Vistra (VST) Q2 FY2026 earnings: revenue $4.0 billion, down 5.5% on the year

Vistra Corp. (VST) reported revenue of $4.0 billion for Q2 FY2026, the quarter ended 30 June 2026, down 5.5% on the same quarter a year earlier. Net income was $305 million, down 6.7% on the year, and diluted earnings per share $0.76. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue

$4.0 billion

-5.5% on the year · -28.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

13.8%

12.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$305 million

-6.7% on the year · -70.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.76

-6.2% on the year · -73.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 kept.

Ongoing EBITDA grew sharply: Ongoing Operations Adjusted EBITDA was $1,767 million against $1,349 million a year earlier. Management attributes the rise mainly to realized energy and capacity prices and three months of Lotus plants.
Net income fell on derivative losses: Net income was $305 million against $327 million. Unrealized mark-to-market losses on derivatives rose $488 million, mostly offset by higher realized prices and capacity revenue.
East and Texas adjusted EBITDA rose: East reached $642 million against $418 million, and Texas $311 million against $142 million, for the quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	4,017	5,640	4,250	-28.8%	-5.5%
Selling, general and administrative	392	427	419	-8.2%	-6.4%
Operating income	553	1,499	515	-63.1%	+7.4%
Operating margin	13.8%	26.6%	12.1%
Interest expense	312	263	303	+18.6%	+3.0%
Pre-tax income	427	1,212	403	-64.8%	+6.0%
Income tax	122	183	76.0	-33.3%	+60.5%
Effective tax rate	28.6%	15.1%	18.9%
Net income	305	1,029	327	-70.4%	-6.7%
Net margin	7.6%	18.2%	7.7%
Diluted EPS	$0.76	$2.87	$0.81	-73.5%	-6.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,023	1,199	572	-14.7%	+78.8%
Capital expenditure	689	883	690	-22.0%	-0.1%
Free cash flow	334	316	-118	+5.7%
Free cash flow margin	8.3%	5.6%	-2.8%
Cash from investing	-641	-638	-610
Cash from financing	-578	-706	-63.0
Depreciation and amortisation	445	484	541	-8.1%	-17.7%
Share-based compensation	35.0	32.0	25.0	+9.4%	+40.0%
Buybacks	337	372	252	-9.4%	+33.7%
Dividends paid	77.0	77.0	69.0	0.0%	+11.6%
Dividend per share	$0.23	$0.23	$0.23	+0.4%	+1.8%
Diluted shares, weighted	339m	342m	346m	-0.8%	-1.8%
Shares outstanding at period end	336m	338m	339m	-0.6%	-0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	5,482	5,597	4,823	-2.1%	+13.7%
Non-controlling interest	12.0	13.0	13.0	-7.7%	-7.7%
Short-term borrowings	0.0	0.0	n/a
Debt	19,595	19,163	16,631	+2.3%	+17.8%
Operating lease liabilities	n/a	n/a	72.0
Finance lease liabilities	n/a	n/a	217
Other liabilities	17,514	16,535	16,390	+5.9%	+6.9%
Total liabilities and equity	42,603	41,308	38,146	+3.1%	+11.7%
Fixed assets	19,944	19,876	17,736	+0.3%	+12.4%
Goodwill	2,810	2,810	2,810	0.0%	0.0%
Intangible assets	2,286	2,363	2,252	-3.3%	+1.5%
Investments	n/a	n/a	4,752
Cash and equivalents	435	634	458	-31.4%	-5.0%
Receivables	2,293	1,984	2,229	+15.6%	+2.9%
Inventory	n/a	n/a	965
Other assets	14,835	13,641	6,944	+8.8%	+113.6%
Total assets	42,603	41,308	38,146	+3.1%	+11.7%

Questions

What was Vistra's revenue in Q2 FY2026?

Vistra (VST) reported revenue of $4.0 billion for Q2 FY2026, the quarter ended 30 June 2026, down 5.5% on the same quarter a year earlier.

How much did Vistra earn in Q2 FY2026?

Net income for Q2 FY2026 was $305 million, down 6.7% on the year, and diluted earnings per share $0.76.

When did Vistra report Q2 FY2026 results?

Vistra filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,991	3,314	3,125	1,588	5,146	3,869	4,425	3,189	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250	4,971	4,584	5,640	4,017
SG&A	269	268	288	280	323	298	288	309	357	354	351	375	411	464	391	419	444	460	427	392
Operating income	119	887	-288	-1,683	894	-100	1,131	591	834	105	86.0	808	2,588	599	-120	515	1,037	474	1,499	553
Operating margin	4%	27%	-9%	-106%	17%	-3%	26%	19%	20%	3%	3%	21%	41%	15%	-3%	12%	21%	10%	27%	14%
Interest expense	124	96.0	7.0	109	71.0	181	207	100	143	290	170	241	332	157	319	303	286	271	263	312
Pre-tax income	41.0	842	-375	-1,764	914	-335	876	599	671	-146	-2.0	626	2,392	451	-444	403	856	308	1,212	427
Tax rate	76%	13%	n/a	n/a	26%	n/a	20%	21%	25%	n/a	n/a	25%	23%	-9%	n/a	19%	24%	24%	15%	29%
Net income	7.0	726	-285	-1,365	668	-245	699	476	502	-184	-35.0	365	1,888	441	-268	327	652	233	1,029	305
Net margin	0%	22%	-9%	-86%	13%	-6%	16%	15%	12%	-6%	-1%	9%	30%	11%	-7%	8%	13%	5%	18%	8%
Diluted EPS	$0.01	$1.44	-$0.72	-$3.27	$1.51	-$0.78	$1.71	$1.17	$1.25	-$0.55	-$0.24	$0.90	$5.25	$1.09	-$0.93	$0.81	$1.75	$0.55	$2.87	$0.76
Operating cash flow	564	287	591	-1,314	815	393	1,435	1,577	1,560	881	312	1,196	1,702	1,353	599	572	1,467	1,432	1,199	1,023
Capital expenditure	244	243	373	240	296	392	484	442	336	414	465	498	685	430	768	690	458	836	883	689
Free cash flow	320	44.0	218	-1,554	519	1.0	951	1,135	1,224	467	-153	698	1,017	923	-169	-118	1,009	596	316	334
Buybacks	0.0	296	710	484	396	359	301	251	314	379	291	331	399	245	337	252	187	252	372	337
Dividends paid	72.0	71.0	77.0	75.0	75.0	75.0	77.0	76.0	75.0	85.0	77.0	73.0	80.0	75.0	83.0	69.0	77.0	77.0	77.0	77.0
Shares outstanding	483m	469m	439m	421m	405m	390m	379m	370m	362m	351m	349m	345m	341m	340m	340m	339m	339m	338m	338m	336m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 10 August 2026: the filing.