VST · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

Vistra Corp. · 2026-11-09 · Importance 59 · Surprise 48

Nine-month operating revenue increased 21.7% to $16.004 billion from $13.154 billion in 2025. Retail revenue was $12.113 billion, Texas $7.260 billion, and East $5.044 billion, before $8.712 billion of eliminations; the reported consolidated total was $16.004 billion. Revenue growth reflected $894 million more in unrealized commodity-derivative gains, higher wholesale capacity and energy revenues, Lotus-acquired plants, and Martin Lake Unit 1 returning to service, partly offset by lower retail margins. Third-quarter operating revenue rose to $6.347 billion from $4.971 billion, a 27.7% increase.

Key facts

• Vistra's total revenue was $6.347 billion for the three months ended September 30, 2026. source
• Vistra's total revenue was $16.004 billion for the nine months ended September 30, 2026. source
• Year-to-date retail margins were unfavorably affected by excess volumes sold at lower wholesale prices in the first quarter, partially offset by favorable second- and third-quarter margins from higher contractual rates. source
• Year-to-date realized revenue net of fuel was favorably affected by higher realized capacity prices in East, higher realized energy margins in Texas, Lotus Acquisition plants, and Martin Lake Unit 1's return to service. source
• Quarter-to-date realized revenue net of fuel was favorably affected by higher realized energy prices in Texas, Lotus Acquisition plants, and Martin Lake Unit 1's return to service. source