026, Page 10
VISTRA CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED MARCH 31, 2025
(Unaudited) (Millions of Dollars)
| Retail | Texas | East | West | Eliminations / Corp and Other | Ongoing Operations Consolidated | Asset Closure | Vistra Corp. Consolidated | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 1,132 | $ | (720) | $ | (490) | $ | 77 | $ | (199) | $ | (200) | $ | (68) | $ | (268) | |||||||||||||||||||||||||||||||
| Income tax benefit | — | — | — | — | (176) | (176) | — | (176) | |||||||||||||||||||||||||||||||||||||||
| Interest expense and related charges (a) | 18 | (14) | (12) | (1) | 327 | 318 | 1 | 319 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization (b) | 23 | 181 | 396 | 15 | 19 | 634 | (1) | 633 | |||||||||||||||||||||||||||||||||||||||
| EBITDA before Adjustments | 1,173 | (553) | (106) | 91 | (29) | 576 | (68) | 508 | |||||||||||||||||||||||||||||||||||||||
| Unrealized net (gain) loss resulting from commodity hedging transactions | (997) | 1,030 | 567 | (32) | — | 568 | (1) | 567 | |||||||||||||||||||||||||||||||||||||||
| Purchase accounting impacts | — | — | 14 | — | — | 14 | — | 14 | |||||||||||||||||||||||||||||||||||||||
| Non-cash compensation expenses | — | — | — | — | 21 | 21 | — | 21 | |||||||||||||||||||||||||||||||||||||||
| Transition and merger expenses | — | — | 1 | — | 17 | 18 | — | 18 | |||||||||||||||||||||||||||||||||||||||
| Decommissioning-related activities (c) | — | 5 | 35 | — | — | 40 | 46 | 86 | |||||||||||||||||||||||||||||||||||||||
| Other, net | 8 | 8 | 3 | 3 | (19) | 3 | (1) | 2 | |||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 184 | $ | 490 | $ | 514 | $ | 62 | $ | (10) | $ | 1,240 | $ | (24) | $ | 1,216 | |||||||||||||||||||||||||||||||
___________
(a)Corporate and other includes $48 million of unrealized mark-to-market net losses on interest rate swaps.
(b)Includes nuclear fuel amortization of $31 million and $80 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 – Press Release
May 7, 2026, Page 11
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) | $ | 3,100 | $ | 3,730 | $ | (90) | $ | (90) | $ | 3,010 | $ | 3,640 | |||||||||||||||||||||||
| Income tax expense | 830 | 1,000 | — | — | 830 | 1,000 | |||||||||||||||||||||||||||||
| Interest expense and related charges (a) | 1,200 | 1,200 | — | — | 1,200 | 1,200 | |||||||||||||||||||||||||||||
| Depreciation and amortization (b) | 2,150 | 2,150 | — | — | 2,150 | 2,150 | |||||||||||||||||||||||||||||
| EBITDA before Adjustments | $ | 7,280 | $ | 8,080 | $ | (90) | $ | (90) | $ | 7,190 | $ | 7,990 | |||||||||||||||||||||||
| Unrealized net (gain) loss resulting from hedging transactions | (728) | (728) | — | — | (728) | (728) | |||||||||||||||||||||||||||||
| Fresh start/purchase accounting impacts | 58 | 58 | — | — | 58 | 58 | |||||||||||||||||||||||||||||
| Non-cash compensation expenses | 137 | 137 | — | — | 137 | 137 | |||||||||||||||||||||||||||||
| Transition and merger expenses | 29 | 29 | — | — | 29 | 29 | |||||||||||||||||||||||||||||
Decommissioning-related activities (c) | 64 | 64 | 22 | 22 | 86 | 86 | |||||||||||||||||||||||||||||
| ERP system implementation expenses & other transformational initiatives | 17 | 17 | — | — | 17 | 17 | |||||||||||||||||||||||||||||
| Other, net | (57) | (57) | (12) | (12) | (69) | (69) | |||||||||||||||||||||||||||||
| Adjusted EBITDA guidance | $ | 6,800 | $ | 7,600 | $ | (80) | $ | (80) | $ | 6,720 | $ | 7,520 | |||||||||||||||||||||||
___________
1 Regulation G Table 2026 Guidance prepared as of November 6, 2025, based on market curves as of October 31, 2025. Guidance excludes any potential benefit from the nuclear production tax credit.
