10-QPeriod: Q2 FY2026

Vistra Corp. Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 10, 2026For Securities:VST

Summary

Vistra Corp. reported solid financial performance for the six months ended June 30, 2026, with net income attributable to common stock rising significantly to $1,238 million, a substantial increase from a loss of $(37) million in the prior year period. This growth was driven by strong operating revenues, which increased to $9,657 million from $8,183 million year-over-year, and effective cost management. The company also saw a significant improvement in its balance sheet, with total assets growing to $42.6 billion and total equity increasing to $5.49 billion. Vistra's strategic investments, including the acquisition of Lotus and the pending acquisition of Cogentrix, along with favorable commodity market conditions and effective hedging strategies, are key contributors to its improved financial standing. The company's liquidity remains robust, with substantial available capacity under its credit facilities, positioning it well to fund ongoing operations and strategic initiatives.

Key Highlights

  • 1Vistra Corp. reported a substantial increase in net income attributable to common stock for the first six months of 2026, reaching $1,238 million, a significant turnaround from a loss of $(37) million in the same period of 2025.
  • 2Operating revenues for the first six months of 2026 surged to $9,657 million, up from $8,183 million in the prior year, indicating strong top-line performance.
  • 3The company's balance sheet strengthened, with total assets growing to $42.6 billion and total equity increasing to $5.49 billion as of June 30, 2026.
  • 4Vistra has made significant progress on strategic growth initiatives, including the acquisition of Lotus (completed in October 2025) and the pending acquisition of Cogentrix Energy (expected to close in late 2026).
  • 5The company's liquidity position remains strong, with total available liquidity of $6,295 million as of June 30, 2026, supported by robust cash flow from operations and significant capacity under its credit facilities.
  • 6Vistra received positive credit rating upgrades to investment-grade by S&P and Fitch, leading to the release of collateral for its senior secured notes and credit facilities.
  • 7The company continues to benefit from favorable commodity price environments and a disciplined hedging strategy, which has helped to stabilize earnings and protect margins.

Frequently Asked Questions

For the six months ended June 30, 2026, Vistra reported a net income attributable to common stock of $1,238 million, a significant improvement from a net loss of $(37) million in the prior year. Operating revenues increased to $9,657 million from $8,183 million. Adjusted EBITDA also saw a substantial increase, rising to $3,219 million from $2,548 million.

Vistra is actively pursuing strategic growth through acquisitions, including the completed Lotus Acquisition and the pending Cogentrix Energy acquisition. The company is also investing in new generation capacity, such as gas-fueled dispatchable power in Texas, and has secured long-term power purchase agreements with major technology companies for its nuclear assets, enhancing future revenue streams.

Vistra's balance sheet has strengthened, with total assets at $42.6 billion and total equity at $5.49 billion as of June 30, 2026. The company maintains robust liquidity, with $6,295 million in total available liquidity, supported by strong operating cash flows and credit facilities, ensuring its ability to meet financial obligations and fund strategic initiatives.

In December 2025 and March 2026, S&P and Fitch upgraded Vistra Operations' credit ratings to investment grade. This resulted in the release of collateral securing the Senior Secured Notes and Credit Facilities, improving the company's financial flexibility and ranking its senior unsecured notes pari passu with the senior secured notes.