Filing Flows › Vistra (VST) › Q2 2026 › vs Q1 2026
Vistra (VST) Q2 2026 vs Q1 2026 (quarter over quarter)
Vistra's revenue fell $1.6B (-29%) from $5.6B in Q1 2026 to $4.0B in Q2 2026. The biggest changes: Revenue from contracts with customers −$599M (-12%). Operating margin 13.8% against 26.6% (-12.8 pts).
Vistra, Q2 2026: revenue $4.0B (-6% year over year), operating margin 13.8%, net earnings $305M, operating cash flow $1.0B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 13.8% | 26.6% | -12.8 pts |
| Net margin | 7.6% | 18.2% | -10.7 pts |
| Free cash flow margin | 8.3% | 5.6% | +2.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Retail energy charge in ERCOT | $2.3B | $1.9B | $359M | +19% |
| Retail energy charge in Northeast/Midwest | $1.1B | $1.3B | −$168M | -13% |
| Wholesale generation revenue from ISO/RTO | $620M | $1.4B | −$756M | -55% |
| Revenue from other wholesale contracts | $303M | $350M | −$47.0M | -13% |
| Capacity revenue from ISO/RTO | $134M | $122M | $12.0M | +10% |
| Transferable PTC revenues | $3.0M | $2.0M | $1.0M | +50% |
| Revenue from contracts with customers | $4.4B | $5.0B | −$599M | -12% |
| Revenue | $4.0B | $5.6B | −$1.6B | -29% |
| Other revenues (net loss) | $387M | −$637M | $1.0B | — |
| Operating profit | $553M | $1.5B | −$946M | -63% |
| Costs & expenses | $3.5B | $4.1B | −$677M | -16% |
| Pre-tax earnings | $427M | $1.2B | −$785M | -65% |
| Other expense, net | $126M | $287M | −$161M | -56% |
| SG&A | $392M | $427M | −$35.0M | -8% |
| Other operating costs | $3.1B | $3.7B | −$642M | -17% |
| Net earnings | $305M | $1.0B | −$724M | -70% |
| Income tax | $122M | $183M | −$61.0M | -33% |
| Depreciation & amortization | $645M | $718M | −$73.0M | -10% |
| Share-based compensation | $35.0M | $32.0M | $3.0M | +9% |
| Working capital & other | $38.0M | −$580M | $618M | — |
| Operating cash flow | $1.0B | $1.2B | −$176M | -15% |
| Free cash flow (OCF − capex) | $334M | $316M | $18.0M | +6% |
| Capital expenditures | $689M | $883M | −$194M | -22% |
Questions
How much did Vistra's revenue grow quarter over quarter in Q2 2026?
Vistra's revenue fell $1.6B (-29%) from $5.6B in Q1 2026 to $4.0B in Q2 2026.
What drove Vistra's revenue change in Q2 2026?
Revenue from contracts with customers −$599M (-12%).