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Vistra Reports Third Quarter 2026 Results

VST
  • Vistra Corp reported GAAP third quarter 2026 net income of $1,140 million, including a $559 million unrealized gain from hedges.
  • Third quarter 2026 Ongoing Operations Adjusted EBITDA reached $2,378 million, representing growth of over 50% compared to the same period in 2025.
  • The company raised its 2026 Ongoing Operations Adjusted EBITDA guidance range to $7.1 billion to $7.5 billion and its Adjusted FCFbG range to $4.3 billion to $4.7 billion.
  • Vistra initiated 2027 guidance ranges of $7.7 billion to $8.5 billion for Ongoing Operations Adjusted EBITDA and $4.3 billion to $5.1 billion for Adjusted FCFbG.
  • The Board authorized an additional $1.5 billion in share repurchases, with expected utilization by year-end 2028.
  • Vistra closed the acquisition of Cogentrix Energy in October 2026, adding approximately 5,500 MW of natural gas generation capacity.
  • Commercial operations commenced for the 405 MW Pulaski Solar Facility in Illinois under a Microsoft agreement and the 100 MW Deer Creek Solar & Energy Storage Facility in California.
  • A 20-year, 207 MW power purchase agreement was signed with New Era Energy and Digital for the Odessa combined cycle gas plant in Texas.
  • As of September 30, 2026, total available liquidity was approximately $8,923 million, though pro forma liquidity reduced to $5.4 billion following recent acquisition financing activities.
  • The company hedged approximately 100% of expected generation volumes for 2026, 98% for 2027, and 78% for 2028 as of October 30, 2026.
  • Vistra redeemed all $1 billion of its Series A Preferred Stock in October and November 2026.
  • The company executed approximately $6.7 billion in share repurchases since November 2021, reducing outstanding shares by roughly 30%.
  • Third quarter 2026 net income increased by $488 million year-over-year, driven by higher EBITDA and unrealized mark-to-market gains on derivative positions.
  • Record weather conditions in the third quarter led to new all-time peak demand records in July for both ERCOT and PJM markets.
  • The fleet achieved nearly 95% commercial availability during the high-demand summer period.
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Vistra Corp
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Vistra Corp