Vistra 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

• high

  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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• high

  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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• high

  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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