Skip to content
AnalystLens

Vistra Corp. 8-K Report, Financial Results (May 7, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 7, 2026
Period End
May 7, 2026
Security
VST
In the record · 2017–202610-K1010-Q318-K168

VST filed 10 annual reports (10-K), 31 quarterly reports (10-Q) and 168 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · May ’18May ’18
  2. Leadership change8-K · Feb ’20Feb ’20
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.

Vistra Corp. (VST) reported first quarter 2026 results on May 7, 2026, with GAAP net income of $1,029 milliona, a sharp swing from a $268 million loss in Q1 2025.

The headline figure is heavily inflated by a $723 millionb unrealized mark-to-market gain on commodity hedges that are expected to settle in future years, so investors should focus on operating metrics. Ongoing Operations Adjusted EBITDA rose 20% year over year to $1,494 million from $1,240 million, driven by higher realized energy and capacity prices and three months of contribution from the Lotus acquisition, partly offset by a weak Retail segment ($68 million versus $184 million) due to mild weather. The East segment was the main contributor to growth at $801 million versus $514 million.

Management reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8 to $7.6 billionc and Adjusted Free Cash Flow before Growth guidance of $3.925 to $4.725 billion. Hedging is well advanced, with approximately 98% of expected 2026 generation volumes, 89% of 2027, and 65% of 2028 hedged as of May 1, 2026. The company also reiterated a 2027 Adjusted EBITDA midpoint opportunity range of $7.4 to $7.8 billion, which excludes the pending Cogentrix acquisition (5,500 MW natural gas, targeted to close in 2H 2026) and the recently signed Meta power purchase agreements at PJM nuclear sites.

Balance sheet progress continued, with Fitch upgrading Vistra to investment grade following S&P's action in 2025. Share repurchases totaled roughly $6.3 billiond since November 2021, and about $1.5 billion of authorization remains, expected to be completed by year-end 2027. Key considerations include the reliance on non-GAAP measures, the dependence of 2027 upside on power prices and hedging, and execution risk on the Cogentrix integration.

Liquidity stood at approximately $4.17 billion at March 31, 2026. Operating cash flow was $1,199 million versus $599 million a year earlier, though this was supported by favorable working capital and margin deposit movements.

02—Key points

Key Highlights

  1. GAAP net income of $1,029 million versus a $268 million loss in Q1 2025, but largely driven by a $723 million unrealized hedging gain that is not a recurring cash earnings item.
  2. Ongoing Operations Adjusted EBITDA up 20% year over year to $1,494 million (from $1,240 million), led by higher realized energy and capacity prices and Lotus acquisition contribution.
  3. Segment performance diverged: East rose to $801 million (from $514 million) and Texas to $586 million (from $490 million), while Retail fell to $68 million (from $184 million) on mild weather.
  4. 2026 guidance reaffirmed: Ongoing Operations Adjusted EBITDA of $6.8–$7.6 billion and Adjusted FCFbG of $3.925–$4.725 billion, excluding Cogentrix and Meta PPA contributions.
  5. Hedging coverage of approximately 98% for 2026, 89% for 2027, and 65% for 2028 provides substantial earnings visibility.
  6. Credit profile improved with a Fitch upgrade to investment grade, following S&P's 2025 action; total liquidity was about $4.17 billion at March 31, 2026.
  7. Share count reduced to about 337 million (roughly 30% below November 2021 levels), with about $1.5 billion of buyback authorization remaining, expected to be completed by year-end 2027.

03—Questions

Frequently Asked Questions

  1. Is Vistra's $1.03 billion Q1 2026 net income a good indicator of underlying earnings power?

    Not on its own. About $723 million of the net income reflects unrealized mark-to-market gains on hedges expected to settle in future years. Ongoing Operations Adjusted EBITDA of $1,494 million, which strips out these unrealized items, is a better gauge of underlying performance.

  2. What drove the year-over-year improvement in Adjusted EBITDA?

    Higher realized energy and capacity prices and three months of contribution from the Lotus acquisition drove the increase of $254 million. These gains were partly offset by a $116 million decline in the Retail segment, which was hurt by unusually mild Texas weather.

  3. Are 2026 guidance targets still on track?

    Management reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Adjusted FCFbG guidance of $3.925–$4.725 billion. Hedging of approximately 98% of expected 2026 generation volumes supports these ranges, although the guidance was prepared in November 2025 and excludes Cogentrix and Meta PPA impacts.

  4. What growth catalysts could affect 2027 and beyond?

    The company reiterated a 2027 Adjusted EBITDA midpoint opportunity range of $7.4–$7.8 billion, which is not formal guidance. Upside could come from the pending $5.5 GW Cogentrix natural gas acquisition, targeted to close in the second half of 2026, and the Meta PPAs at PJM nuclear sites, part of which are expected to contribute from 2027. Both are excluded from current ranges.

  5. What are the main risks investors should monitor?

    Key risks include power price volatility affecting unhedged volumes (only 65% hedged for 2028), weather-driven retail performance, execution on the Cogentrix integration and Lotus assets, and potential actions by credit rating agencies. Reliance on non-GAAP measures and mark-to-market accounting also makes reported GAAP earnings volatile.

04—Continue

← View all 8-K filings