third quarter 2026
Filed Nov 6, 2026Vistra Reports Third Quarter 2026 Results
Third-quarter GAAP net income increased to $1,140 million, Ongoing Operations Adjusted EBITDA rose to $2,378 million from $1,581 million, and Vistra raised and narrowed its 2026 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG ranges while initiating 2027 guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenues, three months ended September 30GAAP | $6.35B | – | – |
| Fuel, purchased power costs, and delivery fees, three months ended September 30GAAP | −$2.53B | – | – |
| Operating costs, three months ended September 30GAAP | −$683M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | −$711M | – | – |
| Selling, general, and administrative expenses, three months ended September 30GAAP | −$448M | – | – |
| Impairment of long-lived assets, three months ended September 30GAAP | −$269M | – | – |
| Operating income, three months ended September 30GAAP | $1.71B | – | – |
| Other income, net, three months ended September 30GAAP | $44M | – | – |
| Interest expense and related charges, three months ended September 30GAAP | −$254M | – | – |
| Net income before income taxes, three months ended September 30GAAP | $1.50B | – | – |
| Income tax expense, three months ended September 30GAAP | −$356M | – | – |
| Net income attributable to Vistra, three months ended September 30GAAP | $1.14B | – | increased $488 million |
| Cumulative dividends attributable to preferred stock, three months ended September 30GAAP | −$48M | – | – |
| Net income attributable to Vistra common stock, three months ended September 30GAAP | $1.09B | – | – |
| Ongoing Operations Adjusted EBITDA, three months ended September 30non-GAAP | $2.38B | – | increased by $797 million |
| Adjusted EBITDA, Vistra Corp. Consolidated, three months ended September 30non-GAAP | $2.36B | – | – |
| Retail Adjusted EBITDA, three months ended September 30non-GAAP | $98M | – | – |
| Texas Adjusted EBITDA, three months ended September 30non-GAAP | $1.23B | – | – |
| East Adjusted EBITDA, three months ended September 30non-GAAP | $979M | – | – |
| West Adjusted EBITDA, three months ended September 30non-GAAP | $76M | – | – |
| Corporate and Other Adjusted EBITDA, three months ended September 30non-GAAP | −$2M | – | – |
| Asset Closure Adjusted EBITDA, three months ended September 30non-GAAP | −$18M | – | – |
| Operating revenues, nine months ended September 30GAAP | $16.00B | – | – |
| Operating income, nine months ended September 30GAAP | $3.76B | – | – |
| Interest expense and related charges, nine months ended September 30GAAP | −$829M | – | – |
| Income tax expense, nine months ended September 30GAAP | −$661M | – | – |
| Net income attributable to Vistra, nine months ended September 30GAAP | $2.47B | – | – |
| Net income attributable to Vistra common stock, nine months ended September 30GAAP | $2.33B | – | – |
| Ongoing Operations Adjusted EBITDA, nine months ended September 30non-GAAP | $5.64B | – | – |
| Adjusted EBITDA, Vistra Corp. Consolidated, nine months ended September 30non-GAAP | $5.58B | – | – |
| Retail Adjusted EBITDA, nine months ended September 30non-GAAP | $939M | – | – |
| Texas Adjusted EBITDA, nine months ended September 30non-GAAP | $2.12B | – | – |
| East Adjusted EBITDA, nine months ended September 30non-GAAP | $2.42B | – | – |
| West Adjusted EBITDA, nine months ended September 30non-GAAP | $200M | – | – |
| Corporate and Other Adjusted EBITDA, nine months ended September 30non-GAAP | −$46M | – | – |
| Asset Closure Adjusted EBITDA, nine months ended September 30non-GAAP | −$60M | – | – |
| Cash provided by operating activities, nine months ended September 30GAAP | $4.33B | – | – |
| Capital expenditures, including nuclear fuel purchases and LTSA prepayments, nine months ended September 30GAAP | −$2.32B | – | – |
| Cash used in investing activities, nine months ended September 30GAAP | −$2.02B | – | – |
| Issuances of debt, nine months ended September 30GAAP | $7.99B | – | – |
| Repayments/repurchases of debt, nine months ended September 30GAAP | −$3.86B | – | – |
| Stock repurchases, nine months ended September 30GAAP | −$917M | – | – |
| Dividends paid to common stockholders, nine months ended September 30GAAP | −$231M | – | – |
| Cash used in financing activities, nine months ended September 30GAAP | −$353M | – | – |
| Cash, cash equivalents and restricted cash (current and noncurrent), ending balanceGAAP | $2.78B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
2026 and 2027 guidance prepared as of Nov. 6, 2026 outlook
- Note2026 Ongoing Operations Adjusted EBITDA guidance: $7,100 - $7,500
- Note2026 Ongoing Operations Adjusted FCFbG guidance: $4,300 - $4,700
- Note2026 Vistra Corp. Consolidated net income guidance: $3,970 - $4,290
- Note2026 Vistra Corp. Consolidated Adjusted EBITDA guidance: $7,020 - $7,420
- Note2026 Vistra Corp. Consolidated cash provided by operating activities: $5,720 - $6,120
- Note2026 Vistra Corp. Consolidated Adjusted free cash flow before growth guidance: $4,130 - $4,530
- Note2027 Ongoing Operations Adjusted EBITDA guidance: $7,700 - $8,500
- Note2027 Ongoing Operations Adjusted FCFbG guidance: $4,300 - $5,100
- Note2027 Vistra Corp. Consolidated net income guidance: $3,360 - $3,990
- Note2027 Vistra Corp. Consolidated Adjusted EBITDA guidance: $7,625 - $8,425
- Note2027 Vistra Corp. Consolidated cash provided by operating activities: $6,452 - $7,252
- Note2027 Vistra Corp. Consolidated Adjusted free cash flow before growth guidance: $4,075 - $4,875
- Note2026 capital expenditures including nuclear fuel purchases and LTSA prepayments: $(1,711) million
- Note2027 capital expenditures including nuclear fuel purchases and LTSA prepayments: $(1,750) million
Capital returns
- Vistra executed ~$6.7 billion in share repurchases since November 2021.
- Vistra had ~339 million shares outstanding as of Nov. 2, 2026, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.
- The Board authorized an additional $1.5 billion of share repurchases.
- ~$2.5 billion of share repurchase authorization remains available, which Vistra expects to complete no later than year-end 2028.
- Dividends paid to common stockholders were $(231) million for the nine months ended September 30, 2026.
- In October and November 2026, Vistra redeemed all $1 billion of its Series A Preferred Stock.
What drove it
- Ongoing Operations Adjusted EBITDA increased by $797 million in the third quarter, 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.
- Net income increased $488 million, driven primarily by higher EBITDA and an increase in unrealized mark-to-market gains of $375 million on derivative positions.
- The fleet achieved commercial availability of nearly 95% during the quarter.
- Vistra closed the Cogentrix Energy acquisition in October 2026, adding approximately 5,500 MW of natural gas-fueled generation capacity.
- Vistra commenced operations at the 405 MW Pulaski Solar Facility and the 100 MW Deer Creek Solar & Energy Storage Facility.
- Vistra announced a 20-year 207 MW power purchase agreement with New Era Energy and Digital at its Odessa combined cycle gas plant in Texas.
- As of Oct. 30, 2026, Vistra had hedged approximately 100% of expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028.
Concerns
- Third-quarter impairment of long-lived assets was $(269) million, primarily associated with the partial impairment of the Moss Landing 350 facility.
- Higher depreciation and amortization expense was driven primarily by three months' contribution from the plants acquired from Lotus.
- Higher taxes partly offset the drivers of third-quarter net income growth.
- The Asset Closure segment reported Adjusted EBITDA of $(18) million for the third quarter and $(60) million for the nine months ended September 30, 2026.
- The 2026 guidance reconciliation includes Asset Closure Adjusted EBITDA guidance of $(80) million, and 2027 guidance includes Asset Closure Adjusted EBITDA guidance of $(75) million.
What to watch
- Execution and integration of the Cogentrix Energy acquisition after its October 2026 closing.
- Delivery against the narrowed 2026 Ongoing Operations Adjusted EBITDA guidance range of $7,100 - $7,500 and Ongoing Operations Adjusted FCFbG guidance range of $4,300 - $4,700.
- Realized energy and capacity prices, fleet availability, and the contribution from Lotus-acquired plants and Martin Lake Unit 1.
- Progress toward completing the remaining ~$2.5 billion of share repurchase authorization no later than year-end 2028.
- The evolution of hedged generation volumes beyond 2026 and execution on the initiated 2027 guidance ranges.
Balance sheet and cash flow
- As of September 30, 2026, total available liquidity was approximately $8,923 million, including cash and cash equivalents of $2,743 million, $4,714 million of corporate revolving credit facility availability, and $1,466 million of commodity-linked revolving credit facility availability.
