# Vistra (VST) Q2 2026 earnings

Results filed 2026-08-07 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/vst/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1692819/000169281926000017/0001692819-26-000017-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Vistra reported second quarter 2026 Net Income of $305 million and Ongoing Operations Adjusted EBITDA of $1,767 million, and reaffirmed its 2026 guidance ranges.

Vistra earned $305 million of GAAP net income in the second quarter, $22 million less than a year earlier. The drop came from a $472 million unrealized loss on hedges that settle in future years. Ongoing Operations Adjusted EBITDA, which excludes closed plants and such hedge timing effects, rose more than 30% to $1,767 million. Higher energy and capacity prices and the plants bought from Lotus drove the gain. The Texas and East segments grew most.
Management reaffirmed 2026 Ongoing Operations Adjusted EBITDA of $6.8 billion to $7.6 billion and Adjusted free cash flow before growth of $3.925 billion to $4.725 billion. About 100% of 2026 generation is hedged, so near-term results look well protected. The main tensions are mark-to-market swings that make reported net income volatile, and execution on the pending Cogentrix acquisition and the new Helix Digital Infrastructure commitment of up to $1.0 billion, which the guidance excludes.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net income | $305 million | decreased $22 million compared to the second quarter 2025 | GAAP |
| Ongoing Operations Adjusted EBITDA | $1,767 million | more than 30% growth compared to second quarter 2025 | non-GAAP |
| Operating revenues | $4,017 | vs $4,250 in the second quarter of 2025 | GAAP |
| Operating income | 553 | vs 515 in the second quarter of 2025 | GAAP |
| Cash provided by operating activities (six months) | 2,222 | vs 1,171 in the first six months of 2025 | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Retail Adjusted EBITDA | $773 | vs $756 in the second quarter of 2025 |
| Texas Adjusted EBITDA | $311 | vs $142 in the second quarter of 2025 |
| East Adjusted EBITDA | $642 | vs $418 in the second quarter of 2025 |
| West Adjusted EBITDA | $68 | vs $49 in the second quarter of 2025 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Ongoing Operations Adjusted EBITDA | 2026 | $6.8 billion to $7.6 billion |
| Ongoing Operations Adjusted FCFbG | 2026 | $3.925 billion to $4.725 billion |
| Ongoing Operations Adjusted EBITDA midpoint opportunity (not guidance) | 2027 | $7.4 billion to $7.8 billion |

## Key takeaways

1. **Adjusted EBITDA grew more than 30% year over year** Ongoing Operations Adjusted EBITDA reached $1,767 million versus $1,349 million in the second quarter of 2025, driven by higher realized energy and capacity prices and the Lotus plants.
2. **Hedge losses pushed GAAP net income lower** Net income was $305 million versus $327 million, as unrealized mark-to-market losses rose $488 million, including a $472 million unrealized hedge loss expected to settle in future years.
3. **Texas and East segments led the improvement** Texas Adjusted EBITDA was $311 million versus $142 million, and East was $642 million versus $418 million. Retail rose to $773 million from $756 million.
4. **2026 guidance reaffirmed with near-complete hedging** Vistra reaffirmed $6.8 billion to $7.6 billion of Adjusted EBITDA and had hedged approximately 100% of 2026 expected generation, approximately 94% for 2027 and approximately 72% for 2028.
5. **Growth bets are excluded from guidance** Helix Digital Infrastructure carries a commitment of up to $1.0 billion, and Cogentrix received FERC approval. The ranges exclude Cogentrix and part of the Meta power agreements.

## Questions

**What were Vistra's second quarter 2026 results?** Vistra reported GAAP net income of $305 million, down from $327 million, and Ongoing Operations Adjusted EBITDA of $1,767 million, up from $1,349 million a year earlier. Operating revenues were $4,017 million.
**Why did net income fall while Adjusted EBITDA rose?** Unrealized mark-to-market losses on derivatives rose by $488 million, including a $472 million unrealized hedge loss expected to settle in future years. Higher realized prices, capacity revenue and the Lotus plants mostly offset this.
**Did Vistra change its 2026 guidance?** No. It reaffirmed Ongoing Operations Adjusted EBITDA of $6.8 billion to $7.6 billion and Adjusted FCFbG of $3.925 billion to $4.725 billion.
**How much of Vistra's power output is hedged?** As of Aug. 3, 2026, Vistra had hedged approximately 100% of expected 2026 generation, approximately 94% for 2027 and approximately 72% for 2028.
**What is Vistra's strategic and capital position?** Vistra announced Helix Digital Infrastructure with KKR, KIA and NVIDIA (up to $1.0 billion from Vistra) and got FERC approval for Cogentrix. It had about $6,295 million of liquidity and about $1.2 billion of buyback authorization remaining.