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VST Q3 Earnings Beat on Strong Power Pricing, Revenues Rise Y/Y
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Key Takeaways
Vistra's Q3 earnings jumped 84.6% to $3.23 per share, beating estimates by 9.86%, as revenues rose 27.7%.
VST's adjusted EBITDA rose 50.4% to $2.38 billion on higher power prices and strong retail margins.
Vistra raised its 2026 EBITDA midpoint and projected $7.7-$8.5B for 2027.
Vistra Corp. (VST - Free Report) reported third-quarter 2026 earnings of $3.23 per share, beating the Zacks Consensus Estimate of $2.94 by 9.86%. Earnings increased 84.6% from $1.75 per share in the year-ago quarter.
Total Revenues
Revenues totaled $6.35 billion, missing the Zacks Consensus Estimate of $6.85 billion by 7.34%. The top line increased 27.7% from $4.97 billion recorded in the year-ago quarter.
Higher realized energy and capacity prices, contributions from acquired generation assets and strong retail performance supported results. Commercial availability across the thermal generation fleet approached 95% during the third quarter.
Texas natural gas generation volumes increased 6.8% year over year to 16,499 gigawatt-hours (GWh), while lignite and coal generation rose 24.3% to 7,735 GWh. The region's combined-cycle gas turbine capacity factor improved to 81.7% from 73.7%.
East natural gas generation volumes increased 20.1% year over year to 20,307 GWh. However, retail electricity sales volumes declined 4.1% to 38,424 GWh.
Vistra also completed the Cogentrix acquisition in October, adding approximately 5,500 megawatts (MW) of natural gas generation capacity. The company commenced operations at its 405 MW Pulaski solar facility and 100 MW Deer Creek solar and storage facility while securing a 20-year, 207 MW power purchase agreement with New Era Energy and Digital.
Fuel, purchased power costs and delivery fees increased 6.8% year over year to $2.53 billion. Operating costs increased 4.3% year over year to $683 million, primarily reflecting higher maintenance and outage expenses and contributions from acquired plants.
Vistra also recorded a $269 million impairment related to its Moss Landing 350 MW battery facility.
Ongoing Operations Adjusted EBITDA rose 50.4% to $2.38 billion. Texas adjusted EBITDA increased to $1.23 billion from $784 million, while East contributed $979 million, up from $719 million. Retail adjusted EBITDA improved to $98 million from $37 million, aided by favorable margins and customer consumption.
Operating income increased 64.4% year over year to $1.71 billion. Net income rose 74.8% to $1.14 billion, benefiting partly from unrealized commodity hedging gains.
VST's Cash Flow, Liquidity and Share Repurchases
Cash and cash equivalents totaled $2.74 billion as of Sept. 30, 2026 compared with $0.79 billion as of Dec. 31, 2025.
Cash provided by operating activities totaled $4.33 billion during the first nine months of 2026 compared with $2.64 billion in the corresponding prior-year period. Capital expenditures, including nuclear fuel purchases and long-term service agreement prepayments, totaled $2.32 billion compared with $1.92 billion a year ago.
Vistra ended September 2026 with approximately $8.92 billion in available liquidity.
The board authorized an additional $1.5 billion in share repurchases, bringing the remaining authorization to approximately $2.5 billion, which the company expects to utilize by year-end 2028.
VST Raises 2026 Guidance and Initiates 2027 Outlook
Vistra narrowed its 2026 Ongoing Operations Adjusted EBITDA guidance to $7.1-$7.5 billion, raising the midpoint. The company also updated its ongoing adjusted free cash flow before growth guidance to $4.3-$4.7 billion.
For 2027, management initiated adjusted EBITDA guidance of $7.7-$8.5 billion and adjusted free cash flow before growth in the range of $4.3-$5.1 billion. The outlook incorporates the recently completed Cogentrix acquisition and the initial contribution from its Meta power purchase agreement at the Perry nuclear facility.
Evergy, Inc. (EVRG - Free Report) reported third-quarter 2026 adjusted earnings of $2.58 per share, which topped the Zacks Consensus Estimate of $2.30 by 12.2%. Earnings increased 27.1% from $2.03 in the year-ago quarter.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share (EPS) is pinned at $4.29 and $4.56, indicating year-over-year growth of 12.01% and 6.26%, respectively.
FirstEnergy Corp. (FE - Free Report) reported third-quarter 2026 adjusted earnings of 98 cents per share, beating the Zacks Consensus Estimate of 90 cents by 8.89%. The bottom line increased 18.1% from 83 cents in the year-ago quarter.
The Zacks Consensus Estimate for 2026 and 2027 EPS is pinned at $2.74 and $2.94, indicating year-over-year growth of 7.45% and 7.30%, respectively.
IDACORP, Inc. (IDA - Free Report) reported third-quarter 2026 earnings of $2.73 per share, which surpassed the Zacks Consensus Estimate of $2.51 by 8.8%. The bottom line also increased 20.8% from $2.26 in the year-ago quarter.
The Zacks Consensus Estimate for 2026 and 2027 EPS is pinned at $6.39 and $6.92, indicating year-over-year growth of 8.31% and 8.33%, respectively.
