Vistra Corp. (NYSE:VST) reported second-quarter 2026 results on Friday that missed Wall Street’s revenue expectations, although the power producer delivered strong growth in adjusted EBITDA and reaffirmed its full-year financial guidance.
Shares eased around 1.2% in pre-market trading following the earnings release.
Revenue Falls Short of Expectations
Vistra generated second-quarter revenue of $4.02 billion, below analysts’ consensus forecast of $5.73 billion.
Revenue also declined 5.5% from $4.25 billion in the same period last year.
Despite the weaker top-line performance, the company delivered Ongoing Operations Adjusted EBITDA of $1.77 billion, an increase of 31% from $1.35 billion in the second quarter of 2025.
Full-Year Guidance Reaffirmed
Management left its 2026 outlook unchanged, signalling confidence in the company’s performance for the remainder of the year.
Vistra continues to expect Ongoing Operations Adjusted EBITDA of between $6.8 billion and $7.6 billion.
The company also reaffirmed its forecast for Ongoing Operations Adjusted Free Cash Flow before Growth in a range of $3.925 billion to $4.725 billion.
Strong Operating Performance Offsets Hedge Losses
Vistra reported GAAP net income of $305 million for the quarter.
The result included an unrealised loss of $472 million related to hedge positions that are expected to settle over future years.
President and Chief Executive Officer Jim Burke said, “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.”
He added, “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.”
Strategic Investments Continue
During the quarter, Vistra announced the creation of Helix Digital Infrastructure in partnership with KKR, KIA and NVIDIA, with Vistra committing up to $1.0 billion to the venture.
The company also secured approval from the Federal Energy Regulatory Commission for its planned acquisition of Cogentrix Energy, marking another step in its long-term expansion strategy.
As of 3 August 2026, Vistra had hedged approximately 100% of its expected electricity generation volumes for 2026, 94% for 2027 and 72% for 2028, providing increased earnings visibility despite ongoing market volatility.
Vistra stock price
