Vistra files 8-K: results of operations

Item 2.02. Results of Operations and Financial Condition.

On November 6, 2026, Vistra Corp. (the “Company”) issued a news release announcing, among other matters, its financial results for the quarter ended September 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 third quarter 2026 Net Income of $1,140 million, including an unrealized gain from hedges expected to settle in future years of $559 million.

• Achieved more than 50% growth in Ongoing Operations Adjusted EBITDA 1 to $2,378 million for the quarter compared to third quarter 2025.

• Raised the midpoint and narrowed the range for 2026 Ongoing Operations Adjusted EBITDA 1 to $7.1 billion to $7.5 billion and Ongoing Operations Adjusted FCFbG 1 to $4.3 billion to $4.7 billion.

• Initiated 2027 Ongoing Operations Adjusted EBITDA 1 and Ongoing Operations Adjusted FCFbG 1 guidance ranges of $7.7 billion to $8.5 billion and $4.3 billion to $5.1 billion, respectively.

• Board authorized an additional $1.5 billion of share repurchases, which is expected to be utilized by year-end 2028.

• In October 2026, closed the acquisition of Cogentrix Energy, consisting of approximately 5,500 MW of natural gas-fueled generation capacity.

• Commenced operations of our 405 MW Pulaski Solar Facility in Illinois, under a power purchase agreement with Microsoft, and our 100 MW Deer Creek Solar & Energy Storage Facility in California.

• Announced a 20-year 207 MW power purchase agreement with New Era Energy and Digital at our Odessa combined cycle gas plant in Texas.

IRVING, Texas — Nov. 6, 2026 — Vistra Corp. (NYSE: VST) today reported its third quarter 2026 financial results and other highlights.

"I am proud of the results the Vistra team delivered this quarter, " said Jim Burke, president and CEO of Vistra. "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. At the same time, our people moved forward a significant amount of commercial and development work. I want to thank each one of our team members for their hard work and dedication - it's what truly sets Vistra apart." "That effort shows in our results, with Ongoing Operations Adjusted EBITDA up more than 50% year over year. This summer brought record weather across our markets, including the new all-time peak demand records in July in both ERCOT and PJM. Through that period, our fleet achieved commercial availability of nearly 95%. Our disciplined approach to spring maintenance paid off when our customers and communities needed reliable power most. 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." Vistra – Press Release

Nov. 6, 2026, Page 2 Burke concluded, "We also made significant progress on our growth strategy this quarter. We began commercial operations at our Pulaski and Deer Creek facilities, and signed a 20-year agreement with New Era at our Odessa plant. As the power landscape evolves, we continue to see more of these opportunities. Our team remains focused on delivering safe, reliable, and affordable electricity to our customers, and we look forward to finishing the year strong." Summary of Financial Results for the Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) (Millions of Dollars)

For the quarter ended September 30, 2026, Vistra reported Net Income of $1,140 million and Ongoing Operations Adjusted EBITDA 1 of $2,378 million. Net Income for the third quarter 2026 increased $488 million compared to the third quarter 2025, driven primarily by higher EBITDA and an increase in unrealized mark-to-market gains of $375 million on derivative positions, partly offset by higher depreciation and amortization expense driven primarily by three months' contribution from the plants acquired from Lotus, the partial impairment of the Moss Landing 350 facility, and higher taxes. Ongoing Operations Adjusted EBITDA for the third quarter 2026 increased by $797 million compared to the third quarter 2025, driven primarily by higher realized energy and capacity prices, three months' contribution from the plants acquired from Lotus, and the return of Martin Lake Unit 1 to operational status.

Guidance

As of Oct. 30, 2026, Vistra had hedged approximately 100% of its expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028.

Vistra – Press Release Nov. 6, 2026, Page 3

Share Repurchase Program As of Nov. 2, 2026:

• Vistra executed ~$6.7 billion in share repurchases since November 2021.

• Vistra had ~339 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.

• Vistra’s Board of Directors authorized an additional $1.5 billion of share repurchases. Accordingly, ~$2.5 billion of share repurchase authorization remains available, which we expect to complete no later than year-end 2028.

Liquidity

As of September 30, 2026, Vistra had total available liquidity of approximately $8,923 million, including cash and cash equivalents of $2,743 million, $4,714 million of availability under its corporate revolving credit facility, and $1,466 million of availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $1,466 million and excludes $284 million of commitments under the facility that were not available to be drawn as of September 30, 2026. Total available liquidity at such date excluded $1,375 million of capacity under Vistra's accounts receivable financing facilities.

In October and November 2026, Vistra redeemed all $1 billion of its Series A Preferred Stock, paid approximately $2.2 billion in cash as part of its acquisition of Cogentrix Energy, borrowed the full capacity under its accounts receivable financing facilities, and repaid approximately $1.7 billion of debt assumed in the acquisition of Cogentrix Energy, reducing available liquidity to approximately $5.4 billion on a pro forma basis.

Vistra – Press Release Nov. 6, 2026, Page 4

Earnings Webcast

Vistra will host a webcast today, Nov. 6, 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 register here in advance to access the webcast. A replay of the webcast will be available on Vistra’s website for one year following the live event.