Vistra
What matters nowUpdated 6 h ago
- Latest development: Vistra filed an 8-K on Oct 2, 2026, reporting a new material definitive agreement and a new direct financial obligation (Items 1.01 and 2.03) 1.
- The stock: the pooled 24/7 venue price was $160.58 at 16:06 UTC on Oct 13, up 2.12% from the previous close of $157.24 (pooled 24/7 venue price). The largest recent pooled 24/7 venue moves were +9.55% on Oct 6 and -6.03% on Oct 8.
- Fiscal Q2 2026 revenue was $4.02 billion, down 5% from a year earlier ·. Trailing twelve-month revenue to June 30, 2026 was $19.21 billion (up 3.8% year on year), TTM EPS was $5.92 (down 5.6%), and TTM free cash flow was $2.26 billion.
- At a $53.95 billion market cap, the shares trade at 27.1 times trailing earnings, 13.5 times EV/EBITDA and a 4.18% free cash flow yield, with net debt of $19.16 billion. Over the last 180 days insiders sold 163,254 shares worth $25.9 million (11 sales, 9 of them under planned trading arrangements) and bought 8,665 shares worth $1.2 million.
- Next: Q3 2026 results and conference call on Nov 6, 2026 (confirmed). The Cogentrix gas fleet acquisition (about 5,500 MW) and the first Meta nuclear power deliveries are both expected in the fourth quarter of 2026 and are not yet confirmed. Polymarket odds for the October 2026 Fed meeting put no change in rates at 81.5% and a 25 bp hike at 17.5%. September CPI is released on Oct 14, 2026.
Vistra is an integrated retail electricity and power generation company. It sells electricity to households and businesses and owns a large fleet of gas, coal, nuclear and battery plants in ERCOT (Texas), PJM and other Eastern markets, and California. Its five reportable segments are Retail, Texas, East, West and Asset Closure. Consolidated revenue was $17.7 billion in 2025, and Ongoing Operations Adjusted EBITDA was $5.9 billion. Traders follow it as a leveraged read on power prices and on AI-driven demand for firm electricity.
How it makes money
Vistra earns money in two ways. The Retail segment sells electricity and related services to residential and commercial customers and earns a margin over what it pays for power. The generation segments sell power, capacity and ancillary services into wholesale markets, and they hedge most of the next few years of output with forward sales. Long-term contracts with data centers and other large buyers, such as the Meta and Amazon nuclear agreements, add more predictable cash flow.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Retail electricity
Retail Adjusted EBITDA was $773 million in Q2 2026, up from $756 million a year earlier.
Texas generation (ERCOT)
Texas Adjusted EBITDA more than doubled to $311 million in Q2 2026, with about 100% of expected 2026 output hedged.
East generation (PJM and Eastern markets)
East Adjusted EBITDA rose to $642 million in Q2 2026, from $418 million a year earlier.
West generation (California)
West Adjusted EBITDA was $68 million in Q2 2026, up from $49 million a year earlier.
Latest newsAll news →
Burke adds 6,665 Vistra shares on August 31 and September 1 in open-market buys
Jim Burke bought 2,200 shares at $135.99 on August 31 and 4,465 shares at $135.25 on September 1, 2026, all through JAMEB, LP.
CEO Jim Burke buys 2,000 Vistra shares at $135
Vistra's chief executive Jim Burke made an open-market purchase of 2,000 shares at $135 on August 24, 2026, held indirectly through JAMEB, LP.
Vistra Q2 2026 Adjusted EBITDA rises 31% to $1.77 billion; FERC clears Cogentrix
Vistra reported second-quarter 2026 Ongoing Operations Adjusted EBITDA of $1,767 million, up from $1,349 million a year earlier, and reaffirmed its 2026 guidance.
Texas Governor orders audit of data centers in the ERCOT queue; ERCOT pauses Batch Zero
Governor Greg Abbott wrote to the Texas PUC and ERCOT ordering an audit of data centers seeking grid connections, and said no further data-center approvals should move forward until the audit is finished.
KKR, NVIDIA, KIA and Vistra launch Helix Digital Infrastructure with over $10 billion of capital
KKR launched Helix Digital Infrastructure, a company built to finance and deliver AI data-center infrastructure for hyperscalers, with more than $10 billion of long-duration capital committed so far.
Vistra Q1 2026 Adjusted EBITDA rises 20% to $1.49 billion; guidance reaffirmed
Vistra reported first-quarter 2026 Ongoing Operations Adjusted EBITDA of $1,494 million, up $254 million from a year earlier, driven by higher realized power and capacity prices and the Lotus gas plants.
Products & businesses
Retail electricity
Retail Adjusted EBITDA was $773 million in Q2 2026, up from $756 million a year earlier.
