Vistra Corp. Earnings Summary — Q1 2026

• Revenue grew 43.4% YoY to $5.64 billion, marking a significant acceleration from the same period last year.
• Net income soared to $1.029 billion in Q1 2026, a massive recovery from the $268 million loss reported in Q1 2025.
• Operating income reached $1.499 billion, driven by improved gross margins and efficient management of fuel and purchased power expenses.
• The company benefited from a significant YoY drop in shares outstanding (effectively -0.6%), supporting EPS growth.
• Gross profit margin improved to 35.2%, more than doubling from the 10.2% margin seen in the comparable prior-year quarter.
• Operational expenses remained relatively stable despite the large revenue jump, leading to high operating leverage.

Management remains focused on the 'Vistra Vision' strategy, centering on the transition to carbon-free nuclear capacity and bridging traditional baseload with renewable transition.

Improving

The massive swing from a net loss in the prior year's quarter to over $1 billion in profit indicates strong operational recovery and successful integration of nuclear assets.

The outlook is bolstered by exposure to AI/Data center power demand and a large-scale nuclear fleet following the Energy Harbor acquisition, though high debt persists.