OpenNashEarnings

Utilities · NYSE: VST

Vistra earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 25 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Vistra reported third quarter 2026 Net Income of $1,140 million and Ongoing Operations Adjusted EBITDA of $2,378 million, with more than 50% growth in Ongoing Operations Adjusted EBITDA compared to third quarter 2025.

Vistra had a very strong summer quarter. GAAP net income was $1,140 million, up from $652 million a year earlier. That included a $559 million unrealized hedge gain. Ongoing Operations Adjusted EBITDA, the company's core profit measure, rose to $2,378 million from $1,581 million. Record heat, higher energy and capacity prices, the Lotus plants and the restart of Martin Lake Unit 1 all helped. Texas and East led the gains, and Retail also improved.

Read the Q3 2026 summary →Q3 2026 slides (PDF) ↗

Quarters

KPI history

Revenue$6.3B+27.7% y/yQ3 2026
Q4 2024: $4.0B (worked out from the annual figure)Q4 ’24$4.0BQ1 2025: $3.9BQ1 ’25$3.9BQ2 2025: $4.2BQ2 ’25$4.2BQ3 2025: $5.0BQ3 ’25$5.0BQ4 2025: $4.6B (worked out from the annual figure)Q4 ’25$4.6BQ1 2026: $5.6BQ1 ’26$5.6BQ2 2026: $4.0BQ2 ’26$4.0BQ3 2026: $6.3BQ3 ’26$6.3B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$4.0B *
Q1 2025$3.9B
Q2 2025$4.2B
Q3 2025$5.0B
Q4 2025$4.6B *
Q1 2026$5.6B
Q2 2026$4.0B
Q3 2026$6.3B
Diluted EPS (GAAP)$3.23+84.6% y/yQ3 2026
Q1 2025: -$0.93Q1 ’25-$0.93Q2 2025: $0.81Q2 ’25$0.81Q3 2025: $1.75Q3 ’25$1.75Q1 2026: $2.87Q1 ’26$2.87Q2 2026: $0.76Q2 ’26$0.76Q3 2026: $3.23Q3 ’26$3.23
Data
Q1 2025-$0.93
Q2 2025$0.81
Q3 2025$1.75
Q1 2026$2.87
Q2 2026$0.76
Q3 2026$3.23

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin26.9%+6.0 pts y/yQ3 2026
Q4 2024: 14.8%Q4 ’2414.8%Q1 2025: -3.1%Q1 ’25-3.1%Q2 2025: 12.1%Q2 ’2512.1%Q3 2025: 20.9%Q3 ’2520.9%Q4 2025: 10.3%Q4 ’2510.3%Q1 2026: 26.6%Q1 ’2626.6%Q2 2026: 13.8%Q2 ’2613.8%Q3 2026: 26.9%Q3 ’2626.9%
Data
Q4 202414.8%
Q1 2025-3.1%
Q2 202512.1%
Q3 202520.9%
Q4 202510.3%
Q1 202626.6%
Q2 202613.8%
Q3 202626.9%
Free cash flow$1.4B+34.9% y/yQ3 2026
Q4 2024: $923.0MQ4 ’24$923.0MQ1 2025: -$169.0MQ1 ’25-$169.0MQ2 2025: -$118.0MQ2 ’25-$118.0MQ3 2025: $1.0BQ3 ’25$1.0BQ4 2025: $596.0MQ4 ’25$596.0MQ1 2026: $316.0MQ1 ’26$316.0MQ2 2026: $334.0MQ2 ’26$334.0MQ3 2026: $1.4BQ3 ’26$1.4B
Data
Q4 2024$923.0M
Q1 2025-$169.0M
Q2 2025-$118.0M
Q3 2025$1.0B
Q4 2025$596.0M
Q1 2026$316.0M
Q2 2026$334.0M
Q3 2026$1.4B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$4.0Bd$3.9B$4.2B$5.0B$4.6Bd$5.6B$4.0B$6.3B
Operating income$599.0Md-$120.0M$515.0M$1.0B$474.0Md$1.5B$553.0M$1.7B
Operating margin14.8%-3.1%12.1%20.9%10.3%26.6%13.8%26.9%
Net income$441.0Md-$268.0M$327.0M$652.0M$233.0Md$1.0B$305.0M$1.1B
Diluted EPS—-$0.93$0.81$1.75—$2.87$0.76$3.23
Operating cash flow$1.4Bd$599.0M$572.0Md$1.5Bd$1.4Bd$1.2B$1.0Bd$2.1Bd
Capital expenditure$430.0Md$768.0M$690.0Md$458.0Md$836.0Md$883.0M$689.0Md$747.0Md
Free cash flow$923.0M-$169.0M-$118.0M$1.0B$596.0M$316.0M$334.0M$1.4B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings