Vistra's second quarter revenue missed expectations while Ongoing Operations EBITDA rose 30% YoY

Vistra reported a second quarter 2026 revenue miss, with operating revenues declining to $4.02 billion against expectations of $5.43 billion. Despite the top-line decline and a $488 million increase in unrealized mark-to-market derivative losses, Ongoing Operations Adjusted EBITDA grew more than 30% year-over-year. The company reaffirmed its full-year 2026 Adjusted EBITDA guidance and highlighted strategic progress in AI-driven power infrastructure.

Key Highlights

• Ongoing Operations Adjusted EBITDA increased to $1,767 million for the quarter, up from $1,349 million in the second quarter of 2025.
• Reaffirmed full-year 2026 Ongoing Operations Adjusted EBITDA guidance range of $6.8 billion to $7.6 billion.
• Announced the Helix Digital Infrastructure platform with an initial $1.0 billion commitment alongside partners KKR, KIA, and NVIDIA.
• Received FERC approval for the pending Cogentrix Energy acquisition and achieved 97% or greater commercial fleet availability during periods of extreme heat.