Vistra (VST) Reports Third Quarter 2026 Results

Vistra reported third-quarter 2026 GAAP net income of $1.14 billion, including a $559 million unrealized hedge gain tied to future settlements, while Ongoing Operations Adjusted EBITDA rose more than 50% year over year to $2.378 billion. The company credited the quarter to strong performance across its generation and retail businesses. The results matter because they show Vistra's core earnings power accelerating even as reported profit is flattered by non-cash hedge gains that will settle in later periods. Investors will watch how much of the adjusted EBITDA growth converts into cash flow and whether hedge positions continue to distort GAAP comparisons in coming quarters.