Texas generation (ERCOT)
Texas Adjusted EBITDA more than doubled to $311 million in Q2 2026, with about 100% of expected 2026 output hedged.
East generation (PJM and Eastern markets)
East Adjusted EBITDA rose to $642 million in Q2 2026, from $418 million a year earlier.
West generation (California)
West Adjusted EBITDA was $68 million in Q2 2026, up from $49 million a year earlier.
Nuclear fleet and data-center power deals
Meta and Amazon agreements cover 3,809 MW of nuclear output. The first Meta deliveries start in late 2026.
Next: First Meta operating-plant deliveries expected · 2026-12-31
Gas fleet acquisitions (Lotus and Cogentrix)
Lotus plants are owned. The Cogentrix deal, about 5,500 MW of gas, has FERC approval and is expected to close in late 2026.
Next: Cogentrix acquisition expected to close · 2026-12-31
Asset Closure (retiring plants)
Retiring plants cost $23 million of Adjusted EBITDA in Q2 2026, against $17 million a year earlier.
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Retail Sells electricity and related services to residential and commercial customers in Texas and in Northeast and Midwest markets. Adjusted EBITDA was $1.6 billion in 2025 and $773 million in the second quarter of 2026. | — | — | |
| Texas Power generation in the ERCOT market, mainly natural gas, coal, nuclear and battery plants, excluding the Asset Closure plants. Adjusted EBITDA was $1.8 billion in 2025 and $311 million in the second quarter of 2026, up from $142 million a year earlier. | — | — | |
| East Power generation in the Eastern Interconnection, including PJM, MISO, ISO-New England and NYISO, mainly nuclear and gas. Adjusted EBITDA was $2.3 billion in 2025 and $642 million in the second quarter of 2026, up from $418 million a year earlier. | — | — | |
| West Power generation in California and other western markets, mainly gas-fired plants. Adjusted EBITDA was $244 million in 2025 and $68 million in the second quarter of 2026. | — | — | |
| Asset Closure Coal and other plants that are scheduled for retirement or are being closed. The segment reduces earnings, with Adjusted EBITDA of negative $74 million in 2025 and negative $23 million in the second quarter of 2026. | — | — |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.21B | $4.02B -5% | $5.64B +43% | $4.58Bd +14% | $4.97B -21% | $4.25B +11% | $3.93B +29% | $4.04Bd +31% | $6.29B +54% |
| Operating income | $3.56B | $553.0M +7% | $1.50B | $474.0Md -21% | $1.04B -60% | $515.0M -36% | −$120.0M -240% | $599.0Md +487% | $2.59B +210% |
| Net income | $2.22B | $305.0M -7% | $1.03B | $233.0Md -47% | $652.0M -65% | $327.0M -10% | −$268.0M | $441.0Md | $1.89B +276% |
| EPS (diluted) | $5.92 | $0.76 -6% | $2.87 | $0.54d -53% | $1.75 -67% | $0.81 -10% | $-0.93 | $1.14d | $5.25 +320% |
| Operating cash flow | $5.12B | $1.02Bd +79% | $1.20B +100% | $1.43Bd +6% | $1.47Bd -14% | $572.0Md -52% | $599.0M +92% | $1.35Bd +54% | $1.70Bd +9% |
| Capital expenditure | $2.87B | $689.0Md -0% | $883.0M +15% | $836.0Md +94% | $458.0Md -33% | $690.0Md +39% | $768.0M +65% | $430.0Md +4% | $685.0Md +104% |
| Share buybacks | $1.15B | $337.0Md +34% | $372.0M +10% | $252.0Md +3% | $187.0Md -53% | $252.0Md -24% | $337.0M +16% | $245.0Md -35% | $399.0Md +27% |
| Cash & equivalents | $435.0M | $435.0M | $634.0M | $785.0M | $602.0M | $458.0M | $561.0M | $1.19B | $905.0M |
| Total debt | $19.59B | $19.59Bd | $19.16Bd | $18.84Bd | $15.99B | $16.63Bd | $17.66Bd | $16.30Bd | $14.73B |
| Shares outstanding | 336.0M | 336.0M | 338.1M | 338.1M | 338.7M | 339.1M | 340.0M | 339.8M | 340.7M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $17.74B +3% | $17.22B +17% | $14.78B +8% | $13.73B |
| Operating income | $1.91B -53% | $4.08B +53% | $2.66B | −$1.18B |
| EBIT | $1.91B -53% | $4.08B +53% | $2.66B | −$1.18B |
| Depreciation & amortization | $1.99B +8% | $1.84B +23% | $1.50B -6% | $1.60B |
| Interest expense | $1.18B +31% | $900.0M +22% | $740.0M +101% | $368.0M |
| Income tax | $179.0M -73% | $655.0M +29% | $508.0M | −$350.0M |
