Vistra Corp. (NYSE:VST) reported its third quarter 2026 financial results on November 6, 2026, disclosing GAAP net income of $1,140 million and Ongoing Operations Adjusted EBITDA of $2,378 million, while also raising its full-year 2026 guidance and initiating 2027 guidance ranges.

Key Highlights

  • Q3 2026 GAAP net income: $1,140 million, including an unrealized gain from hedges expected to settle in future years of $559 million.
  • Ongoing Operations Adjusted EBITDA growth: More than 50% year over year, rising to $2,378 million in Q3 2026 from $1,581 million in Q3 2025.
  • Raised 2026 guidance: Ongoing Operations Adjusted EBITDA narrowed to $7,100 million to $7,500 million; Ongoing Operations Adjusted FCFbG narrowed to $4,300 million to $4,700 million.
  • 2027 guidance initiated: Ongoing Operations Adjusted EBITDA of $7,700 million to $8,500 million; Ongoing Operations Adjusted FCFbG of $4,300 million to $5,100 million.
  • Board authorized an additional $1.5 billion of share repurchases, expected to be utilized by year-end 2028; approximately $2.5 billion of total authorization remains available.
  • Cogentrix acquisition closed in October 2026, adding approximately 5,500 MW of natural gas-fueled generation capacity.
  • Shares outstanding: approximately 339 million as of November 2, 2026, representing approximately a 30% reduction from November 2, 2021 levels.

Vistra Q3 2026 Results: Earnings, Guidance, and Portfolio Expansion

According to the filing, Vistra's Q3 2026 net income of $1,140 million increased $488 million compared to Q3 2025, driven primarily by higher EBITDA and an increase in unrealized mark-to-market gains of $375 million on derivative positions. Those gains were partly offset by higher depreciation and amortization expense, the partial impairment of the Moss Landing 350 facility, and higher taxes, the company disclosed. The $797 million year-over-year increase in Ongoing Operations Adjusted EBITDA was attributed to higher realized energy and capacity prices, three months of contribution from plants acquired from Lotus, and the return of Martin Lake Unit 1 to operational status.

For the nine months ended September 30, 2026, the filing reported net income of $2,474 million and Ongoing Operations Adjusted EBITDA of $5,639 million, compared to $711 million and $4,170 million, respectively, for the same period in 2025. Segment results for Q3 2026 showed Texas generating Adjusted EBITDA of $1,227 million and East generating $979 million, with Retail contributing $98 million, West $76 million, Corporate and Other a negative $2 million, and Asset Closure a negative $18 million.

As of September 30, 2026, Vistra reported total available liquidity of approximately $8,923 million, including cash and cash equivalents of $2,743 million, $4,714 million under its corporate revolving credit facility, and $1,466 million under its commodity-linked revolving credit facility. The company disclosed that after accounting for October and November 2026 transactions, including the redemption of all $1 billion of its Series A Preferred Stock, approximately $2.2 billion paid for the Cogentrix acquisition, and the repayment of approximately $1.7 billion of assumed Cogentrix debt, available liquidity decreased to approximately $5.4 billion on a pro forma basis. As of October 30, 2026, Vistra reported hedging approximately 100% of expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028.

What Was Disclosed

Vistra filed an 8-K earnings release on November 6, 2026, covering Q3 and year-to-date 2026 results, raising and narrowing 2026 guidance, initiating 2027 guidance, disclosing a $1.5 billion share repurchase authorization, and reporting the closed Cogentrix acquisition and commencement of two new solar facilities.