Vistra Reports First Quarter 2026 Results
Rhea-AI Summary
Vistra (NYSE: VST) reported GAAP Q1 2026 net income $1,029M and Ongoing Operations Adjusted EBITDA $1,494M. The results include an unrealized hedge gain of $723M. Vistra reaffirmed 2026 guidance: Adjusted EBITDA $6.8B–$7.6B and Adjusted FCFbG $3.925B–$4.725B. Fitch upgraded Vistra to investment grade. As of May 1, 2026, Vistra hedged ~98% of 2026 volumes, executed ~$6.3B in share repurchases since 2021, and had available liquidity of ~$4,173M as of March 31, 2026.
AI-generated analysis. Not financial advice.
Positive
- Ongoing Operations Adjusted EBITDA of $1,494M in Q1 2026
- Reaffirmed 2026 guidance: $6.8B–$7.6B Adjusted EBITDA
- Fitch upgraded corporate rating to Investment Grade
- Hedged ~98% of 2026 expected generation volumes
- Executed ~$6.3B in share repurchases since Nov 2021
Negative
- GAAP net income driven by $723M unrealized hedge gains that will settle in future years
- Retail segment Adjusted EBITDA fell from $184M to $68M (Q1 2025 to Q1 2026)
- Hedge coverage drops to ~65% for 2028, leaving longer-term exposure
- Reaffirmed guidance excludes potential benefits from pending Cogentrix acquisition and Meta PPAs
News Market Reaction – VST
On the day this news was published, VST declined 2.74%, reflecting a moderate negative market reaction. Argus tracked a peak move of +3.2% during that session. Our momentum scanner triggered 26 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $1.51B from the company's valuation, bringing the market cap to $53.59B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
VST is down 1.3% while key peers are mixed: NRG down 1.6%, NGG down 0.33%, but TLN and PAM up 2.33% and 5.57%, suggesting a stock-specific move rather than a uniform sector reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | -2.5% | Strong Q3 2025 results and narrowed 2025 guidance plus new 2026 outlook. |
| Aug 07 | Q2 2025 earnings | Positive | +2.4% | Strong Q2 2025 results, reaffirmed 2025 guidance, strategic acquisitions and hedging. |
| May 07 | Q1 2025 earnings | Positive | -3.7% | Q1 2025 loss but higher Adjusted EBITDA and reaffirmed 2025 guidance. |
| Feb 27 | FY 2024 results | Positive | -12.3% | Strong 2024 results, guidance above original targets, buybacks and clean energy growth. |
| Nov 07 | Q3 2024 earnings | Positive | +7.7% | Strong Q3 2024 results with raised 2024 guidance and new 2025 outlook. |
Earnings releases have often been followed by downside moves despite generally strong fundamentals and guidance, with an average move of -1.69% and more divergences than alignments.
Over the past several quarters, Vistra’s earnings updates have highlighted sizable GAAP net income, strong Ongoing Operations Adjusted EBITDA, and repeated reaffirmations or raises of guidance. The company has pursued portfolio expansion via natural gas and clean-energy assets, while executing multi‑billion‑dollar share repurchases and maintaining multi‑billion liquidity. Despite these positives, several earnings dates (e.g., Feb 27, 2025 and Nov 6, 2025) saw negative price reactions, indicating a recurring pattern where strong reported metrics do not consistently translate into immediate share price strength.
Historical Comparison
In the past 18 months, Vistra has issued 5 earnings-related releases with an average move of -1.69%. Historically, strong earnings and guidance have not guaranteed positive next-day performance, making any muted or negative reaction to this quarter’s solid results and reaffirmed outlook consistent with prior patterns.
Earnings communications have shown a steady build in Ongoing Operations Adjusted EBITDA guidance from 2024 through 2026, along with expanding gas and zero‑carbon capacity and sustained capital returns via share repurchases.
Market Pulse Summary
This announcement highlights solid Q1 2026 performance, with GAAP net income of $1,029 million and Ongoing Operations Adjusted EBITDA of $1,494 million, alongside reaffirmed 2026 guidance of $6.8B–$7.6B EBITDA and $3.925B–$4.725B FCFbG. Extensive hedging and about $4,173 million in liquidity underscore risk management. Historically, earnings-related news for Vistra produced an average move of -1.69%, so investors may watch future updates on guidance, hedging, and capital returns to assess consistency.
