Vistra Reaffirms 2026 Outlook After Helix and Cogentrix
Ongoing Operations Adjusted EBITDA reached $1,767 million, up more than 30% from a year earlier, as the company locked in 2026 volumes and kept its $6.8 billion to $7.6 billion range.
Vistra Corp. (VST) reported Ongoing Operations Adjusted EBITDA of $1,767 million for the three months ended June 30, 2026, up $418 million, or more than 30%, from $1,349 million a year earlier. The integrated retail electricity and power generation company said the increase was driven primarily by higher realized energy and capacity prices and three months of contribution from plants acquired from Lotus. Sequentially, that figure rose from $1,494 million in the first quarter.
GAAP net income was $305 million, down from $327 million a year earlier. The decline was driven primarily by an increase in unrealized mark-to-market losses of $488 million on derivative positions, including an unrealized loss from hedges expected to settle in future years of $472 million, mostly offset by higher realized prices and capacity revenue and the Lotus plants. Operating revenues were $4,017 million. Operating income was $553 million.
Texas Adjusted EBITDA more than doubled to $311 million from $142 million a year earlier. East Adjusted EBITDA was $642 million. Retail Adjusted EBITDA was $773 million, after $68 million in the first quarter, when mild weather primarily drove unfavorable retail results. West Adjusted EBITDA was $68 million. Corporate and Other was a $27 million drag and Asset Closure a $23 million drag.
President and CEO Jim Burke said the team delivered another strong quarter and continued to execute at a high level, citing a more than 30% year-over-year increase in Ongoing Operations Adjusted EBITDA. He said that during recent periods of extreme heat in Texas and the PJM market, Vistra achieved commercial availability of 97% or greater across the fleet.
The company announced Helix Digital Infrastructure alongside KKR, KIA, and NVIDIA, with an initial Vistra commitment of up to $1.0 billion, and said it would serve as Helix’s preferred power provider. It also received Federal Energy Regulatory Commission approval of the pending Cogentrix Energy acquisition. Burke said Vistra continued advancing the Cogentrix deal, construction of two Permian Basin natural gas units, and solar development including Oak Hill 2 and Pulaski.
Vistra reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8 billion to $7.6 billion and Ongoing Operations Adjusted FCFbG of $3.925 billion to $4.725 billion, unchanged from the ranges it reaffirmed after the first quarter. Those ranges exclude any potential benefits from the pending Cogentrix acquisition and signed power purchase agreements with Meta, part of which the company said are expected to contribute to Adjusted EBITDA in 2027. It also reiterated a previously announced 2027 Ongoing Operations Adjusted EBITDA midpoint opportunity range of $7.4 billion to $7.8 billion.
As of Aug. 3, 2026, Vistra had hedged approximately 100% of expected generation volumes for 2026, approximately 94% for 2027, and approximately 72% for 2028. Its comprehensive hedging program provides support for the reaffirmed 2026 ranges and the 2027 midpoint opportunity.
As of June 30, 2026, total available liquidity was approximately $6,295 million, including cash and cash equivalents of $435 million, $4,408 million of availability under its corporate revolving credit facility, and $1,452 million under its commodity-linked revolving credit facility. As of Aug. 3, the company had executed about $6.5 billion in share repurchases since November 2021, had about 336 million shares outstanding, and had about $1.2 billion of remaining authorization it expects to complete no later than year-end 2027.
Burke said that as the company completes the critical summer period and the remainder of the year, it remains focused on safely and reliably operating the fleet, advancing its strategy, and creating solutions and value for customers, communities, employees, and shareholders.