Jun 2026 (Q2 FY26) — Aug 7, 2026
Vistra Corp. Q2 FY26 — Strong Performance Driven by Integrated Model and Strategic Partnerships
Read the full callVistra (VST) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Vistra earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,017 | −5.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.8 | +1.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 305 | −6.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Additional capital available for allocation through year-end 2027 | approximately $4 billion | Sep 2025 | we expect approximately $2 billion to $2.5 billion of additional cash available to allocate through year-end 2027 | Revised Down |
| Full-year adjusted EBITDA (ongoing operations) | midpoint opportunity of more than $6 billion | Jun 2024 | we are reaffirming our 2026 adjusted EBITDA guidance range of $6.8 billion to $7.6 billion ... we are confident in our ability to deliver at or above the midpoint | On Track |
| Achieve investment-grade corporate credit ratings | upgrade to investment grade within the next 12 to 18 months | Jun 2025 | During the quarter, we received an upgrade of our corporate issuer rating to investment grade from Fitch Ratings. Combined with the upgrade from S&P Global Ratings late last year, we have now achieved investment-grade ratings from 2 rating agencies | Achieved |
28 of Vistra Corp.'s 40 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Achieved Q2 adjusted EBITDA of nearly $1.8 billion, representing over 30% increase year-over-year.
- Generation business delivered approximately $994 million of adjusted EBITDA in Q2, up from $593 million in Q2 2025.
- Retail business contributed approximately $773 million of adjusted EBITDA in Q2, up from $756 million in Q2 2025.
- Maintained commercial availability of over 97% across the entire fleet during recent heat waves in Texas and PJM.
- Announced partnership with KKR, NVIDIA, and Kuwait Investment Authority to form Helix Digital Infrastructure, committing up to $1 billion.
Qualified
- ERCOT forward curves are meaningfully lower than previously, impacting the 2027 midpoint opportunity range.
- Uncertainty and potential delays in Texas data center audits and interconnection processes.
- Power prices in ERCOT have softened recently, with year-to-date wholesale prices at $30/MWh, which is insufficient for new builds.
- Concerns about FERC's proposed 'stick approach' for data center flexibility, potentially requiring curtailment before paid curtailment.
Price
$149.7 −1.53% · −$2.32
Performance −25.7% 1Y
1Y: $201.35 on 17 Oct 2025 → $149.7. High $201.47 (24 Oct 2025), low $134.71 (19 May 2026).
- Previous close
- $152.02
- 52-week range
- $134.71 – $201.47
- One year
- −22.93%
Overview
- Symbol
- VST
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Additional capital available for allocation through year-end 2027 | approximately $4 billion | Sep 2025 | we expect approximately $2 billion to $2.5 billion of additional cash available to allocate through year-end 2027 | Revised Down |
| Full-year adjusted EBITDA (ongoing operations) | midpoint opportunity of more than $6 billion | Jun 2024 | we are reaffirming our 2026 adjusted EBITDA guidance range of $6.8 billion to $7.6 billion ... we are confident in our ability to deliver at or above the midpoint | On Track |
| Achieve investment-grade corporate credit ratings | upgrade to investment grade within the next 12 to 18 months | Jun 2025 | During the quarter, we received an upgrade of our corporate issuer rating to investment grade from Fitch Ratings. Combined with the upgrade from S&P Global Ratings late last year, we have now achieved investment-grade ratings from 2 rating agencies | Achieved |
Claimed
- Achieved Q2 adjusted EBITDA of nearly $1.8 billion, representing over 30% increase year-over-year.
- Generation business delivered approximately $994 million of adjusted EBITDA in Q2, up from $593 million in Q2 2025.
- Retail business contributed approximately $773 million of adjusted EBITDA in Q2, up from $756 million in Q2 2025.
- Maintained commercial availability of over 97% across the entire fleet during recent heat waves in Texas and PJM.
- Announced partnership with KKR, NVIDIA, and Kuwait Investment Authority to form Helix Digital Infrastructure, committing up to $1 billion.
Qualified
- ERCOT forward curves are meaningfully lower than previously, impacting the 2027 midpoint opportunity range.
- Uncertainty and potential delays in Texas data center audits and interconnection processes.
- Power prices in ERCOT have softened recently, with year-to-date wholesale prices at $30/MWh, which is insufficient for new builds.
- Concerns about FERC's proposed 'stick approach' for data center flexibility, potentially requiring curtailment before paid curtailment.