Key Terms
ongoing operations adjusted ebitda financial
power purchase agreements financial
hedged financial
AI-generated analysis. Not financial advice.
Earnings Release Highlights
- GAAP first quarter 2026 Net Income of
$1,029 million $723 million $1,494 million - Reaffirmed 2026 Ongoing Operations Adjusted EBITDA1 and Ongoing Operations Adjusted FCFbG1 guidance ranges of
$6.8 billion $7.6 billion $3.925 billion $4.725 billion - Vistra's corporate issuer credit rating upgraded to Investment Grade at second major credit rating agency.
"Vistra had an exciting start to 2026, powered by the talent of our people, the capabilities of our generation portfolio, our commitment to our customers, and our ability to grow strategically," said Jim Burke, president and CEO of Vistra. "The first week of the year brought announcements of our plans to acquire the 5,500-MW Cogentrix natural gas generation portfolio, which we continue to target closing in the second half of the year, followed by our signing of long-term power purchase agreements with Meta at our PJM nuclear sites. Vistra performed well, with the fleet delivering strong performance during an extended period of volatile weather including Winter Storm Fern, while the retail business experienced one of the mildest first quarters in
"Looking ahead, we remain focused on operational execution and preparing our fleet for the upcoming summer months. Load growth remains strong across our primary markets, and we believe a large, diversified, and dispatchable generation fleet like ours is essential in meeting demand and supporting market reliability. Our integrated model and focus on disciplined execution position us well to deliver reliable power to our customers and create long‑term value for our stakeholders."
Summary of Financial Results for the Three Months Ended March 31, 2026 and 2025 | |||
(Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2026 | 2025 | ||
Net income (loss) | $ 1,029 | $ (268) | |
Ongoing operations Adjusted EBITDA | $ 1,494 | $ 1,240 | |
Adjusted EBITDA by Segment | |||
Retail | $ 68 | $ 184 | |
$ 586 | $ 490 | ||
East | $ 801 | $ 514 | |
West | $ 56 | $ 62 | |
Corporate and Other | $ (17) | $ (10) | |
Asset Closure | $ (19) | $ (24) | |
For the quarter ended March 31, 2026, Vistra reported Net Income of
Guidance3 | |
($ in millions) | Reaffirmed 2026 Guidance Ranges |
Ongoing Operations Adjusted EBITDA | |
Ongoing Operations Adjusted FCFbG | |
As of May 1, 2026, Vistra had hedged approximately
Share Repurchase Program
As of May 1, 2026:
- Vistra executed
~ in share repurchases since November 2021.$6.3 billion - Vistra had ~337 million shares outstanding, representing a ~
30% reduction of the amount of the shares outstanding on Nov. 2, 2021. ~ of the share repurchase authorization remained available, which we expect to complete by year end 2027.$1.5 billion dollars
Liquidity
As of March 31, 2026, Vistra had total available liquidity of approximately
Earnings Webcast
Vistra will host a webcast today, May 7, 2026, beginning at 10 a.m. ET (9 a.m. CT) to discuss these results and related matters. The live webcast and the accompanying slides that will be discussed on the call can be accessed via Vistra's website at www.vistracorp.com under "Investor Relations" and then "Events & Presentations." Participants can also listen by phone by registering here prior to the start time of the call to receive a conference call dial-in number. A replay of the webcast will be available on Vistra's website for one year following the live event.