| Net income | $944.0M -64% | $2.66B +78% | $1.49B | −$1.23B |
| EPS (diluted) | $2.18 -69% | $7.00 +96% | $3.58 | $-3.26 |
| Dividends per share | $0.90 +3% | $0.87 +6% | $0.82 +13% | $0.72 |
| Diluted shares (weighted) | 345.7M | 352.6M | 375.2M | 422.4M |
| Operating cash flow | $4.07B -11% | $4.56B -16% | $5.45B +1024% | $485.0M |
| Capital expenditure | $2.75B +32% | $2.08B +24% | $1.68B +29% | $1.30B |
| Share buybacks | $1.03B -19% | $1.27B +2% | $1.25B -36% | $1.95B |
| Dividends paid | $306.0M +0% | $305.0M -3% | $313.0M +4% | $302.0M |
| Cash & equivalents | $785.0M | $1.19B | $3.48B | $455.0M |
| Long-term debt (incl. current portion) | $17.04B | $16.30B | $14.40B | — |
| Total debt | $18.84Bd | $16.30Bd | $14.40Bd | — |
| Total assets | $41.55B | $37.77B | $32.97B | $32.79B |
| Total liabilities | $36.44B | $32.19B | $27.64B | $27.87B |
| Shareholders' equity | $5.10B | $5.57B | $5.31B | $4.90B |
| Shares outstanding | 338.1M | 339.8M | 351.5M | 389.8M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Burke adds 6,665 Vistra shares on August 31 and September 1 in open-market buys
Jim Burke bought 2,200 shares at $135.99 on August 31 and 4,465 shares at $135.25 on September 1, 2026, all through JAMEB, LP.
CEO Jim Burke buys 2,000 Vistra shares at $135
Vistra's chief executive Jim Burke made an open-market purchase of 2,000 shares at $135 on August 24, 2026, held indirectly through JAMEB, LP.
Vistra Q2 2026 Adjusted EBITDA rises 31% to $1.77 billion; FERC clears Cogentrix
Vistra reported second-quarter 2026 Ongoing Operations Adjusted EBITDA of $1,767 million, up from $1,349 million a year earlier, and reaffirmed its 2026 guidance.
Texas Governor orders audit of data centers in the ERCOT queue; ERCOT pauses Batch Zero
Governor Greg Abbott wrote to the Texas PUC and ERCOT ordering an audit of data centers seeking grid connections, and said no further data-center approvals should move forward until the audit is finished.
KKR, NVIDIA, KIA and Vistra launch Helix Digital Infrastructure with over $10 billion of capital
KKR launched Helix Digital Infrastructure, a company built to finance and deliver AI data-center infrastructure for hyperscalers, with more than $10 billion of long-duration capital committed so far.
Vistra Q1 2026 Adjusted EBITDA rises 20% to $1.49 billion; guidance reaffirmed
Vistra reported first-quarter 2026 Ongoing Operations Adjusted EBITDA of $1,494 million, up $254 million from a year earlier, driven by higher realized power and capacity prices and the Lotus gas plants.
Fitch upgrades Vistra to investment grade, joining S&P
Fitch raised Vistra's long-term issuer default rating to BBB-, which is investment grade, and the release said the upgrade reflected a stronger business profile, credit metrics and capital allocation.
Vistra reports FY2025 Adjusted EBITDA of $5.9 billion and guides 2026 to $6.8–7.6 billion
Vistra reported full-year 2025 Ongoing Operations Adjusted EBITDA of $5,912 million, above the midpoint of its original guidance, and fourth-quarter EBITDA of $1,742 million, down from $1,983 million a year earlier.
Meta signs 20-year nuclear power deals covering 2,609 MW of Vistra capacity
Meta agreed to 20-year power purchase agreements for 2,176 MW from Vistra's Perry and Davis-Besse plants in Ohio, plus energy from uprates at Perry, Davis-Besse and Beaver Valley in Pennsylvania.
Vistra agrees to buy Cogentrix's 5.5 GW gas fleet for about $4 billion
Vistra signed definitive agreements to acquire Cogentrix Energy's portfolio of 10 modern natural gas plants with 5,496 MW of combined capacity, for a net price of about $4 billion.
Vistra Operations sells $2.25 billion of senior secured notes in January
In January 2026, Vistra Operations issued $2.25 billion of senior secured notes, with about $2.225 billion of net proceeds.
Vistra reports fiscal Q3 2025 results: revenue $4.97B, down 21% from a year earlier
Vistra filed a Form 8-K with the SEC on Nov 6, 2025, 7:00 AM ET, reporting an event dated Nov 6, 2025.