- Total available liquidity excluded $1,375 million of capacity under accounts receivable financing facilities.
- Pro forma available liquidity was approximately $5.4 billion after the Series A Preferred Stock redemption, the Cogentrix Energy acquisition payment, full borrowing under accounts receivable financing facilities, and repayment of approximately $1.7 billion of assumed Cogentrix Energy debt.
- Vistra paid approximately $2.2 billion in cash as part of its acquisition of Cogentrix Energy.
- Cash provided by operating activities was $4,330 million for the nine months ended September 30, 2026.
- Capital expenditures, including nuclear fuel purchases and LTSA prepayments, were $(2,319) million for the nine months ended September 30, 2026.
- Net change in cash, cash equivalents and restricted cash was $1,954 million for the nine months ended September 30, 2026.
Analysis
Vistra reported a strong third quarter. Operating revenues were $6,347 million versus $4,971 million in the prior-year quarter, operating income was $1,706 million versus $1,037 million, and GAAP net income attributable to Vistra was $1,140 million versus $652 million. The company stated that net income increased $488 million, principally reflecting higher EBITDA and a $375 million increase in unrealized mark-to-market gains on derivative positions. Those gains were partly offset by higher depreciation and amortization, the partial impairment of Moss Landing 350, and higher taxes.
Underlying operating performance also improved materially. Ongoing Operations Adjusted EBITDA was $2,378 million, compared with $1,581 million in the third quarter of 2025. Management attributed the $797 million increase primarily to higher realized energy and capacity prices, a three-month contribution from Lotus-acquired plants, and Martin Lake Unit 1 returning to operation. Texas Adjusted EBITDA was $1,227 million and East Adjusted EBITDA was $979 million, while Retail Adjusted EBITDA was $98 million. The company reported commercial availability of nearly 95% during the quarter amid record weather and new July peak-demand records in ERCOT and PJM.
The nine-month figures show the same pattern, with operating revenues of $16,004 million, operating income of $3,758 million, and net income attributable to Vistra of $2,474 million. Ongoing Operations Adjusted EBITDA for the nine months was $5,639 million. Cash provided by operating activities was $4,330 million, while capital expenditures, including nuclear fuel purchases and LTSA prepayments, were $(2,319) million. Financing activity included $7,985 million of debt issuance, $(3,862) million of debt repayments or repurchases, $(917) million of stock repurchases, and $(231) million of common dividends.
Capital allocation remained active. The Board authorized an additional $1.5 billion of share repurchases, leaving approximately $2.5 billion available for completion no later than year-end 2028. Vistra also redeemed all $1 billion of Series A Preferred Stock and closed the Cogentrix acquisition, paying approximately $2.2 billion in cash and subsequently repaying approximately $1.7 billion of debt assumed in the transaction. Pro forma available liquidity was approximately $5.4 billion following those actions.
The outlook was raised and narrowed for 2026, with Ongoing Operations Adjusted EBITDA guided to $7,100 - $7,500 and Ongoing Operations Adjusted FCFbG guided to $4,300 - $4,700. Vistra also initiated 2027 ranges of $7,700 - $8,500 for Ongoing Operations Adjusted EBITDA and $4,300 - $5,100 for Ongoing Operations Adjusted FCFbG. The guide is supported by hedge coverage of approximately 100% of expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028, while integration of Cogentrix, Asset Closure costs, impairment exposure, and fleet execution remain central items for investors to monitor.
Management, verbatim
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.
Jim Burke, president and CEO of Vistra
That effort shows in our results, with Ongoing Operations Adjusted EBITDA up more than 50% year over year.
Jim Burke, president and CEO of Vistra
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.
Jim Burke, president and CEO of Vistra
Not in the filing
stated, not guessed- GAAP diluted EPS and basic EPS were not reported in the provided document.
- Non-GAAP EPS was not reported in the provided document.
- Gross profit and gross margin were not reported in the provided document.
- Operating margin, net income margin, and tax rate were not reported in the provided document.
- Quarterly operating cash flow and quarterly capital expenditures were not reported in the provided document.
- Free cash flow for the reported third quarter and nine-month period was not reported in the provided document.
- Segment revenue was not reported in the provided document; only segment Adjusted EBITDA was reported.
- Total debt balance as of September 30, 2026 was not reported in the provided document.
- Prior-quarter comparative financial metrics were not reported in the provided document.
- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.