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and power generation company based in
1 Ongoing Operations excludes the Asset Closure segment. Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth are non-GAAP financial measures. Any reference to "Ongoing Operations Adjusted FCFbG" is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth. See the "Non-GAAP Reconciliation" tables for further detail. Total segment information may not tie due to rounding. |
2 Midpoint opportunities are not intended to be guidance and represent only our estimate of potential opportunities for Ongoing Operations Adjusted EBITDA in 2027 based on market curves as of October 31, 2025. Actual results could vary and are subject to a number of risks, uncertainties and factors, including power price market movements and our hedging strategy. We have not provided a quantitative reconciliation of Ongoing Operations Adjusted EBITDA opportunities for 2027 to GAAP net income (loss) because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from Ongoing Operations Adjusted EBITDA in such out year periods. |
3 2026 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth guidance ranges and 2027 Ongoing Operations Adjusted EBITDA Midpoint Opportunity exclude any potential impact from the pending acquisition of Cogentrix and the announced long-term power purchase agreements with Meta. |
About Non-GAAP Financial Measures and Items Affecting Comparability
"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, transition and merger expenses, non-cash compensation expenses, nuclear decommissioning trust income, asset retirement obligation expenses, and certain other items described from time to time in Vistra's earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (cash from operating activities excluding changes in margin deposits and working capital and adjusted for maintenance capital expenditures, other net investment activities, and other items described from time to time in Vistra's earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), "Net Income (Loss) from Ongoing Operations" (net income less net income from Asset Closure segment), and "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth) are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra's consolidated statements of operations, comprehensive income, changes in stockholders' equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra's non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and believes that analysis of capital available to allocate for debt service, growth, and return of capital to stockholders is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and Vistra's management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra's ongoing operations. Vistra uses Net Income (Loss) from Ongoing Operations as a non-GAAP measure that is most comparable to the GAAP measure Net Income in order to illustrate the company's Net Income excluding the effects of the Asset Closure segment, as well as a measure to compare to Ongoing Operations Adjusted EBITDA. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, financial condition and cash flows, projected synergy, net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe," "confident", "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance", "on track," and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost-saving initiatives and to successfully integrate acquired businesses, including our ability to integrate the assets acquired from Lotus and our ability to close the acquisition of Cogentrix; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra's annual report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2026 | 2025 | ||
Operating revenues | $ 5,640 | $ 3,933 | |
Fuel, purchased power costs, and delivery fees | (2,530) | (2,447) | |
Operating costs | (700) | (693) | |
Depreciation and amortization | (484) | (522) | |
Selling, general, and administrative expenses | (427) | (391) | |
Operating income (loss) | 1,499 | (120) | |
Other deductions, net | (24) | (5) | |
Interest expense and related charges | (263) | (319) | |
Net income (loss) before income taxes | 1,212 | (444) | |
Income tax (expense) benefit | (183) | 176 | |
Net income (loss) attributable to Vistra | $ 1,029 | $ (268) | |
Cumulative dividends attributable to preferred stock | (49) | (49) | |
Net income (loss) attributable to Vistra common stock | $ 980 | $ (317) | |
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | |||
Three Months Ended March 31, | |||
2026 | 2025 | ||
Cash flows — operating activities: | |||
Net income (loss) | $ 1,029 | $ (268) | |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 718 | 772 | |
