Filing Flows › Vistra (VST) › Q1 2026
Vistra (VST) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Vistra (VST) reported revenue of $5.6B for the first quarter 2026 (Q1 2026), +43% from a year earlier and +23% from the quarter before. Operating margin was 26.6%, net earnings $1.0B (18.2% of revenue).
Vistra, Q1 2026: revenue $5.6B (+43% year over year), operating margin 26.6%, net earnings $1.0B, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6B | +23% | +43% |
| Operating profit | $1.5B | +216% | — |
| Net earnings | $1.0B | +342% | — |
| Operating cash flow | $1.2B | -16% | +100% |
| Free cash flow | $316M | -47% | — |
What changed
Revenue was $5.6B in Q1 2026, up 43% year over year and up 23% from the previous quarter. Retail energy charge in ERCOT was the largest line at 34% of revenue. Total other revenues added $1.0B year over year, 56% of the total change. Retail energy charge in ERCOT declined 5%.
Operating profit was $1.5B, a 26.6% margin (up 29.6 points year over year). Total costs grew 2% against revenue growth of 43%. Net earnings were $1.0B. The effective tax rate was 15.1%.
Operating cash flow was $1.2B (up 100% year over year), 117% of net earnings. Non-cash charges added back $0.72B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.58B. Capital expenditures of $0.88B left free cash flow of $0.32B.
Questions
What was Vistra's revenue in the first quarter 2026?
Vistra (VST) reported revenue of $5.6B for the first quarter 2026 (Q1 2026), +43% from a year earlier and +23% from the quarter before.
Was Vistra profitable in the first quarter 2026?
Operating profit was $1.5B (26.6% of revenue) and net earnings $1.0B.
Source: Vistra 10-Q on SEC EDGAR.