(a)Includes $60 million interest related to noncontrolling interest repurchase.
(b)Includes nuclear fuel amortization of $423 million.
(c)Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets.
Vistra – Press Release
May 7, 2026, Page 12
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 | $ | 6,800 | $ | 7,600 | $ | (80) | $ | (80) | $ | 6,720 | $ | 7,520 | |||||||||||||||||||||||
| Interest paid, net | (1,125) | (1,125) | — | — | (1,125) | (1,125) | |||||||||||||||||||||||||||||
| Tax (paid) / received | (111) | (111) | — | — | (111) | (111) | |||||||||||||||||||||||||||||
| Working capital, margin deposits and accrued environmental allowances | 640 | 640 | — | — | 640 | 640 | |||||||||||||||||||||||||||||
| Reclamation and remediation | (78) | (78) | (80) | (80) | (158) | (158) | |||||||||||||||||||||||||||||
| ERP system implementation expenses & other transformational initiatives | (16) | (16) | — | — | (16) | (16) | |||||||||||||||||||||||||||||
| Other changes in other operating assets and liabilities | (112) | (112) | (5) | (5) | (117) | (117) | |||||||||||||||||||||||||||||
| Cash provided by operating activities | $ | 5,998 | $ | 6,798 | $ | (165) | $ | (165) | $ | 5,833 | $ | 6,633 | |||||||||||||||||||||||
| Capital expenditures including nuclear fuel purchases and LTSA prepayments | (1,536) | (1,536) | — | — | (1,536) | (1,536) | |||||||||||||||||||||||||||||
| Other net investing activities | (20) | (20) | — | — | (20) | (20) | |||||||||||||||||||||||||||||
| Working capital, margin deposits and accrued environmental allowances | (640) | (640) | — | — | (640) | (640) | |||||||||||||||||||||||||||||
| Transition and merger expenses | 41 | 41 | — | — | 41 | 41 | |||||||||||||||||||||||||||||
| Interest on noncontrolling interest repurchase obligation | 60 | 60 | — | — | 60 | 60 | |||||||||||||||||||||||||||||
| ERP system implementation expenses & other transformational initiatives | 22 | 22 | — | — | 22 | 22 | |||||||||||||||||||||||||||||
| Adjusted free cash flow before growth guidance | $ | 3,925 | $ | 4,725 | $ | (165) | $ | (165) | $ | 3,760 | $ | 4,560 | |||||||||||||||||||||||
___________
1 Regulation G Table 2026 Guidance prepared as of November 6, 2025, based on market curves as of October 31, 2025.
FAQ
How did Vistra Corp. (VST) perform financially in Q1 2026?
Vistra generated strong Q1 2026 results, with Net Income of $1,029 million and Ongoing Operations Adjusted EBITDA of $1,494 million. Both metrics improved significantly versus Q1 2025, helped by unrealized hedge gains, higher realized prices, and the Lotus acquisition contribution.
What 2026 guidance did Vistra Corp. (VST) reaffirm in this 8-K?
Vistra reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Ongoing Operations Adjusted FCFbG guidance of $3.925–$4.725 billion. These ranges exclude potential benefits from the pending Cogentrix acquisition and recently signed Meta power purchase agreements.
What is Vistra Corp. (VST)’s current liquidity position?
As of March 31, 2026, Vistra reported total available liquidity of approximately $4,173 million. This included $634 million of cash and cash equivalents, $2,126 million available under its corporate revolver, and $1,413 million available under its commodity-linked revolving credit facility.
How heavily hedged are Vistra Corp. (VST)’s future generation volumes?
As of May 1, 2026, Vistra had hedged about 98% of expected 2026 generation, around 89% for 2027, and roughly 65% for 2028. The company notes this comprehensive hedging program supports its reaffirmed 2026 guidance and 2027 Adjusted EBITDA midpoint opportunity range.
Did Vistra Corp. (VST) receive any recent credit rating upgrades?
Yes. Vistra stated that its corporate issuer credit rating was upgraded to Investment Grade at a second major credit rating agency. This follows an earlier Investment Grade upgrade by another major agency, reflecting progress in strengthening the balance sheet and earnings visibility.