Deferred income tax expense (benefit), net | 159 | (185) | |
Unrealized net (gain) loss from mark-to-market valuations of commodities | (723) | 567 | |
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | (16) | 48 | |
Unrealized net loss from nuclear decommissioning trusts | 111 | 15 | |
Asset retirement obligation accretion expense | 29 | 34 | |
Bad debt expense | 42 | 44 | |
Stock-based compensation expense | 32 | 21 | |
Other, net | (12) | 57 | |
Changes in operating assets and liabilities: | |||
Margin deposits, net | 67 | (217) | |
Accrued interest | 99 | 51 | |
Accrued taxes other than income | (110) | (109) | |
Accrued employee incentive | (135) | (177) | |
Other operating assets and liabilities | (91) | (54) | |
Cash provided by operating activities | 1,199 | 599 | |
Cash flows — investing activities: | |||
Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (883) | (768) | |
Lotus acquisition purchase price adjustment | 6 | — | |
Proceeds from sales of nuclear decommissioning trust fund securities | 1,821 | 2,107 | |
Investments in nuclear decommissioning trust fund securities | (1,822) | (2,112) | |
Proceeds from sales of environmental allowances | 121 | 21 | |
Purchases of environmental allowances | (160) | (307) | |
Insurance proceeds for recovery of damaged property, plant, and equipment | 186 | — | |
Proceeds from sales of property, plant, and equipment, including nuclear fuel | 28 | — | |
Other, net | 65 | (2) | |
Cash used in investing activities | (638) | (1,061) | |
Cash flows — financing activities: | |||
Issuances of debt | 2,250 | — | |
Repayments/repurchases of debt | (115) | (6) | |
Net borrowings (repayments) under accounts receivable financing | (475) | 332 | |
Borrowings under Revolving Credit Facility | 150 | — | |
Repayments under Revolving Credit Facility | (530) | — | |
Repayments under Commodity-Linked Facility | (1,420) | — | |
Debt issuance costs | (26) | — | |
Stock repurchases | (372) | (337) | |
Dividends paid to common stockholders | (77) | (83) | |
Dividends paid to preferred stockholders | (21) | (21) | |
Tax withholding on stock based compensation | (69) | (50) | |
Other, net | (1) | 1 | |
Cash used in financing activities | (706) | (164) | |
Net change in cash, cash equivalents and restricted cash (current and noncurrent) | (145) | (626) | |
Cash, cash equivalents and restricted cash (current and noncurrent) — beginning balance | 822 | 1,222 | |
Cash, cash equivalents and restricted cash (current and noncurrent) — ending balance | $ 677 | $ 596 | |
VISTRA CORP. | |||||||||||||||
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA | |||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2026 | |||||||||||||||
(Unaudited) (Millions of Dollars) | |||||||||||||||
Retail | East | West | Eliminations / | Ongoing | Asset | Vistra Corp. | |||||||||
Net income (loss) | $ (724) | $ 176 | $ 34 | $ (528) | $ 1,049 | $ (20) | $ 1,029 | ||||||||
Income tax expense | — | — | — | — | 183 | 183 | — | 183 | |||||||
Interest expense and related charges (a) | 13 | (14) | (22) | (3) | 289 | 263 | — | 263 | |||||||
Depreciation and amortization (b) | 10 | 211 | 355 | 14 | 18 | 608 | 3 | 611 | |||||||
EBITDA before Adjustments | (701) | 2,288 | 509 | 45 | (38) | 2,103 | (17) | 2,086 | |||||||
Unrealized net (gain) loss resulting from commodity hedging transactions | 765 | (1,722) | 225 | 9 | — | (723) | — | (723) | |||||||
Purchase accounting impacts | — | — | (1) | — | — | (1) | — | (1) | |||||||
Non-cash compensation expenses | — | — | — | — | 32 | 32 | — | 32 | |||||||
Transition and merger expenses | (1) | — | — | — | 12 | 11 | — | 11 | |||||||
Insurance income (c) | — | — | — | — | — | — | (6) | (6) | |||||||
Decommissioning-related activities (d) | — | 4 | 60 | — | — | 64 | 2 | 66 | |||||||
Other, net | 5 | 16 | 8 | 2 | (23) | 8 | 2 | 10 | |||||||
Adjusted EBITDA | $ 68 | $ 586 | $ 801 | $ 56 | $ (17) | $ 1,494 | $ (19) | $ 1,475 | |||||||
___________ | |
(a) | Corporate and other includes |
(b) | Includes nuclear fuel amortization of |
(c) | Includes revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment. |
(d) | Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident. |
VISTRA CORP. | |||||||||||||||
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA | |||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2025 | |||||||||||||||
(Unaudited) (Millions of Dollars) | |||||||||||||||
Retail | East | West | Eliminations / | Ongoing | Asset | Vistra Corp. | |||||||||
Net income (loss) | $ (720) | $ (490) | $ 77 | $ (199) | $ (200) | $ (68) | $ (268) | ||||||||
