Vistra Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 6 November 2026: press release. Guidance figures: 2 raised, 1 lowered, 2 narrowed, 4 new. The quarter’s numbers.

Read the filing

Key takeaways

• Ongoing Adjusted EBITDA up over 50%: Ongoing Operations Adjusted EBITDA was $2,378 million, against $1,581 million a year earlier. The nine-month figure was $5,639 million, against $4,170 million. Source
• Net income rose on mark-to-market gains: Net income was $1,140 million, against $652 million. The company cited higher EBITDA and $375 million more unrealized mark-to-market gains on derivatives, partly offset by higher D&A and taxes. Source
• Realized prices lifted quarterly EBITDA: Adjusted EBITDA rose $797 million. Management cited higher realized energy and capacity prices, three months of Lotus plants, and Martin Lake Unit 1 returning to operation. Source
• Texas and East drove the increase: Texas Adjusted EBITDA was $1,227 million against $784 million, and East was $979 million against $719 million. Both segments were higher than a year earlier. Source
• Cogentrix acquisition closed in October: Cogentrix Energy closed in October 2026, adding about 5,500 MW of natural gas-fueled generation capacity. Source
• Two solar facilities began operating: Pulaski, a 405 MW solar facility in Illinois, and Deer Creek, a 100 MW solar and storage facility in California, began operations. Source
• 20-year Odessa power agreement signed: A 20-year, 207 MW power purchase agreement with New Era Energy and Digital covers the Odessa combined cycle gas plant in Texas. Source

“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.”

Jim Burke, president and CEO of Vistra

Guidance

What changed from last quarter

• Guidance raised: 2026 Ongoing Operations Adjusted EBITDA midpoint was raised and the range narrowed to $7.1 billion to $7.5 billion from $6.8 billion to $7.6 billion. Source
• Guidance raised: 2026 Ongoing Operations Adjusted FCFbG midpoint was raised and the range narrowed to $4.3 billion to $4.7 billion from $3.925 billion to $4.725 billion. Source
• Guidance raised: 2026 capital expenditures guidance, including nuclear fuel and LTSA prepayments, rose to $1,711 million from $1,536 million. Source
• New guidance: 2027 guidance was initiated for Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCFbG. Source
• New: The board authorized an additional $1.5 billion of share repurchases. Source
• New: The company closed the Cogentrix Energy acquisition in October 2026, adding about 5,500 MW of natural gas-fueled generation capacity. Source
• New: Two solar facilities began operations: Pulaski in Illinois and Deer Creek in California. Source
• New: A 20-year, 207 MW power purchase agreement was announced with New Era Energy and Digital at the Odessa combined cycle gas plant in Texas. Source
• Ended: All $1 billion of Series A Preferred Stock was redeemed in October and November 2026. Source

Results and earnings drivers

• Ongoing Adjusted EBITDA up over 50%: Ongoing Operations Adjusted EBITDA was $2,378 million, against $1,581 million a year earlier. The nine-month figure was $5,639 million, against $4,170 million. Source
• Net income rose on mark-to-market gains: Net income was $1,140 million, against $652 million. The company cited higher EBITDA and $375 million more unrealized mark-to-market gains on derivatives, partly offset by higher D&A and taxes. Source
• Realized prices lifted quarterly EBITDA: Adjusted EBITDA rose $797 million. Management cited higher realized energy and capacity prices, three months of Lotus plants, and Martin Lake Unit 1 returning to operation. Source
• Unrealized hedge gain of $559 million: Net income includes an unrealized gain of $559 million from hedges expected to settle in future years. Source
• Nine-month net income higher: Nine-month net income was $2,474 million, against $711 million a year earlier. Source

Segments and regions

• Texas and East drove the increase: Texas Adjusted EBITDA was $1,227 million against $784 million, and East was $979 million against $719 million. Both segments were higher than a year earlier. Source
• Retail higher in quarter, lower year to date: Retail Adjusted EBITDA was $98 million against $37 million in the quarter, but $939 million against $977 million for nine months. Source
• West and corporate lines: West Adjusted EBITDA was $76 million against $63 million. Corporate and Other was $(2) million against $(22) million, and Asset Closure was $(18) million against $(17) million. Source

“That effort shows in our results, with Ongoing Operations Adjusted EBITDA up more than 50% year over year.”

Jim Burke, president and CEO of Vistra

Revenue, costs and taxes

• Operating revenues rose: Operating revenues were $6,347 million, against $4,971 million. Fuel, purchased power costs and delivery fees were $2,530 million, against $2,370 million. Source
• Depreciation and amortization rose: Depreciation and amortization was $711 million, against $460 million. Selling, general and administrative expenses were $448 million, against $444 million. Source
• Operating income higher: Operating income was $1,706 million, against $1,037 million. Other income, net was $44 million, against $105 million. Source
• Income tax expense higher: Income tax expense was $356 million, against $204 million a year earlier. Source

Fleet operations and hedging

• Record summer demand in key markets: Management cited record summer weather across its markets, with new all-time July peak demand records in ERCOT and PJM. Source
• Fleet availability near 95%: Management said the fleet achieved commercial availability of nearly 95% through the summer peak period. Source
• Hedge levels for 2026 to 2028: As of Oct. 30, 2026, about 100% of expected 2026 generation was hedged, about 98% for 2027 and about 78% for 2028. The 2027 and 2028 levels were 94% and 72% in August. Source

“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.”

Jim Burke, president and CEO of Vistra

Capital, cash and shareholder returns

• Liquidity at quarter end: Available liquidity was $8,923 million at September 30, 2026, including $2,743 million of cash and cash equivalents. Source
• Operating cash flow and capex rose: Cash provided by operating activities was $4,330 million for nine months, against $2,638 million. Capital expenditures were $2,319 million, against $1,916 million. Source
• Share count down about 30%: About 339 million shares were outstanding, a reduction of about 30% from Nov. 2, 2021. Source
• Repurchase authorization increased: The board authorized an additional $1.5 billion of share repurchases. Source
• Series A preferred fully redeemed: All $1 billion of Series A Preferred Stock was redeemed in October and November 2026. Source
• Nine-month debt issuance rose: Debt issuance was $7,985 million for nine months, against $424 million, and repayments and repurchases were $3,862 million. Source

Growth projects and acquisitions

• Cogentrix acquisition closed in October: Cogentrix Energy closed in October 2026, adding about 5,500 MW of natural gas-fueled generation capacity. Source
• Cash paid for Cogentrix: About $2.2 billion was paid in cash as part of the Cogentrix acquisition. Source
• Two solar facilities began operating: Pulaski, a 405 MW solar facility in Illinois, and Deer Creek, a 100 MW solar and storage facility in California, began operations. Source
• 20-year Odessa power agreement signed: A 20-year, 207 MW power purchase agreement with New Era Energy and Digital covers the Odessa combined cycle gas plant in Texas. Source
• Management sees more power deals: Management said it continues to see more of these deals as the power landscape evolves. Source

Cash bridge and guidance basis

• 2027 interest and tax cash items: The 2027 bridge includes net interest paid of $1,353 million and tax paid of $117 million. Source
• 2027 working capital inflow: The 2027 bridge includes a $704 million item for working capital, margin deposits and accrued environmental allowances. Source
• Earlier 2027 estimate not guidance: The August release gave a 2027 Adjusted EBITDA midpoint estimate of $7.4 billion to $7.8 billion and said it was not guidance.
• Guidance based on Nov. 2 market curves: The 2026 guidance tables were prepared as of Nov. 6, 2026, using market curves as of Nov. 2, 2026. Source

People, strategy and deal flow

• Commercial and development work advanced: Management said the team moved forward a significant amount of commercial and development work this quarter. Source
• Growth strategy progress described: Management said it made significant progress on its growth strategy this quarter. Source
• Focus on reliable, affordable power: Management said the team remains focused on delivering safe, reliable and affordable electricity to customers. Source

Coming up, as management said on 6 November 2026

• Remaining buyback to finish by 2028: About $2.5 billion of repurchase authorization remains, which management expects to complete no later than year-end 2028. Source

Figures management reported

Risks management discussed

• Operational: Management listed a partial impairment of the Moss Landing 350 facility among the items that offset higher EBITDA in net income. Source
• Financial: Pro forma available liquidity was about $5.4 billion after the October and November transactions, per management. Source

Earlier plans management reported on

• Not stated: Management said the spring maintenance approach paid off during the summer peak. Source
• Not stated: The August release expected the remaining authorization to be completed by year-end 2027. The November release sets year-end 2028 for the remaining authority.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.