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Vistra Reports Second Quarter 2026 Results
Vistra (NYSE: VST) reported second quarter 2026 GAAP net income of $305 million versus $327 million a year earlier, reflecting a $488 million increase in unrealized mark-to-market hedge losses. Ongoing Operations Adjusted EBITDA rose more than 30% to $1,767 million, led by higher realized energy and capacity prices and contributions from plants acquired from Lotus.Vistra reaffirmed its 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8–$7.6 billion and Ongoing Operations Adjusted FCFbG of $3.925–$4.725 billion, and highlighted a 2027 Ongoing Operations Adjusted EBITDA midpoint opportunity range of $7.4–$7.8 billion, excluding impacts from the pending Cogentrix acquisition and PPAs with Meta.The company announced the formation of Helix Digital Infrastructure with KKR, Kuwait Investment Authority, and NVIDIA, with Vistra committing up to $1.0 billion and serving as Helix’s preferred power provider. Vistra also received FERC approval for its pending Cogentrix Energy acquisition, continued construction of two Permian Basin gas units and development of Oak Hill 2 and Pulaski solar projects, and maintained fleet commercial availability of at least 97% during recent extreme heat periods.As of Aug. 3, 2026, Vistra had hedged ~100% of expected 2026 generation, ~94% for 2027, and ~72% for 2028. Since November 2021, it has repurchased approximately $6.5 billion of stock, reducing shares outstanding by about 30%; $1.2 billion of authorization remains, expected to be completed by year-end 2027. At June 30, 2026, total available liquidity was about $6,295 million, including $435 million in cash.