Income tax benefit | — | — | — | — | (176) | (176) | — | (176) | |||||||
Interest expense and related charges (a) | 18 | (14) | (12) | (1) | 327 | 318 | 1 | 319 | |||||||
Depreciation and amortization (b) | 23 | 181 | 396 | 15 | 19 | 634 | (1) | 633 | |||||||
EBITDA before Adjustments | 1,173 | (553) | (106) | 91 | (29) | 576 | (68) | 508 | |||||||
Unrealized net (gain) loss resulting from commodity hedging transactions | (997) | 1,030 | 567 | (32) | — | 568 | (1) | 567 | |||||||
Purchase accounting impacts | — | — | 14 | — | — | 14 | — | 14 | |||||||
Non-cash compensation expenses | — | — | — | — | 21 | 21 | — | 21 | |||||||
Transition and merger expenses | — | — | 1 | — | 17 | 18 | — | 18 | |||||||
Decommissioning-related activities (c) | — | 5 | 35 | — | — | 40 | 46 | 86 | |||||||
Other, net | 8 | 8 | 3 | 3 | (19) | 3 | (1) | 2 | |||||||
Adjusted EBITDA | $ 184 | $ 490 | $ 514 | $ 62 | $ (10) | $ 1,240 | $ (24) | $ 1,216 | |||||||
___________ | |
(a) | Corporate and other includes |
(b) | Includes nuclear fuel amortization of |
(c) | Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident. |
VISTRA CORP. - NON-GAAP RECONCILIATIONS 2026 GUIDANCE1 | |||||||||||
(Unaudited) (Millions of Dollars) | |||||||||||
Ongoing Operations | Asset Closure | Vistra Corp. Consolidated | |||||||||
Low | High | Low | High | Low | High | ||||||
Net income (loss) | $ 3,100 | $ (90) | $ (90) | $ 3,010 | |||||||
Income tax expense | 830 | 1,000 | — | — | 830 | 1,000 | |||||
Interest expense and related charges (a) | 1,200 | 1,200 | — | — | 1,200 | 1,200 | |||||
Depreciation and amortization (b) | 2,150 | 2,150 | — | — | 2,150 | 2,150 | |||||
EBITDA before Adjustments | $ 7,280 | $ (90) | $ (90) | $ 7,190 | |||||||
Unrealized net (gain) loss resulting from hedging transactions | (728) | (728) | — | — | (728) | (728) | |||||
Fresh start/purchase accounting impacts | 58 | 58 | — | — | 58 | 58 | |||||
Non-cash compensation expenses | 137 | 137 | — | — | 137 | 137 | |||||
Transition and merger expenses | 29 | 29 | — | — | 29 | 29 | |||||
Decommissioning-related activities (c) | 64 | 64 | 22 | 22 | 86 | 86 | |||||
ERP system implementation expenses & other transformational initiatives | 17 | 17 | — | — | 17 | 17 | |||||
Other, net | (57) | (57) | (12) | (12) | (69) | (69) | |||||
Adjusted EBITDA guidance | $ 6,800 | $ (80) | $ (80) | $ 6,720 | |||||||
___________ | |
1 Regulation G Table 2026 Guidance prepared as of November 6, 2025, based on market curves as of October 31, 2025. Guidance excludes any potential benefit from the nuclear production tax credit. | |
(a) | Includes |
(b) | Includes nuclear fuel amortization of |
(c) | Represents net of all NDT income (loss) of the PJM nuclear facilities, ARO accretion expense for operating assets and ARO remeasurement impacts for operating assets. |
VISTRA CORP. - NON-GAAP RECONCILIATIONS 2026 GUIDANCE1 | |||||||||||
(Unaudited) (Millions of Dollars) | |||||||||||
Ongoing Operations | Asset Closure | Vistra Corp. Consolidated | |||||||||
Low | High | Low | High | Low | High | ||||||
Adjusted EBITDA guidance | $ 6,800 | $ (80) | $ (80) | $ 6,720 | |||||||
Interest paid, net | (1,125) | (1,125) | — | — | (1,125) | (1,125) | |||||
Tax (paid) / received | (111) | (111) | — | — | (111) | (111) | |||||
Working capital, margin deposits and accrued environmental allowances | 640 | 640 | — | — | 640 | 640 | |||||
Reclamation and remediation | (78) | (78) | (80) | (80) | (158) | (158) | |||||
ERP system implementation expenses & other transformational initiatives | (16) | (16) | — | — | (16) | (16) | |||||
Other changes in other operating assets and liabilities | (112) | (112) | (5) | (5) | (117) | (117) | |||||
Cash provided by operating activities | $ 5,998 | $ 5,833 | |||||||||
Capital expenditures including nuclear fuel purchases and LTSA prepayments | (1,536) | (1,536) | — | — | (1,536) | (1,536) | |||||
Other net investing activities | (20) | (20) | — | — | (20) | (20) | |||||
Working capital, margin deposits and accrued environmental allowances | (640) | (640) | — | — | (640) | (640) | |||||
Transition and merger expenses | 41 | 41 | — | — | 41 | 41 | |||||
Interest on noncontrolling interest repurchase obligation | 60 | 60 | — | — | 60 | 60 | |||||
ERP system implementation expenses & other transformational initiatives | 22 | 22 | — | — | 22 | 22 | |||||
Adjusted free cash flow before growth guidance | $ 3,925 | $ 3,760 | |||||||||
___________ |
1 Regulation G Table 2026 Guidance prepared as of November 6, 2025, based on market curves as of October 31, 2025. |
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SOURCE Vistra Corp