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Get filing alertsVistra reports Q1 net income of $1.0B, reaffirms 2026 guidance, receives second investment-grade rating
Filed May 7, 2026 · Period ending May 7, 2026 · ~1 min read
Key Changes
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Q1 2026 net income of $1,029M (vs. $268M loss in Q1 2025), driven by $1,290M in unrealized mark-to-market gains on derivatives, higher capacity prices, and Lotus acquisition contributions. Ongoing Operations Adjusted EBITDA of $1,494M, up $254M year-over-year.
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Reaffirmed full-year 2026 guidance: Ongoing Operations Adjusted EBITDA of $6.8B–$7.6B and Adjusted Free Cash Flow before Growth of $3.925B–$4.725B. Hedged approximately 98% of expected 2026 generation, 89% for 2027, and 65% for 2028.
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Fitch upgraded Vistra's corporate credit rating to investment grade, the second major rating agency to do so (following S&P), reflecting balance sheet strengthening and improved earnings visibility.
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Executed approximately $6.3B in share repurchases since November 2021, reducing shares outstanding by ~30% to 337M shares. Approximately $1.5B remains under authorization, expected to be completed by year-end 2027.
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Total available liquidity of $4,173M as of March 31, 2026, including $634M cash, $2,126M corporate revolver availability, and $1,413M commodity-linked revolver availability.
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Summary
Vistra delivered strong first-quarter 2026 results, reporting net income of $1,029 million compared to a $268 million loss in the prior-year quarter. The $1,297 million improvement was driven primarily by $1,290 million in unrealized mark-to-market gains on derivative positions, higher realized capacity prices, and contributions from the Lotus acquisition.
Ongoing Operations Adjusted EBITDA of $1,494 million increased $254 million year-over-year, though retail segment results faced headwinds from mild Texas weather. The company reaffirmed its full-year 2026 guidance ranges and highlighted its extensive hedging program, with 98% of expected 2026 generation volumes already hedged.
Fitch's upgrade to investment grade—Vistra's second such upgrade from a major rating agency—validates the company's balance sheet progress and earnings trajectory. With $4.2 billion in available liquidity and an active share repurchase program that has retired 30% of shares since late 2021, Vistra continues to demonstrate financial strength and shareholder capital return discipline. The guidance excludes potential upside from the pending Cogentrix acquisition and recently signed Meta power purchase agreements, which could provide additional growth catalysts.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Vistra announced Q1 2026 financial results via press release furnished as Exhibit 99.1.
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On May 7, 2026, Vistra Corp. (the “Company”) issued a news release announcing, among other matters, its financial results for the quarter ended March 31, 2026.
Vistra disclosed its first quarter 2026 financial results through a press release. The 8-K body does not contain the actual financial figures; those are in the attached Exhibit 99.1, which is furnished rather than filed under Item 2.02.
Event · Exhibit 99
Vistra reported Q1 2026 net income of $1,029M, reaffirmed full-year guidance, and received investment-grade credit rating upgrade from Fitch.
Added in current filing · view on EDGAR →
Vistra’s corporate issuer credit rating upgraded to Investment Grade at second major credit rating agency.
Vistra received an investment-grade corporate credit rating upgrade from Fitch, its second such upgrade from a major rating agency following S&P's action last year. Management stated this reflects progress in strengthening the balance sheet and providing visibility into the company's longer-term earnings power.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 2, 2026 · How we verify