AI-extracted from the 10-Q filed 2026-08-10 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Vistra's Q2 FY2026 revenue fell 5% YoY to $4.0B on a swing to unrealized hedging losses, while net income held roughly flat at $305M as realized wholesale and retail margins improved and the company advanced AI-driven growth (Cogentrix acquisition, Meta/AWS nuclear PPAs, $1B KKR Helix Fund commitment).
Biggest Revenue Drivers
Retail energy charge in ERCOT$2,253M+2% YoY
Higher retail contractual rates, partially offset by lower ERCOT sales volumes (18,326 GWh vs. 19,885 GWh).
Retail energy charge in Northeast/Midwest$1,091M+38% YoY
Growth driven by higher contractual rates with roughly flat sales volumes.
Biggest Revenue Drivers
Total revenue: $4.0B-5% YoY
Retail energy charge in ERCOT$2,253M+2% YoY
Higher retail contractual rates, partially offset by lower ERCOT sales volumes (18,326 GWh vs. 19,885 GWh).
Retail energy charge in Northeast/Midwest$1,091M+38% YoY
Growth driven by higher contractual rates with roughly flat sales volumes.
Wholesale generation revenue from ISO/RTO$620M+31% YoY
Higher energy margins from optimizing dispatch of select gas units, plus the Lotus Acquisition additions and Martin Lake Unit 1's return to service.
Largest Expense Items
Fuel, purchased power costs, and delivery fees$1,774M-10% YoY
Decreased on a $123M increase in unrealized mark-to-market gains on commodity derivatives and lower realized fuel costs from dispatch optimization, partly offset by Lotus Acquisition additions.
Operating costs$853M+16% YoY
Higher maintenance and outage costs, Lotus Acquisition additions, and incremental Moss Landing Incident costs net of insurance recoveries.
Depreciation and amortization$445M-18% YoY
Absence of prior-year Moss Landing battery and retail customer-relationship intangible write-offs, partly offset by Lotus Acquisition additions.
Selling, general, and administrative expenses$392M-6% YoY
Lower transition/merger costs and legal settlements, partly offset by higher technology, stock-based compensation, and retail selling costs.
Margins: Operating income rose to $553M from $515M YoY as realized wholesale and retail margins improved and expenses declined, even as revenue fell on a large unrealized hedging swing. Adjusted EBITDA increased $412M YoY to $1,744M, driven by higher realized energy/capacity margins, partly offset by higher plant operating costs.
Watch Items from the Filing
Unrealized mark-to-market commodity hedging swung to a $530M loss in Q2 2026 from a $50M gain in Q2 2025, driving Texas segment net income down from $863M to $592M YoY.
Moss Landing battery fire remediation cost estimate rose $65M to ~$175M in Q2 2026, with $85M still unpaid as of June 30, 2026, and the 350MW facility's restart timing remains uncertain.
Pending $2.3B cash-plus-stock Cogentrix acquisition (~5,500 MW) received FERC approval in August 2026 and is expected to close in late 2026.
New 20-year PPAs with Meta (2,609 MW from PJM nuclear plants) and prior AWS deal (1,200 MW from Comanche Peak) lock in long-term data-center demand, backed by a $1B commitment to the KKR Helix Fund for AI infrastructure.
One counterparty represents 36% ($236M) of the company's $653M net wholesale-segment credit exposure as of June 30, 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Lagacy Julie A.DirectorGrant or award · May 15, 2026
Walters Robert CharlesDirectorGrant or award · May 15, 2026
Congress trading in VST
11 transactions in VST reported by 5 members of Congress under the STOCK Act, most recent trade Feb 17, 2026. Reported transactions, not recommendations.
About Vistra Corp. (VST): stock profile, AI score and financials
Vistra Corp. (VST) stock profile, AI quality score, and SEC EDGAR financial data, a Utilities sector company. 13F Pro's AI-powered ranking engine scores VST at 72.9/100 on a composite quality score built from its SEC filings, placing it at rank #134 of 2,925 stocks — the top 5% of the AI-ranked universe. VST scores in the top quartile across revenue scale (92.0), institutional flow (86.3), revenue growth (76.6). Based on the latest XBRL financial filings (Q2 2026), Vistra Corp. reports quarterly revenue of $4.0B, net income of $305.0M, an operating margin of 13.8%. Top institutional holders of VST by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. VST trades on the NYSE exchange and files with the SEC under CIK 1692819. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VST daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Vistra Corp. directly from SEC EDGAR.