SEC filings
| Oct 8, 26 | 4 | Form 4: Moldovan Kristopher E. (EVP and CFO) — open-market sale 20,000 sh | sec.gov ↗ |
| Oct 7, 26 | 4 | Form 4: HUDSON SCOTT A (EVP & President Vistra Retail) — open-market sale 22,222 sh | sec.gov ↗ |
| Oct 7, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 6, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Oct 2, 26 | 8-K | 8-K: Material Agreement, New Financial Obligation (Items 1.01, 2.03) | sec.gov ↗ |
| Sep 24, 26 | 8-K | 8-K: Material Agreement, Other Events (Items 1.01, 8.01) | sec.gov ↗ |
| Sep 14, 26 | 424B2 | 424B2: Prospectus supplement | sec.gov ↗ |
| Sep 10, 26 | FWP | FWP: Free writing prospectus | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: Moldovan Kristopher E. (EVP and CFO) — open-market sale 20,000 sh | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: HUDSON SCOTT A (EVP & President Vistra Retail) — open-market sale 44,444 sh | sec.gov ↗ |
| Sep 10, 26 | 424B5 | 424B5: Prospectus supplement | sec.gov ↗ |
| Sep 8, 26 | S-3ASR | S-3ASR: Automatic shelf registration statement | sec.gov ↗ |
| Sep 8, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 8, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: BURKE JAMES A (President and CEO, Director) — open-market buy 6,665 sh | sec.gov ↗ |
| Aug 24, 26 | 4 | Form 4: BURKE JAMES A (President and CEO, Director) — open-market buy 2,000 sh | sec.gov ↗ |
| Aug 7, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Aug 7, 26 | SCHEDULE 13G | SCHEDULE 13G: Passive ownership report (5%+) | sec.gov ↗ |
| Aug 7, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 16, 26 | 8-K | 8-K: Material Agreement, New Financial Obligation (Items 1.01, 2.03) | sec.gov ↗ |
| Jul 14, 26 | 8-K | 8-K: Other Events (Item 8.01) | sec.gov ↗ |
| Jun 30, 26 | 8-K | 8-K: Material Agreement, New Financial Obligation (Items 1.01, 2.03) | sec.gov ↗ |
| Jun 23, 26 | 4 | Form 4: SULT JOHN R (Director) — open-market sale 6,500 sh | sec.gov ↗ |
| Jun 23, 26 | 4 | Form 4: Acosta Arcilia (Director) — open-market sale 15,000 sh | sec.gov ↗ |
| Jun 23, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-07 | Moldovan Kristopher E. EVP and CFO | Sale 10b5-1 plan | 20.0K | $165.00 | $3.3M |
| 2026-10-06 | HUDSON SCOTT A EVP & President Vistra Retail | Sale 10b5-1 plan | 22.2K | $160.14 | $3.6M |
| 2026-09-08 | HUDSON SCOTT A EVP & President Vistra Retail | Sale 10b5-1 plan | 44.4K | $151.82 | $6.7M |
| 2026-09-08 | Moldovan Kristopher E. EVP and CFO | Sale 10b5-1 plan | 20.0K | $151.03 | $3.0M |
| 2026-09-01 | BURKE JAMES A President and CEO, Director | Buy | 4.5K | $135.25 | $603.9K |
| 2026-08-31 | BURKE JAMES A President and CEO, Director | Buy | 2.2K | $135.99 | $299.2K |
| 2026-08-24 | BURKE JAMES A President and CEO, Director | Buy | 2.0K | $135.00 | $270.0K |
| 2026-06-18 | Acosta Arcilia Director | Sale 10b5-1 plan | 15.0K | $167.52 | $2.5M |
| 2026-06-18 | SULT JOHN R Director | Sale 10b5-1 plan | 6.5K | $170.00 | $1.1M |
| 2026-06-16 | HELM SCOTT B Director | Sale 10b5-1 plan | 25.0K | $160.00 | $4.0M |
| 2026-06-15 | BARBAS PAUL M Director | Sale 10b5-1 plan | 244 | $153.00 | $37.3K |
| 2026-06-12 | BARBAS PAUL M Director | Sale 10b5-1 plan | 244 | $147.93 | $36.1K |
| 2026-06-02 | Montemayor Margaret SVP, Chief Accounting Officer | Sale | 4.6K | $160.00 | $736.0K |
| 2026-05-27 | Montemayor Margaret SVP, Chief Accounting Officer | Sale | 5.0K | $164.96 | $824.8K |
| 2026-03-09 | Moore Stephanie Zapata EVP and General Counsel | Sale 10b5-1 plan | 10.0K | $160.31 | $1.6M |