Vistra Reports Q3 2026 Results with Over 50% Growth in Ongoing Operations Adjusted EBITDA
06 Nov 2026 · 6 Nov, 5:36 pm
Summary
Vistra Corp. reported strong third quarter 2026 results, with Ongoing Operations Adjusted EBITDA growing by over 50% year-over-year to $2,378 million. GAAP Net Income for the quarter was $1,140 million. The company raised its full-year 2026 guidance for Ongoing Operations Adjusted EBITDA to $7.1 billion - $7.5 billion and initiated 2027 guidance. Management highlighted the reliable performance of its fleet during record heat and the strategic addition of Cogentrix Energy's generation capacity.
Key Highlights
- 1
Vistra reported GAAP third quarter 2026 Net Income of $1,140 million, which included an unrealized gain from hedges of $559 million.
- 2
Ongoing Operations Adjusted EBITDA for the third quarter of 2026 achieved more than 50% growth, reaching $2,378 million compared to the third quarter of 2025.
- 3
The company raised its 2026 guidance midpoint for Ongoing Operations Adjusted EBITDA to a range of $7.1 billion to $7.5 billion.
- 4
Vistra initiated 2027 guidance ranges for Ongoing Operations Adjusted EBITDA at $7.7 billion to $8.5 billion and for Ongoing Operations Adjusted FCFbG at $4.3 billion to $5.1 billion.
- 5
An additional $1.5 billion of share repurchases was authorized by the Board, expected to be utilized by year-end 2028.
- 6
The acquisition of Cogentrix Energy, adding approximately 5,500 MW of natural gas-fueled generation capacity, was closed in October 2026.
- 7
Commercial operations commenced for the 405 MW Pulaski Solar Facility and the 100 MW Deer Creek Solar & Energy Storage Facility.
Management Comments
Jim Burke
I am proud of the results the Vistra team delivered this quarter. Through one of the hottest calendar third quarters on record, our generation team kept the fleet running safely and reliably while our retail team delivered for our customers. At the same time, our people moved forward a significant amount of commercial and development work. I want to thank each one of our team members for their hard work and dedication - it's what truly sets Vistra apart. That effort shows in our results, with Ongoing Operations Adjusted EBITDA up more than 50% year over year. This summer brought record weather across our markets, including the new all-time peak demand records in July in both ERCOT and PJM. Through that period, our fleet achieved commercial availability of nearly 95%. Our disciplined approach to spring maintenance paid off when our customers and communities needed reliable power most. With the Cogentrix acquisition now closed, we've added approximately 5,500 MW of new natural gas-fueled generation to our portfolio, and we continue to be well positioned for the growing demand ahead. We also made significant progress on our growth strategy this quarter. We began commercial operations at our Pulaski and Deer Creek facilities, and signed a 20-year agreement with New Era at our Odessa plant. As the power landscape evolves, we continue to see more of these opportunities. Our team remains focused on delivering safe, reliable, and affordable electricity to our customers, and we look forward to finishing the year strong.
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