Vistra (VST) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Vistra published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Segment revenues are shown before intersegment eliminations, as Vistra reports them; the Eliminations / Corporate and Other row reconciles them to consolidated operating revenues.
• Q3 2026 net income includes a $559 million unrealized gain on hedges expected to settle in future years and a $269 million impairment of the Moss Landing 350 MW battery facility.
• Vistra closed the Cogentrix Energy acquisition, about 5,500 MW of natural gas generation, on October 30, 2026, after the quarter ended.

Source: Vistra Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Vistra splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Vistra's Retail revenue was $4.8 billion in Q3 2026, up 16% from $4.1 billion in Q3 2025, 76% of total revenue.
• Vistra's Texas revenue was $2.9 billion in Q3 2026, up 59% from $1.8 billion in Q3 2025, 45% of total revenue.
• Vistra's East revenue was $1.8 billion in Q3 2026, up 5% from $1.8 billion in Q3 2025, 29% of total revenue.
• Vistra's West revenue was $133 million in Q3 2026, down 19% from $165 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Vistra does not guide revenue or EPS. Its outlook is for Ongoing Operations Adjusted EBITDA ($7,100 to $7,500 million for 2026, $7,700 to $8,500 million for 2027) and Ongoing Operations Adjusted FCFbG ($4,300 to $4,700 million for 2026, $4,300 to $5,100 million for 2027), both non-GAAP measures.

In its Q3 2026 release, Vistra said:

“As of Oct. 30, 2026, Vistra had hedged approximately 100% of its expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028.”

“Accordingly, ~$2.5 billion of share repurchase authorization remains available, which we expect to complete no later than year-end 2028.”

Source: Vistra Q3 2026 release, Nov 6, 2026.

This is the company's own guidance as of Nov 6, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VST forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Operating revenues as first reported in each quarter's release; GAAP diluted EPS from that quarter's Form 10-Q, because Vistra's releases do not print EPS. Vistra's Q4 release gives only full-year figures, so Q4 2025 revenue is full-year 2025 ($17,738 million) minus the first nine months ($13,154 million), and Q4 EPS is not shown.

We do not hold a confirmed date for Vistra's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Vistra sells electricity at retail and generates and sells power wholesale. Consolidated operating revenues were $6,347 million in Q3 2026, against $4,971 million a year earlier. Before intersegment eliminations of $3,285 million, Retail brought in $4,814 million, Texas $2,855 million, East $1,830 million and West $133 million. (Vistra Form 10-Q, Q3 2026, Nov 9, 2026)

Retail energy charges were $3,007 million in ERCOT and $1,331 million in the Northeast/Midwest, up from $2,698 million and $1,054 million. Wholesale generation revenue from ISO/RTO markets rose to $1,226 million from $683 million and capacity revenue to $147 million from $79 million. Unrealized hedging revenues added $519 million, and transferable PTC revenues from nuclear and solar assets were $149 million. (Vistra Form 10-Q, Q3 2026, Nov 9, 2026)

Vistra attributed the improvement to higher realized energy and capacity prices, three months' contribution from the plants acquired from Lotus, and the return of Martin Lake Unit 1 to operational status. Texas natural gas plants ran at an 81.7% capacity factor, against 73.7%, and Texas lignite and coal plants at 72.7%, against 58.5%. (Vistra Q3 2026 release, Nov 6, 2026; Vistra Form 10-Q, Q3 2026, Nov 9, 2026)

Retail electricity sales volumes fell to 38,424 GWh from 40,062 GWh, with ERCOT at 23,300 GWh and the Northeast/Midwest at 15,124 GWh. Vistra's retail brands, including TXU Energy, Ambit Energy and Energy Harbor, serve approximately 5 million customers across 16 states and the District of Columbia. (Vistra Form 10-Q, Q3 2026, Nov 9, 2026; Vistra Form 10-K, 2025, Feb 27, 2026)

Vistra reports GAAP EPS only in its 10-Q; its release leads with Ongoing Operations Adjusted EBITDA, which rose to $2,378 million from $1,581 million. Diluted EPS was $3.23 in Q3 2026, against $1.75. Net income of $1,140 million included an unrealized gain of $559 million from hedges expected to settle in future years, and $48 million of preferred dividends came out before income attributable to common stock of $1,092 million. (Vistra Form 10-Q, Q3 2026, Nov 9, 2026; Vistra Q3 2026 release, Nov 6, 2026)

Against that, depreciation and amortization rose to $711 million from $460 million, largely from the Lotus plants, and Vistra recorded a $269 million impairment of the Moss Landing 350 MW battery facility. The effective tax rate was 23.8%. (Vistra Q3 2026 release, Nov 6, 2026; Vistra Form 10-Q, Q3 2026, Nov 9, 2026)

Diluted weighted average shares were 337,852,657, against 345,035,160 a year earlier. As of Nov. 2, 2026 Vistra had about 339 million shares outstanding, about 30% fewer than in November 2021, after about $6.7 billion of repurchases, and its board added $1.5 billion of buyback authorization. (Vistra Form 10-Q, Q3 2026, Nov 9, 2026; Vistra Q3 2026 release, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Vistra does not guide revenue or EPS. With Q3 2026 results it narrowed its 2026 Ongoing Operations Adjusted EBITDA range to $7.1 billion to $7.5 billion and its Adjusted FCFbG range to $4.3 billion to $4.7 billion, and introduced 2027 ranges of $7.7 billion to $8.5 billion and $4.3 billion to $5.1 billion. (Vistra Q3 2026 release, Nov 6, 2026)

Vistra said it had hedged about 100% of expected 2026 generation, about 98% of 2027 and about 78% of 2028 as of Oct. 30, 2026. The 2027 ranges come after the October 30 closing of the Cogentrix Energy acquisition, which cost about $2.2 billion in cash plus 5,000,000 Vistra shares and the assumption of $1.7 billion of debt. (Vistra Q3 2026 release, Nov 6, 2026; Vistra Form 10-Q, Q3 2026, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Vistra, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Vistra's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VST is on is VST a buy or a sell?, what analysts expect next is on the VST forecast, and what the company does is on the Vistra (VST) stock page.

Every number on this page can be traced to a document Vistra published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.