VST · 10-Q · 2026Q3

Vistra Corp.

Filed 2026-11-09 · Utilities · View original filing on EDGAR

Everything VST's SEC filings said, ranked

Ranked Events

• Liquidity and Cash PositionImportance 83 · Surprise 82
  Available liquidity increased $6.140 billion to $8.923 billion at September 30, 2026, comprising $2.743 billion of cash and cash equivalents and $6.180 billion of availability under the Vistra Operations revolving and…
• Cogentrix AcquisitionImportance 71 · Surprise 60
  Vistra acquired Cogentrix on October 30, 2026, adding 10 natural gas generation facilities with approximately 5,500 MW of capacity across PJM, ISO-NE, and ERCOT. Consideration included approximately $2.2 billion in…
• Operating Income and MarginsImportance 69 · Surprise 64
  Operating income for the nine months ended September 30, 2026 was $3.758 billion, compared with $1.432 billion in the same 2025 period, an increase of approximately 162%. Operating margin rose to approximately 23.5% of…
• Adjusted EBITDA PerformanceImportance 64 · Surprise 56
  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…
• Receivables Facility CapacityImportance 59 · Surprise 82
  In July 2026, Vistra amended its Accounts Receivable Securitization Program to extend the facility through July 2027 and increase its purchase limit from $1.1 billion to $1.25 billion. There were no outstanding…
• Liquidity and Debt PositionImportance 59 · Surprise 48
  Long-term debt, including amounts due currently, increased to $21.146 billion at September 30, 2026, from $17.043 billion at December 31, 2025, a rise of approximately 24%. Vistra Operations debt before unamortized…
• Revenue Performance and MixImportance 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;…
• Wholesale Power Price TrendsImportance 57 · Surprise 64
  Vistra reported materially higher average wholesale power prices in several PJM and MISO hubs in the third quarter of 2026 versus 2025: PJM Western Hub rose to $70.00/MWh from $46.82/MWh, PJM AEP Dayton to $60.45/MWh…
• Operating Cash Flow TrendsImportance 57 · Surprise 64
  Net cash provided by operating activities increased $1.692 billion to $4.330 billion in the nine months ended September 30, 2026, from $2.638 billion in the prior-year period. The increase reflected higher realized…
• Capacity Revenue BacklogImportance 56 · Surprise 24
  As of September 30, 2026, Vistra reported $7.847 billion of remaining performance obligations for fixed-fee capacity awarded through ISO/RTO auctions or contracted with customers. The obligations reflect minimum…
• IRA Energy Tax CreditsImportance 53 · Surprise 48
  The U.S. Inflation Reduction Act (IRA), enacted in August 2022, provides a nuclear production tax credit (PTC) for existing nuclear facilities from 2024 through 2032, worth up to $15 per MWh subject to a…
• Nuclear Power Purchase AgreementsImportance 52 · Surprise 42
  In January 2026, Vistra entered into 20-year PPAs with Meta to supply 2,609 MW of carbon-free energy and capacity from its PJM nuclear plants, including operating output and planned uprates at Perry, Davis-Besse, and…
• Data Center / Load GrowthImportance 52 · Surprise 42
  Vistra cites large-scale data centers, electrification of oil-field operations, and electric-vehicle load building as drivers of projected fast-paced electricity demand growth in the regions it serves. In January 2026,…
• Preferred Stock Redemption FinancingImportance 52 · Surprise 42
  In September 2026, Vistra Operations issued $850 million of Series A junior subordinated notes and $650 million of Series B notes, with net proceeds of approximately $1.485 billion. The proceeds, together with cash on…
• Generation Retirement and RepoweringImportance 52 · Surprise 42
  Vistra lists 3,928 MW of coal capacity with announced retirement dates: Baldwin and Kincaid by mid-to-end 2027, and Miami Fort by early 2028; Newton is also expected to retire by the end of 2027. Retirement timing may…
• Debt Issuance and RepaymentsImportance 51 · Surprise 24
  During the first nine months of 2026, Vistra issued $6.25 billion of senior notes and $1.5 billion of junior subordinated notes, and borrowed $236 million under the TxEF Loan. It repaid $2.450 billion under the Term…
• Capital Return ProgramImportance 51 · Surprise 50
  Vistra’s common-stock dividend was $0.2300 per share for the three months ended September 30, 2026, compared with $0.2260 a year earlier; the nine-month dividends were $0.6870 and $0.6745 per share, respectively. In…
• Generation Output and UtilizationImportance 47 · Surprise 48
  Texas natural-gas generation increased to 16,499 GWh in the third quarter of 2026 from 15,455 GWh, while lignite and coal generation rose to 7,735 GWh from 6,223 GWh. Texas CCGT capacity factor increased to 81.7% from…
• GHG Emissions RegulationImportance 47 · Surprise 60
  In September 2026, the EPA published a final rule repealing most provisions of the 2024 Carbon Pollution Standards Rule, which had set limits for new natural gas-fired turbines and existing coal-, oil- and gas-fired…
• Gas Generation Capacity ExpansionImportance 46 · Surprise 42
  Vistra plans to add up to 2,000 MW of dispatchable natural-gas capacity in Texas through up to 860 MW of west Texas peaking plants, repowering the retired Coleto Creek coal plant for up to 600 MW, and upgrades adding…

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