Vistra — Third Quarter 2026 Earnings Summary

Financial Performance

• Reported GAAP Net Income of $1,140 million for the quarter ended September 30, 2026, an increase of $488 million compared to $652 million in the same period in 2025.
• Ongoing Operations Adjusted EBITDA reached $2,378 million for the quarter, representing growth of more than 50% year-over-year compared to $1,581 million in Q3 2025.
• Nine-month Net Income totaled $2,474 million compared to $711 million in the same period in 2025.
• Nine-month Ongoing Operations Adjusted EBITDA was $5,639 million, up from $4,170 million in the prior year period.
• Operating revenues for the quarter were $6,347 million compared to $4,971 million in Q3 2025; nine-month revenues were $16,004 million versus $13,154 million.
• Adjusted EBITDA by segment for the quarter: Texas ($1,227 million), East ($979 million), Retail ($98 million), West ($76 million), and Corporate and Other ($(2) million).
• Nine-month Adjusted EBITDA by segment: Texas ($2,124 million), East ($2,422 million), Retail ($939 million), West ($200 million), and Corporate and Other ($(46) million).
• Depreciation and amortization expense for the quarter was $711 million, driven by three months' contribution from plants acquired from Lotus.
• Impairment of long-lived assets for the quarter was $269 million, including a partial impairment of the Moss Landing 350 facility.
• Total available liquidity was approximately $8,923 million as of September 30, 2026, including $2,743 million in cash and cash equivalents.
• Cash provided by operating activities for the nine months ended September 30, 2026, was $4,330 million.

Guidance and Future Outlook

• Raised 2026 Ongoing Operations Adjusted EBITDA guidance to a range of $7.1 billion to $7.5 billion.
• Raised 2026 Ongoing Operations Adjusted FCFbG guidance to a range of $4.3 billion to $4.7 billion.
• Initiated 2027 Ongoing Operations Adjusted EBITDA guidance of $7.7 billion to $8.5 billion.
• Initiated 2027 Ongoing Operations Adjusted FCFbG guidance of $4.3 billion to $5.1 billion.
• As of October 30, 2026, the company had hedged approximately 100% of expected generation volumes for 2026, 98% for 2027, and 78% for 2028.

Business Segments and Product Lines

• Closed the acquisition of Cogentrix Energy in October 2026, adding approximately 5,500 MW of natural gas-fueled generation capacity.
• Commenced commercial operations of the 405 MW Pulaski Solar Facility in Illinois under a power purchase agreement with Microsoft.
• Commenced operations of the 100 MW Deer Creek Solar & Energy Storage Facility in California.
• Signed a 20-year power purchase agreement for 207 MW at the Odessa combined cycle gas plant in Texas with New Era Energy and Digital.
• Returned Martin Lake Unit 1 to operational status, contributing to EBITDA growth.
• Fleet achieved commercial availability of nearly 95% during the quarter.

Market and Competitive Landscape

• Experienced record weather across markets, including new all-time peak demand records in July in both ERCOT and PJM.
• Higher realized energy and capacity prices contributed to EBITDA growth.
• The company notes a growing demand ahead and continues to see opportunities for power purchase agreements with large load facilities.

Risks and Challenges

• Forward-looking statements involve risks including adverse changes in general economic or market conditions, interest rates, and political conditions or laws.
• Risks include the ability to successfully integrate acquired businesses, specifically Cogentrix Energy.
• Extreme weather events, their severity, magnitude, and duration, and resulting effects on results of operations are cited as significant uncertainties.
• Credit ratings agency actions and regulatory changes are identified as potential risks.
• Asset retirement obligations, nuclear decommissioning trust income/loss, and environmental remediation expenses impact financial results.

Management Commentary and Tone

• Jim Burke, President and CEO, expressed pride in the team's delivery of safe and reliable generation during one of the hottest calendar third quarters on record.
• Management highlighted a disciplined approach to spring maintenance that paid off during peak demand.
• Burke noted significant progress on the growth strategy, including new commercial operations and long-term agreements.
• The tone was confident regarding the company's positioning for growing demand and the addition of new generation capacity.

Other Key Points

• The Board of Directors authorized an additional $1.5 billion in share repurchases, expected to be utilized by year-end 2028.
• Approximately $6.7 billion in share repurchases were executed since November 2021, representing a ~30% reduction in shares outstanding.
• Approximately $2.5 billion of share repurchase authorization remains available.
• In October and November 2026, Vistra redeemed all $1 billion of its Series A Preferred Stock.
• The company paid approximately $2.2 billion in cash as part of the Cogentrix Energy acquisition.
• Vistra repaid approximately $1.7 billion of debt assumed in the Cogentrix acquisition.
• Available liquidity reduced to approximately $5.4 billion on a pro forma basis following the acquisition and debt repayment activities.
• The company hosted an earnings webcast on November 6, 2026, to discuss results.