Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
A paper hedge loss masked a stronger quarter
Revenue fell while operating income rose: the filing traces the drop mainly to hedges marked to forward power prices.
For investorsWhat Vistra's earnings rest on once the hedge marks settle
For foundersThe playbook behind owning both the supply and the customer
Busier gas plants raised energy margins, which the filing credits to dispatching select units into favorable market conditions.
Interest of $312M absorbs most of what the business earns from operations, so financing costs shape what reaches shareholders.
Operating cash of $1.02B was more than three times net income, as hedge marks and depreciation cut profit but not cash.
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Business Lens describes Vistra Corp. from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
