Vistra Q2 2026 earnings: Adjusted EBITDA rises 31% despite hedge losses

Vistra’s second-quarter 2026 revenue fell about 5.5% year over year to $4.017 billion, while GAAP net income declined to $305 million. Ongoing Operations Adjusted EBITDA increased 31% to $1.767 billion, primarily on higher realized energy and capacity prices and a full-quarter contribution from the Lotus plants. Unrealized hedge losses weighed on GAAP earnings, creating a sharp contrast with adjusted operating performance. Vistra reaffirmed its 2026 adjusted EBITDA and adjusted free cash flow before growth guidance, supported by extensive hedging of expected generation volumes.