Vistra files 8-K: results of operations
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, Vistra Corp. (the “Company”) issued a news release announcing, among other matters, its financial results for the quarter ended March 31, 2026. A copy of such news release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Vistra Reports First Quarter 2026 Results
Earnings Release Highlights
• GAAP first quarter 2026 Net Income of $1,029 million, including an unrealized gain from hedges expected to settle in future years of $723 million, and Ongoing Operations Adjusted EBITDA 1 of $1,494 million.
• Reaffirmed 2026 Ongoing Operations Adjusted EBITDA 1 and Ongoing Operations Adjusted FCFbG 1 guidance ranges of $6.8 billion to $7.6 billion and $3.925 billion to $4.725 billion, respectively. 3
• Vistra’s corporate issuer credit rating upgraded to Investment Grade at second major credit rating agency.
IRVING, Texas — May 7, 2026 — Vistra Corp. (NYSE: VST) today reported its first quarter 2026 financial results and other highlights.
"Vistra had an exciting start to 2026, powered by the talent of our people, the capabilities of our generation portfolio, our commitment to our customers, and our ability to grow strategically," said Jim Burke, president and CEO of Vistra. "The first week of the year brought announcements of our plans to acquire the 5,500-MW Cogentrix natural gas generation portfolio, which we continue to target closing in the second half of the year, followed by our signing of long-term power purchase agreements with Meta at our PJM nuclear sites. Vistra performed well, with the fleet delivering strong performance during an extended period of volatile weather including Winter Storm Fern, while the retail business experienced one of the mildest first quarters in Texas history.
Finally, Fitch's recent upgrade of our corporate credit rating to Investment Grade, following S&P's action last year, reflects the progress we've made in strengthening our balance sheet and providing visibility into the longer-term earnings power of the company." "Looking ahead, we remain focused on operational execution and preparing our fleet for the upcoming summer months. Load growth remains strong across our primary markets, and we believe a large, diversified, and dispatchable generation fleet like ours is essential in meeting demand and supporting market reliability. Our integrated model and focus on disciplined execution position us well to deliver reliable power to our customers and create long‑term value for our stakeholders." Vistra – Press Release
May 7, 2026, Page 2 Summary of Financial Results for the Three Months Ended March 31, 2026 and 2025 (Unaudited) (Millions of Dollars)
For the quarter ended March 31, 2026, Vistra reported Net Income of $1,029 million and Ongoing Operations Adjusted EBITDA 1 of $1,494 million. Net Income for the first quarter 2026 increased $1,297 million compared to the first quarter 2025, driven primarily by unrealized mark-to-market gains on derivative positions, with an increase of $1,290 million, as well as higher realized capacity prices and three months contribution from the plants acquired in the Lotus acquisition. Ongoing Operations Adjusted EBITDA for the first quarter 2026 increased by $254 million compared to the first quarter 2025, driven primarily by higher realized energy and capacity prices and three months contribution from the plants acquired in the Lotus acquisition, partly offset by unfavorable results in our retail segment primarily driven by mild weather.
Guidance 3
As of May 1, 2026, Vistra had hedged approximately 98% of its expected generation volumes for 2026, approximately 89% for 2027, and approximately 65% for 2028. The company's comprehensive hedging program supports the reaffirmed 2026 guidance ranges and the previously announced Ongoing Operations Adjusted EBITDA midpoint opportunity 2 range of $7.4 billion to $7.8 billion for 2027. 3 The ranges exclude any potential benefits from the pending acquisition of Cogentrix and the recently signed power purchase agreements with Meta, part of which are expected to begin contributing to our Adjusted EBITDA in 2027.
Vistra – Press Release May 7, 2026, Page 3
Share Repurchase Program As of May 1, 2026:
• Vistra executed ~$6.3 billion in share repurchases since November 2021.
• Vistra had ~337 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.
• ~$1.5 billion dollars of the share repurchase authorization remained available, which we expect to complete by year end 2027.
Liquidity
As of March 31, 2026, Vistra had total available liquidity of approximately $4,173 million, including cash and cash equivalents of $634 million, $2,126 million of availability under its corporate revolving credit facility, and $1,413 million availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $1,413 million and excludes $337 million of commitments under the facility that were not available to be drawn as of March 31, 2026.
Vistra – Press Release May 7, 2026, Page 4
Earnings Webcast
Vistra will host a webcast today, May 7, 2026, beginning at 10 a.m. ET (9 a.m. CT) to discuss these results and related matters. The live webcast and the accompanying slides that will be discussed on the call can be accessed via Vistra’s website at www.vistracorp.com under “Investor Relations” and then “Events & Presentations.” Participants can also listen by phone by registering here prior to the start time of the call to receive a conference call dial-in number. A replay of the webcast will be available on Vistra’s website for one year following the live event.