The full ledger
Open Vistra Corp.’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Vistra Corp. Q1 FY26 — Record Adjusted EBITDA and Strategic Growth Initiatives
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
Vistra Q4 FY25 — Record Performance Driven by Strategic Acquisitions and Nuclear PPAs
Read the full callEvery analysed call
Vistra earnings calls (VST)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,288 | 4,037 | 3,933 | 4,250 | 4,971 | 4,584 | 5,640 | 4,017 |
| Operating profit | 2,588 | 599 | -120 | 515 | 1,037 | 474 | 1,499 | 553 |
| Operating margin | 41.2% | 14.8% | −3.0% | 12.1% | 20.9% | 10.3% | 26.6% | 13.8% |
| Interest | 332 | 157 | 319 | 303 | 286 | 271 | 263 | 312 |
| Profit before tax | 2,392 | 451 | -444 | 403 | 856 | 308 | 1,212 | 427 |
| Tax rate | 23.2% | −8.7% | 39.6% | 18.9% | 23.8% | 24.4% | 15.1% | 28.6% |
| Net profit | 1,888 | 441 | -268 | 327 | 652 | 233 | 1,029 | 305 |
| EPS ($ per share) | 5.36 | — | -0.93 | 0.82 | 1.78 | — | 2.90 | 0.77 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | -1,449 | -764 | -399 | -1,964 | -3,643 | -2,613 | -454 | -12 |
| Total liabilities | 18,157 | 18,656 | 16,847 | 21,391 | 27,869 | 27,644 | 32,187 | 36,440 |
| Fixed assets | 14,612 | 13,914 | 13,499 | 13,056 | 12,554 | 12,432 | 18,173 | 19,846 |
| Total assets | 26,024 | 26,616 | 25,208 | 29,683 | 32,787 | 32,966 | 37,770 | 41,550 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,471 | 2,736 | 3,337 | -206 | 485 | 5,453 | 4,563 | 4,070 |
| Cash from investing | -101 | -1,717 | -1,572 | -1,153 | -1,239 | -2,145 | -5,276 | -4,396 |
| Cash from financing | -2,723 | -1,237 | -1,796 | 2,274 | -80 | -294 | -1,604 | -74 |
| Net cash flow | — | — | — | 915 | -834 | 3,014 | -2,317 | -400 |
| Capital expenditure | -530 | -713 | -1,259 | -1,033 | -1,301 | -1,676 | -2,078 | -2,752 |
| Free cash flow | 941 | 2,023 | 2,078 | -1,239 | -816 | 3,777 | 2,485 | 1,318 |
VST revenue by segment
East grew from 8% to 18% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Retail | 82% | 74% | 71% | 80% | 79% | 68% | 63% | 76% | +11.5% |
| East | 8% | 26% | 22% | 14% | 15% | 24% | 29% | 18% | +44.9% |
| Texas | 4% | 8% | 5% | 4% | 4% | 7% | 7% | 5% | +35.3% |
| West | 3% | 3% | 2% | 2% | 2% | 2% | 1% | 2% | +16.2% |
| Asset Closure | 0% | 0% | <1% | <1% | 0% | 0% | 0% | 0% | -100.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
VST operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Generation capacity | 40K MW+Customers are looking for multiple tailored solutions to meet their energy needs and whether it is data center contract opportunities with existing assets or higher utilization of our more than 40,000 megawatts of existing assets, we have multiple paths to create value.Source: earnings call transcript | 40K MW+Long-term power purchase agreements will also be a key driver of increasing our earnings visibility, and we see multiple pathways to agreements across our large diversified fleet of more than 40,000 megawatts of nuclear, gas, coal and renewable generation.Source: earnings call transcript | — | — |
| Employees | — | ~7,000At the core of this success are the approximately 7,000 team members across the organization.Source: earnings call transcript | 7,000At the core of these results are the 7,000 team members across the organization whose close collaboration and consistent execution across generation, commercial and retail highlights the One Team culture that is central to our success and reflects the strength of the integrated business model.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
90 filings between Oct 20, 2025 and Oct 7, 2026.
