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. It set a 2027 Adjusted EBITDA midpoint opportunity of $7.4–7.8 billion, which is not formal guidance and excludes Cogentrix and the Meta deals. Management said lower ERCOT forward prices were pushing 2027 toward the low end of that range. FERC also approved the Cogentrix acquisition, and Vistra said it would update guidance after the deal closes.

• Ongoing Operations Adjusted EBITDA $1,767 million versus $1,349 million in Q2 2025
• 2026 guidance reaffirmed: Adjusted EBITDA $6.8–7.6 billion; Adjusted FCFbG $3.925–4.725 billion
• 2027 Adjusted EBITDA midpoint opportunity $7.4–7.8 billion, excluding Cogentrix and Meta
• Lower ERCOT forward prices push 2027 toward the low end
• FERC approved the Cogentrix acquisition; updated guidance to follow closing

SEC filing 8-K · accession 0001692819-26-000017 · sec.gov ↗