VST · 10-Q · 2026Q3 · Full report

Adjusted EBITDA Performance

Vistra Corp. · 2026-11-09 · Importance 64 · Surprise 56 · In source text

Nine-month Adjusted EBITDA increased $1.467 billion to $5.579 billion, while net income increased $1.763 billion to $2.474 billion. The primary operating drivers included $1.689 billion of favorable year-to-date realized revenue net of fuel, from higher East capacity prices, stronger Texas energy margins and dispatch optimization, Lotus-acquired plants, and Martin Lake Unit 1 returning to service. Third-quarter Adjusted EBITDA increased $796 million year over year, and net income increased $488 million. Retail net income decreased over nine months amid a $1.097 billion increase in unrealized mark-to-market losses, while Texas net income benefited from a $2.877 billion increase in unrealized mark-to-market gains.

Key facts

• Vistra's Adjusted EBITDA increased by $796 million in the three months ended September 30, 2026, compared with the same period in 2025. source
• Vistra's Adjusted EBITDA increased by $1.467 billion in the nine months ended September 30, 2026, compared with the same period in 2025. source

Impact estimates