Vistra files 8-K: results of operations
Item 2.02. Results of Operations and Financial Condition.
On August 7, 2026, Vistra Corp. (the “Company”) issued a news release announcing, among other matters, its financial results for the quarter ended June 30, 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”).
Earnings Release Highlights
• GAAP second quarter 2026 Net Income of $305 million, including an unrealized loss from hedges expected to settle in future years of $472 million.
• Achieved more than 30% growth in Ongoing Operations Adjusted EBITDA 1 to $1,767 million for the quarter compared to second quarter 2025.
• 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
• Announced Helix Digital Infrastructure alongside KKR, KIA, and NVIDIA with an initial commitment from Vistra of up to $1.0 billion.
• Received Federal Energy Regulatory Commission approval of the pending Cogentrix Energy acquisition.
• Earned second consecutive distinction as one of U.S. News & World Report ' s Best Companies to Work For.
IRVING, Texas — Aug. 7, 2026 — Vistra Corp. (NYSE: VST) today reported its second quarter 2026 financial results and other highlights.
"The Vistra team delivered another strong quarter, building on our momentum from the start of the year and continuing to execute at a high level," said Jim Burke, president and CEO of Vistra. "I'm incredibly proud of our employees across the company - through their commitment, collaboration, and focus on serving our customers, Vistra delivered a more than 30% year-over-year increase in Ongoing Operations Adjusted EBITDA. 1 From our generation team maintaining a reliable fleet, to our commercial and retail teams navigating dynamic market conditions and delivering solutions for customers, these results reflect the hard work and dedication of our people." "We also announced an important investment to further position Vistra for long-term growth.
The formation of Helix Digital Infrastructure, alongside our partners NVIDIA, KKR, and Kuwait Investment Authority, as well as Vistra's role as Helix's preferred power provider, create an exciting opportunity for the company. At the same time, we continued advancing key strategic initiatives, including the pending Cogentrix acquisition, construction of our two Permian Basin natural gas units, and development of solar facilities, including Oak Hill 2 and Pulaski." "Operationally, the Vistra team's preparation and disciplined execution during our annual spring maintenance season set us up for strong, reliable performance during the first half of the summer. During recent periods of extreme heat in Texas and the PJM market, Vistra achieved commercial availability of 97% or greater across our fleet, helping ensure reliable power when our customers and communities needed it most.
As we complete the critical summer period and the remainder of the year, we remain focused on safely and reliably operating our fleet, advancing our strategy, and continuing to create solutions and value for our customers, communities, employees, and shareholders." Vistra – Press Release
Aug. 7, 2026, Page 2 Summary of Financial Results for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited) (Millions of Dollars)
For the quarter ended June 30, 2026, Vistra reported Net Income of $305 million and Ongoing Operations Adjusted EBITDA 1 of $1,767 million. Net Income for the second quarter 2026 decreased $22 million compared to the second quarter 2025, driven primarily by an increase in unrealized mark-to-market losses of $488 million on derivative positions, mostly offset by higher realized prices and capacity revenue, and three months' contribution from the plants acquired from Lotus. Ongoing Operations Adjusted EBITDA for the second quarter 2026 increased by $418 million compared to the second quarter 2025, driven primarily by higher realized energy and capacity prices and three months' contribution from the plants acquired from Lotus.
Guidance 3
As of Aug. 3, 2026, Vistra had hedged approximately 100% of its expected generation volumes for 2026, approximately 94% for 2027, and approximately 72% for 2028. The company's comprehensive hedging program provides support for 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 signed power purchase agreements with Meta, part of which are expected to contribute to our Adjusted EBITDA in 2027.
Vistra – Press Release Aug. 7, 2026, Page 3
Share Repurchase Program As of Aug. 3, 2026:
• Vistra executed ~$6.5 billion in share repurchases since November 2021.
• Vistra had ~336 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.
• ~$1.2 billion of the share repurchase authorization remained available, which we expect to complete no later than year-end 2027.
Liquidity
As of June 30, 2026, Vistra had total available liquidity of 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 of availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $1,452 million and excludes $298 million of commitments under the facility that were not available to be drawn as of June 30, 2026.
Vistra – Press Release Aug. 7, 2026, Page 4
Earnings Webcast
Vistra will host a webcast today, Aug. 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.