VST
Vistra Corp.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Vistra Corp..
Coverage
Vistra's Rule of 40 Has Printed −36 and +70 in the Same Ten Quarters.
Vistra joins the tracked set scoring 2.8, one quarter after 49.0 — for a merchant power company the score measures weather and hedge timing more than business.
Vistra Q2 2026: revenue $4.02B, GAAP EPS $0.76
Revenue fell 5.5% YoY to $4.017B; GAAP diluted EPS of $0.76 against $0.81 a year earlier. Fuel and purchased power costs dropped to $1.77B, holding gross margin near 56%.
Vistra Q1 2026: revenue $5.64B, GAAP EPS $2.87
Best quarter on record for reported earnings — revenue up 43% YoY and operating income of $1.5B against a $120M operating loss in Q1 2025, largely on hedge marks.
Vistra reports FY2025 results and guides 2026 EBITDA to $6.8-7.6B
FY2025 net income $944M on $17.7B revenue, cash from operations $4.07B, ongoing-operations adjusted EBITDA $5.912B. 2026 guidance excludes any Cogentrix contribution.
20-year Meta PPAs for 2,609 MW across the PJM nuclear fleet
Energy, capacity and uprates from Perry, Davis-Besse and Beaver Valley. Deliveries begin late 2026, with uprate volumes phasing in from 2031.
Where the revenue goes next
Latest: $4.02B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $4.42B |
| 2023Q2 | $3.19B |
| 2023Q3 | $4.09B |
| 2023Q4 | $3.08B |
| 2024Q1 | $3.05B |
| 2024Q2 | $3.85B |
| 2024Q3 | $6.29B |
| 2024Q4 | $4.04B |
| 2025Q1 | $3.93B |
| 2025Q2 | $4.25B |
| 2025Q3 | $4.97B |
| 2025Q4 | $4.58B |
| 2026Q1 | $5.64B |
| 2026Q2 | $4.02B |
Latest: $0.76 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $1.71 |
| 2023Q2 | $1.17 |
| 2023Q3 | $1.25 |
| 2023Q4 | -$0.55 |
| 2024Q1 | -$0.24 |
| 2024Q2 | $0.90 |
| 2024Q3 | $5.25 |
| 2024Q4 | $1.14 |
| 2025Q1 | -$0.93 |
| 2025Q2 | $0.81 |
| 2025Q3 | $1.75 |
| 2025Q4 | $0.54 |
| 2026Q1 | $2.87 |
| 2026Q2 | $0.76 |
Latest: 26.8 (2026Q2)
| Period | Value |
|---|---|
| 2023Q4 | 10.8 |
| 2024Q1 | 42.7 |
| 2024Q2 | 63.2 |
| 2024Q3 | 22.1 |
| 2024Q4 | 19.6 |
| 2025Q1 | 18.5 |
| 2025Q2 | 30.9 |
| 2025Q3 | 70.7 |
| 2025Q4 | 74.3 |
| 2026Q1 | 25.2 |
| 2026Q2 | 26.8 |
Latest: $334M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $951M |
| 2023Q2 | $1.14B |
| 2023Q3 | $1.22B |
| 2023Q4 | $467M |
| 2024Q1 | -$153M |
| 2024Q2 | $698M |
| 2024Q3 | $1.02B |
| 2024Q4 | $923M |
| 2025Q1 | -$169M |
| 2025Q2 | -$118M |
| 2025Q3 | $1.01B |
| 2025Q4 | $596M |
| 2026Q1 | $316M |
| 2026Q2 | $334M |
Latest: 339M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 388M |
| 2023Q2 | 377M |
| 2023Q3 | 372M |
| 2024Q1 | 349M |
| 2024Q2 | 354M |
| 2024Q3 | 350M |
| 2025Q1 | 340M |
| 2025Q2 | 346M |
| 2025Q3 | 345M |
| 2026Q1 | 342M |
| 2026Q2 | 339M |
Latest: $8.23B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $951M |
| 2023Q2 | $2.09B |
| 2023Q3 | $3.31B |
| 2023Q4 | $3.78B |
| 2024Q1 | $3.62B |
| 2024Q2 | $4.32B |
| 2024Q3 | $5.34B |
| 2024Q4 | $6.26B |
| 2025Q1 | $6.09B |
| 2025Q2 | $5.97B |
| 2025Q3 | $6.98B |
| 2025Q4 | $7.58B |
| 2026Q1 | $7.90B |
| 2026Q2 | $8.23B |
Latest earnings
Company History
The competitive generation and retail businesses of Energy Future Holdings emerge from bankruptcy as Vistra Energy in October; shares list on the NYSE in May 2017.
Merges with Dynegy, roughly doubling generation capacity and extending the integrated retail-plus-generation model beyond ERCOT into PJM, MISO and the Northeast.
February's Texas grid failure costs Vistra roughly $2B, forcing a reset of hedging and weather-risk policy across the Texas fleet.
Closes the Energy Harbor acquisition in March, adding roughly 4,000 MW of nuclear capacity in PJM plus its retail book. VST becomes one of the year's best-performing S&P 500 stocks as data-center demand reprices merchant power.
Signs a 20-year power purchase agreement with AWS for up to 1,200 MW of carbon-free power at Comanche Peak. Closes the 2,600-MW gas acquisition from Lotus Infrastructure Partners in November. Record adjusted EBITDA of $5.9B.
Signs 20-year PPAs with Meta for 2,609 MW of energy, capacity and uprates across Perry, Davis-Besse and Beaver Valley, supporting 20-year licence renewals for all four PJM nuclear units. Announces the ~$4.0B acquisition of Cogentrix Energy and its 5,496 MW gas portfolio.
Key Players
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