Vistra (VST)
Vistra (VST) is an integrated retail-and-generation power company whose fleet spans nuclear, natural gas, coal, solar, and storage across Texas and PJM. In ETFpedia it represents the existing-fleet side of the AI-electricity theme, contracting firm nuclear and gas power to hyperscalers, and unlike the SMR developers it generates real profit and free cash flow today.
| Ticker | VST |
|---|---|
| Exchange | NYSE |
| Sector | Power Generation · Nuclear & Gas |
| Country | United States |
| Wikidata | Q104158381 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; Vistra has not confirmed it. Last report: Q1 2026 on 2026-05-07. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-07)
Vistra reported Q1 2026 GAAP net income of about $1.03 billion and Ongoing Operations Adjusted EBITDA of $1,494 million, up roughly 20% year over year, on revenue of about $5.64 billion. Management reaffirmed full-year guidance and pointed to structurally rising power demand from data centers across ERCOT and PJM.
| Revenue | $5.64B+43%YoY |
|---|---|
| GAAP net income | $1.03B · $1,029M |
| Ongoing Ops Adjusted EBITDA | $1.49B+20%YoY · $1,494M vs $1,240M in Q1 2025 |
Guidance:Full-year 2026
| Ongoing Ops Adjusted EBITDA | $6.8B to $7.6B · Reaffirmed |
|---|---|
| Ongoing Ops Adjusted FCFbG | $3.925B to $4.725B · Free cash flow before growth, reaffirmed |
Recent & upcoming events
- · Q1 2026 results.GAAP net income about $1.03B; Ongoing Operations Adjusted EBITDA $1,494M, up about 20% YoY; full-year 2026 guidance reaffirmed. (source)
- · Nuclear and data-center contracting.Vistra reiterated power-purchase agreements with Amazon Web Services for nuclear capacity and flagged the opportunity for more than 200 MW of uprates at Comanche Peak and long-term contracting of remaining nuclear capacity. (source)
Q1 2026 figures are from the May 7, 2026 earnings release (8-K). Ongoing Operations Adjusted EBITDA and Adjusted FCFbG are non-GAAP measures Vistra uses for guidance; revenue and net income are GAAP.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Vistra do?
Vistra both makes electricity and sells it. On the generation side it runs a large, diverse fleet: nuclear plants like Comanche Peak and Beaver Valley, a big base of natural gas, plus coal, solar, and battery storage. On the retail side it sells power to homes and businesses, mostly in Texas (ERCOT) and PJM. That structure matters for the AI thesis because Vistra already owns firm, dispatchable capacity, including nuclear, that it can contract to large customers now rather than after years of construction. For full-year 2025 it reported revenue of about $17.7 billion, and it is profitable.
Why is Vistra part of the AI electricity and nuclear SMR theme?
Data centers are reshaping power demand. The IEA projects electricity demand from data centers will more than double by 2030 (IEA, Energy and AI), and Vistra is positioned to sell into that demand using assets it already operates. Management has signed power-purchase agreements with Amazon Web Services for nuclear capacity, sees the opportunity for more than 200 MW of uprates at Comanche Peak, and is targeting long-term contracting of its remaining nuclear capacity at Comanche Peak and Beaver Valley (Vistra Q1 2026). It is the part of the theme that monetizes today’s fleet, not a future reactor.
Power demand is structurally improving across our markets, driven by data centers, industrial growth, and electrification, with especially strong long-term opportunities in ERCOT and PJM.
What did Vistra report most recently?
In Q1 2026 Vistra reported revenue of about $5.64 billion, GAAP net income of about $1.03 billion, and Ongoing Operations Adjusted EBITDA of $1,494 million, up roughly 20% from $1,240 million a year earlier (Vistra Q1 2026). The EBITDA number is the one management leads with because it strips out the mark-to-market swings that make quarterly GAAP results jumpy for a merchant generator. Vistra framed the quarter around structurally rising demand from data centers, industrial growth, and electrification across its core markets.
What is Vistra’s guidance?
Vistra reaffirmed full-year 2026 guidance of $6.8 billion to $7.6 billion of Ongoing Operations Adjusted EBITDA and $3.925 billion to $4.725 billion of Ongoing Operations Adjusted Free Cash Flow before Growth (Vistra Q1 2026). Both are non-GAAP measures, and the free cash flow figure is what funds buybacks, the dividend, and growth investment.
What are the risks for Vistra?
- Commodity and power-price swings. Earnings move with wholesale power and gas prices, and quarterly GAAP results can swing hard on mark-to-market hedging, as the gap between GAAP net income and adjusted EBITDA shows.
- Contract conversion. The data-center opportunity depends on turning discussions and uprate potential into signed, long-term contracts. Megawatt opportunities are not the same as locked-in revenue.
- Fleet and fuel mix. Vistra still operates coal and gas alongside nuclear, which carries emissions, regulatory, and fuel-cost exposure.
- Concentration in ERCOT and PJM. A large share of results comes from two markets, so weather, grid policy, and capacity-market rules in Texas and PJM matter a lot.
Related securities, concepts & terms
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThe underlying index for the AI Electricity & Nuclear SMR concept, which includes this company.
Frequently asked questions about Vistra
What does Vistra do?
Vistra is an integrated power company: it both generates electricity and sells it to retail customers. Its generation fleet spans nuclear, natural gas, coal, solar, and battery storage, with large positions in Texas (ERCOT) and PJM. That mix of firm nuclear and flexible gas is what lets it pitch reliable, around-the-clock power to large customers, including data centers. In Q1 2026 it reported revenue of about $5.64 billion and net income of about $1.03 billion.
Why is Vistra part of the AI electricity and nuclear SMR theme?
Vistra owns existing nuclear and gas capacity that data centers can contract today, without waiting for new reactors to be built. It has power-purchase agreements with Amazon Web Services for nuclear capacity and sees opportunity for more than 200 MW of uprates at its Comanche Peak nuclear plant, plus long-term contracting of remaining nuclear capacity at Comanche Peak and Beaver Valley (Vistra Q1 2026). It is the existing-fleet side of the AI power buildout.
What was Vistra's latest revenue, and is it profitable?
Yes, Vistra is profitable. In Q1 2026 it reported revenue of about $5.64 billion, GAAP net income of about $1.03 billion, and Ongoing Operations Adjusted EBITDA of $1,494 million, up roughly 20% year over year (Vistra Q1 2026). For full-year 2025 it reported revenue of about $17.7 billion.
What is Vistra's guidance for 2026?
Vistra reaffirmed full-year 2026 guidance of $6.8 billion to $7.6 billion of Ongoing Operations Adjusted EBITDA and $3.925 billion to $4.725 billion of Ongoing Operations Adjusted Free Cash Flow before Growth (Vistra Q1 2026). Both are non-GAAP measures the company uses to frame its outlook.
Sources & references
- Vistra Corp. reports first quarter 2026 results (Form 8-K, Exhibit 99.1) · Vistra Corp. / SEC EDGAR, 2026-05-07
- Vistra Corp. · Q1 2026 quarterly report (Form 10-Q) · Vistra Corp. / SEC EDGAR, 2026-05-07
- Vistra Corp. · Events & Presentations (Investor Relations) · Vistra Corp., 2026-06-04
- Vistra Corp. reports first quarter 2026 results (Form 8-K, Exhibit 99.1) · Vistra Corp. / SEC EDGAR, 2026-05-07
- Energy and AI · International Energy Agency, 2025-04-10
- Vistra Corp. · investor relations · Vistra Corp., 2026-06-04