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VST Q3 Earnings Beat on Strong Power Pricing, Revenues Rise Y/Y
Key Takeaways
Vistra Corp. (VST - Free Report) reported third-quarter 2026 earnings of $3.23 per share, beating the Zacks Consensus Estimate of $2.94 by 9.86%. Earnings increased 84.6% from $1.75 per share in the year-ago quarter.
Total Revenues
Revenues totaled $6.35 billion, missing the Zacks Consensus Estimate of $6.85 billion by 7.34%. The top line increased 27.7% from $4.97 billion recorded in the year-ago quarter.
Higher realized energy and capacity prices, contributions from acquired generation assets and strong retail performance supported results. Commercial availability across the thermal generation fleet approached 95% during the third quarter.
Vistra Corp. Price, Consensus and EPS Surprise
Vistra Corp. price-consensus-eps-surprise-chart | Vistra Corp. Quote
Vistra's Operating Performance and Profitability
Texas natural gas generation volumes increased 6.8% year over year to 16,499 gigawatt-hours (GWh), while lignite and coal generation rose 24.3% to 7,735 GWh. The region's combined-cycle gas turbine capacity factor improved to 81.7% from 73.7%.
East natural gas generation volumes increased 20.1% year over year to 20,307 GWh. However, retail electricity sales volumes declined 4.1% to 38,424 GWh.
Management highlighted higher realized generation prices, favorable dispatch optimization and strong retail margins despite elevated summer supply costs.
Vistra also completed the Cogentrix acquisition in October, adding approximately 5,500 megawatts (MW) of natural gas generation capacity. The company commenced operations at its 405 MW Pulaski solar facility and 100 MW Deer Creek solar and storage facility while securing a 20-year, 207 MW power purchase agreement with New Era Energy and Digital.
Fuel, purchased power costs and delivery fees increased 6.8% year over year to $2.53 billion. Operating costs increased 4.3% year over year to $683 million, primarily reflecting higher maintenance and outage expenses and contributions from acquired plants.
Vistra also recorded a $269 million impairment related to its Moss Landing 350 MW battery facility.
Ongoing Operations Adjusted EBITDA rose 50.4% to $2.38 billion. Texas adjusted EBITDA increased to $1.23 billion from $784 million, while East contributed $979 million, up from $719 million. Retail adjusted EBITDA improved to $98 million from $37 million, aided by favorable margins and customer consumption.
Operating income increased 64.4% year over year to $1.71 billion. Net income rose 74.8% to $1.14 billion, benefiting partly from unrealized commodity hedging gains.
VST's Cash Flow, Liquidity and Share Repurchases
Cash and cash equivalents totaled $2.74 billion as of Sept. 30, 2026 compared with $0.79 billion as of Dec. 31, 2025.
Cash provided by operating activities totaled $4.33 billion during the first nine months of 2026 compared with $2.64 billion in the corresponding prior-year period. Capital expenditures, including nuclear fuel purchases and long-term service agreement prepayments, totaled $2.32 billion compared with $1.92 billion a year ago.
Vistra ended September 2026 with approximately $8.92 billion in available liquidity.
The board authorized an additional $1.5 billion in share repurchases, bringing the remaining authorization to approximately $2.5 billion, which the company expects to utilize by year-end 2028.
VST Raises 2026 Guidance and Initiates 2027 Outlook
Vistra narrowed its 2026 Ongoing Operations Adjusted EBITDA guidance to $7.1-$7.5 billion, raising the midpoint. The company also updated its ongoing adjusted free cash flow before growth guidance to $4.3-$4.7 billion.
For 2027, management initiated adjusted EBITDA guidance of $7.7-$8.5 billion and adjusted free cash flow before growth in the range of $4.3-$5.1 billion. The outlook incorporates the recently completed Cogentrix acquisition and the initial contribution from its Meta power purchase agreement at the Perry nuclear facility.
VST’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Evergy, Inc. (EVRG - Free Report) reported third-quarter 2026 adjusted earnings of $2.58 per share, which topped the Zacks Consensus Estimate of $2.30 by 12.2%. Earnings increased 27.1% from $2.03 in the year-ago quarter.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share (EPS) is pinned at $4.29 and $4.56, indicating year-over-year growth of 12.01% and 6.26%, respectively.
FirstEnergy Corp. (FE - Free Report) reported third-quarter 2026 adjusted earnings of 98 cents per share, beating the Zacks Consensus Estimate of 90 cents by 8.89%. The bottom line increased 18.1% from 83 cents in the year-ago quarter.
The Zacks Consensus Estimate for 2026 and 2027 EPS is pinned at $2.74 and $2.94, indicating year-over-year growth of 7.45% and 7.30%, respectively.
IDACORP, Inc. (IDA - Free Report) reported third-quarter 2026 earnings of $2.73 per share, which surpassed the Zacks Consensus Estimate of $2.51 by 8.8%. The bottom line also increased 20.8% from $2.26 in the year-ago quarter.
The Zacks Consensus Estimate for 2026 and 2027 EPS is pinned at $6.39 and $6.92, indicating year-over-year growth of 8.31% and 8.33%, respectively.