Vistra (VST) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 Adjusted EBITDA of $1.767 billion, up over 30% year-over-year, driven by strong generation and retail performance, higher realized prices, and contributions from acquisitions such as Lotus.

• Net income for the six months ended June 30, 2026 was $1.334 billion, up from $59 million in the prior year, with operating revenues of $9.657 billion.

• Announced partnership with KKR, NVIDIA, and Kuwait Investment Authority to launch Helix Digital Infrastructure, committing up to $1 billion as a founding investor.

• Completed Lotus Acquisition, adding 2,600 MW of natural gas generation, and entered into agreements to acquire Cogentrix Energy, expected to close in late 2026.

• Achieved commercial availability of 97% or greater across the fleet during periods of extreme heat and completed major maintenance projects.

Financial highlights

• Q2 2026 Adjusted EBITDA was $1.767 billion, up from $1.349 billion in Q2 2025; net income for Q2 2026 was $305 million, with diluted EPS of $0.76.

• Year-to-date 2026 Adjusted EBITDA was $3.261 billion, compared to $2.589 billion in 2025.

• Retail segment Adjusted EBITDA for Q2 2026 was $773 million; Texas segment $311 million; East segment $642 million; West segment $68 million.

• Cash provided by operating activities for the six months ended June 30, 2026 was $2.222 billion.

• Share repurchases since late 2021 totaled ~$6.5 billion, reducing shares outstanding by ~30%.

Outlook and guidance

• Reaffirmed 2026 Adjusted EBITDA guidance of $6.8–$7.6 billion and Adjusted FCFbG of $3.925–$4.725 billion.

• 2027 Adjusted EBITDA midpoint opportunity range is $7.4–$7.8 billion, excluding Cogentrix and Meta PPA benefits.

• Hedge coverage for 2026, 2027, and 2028 at ~100%, ~94%, and ~72%, respectively.

• Expect to provide updated guidance after Cogentrix closes.

• Anticipates sufficient liquidity to fund obligations, including Cogentrix closing and debt maturities.