Vistra reported second-quarter 2026 net income of $305 million, down from $327 million a year earlier. The company said the decline came even as higher realized energy and capacity prices, plus three months of contribution from plants acquired from Lotus, lifted ongoing operations adjusted EBITDA to $1.767 billion from $1.349 billion in the second quarter of 2025, a gain of $418 million, or more than 30%.
For the first half of 2026, net income rose to $1.334 billion from $59 million in the same period of 2025. Ongoing operations adjusted EBITDA climbed to $3.261 billion from $2.589 billion, up $672 million.
By segment in the second quarter, retail adjusted EBITDA was $773 million, up from $756 million. Texas rose to $311 million from $142 million, East increased to $642 million from $418 million, and West edged up to $68 million from $49 million. Corporate and other widened to a loss of $27 million from a loss of $16 million, while asset closure worsened to a loss of $23 million from a loss of $17 million.
For the first six months, retail adjusted EBITDA fell to $841 million from $940 million. Texas increased to $897 million from $632 million, East rose to $1.443 billion from $932 million, and West moved up to $124 million from $111 million. Corporate and other deepened to a loss of $44 million from a loss of $26 million, and asset closure slipped to a loss of $42 million from a loss of $41 million.
Vistra reaffirmed its 2026 outlook for ongoing operations adjusted EBITDA at $6.8 billion to $7.6 billion and ongoing operations adjusted free cash flow before growth at $3.925 billion to $4.725 billion.
As of Aug. 3, the company said it had hedged about 100% of expected generation volumes for 2026, 94% for 2027, and 72% for 2028.
On capital returns, Vistra said it has executed about $6.5 billion in share repurchases since November 2021, cutting shares outstanding to about 336 million, roughly 30% below the level on Nov. 2, 2021. About $1.2 billion remained under its authorization.
Liquidity at June 30 totaled about $6.295 billion, including $435 million in cash and cash equivalents, $4.408 billion available under its corporate revolver, and $1.452 billion available under its commodity-linked revolver. As a result of these announcements, the company's shares have moved -3.72% on the market, and are now trading at a price of $136.12. For the full picture, make sure to review Vistra's 8-K report.
