# Vistra (VST) Q3 2026 earnings

Results filed 2026-11-06 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/vst/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1692819/000169281926000023/0001692819-26-000023-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

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.
Management raised the midpoint and narrowed the 2026 Ongoing Operations Adjusted EBITDA range to $7.1 billion to $7.5 billion. It also set 2027 guidance of $7.7 billion to $8.5 billion. The Cogentrix acquisition closed in October. It added about 5,500 MW of gas capacity, but it also used cash. Pro forma liquidity falls to about $5.4 billion from $8,923 million. Weather, power prices and integrating Cogentrix are the main risks.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Operating revenues (Q3) | $6,347 | up from $4,971 in the third quarter of 2025 | GAAP |
| Net income (Q3) | $1,140 million | up from $652 million in the third quarter of 2025 | GAAP |
| Operating income (Q3) | 1,706 | up from 1,037 in the third quarter of 2025 | GAAP |
| Ongoing Operations Adjusted EBITDA (Q3) | $2,378 million | more than 50% growth compared to third quarter 2025 | non-GAAP |
| Cash provided by operating activities (nine months) | 4,330 | up from 2,638 in the first nine months of 2025 | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Texas Adjusted EBITDA (Q3) | $1,227 | up from $784 in the third quarter of 2025 |
| East Adjusted EBITDA (Q3) | $979 | up from $719 in the third quarter of 2025 |
| Retail Adjusted EBITDA (Q3) | $98 | up from $37 in the third quarter of 2025 |
| West Adjusted EBITDA (Q3) | $76 | up from $63 in the third quarter of 2025 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Ongoing Operations Adjusted EBITDA | 2026 | $7.1 billion to $7.5 billion |
| Ongoing Operations Adjusted FCFbG | 2026 | $4.3 billion to $4.7 billion |
| Ongoing Operations Adjusted EBITDA | 2027 | $7.7 billion to $8.5 billion |
| Ongoing Operations Adjusted FCFbG | 2027 | $4.3 billion to $5.1 billion |
| Capital expenditures including nuclear fuel purchases and LTSA prepayments (millions) | 2026 | (1,711) |

## Key takeaways

1. **Ongoing Operations Adjusted EBITDA grew more than 50%** Ongoing Operations Adjusted EBITDA was $2,378 million versus $1,581 million in third quarter 2025. Higher realized energy and capacity prices, the Lotus plants and Martin Lake Unit 1 drove the increase.
2. **2026 guidance midpoint raised and range narrowed** Ongoing Operations Adjusted EBITDA guidance is now $7,100 - $7,500 million. Adjusted FCFbG guidance is $4,300 - $4,700 million.
3. **2027 guidance points to higher EBITDA** Vistra initiated 2027 Ongoing Operations Adjusted EBITDA guidance of $7,700 - $8,500 million. Adjusted FCFbG guidance is $4,300 - $5,100 million.
4. **Cogentrix closed, but liquidity falls** The ~5,500 MW Cogentrix acquisition closed in October 2026. Vistra also redeemed its $1 billion of Series A Preferred Stock, so available liquidity falls from approximately $8,923 million to approximately $5.4 billion on a pro forma basis.
5. **Buyback expanded and growth contracts advancing** The Board authorized an additional $1.5 billion of share repurchases, leaving ~$2.5 billion available. Vistra began operations at Pulaski and Deer Creek and signed a 20-year 207 MW agreement with New Era Energy and Digital.

## Questions

**What were Vistra's third quarter 2026 results?** Net income was $1,140 million, up from $652 million a year earlier. Ongoing Operations Adjusted EBITDA was $2,378 million, up from $1,581 million.
**What is Vistra's guidance for 2026?** Vistra raised the midpoint and narrowed the 2026 Ongoing Operations Adjusted EBITDA range to $7.1 billion to $7.5 billion. It narrowed Ongoing Operations Adjusted FCFbG to $4.3 billion to $4.7 billion.
**What did Vistra guide for 2027?** Vistra initiated 2027 Ongoing Operations Adjusted EBITDA guidance of $7.7 billion to $8.5 billion. It set Ongoing Operations Adjusted FCFbG guidance of $4.3 billion to $5.1 billion.
**What is the Cogentrix acquisition?** Vistra closed the acquisition in October 2026, adding approximately 5,500 MW of natural gas-fueled generation. The investor presentation gives a net purchase price of ~$4.0 billion, or ~$729/kW.
**How much of Vistra's generation is hedged and what is its liquidity?** As of Oct. 30, 2026, Vistra had hedged approximately 100% of expected 2026 generation volumes, approximately 98% for 2027 and approximately 78% for 2028. Liquidity was approximately $8,923 million at September 30, falling to approximately $5.4 billion pro forma after the Cogentrix closing, the preferred redemption and debt repayment.

## Slides and investor documents

- [Q3_2026_Results_Presentation_vFINAL.pdf](https://investor.vistracorp.com/image/Q3_2026_Results_Presentation_vFINAL.pdf) (Slide deck)