Vistra Q3 2026 Revenue Surges 28% to $6.35 Billion as Power Demand Records Drive Beat Across All Segments

Vistra Corp. reported third-quarter 2026 revenue of $6.35 billion, up 28% year over year and ahead of Wall Street's $6.02 billion consensus estimate. Adjusted EBITDA climbed 51% to $2.36 billion against an expected $2.14 billion, while net income reached $1.14 billion, a figure that includes a $559 million unrealized gain from hedges set to settle in future years. CEO Jim Burke credited record summer weather, noting new all-time peak demand records in July in both ERCOT and PJM, with the company's fleet maintaining commercial availability of nearly 95% through that period.

All four operating segments posted strong year-over-year gains. Texas Adjusted EBITDA rose 57% to $1.23 billion, the East segment grew 36% to $979 million, the West segment added 21% to reach $76 million, and the Retail segment surged 165% to $98 million.

Management raised its full-year 2026 guidance for Ongoing Operations Adjusted EBITDA to a range of $7.1 billion to $7.5 billion and introduced 2027 guidance of $7.7 billion to $8.5 billion in Adjusted EBITDA alongside $4.3 billion to $5.1 billion in free cash flow before growth. On the capital return front, Vistra added a $1.5 billion share repurchase authorization, bringing total remaining buyback capacity to approximately $2.5 billion.

Vistra also announced several strategic moves in the quarter: the acquisition of approximately 5,500 MW of natural gas generation from Cogentrix, the start of commercial operations at the 405 MW Pulaski and 100 MW Deer Creek facilities, and the signing of a 20-year, 207 MW power purchase agreement for the Odessa plant with New Era. Shares rose more than 10% intraday on the results before paring some gains, outperforming broader market peers on the session.