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A power generator and retail electricity seller serving millions of homes and businesses across the US under brands including TXU Energy, Ambit Energy, and Dynegy Energy Services. Formed in 2016 from the bankruptcy restructuring of Energy Future Holdings, the former parent of Texas utility TXU Energy, it later merged with Dynegy in 2018. Its name was chosen to signal a fresh start, and it ranks among the largest competitive power producers in the country, running gas, coal, and nuclear plants like Comanche Peak.
Vistra reports Q2 2026 net income of $305 million and reaffirms 2026 guidance
GAAP second quarter 2026 Net Income was $305 million, down $22 million from Q2 2025, including an unrealized loss from hedges of $472 million.
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Ongoing Operations Adjusted EBITDA rose more than 30% year-over-year to $1,767 million for Q2 2026, from $1,349 million in Q2 2025.
The company reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance of $6.8 billion to $7.6 billion and Ongoing Operations Adjusted FCFbG guidance of $3.925 billion to $4.725 billion.
Vistra announced Helix Digital Infrastructure with KKR, KIA, and NVIDIA, with an initial Vistra commitment of up to $1.0 billion.
As of Aug. 3, 2026, Vistra had hedged approximately 100% of expected 2026 generation volumes, 94% for 2027, and 72% for 2028.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Vistra subsidiaries amend receivables purchase and repurchase agreements, increasing commitment to $1.25B and extending terms to July 2027.
On July 10, 2026, TXU Energy Retail Company LLC, TXU Energy Receivables Company LLC, and Vistra Operations Company LLC entered into an amendment to the Receivables Purchase Agreement, increasing the aggregate commitment from $1.1 billion to $1.25 billion and extending the term to July 9, 2027.
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The same parties entered into an amendment to the Master Framework Agreement with MUFG Bank, Ltd., extending its term to July 9, 2027.
The amendments create or modify direct financial obligations or off-balance sheet arrangements for Vistra Corp., as reported under Item 2.03.
The exhibits include the Seventeenth Amendment to the Receivables Purchase Agreement and Amendment No. 7 to the Master Framework Agreement.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Vistra Operations amends credit agreements, raising revolving commitments to $5.50B
On June 24, 2026, Vistra Operations Company LLC, a wholly owned subsidiary of Vistra Corp., entered into amendments to its Credit Agreement and Commodity-Linked Credit Agreement.
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The Credit Agreement Amendment increases aggregate revolving credit commitments from $3.44 billion to $5.50 billion.
The amendments release guarantors from guarantees related to revolving credit loans, commitments, letters of credit, and secured cash management agreements under the Credit Agreement.
The Credit Agreement Amendment removes collateral reinstatement requirements and amends, suspends, or removes certain covenants and representations and warranties.
The Commodity-Linked Credit Agreement Amendment releases each guarantor from its guarantee and makes conforming changes consistent with the Credit Agreement amendments.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Vistra reports Q1 2026 net income of $1,029 million and reaffirms 2026 guidance.
Ongoing Operations Adjusted EBITDA for Q1 2026 was $1,494 million, up from $1,240 million in Q1 2025.
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GAAP first quarter 2026 Net Income was $1,029 million, including an unrealized gain from hedges of $723 million, compared to a net loss of $268 million in Q1 2025.
Reaffirmed 2026 Ongoing Operations Adjusted EBITDA guidance range of $6.8 billion to $7.6 billion and Ongoing Operations Adjusted FCFbG guidance range of $3.925 billion to $4.725 billion.
Vistra's corporate issuer credit rating was upgraded to Investment Grade by Fitch, following S&P's upgrade last year.
As of May 1, 2026, Vistra had hedged approximately 98% of expected generation volumes for 2026, 89% for 2027, and 65% for 2028.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Vistra completes $4.0B private offering of senior notes across four tranches
On April 22, 2026, Vistra Operations Company LLC, a wholly owned subsidiary of Vistra Corp., completed a private offering of $4.0 billion aggregate principal amount of senior notes.
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The offering comprised $500.0 million of 4.550% notes due 2028, $1.0 billion of 5.000% notes due 2031, $1.0 billion of 5.250% notes due 2033, and $1.5 billion of 5.550% notes due 2036.
Net proceeds of approximately $3.97 billion will be used to pay or redeem existing indebtedness, including Vistra's Senior Notes due February 2027 and Term Loan B-3 Facility, and for general corporate purposes.
The notes are guaranteed by certain subsidiary guarantors and were issued under an indenture with Wilmington Trust, National Association as trustee.
Interest on the notes is payable semi-annually on April 30 and October 30, commencing October 30, 2026.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Full-year 2025 GAAP Net Income was $944 million, including an unrealized pre-tax net loss from hedges of $808 million.
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Ongoing Operations Adjusted EBITDA for 2025 was $5,912 million, exceeding the midpoint of original guidance by about $112 million.
Ongoing Operations Adjusted FCFbG for 2025 was $3,592 million, exceeding the midpoint of original guidance by about $292 million.
2026 guidance: Ongoing Operations Adjusted EBITDA of $6.8B-$7.6B and Ongoing Operations Adjusted FCFbG of $3.925B-$4.725B, excluding Cogentrix impact.
Announced plans to acquire Cogentrix Energy (5,500 MW natural gas) with closing expected mid-to-late 2026; closed 2,600-MW Lotus acquisition in November 2025.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits