Vistra Corp. (VST) Q3 EBITDA Rose $797M Year Over Year to $2.378B

What happened

Vistra reported Q3 2026 net income of $1.14 billion, up $488 million year over year, and ongoing-operations adjusted EBITDA, a measure of operating earnings, of $2.378 billion, up $797 million. Net income included a $375 million increase in unrealized derivative gains, which are changes in contract values not yet realized.

Confirmed

Global impact / market context

Higher realized energy and capacity prices, along with acquired plants, primarily drove the EBITDA increase. That suggests operating earnings benefited from both market conditions and added generation, while the unrealized gains included in net income may not translate into cash or repeat as realized results.

Analyst inference

Vistra said it had hedged about 100% of expected 2026 generation, 98% for 2027, and 78% for 2028. Hedging means locking in prices ahead of time; it limits exposure to future power-price changes but also limits participation if prices rise.

Confirmed

What to watch

1. Watch subsequent quarterly results for whether higher realized energy and capacity prices and acquired plants continue to support adjusted EBITDA growth. Analyst inference
2. Track reported liquidity, meaning cash available, after October and November transactions, including preferred-stock redemption, an acquisition cash payment, facility borrowing, and debt repayment. Confirmed
3. Compare hedge coverage for 2026–2028 with later reported generation and earnings to assess how much future power-price changes affect results. Analyst inference

Evidence

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