Vistra (NYSE: VST) reported a second-quarter adjusted EBITDA of $1.767 billion, marking a 30% increase from $1.35 billion in the same quarter last year. The company attributed this growth to improved generation earnings and strong retail performance. It reaffirmed its full-year financial outlook and remains on track for a record year in 2026. The generation segment contributed approximately $994 million in EBITDA, driven by favorable hedging activity, while the retail segment provided about $773 million.
In July, both PJM and ERCOT set new summer peak loads, with PJM exceeding 168 gigawatts and ERCOT surpassing 91 gigawatts. Vistra anticipates annual load growth of 4% to 6% in ERCOT and 2% to 3% in PJM through 2030, driven by factors including industrial reshoring and population growth in Texas. The company maintained its adjusted EBITDA guidance for 2026 at $6.8 billion to $7.6 billion and for 2027 at $7.4 billion to $7.8 billion, influenced by a $1 billion commitment to a new digital infrastructure partnership with KKR and NVIDIA.
Operationally, Vistra achieved commercial availability above 97% across its fleet during recent heat waves, having completed extensive maintenance outages in anticipation of high demand. The company also announced plans to allocate more than $10 billion of cash across 2026 and 2027, with $4.5 billion to $5 billion earmarked for growth investments and about $3 billion returned to shareholders through stock buybacks and dividends.
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