Open market
decisions to buy or sellPurchases
$1.17M
3 purchases by 1 insider
Sales
$78.24M
28 sales by 10 insiders
82% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 22
- Award — granted as compensation
- 13
- Option exercise — converted options into shares
- 21
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BURKE JAMES A | $1.17M | $29.69M | Sep 1, 2026 |
| HUDSON SCOTT A | — | $19.76M | Oct 6, 2026 |
| Kirby Carrie Lee | — | $10.18M | Nov 14, 2025 |
| Moldovan Kristopher E. | — | $6.32M | Oct 7, 2026 |
| HELM SCOTT B | — | $4.00M | Jun 16, 2026 |
| Moore Stephanie Zapata | — | $3.03M | Mar 9, 2026 |
| Acosta Arcilia | — | $2.51M | Jun 18, 2026 |
| Montemayor Margaret | — | $1.56M | Jun 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 7, 2026 | Moldovan Kristopher E. EVP and CFO | Sale 10b5-1 plan | 20,000 | $3.30M |
| Oct 6, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Sale 10b5-1 plan | 22,222 | $3.56M |
| Sep 8, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Sale 10b5-1 plan | 7,777 | $1.17M |
| Sep 8, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Sale 10b5-1 plan | 7,841 | $1.20M |
| Sep 8, 2026 | Moldovan Kristopher E. EVP and CFO | Sale 10b5-1 plan | 20,000 | $3.02M |
| Sep 8, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Sale 10b5-1 plan | 28,826 | $4.38M |
| Sep 1, 2026 | BURKE JAMES A President and CEO | Purchase | 4,465 | $603.9K |
| Aug 31, 2026 | BURKE JAMES A President and CEO | Purchase | 2,200 | $299.2K |
| Aug 24, 2026 | BURKE JAMES A President and CEO | Purchase | 2,000 | $270.0K |
| Jun 18, 2026 | Acosta Arcilia Director | Sale 10b5-1 plan | 7,500 | $1.24M |
| Jun 18, 2026 | SULT JOHN R Director | Sale 10b5-1 plan | 6,500 | $1.10M |
| Jun 18, 2026 | Acosta Arcilia Director | Sale 10b5-1 plan | 7,500 | $1.27M |
| Jun 16, 2026 | HELM SCOTT B Director | Sale 10b5-1 plan | 25,000 | $4.00M |
| Jun 15, 2026 | BARBAS PAUL M Director | Sale 10b5-1 plan | 244 | $37.3K |
| Jun 12, 2026 | BARBAS PAUL M Director | Sale 10b5-1 plan | 244 | $36.1K |
| Jun 2, 2026 | Montemayor Margaret SVP, Chief Accounting Officer | Sale | 4,600 | $736.0K |
| May 27, 2026 | Montemayor Margaret SVP, Chief Accounting Officer | Sale | 5,000 | $824.8K |
| May 15, 2026 | Acosta Arcilia Director | Award | 1,268 | $0 |
| May 15, 2026 | Baiera Gavin R. Director | Award | 1,268 | $0 |
| May 15, 2026 | BARBAS PAUL M Director | Award | 1,268 | $0 |
| May 15, 2026 | Ackermann Hilary E. Director | Award | 1,268 | $0 |
| May 15, 2026 | SULT JOHN R Director | Award | 1,268 | $0 |
| May 15, 2026 | Walters Robert Charles Director | Award | 1,268 | $0 |
| May 15, 2026 | Pitesa John William Director | Award | 1,268 | $0 |
| May 15, 2026 | Crutchfield Lisa Director | Award | 1,268 | $0 |
| May 15, 2026 | Lagacy Julie A. Director | Award | 1,268 | $0 |
| May 15, 2026 | HELM SCOTT B Director | Award | 2,008 | $0 |
| Mar 9, 2026 | Moore Stephanie Zapata EVP and General Counsel | Sale 10b5-1 plan | 10,000 | $1.60M |
| Mar 5, 2026 | Moldovan Kristopher E. EVP and CFO | Award | 10,712 | $0 |
| Mar 5, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Tax withheld | 2,838 | $475.1K |
| Mar 5, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Award | 6,106 | $0 |
| Mar 5, 2026 | Moore Stephanie Zapata EVP and General Counsel | Tax withheld | 1,963 | $328.6K |
| Mar 5, 2026 | Moore Stephanie Zapata EVP and General Counsel | Award | 5,356 | $0 |
| Mar 5, 2026 | Dore Stacey H EVP & Chief Strategy Officer | Tax withheld | 4,186 | $700.7K |
| Mar 5, 2026 | Montemayor Margaret SVP, Chief Accounting Officer | Tax withheld | 561 | $93.9K |
| Mar 5, 2026 | Dore Stacey H EVP & Chief Strategy Officer | Award | 12,855 | $0 |
| Mar 5, 2026 | Montemayor Margaret SVP, Chief Accounting Officer | Award | 1,989 | $0 |
| Mar 5, 2026 | Moldovan Kristopher E. EVP and CFO | Tax withheld | 4,226 | $707.4K |
| Mar 5, 2026 | BURKE JAMES A President and CEO | Tax withheld | 9,380 | $1.57M |
| Mar 5, 2026 | BURKE JAMES A President and CEO | Award | 28,281 | $0 |
| Feb 24, 2026 | Moldovan Kristopher E. EVP and CFO | Tax withheld | 7,346 | $1.26M |
| Feb 24, 2026 | Moldovan Kristopher E. EVP and CFO | Tax withheld | 53,018 | $9.10M |
| Feb 24, 2026 | Moldovan Kristopher E. EVP and CFO | Award | 136,888 | $23.49M |
| Feb 24, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Tax withheld | 6,296 | $1.08M |
| Feb 24, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Tax withheld | 45,323 | $7.78M |
| Feb 24, 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Award | 117,332 | $20.14M |
| Feb 24, 2026 | Moore Stephanie Zapata EVP and General Counsel | Tax withheld | 4,264 | $731.8K |
| Feb 24, 2026 | Moore Stephanie Zapata EVP and General Counsel | Tax withheld | 30,416 | $5.22M |
| Feb 24, 2026 | Moore Stephanie Zapata EVP and General Counsel | Award | 79,444 | $13.63M |
| Feb 24, 2026 | Dore Stacey H EVP & Chief Strategy Officer | Tax withheld | 7,215 | $1.24M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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