Filing Flows › Vistra (VST) › Q2 2026 › vs Q2 2025
Vistra (VST) Q2 2026 vs Q2 2025 (year over year)
Vistra's revenue fell $233M (-5%) from $4.2B in Q2 2025 to $4.0B in Q2 2026. The biggest changes: Revenue from contracts with customers +$647M (+17%). Operating margin 13.8% against 12.1% (+1.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.8% | 12.1% | +1.6 pts |
| Net margin | 7.6% | 7.7% | -0.1 pts |
| Free cash flow margin | 8.3% | -2.8% | +11.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Retail energy charge in ERCOT | $2.3B | $2.2B | $47.0M | +2% |
| Retail energy charge in Northeast/Midwest | $1.1B | $793M | $298M | +38% |
| Wholesale generation revenue from ISO/RTO | $620M | $474M | $146M | +31% |
| Revenue from other wholesale contracts | $303M | $250M | $53.0M | +21% |
| Capacity revenue from ISO/RTO | $134M | $30.0M | $104M | +347% |
| Transferable PTC revenues | $3.0M | $4.0M | −$1.0M | -25% |
| Revenue from contracts with customers | $4.4B | $3.8B | $647M | +17% |
| Revenue | $4.0B | $4.2B | −$233M | -5% |
| Other revenues (net loss) | $387M | −$493M | $880M | — |
| Operating profit | $553M | $515M | $38.0M | +7% |
| Costs & expenses | $3.5B | $3.7B | −$271M | -7% |
| Pre-tax earnings | $427M | $403M | $24.0M | +6% |
| Other expense, net | $126M | $112M | $14.0M | +12% |
| SG&A | $392M | $419M | −$27.0M | -6% |
| Other operating costs | $3.1B | $3.3B | −$244M | -7% |
| Net earnings | $305M | $327M | −$22.0M | -7% |
| Income tax | $122M | $76.0M | $46.0M | +61% |
| Depreciation & amortization | $645M | $762M | −$117M | -15% |
| Share-based compensation | $35.0M | $25.0M | $10.0M | +40% |
| Working capital & other | $38.0M | −$542M | $580M | — |
| Operating cash flow | $1.0B | $572M | $451M | +79% |
| Free cash flow (OCF − capex) | $334M | −$118M | $452M | — |
| Capital expenditures | $689M | $690M | −$1.0M | -0.1% |
Questions
How much did Vistra's revenue grow year over year in Q2 2026?
Vistra's revenue fell $233M (-5%) from $4.2B in Q2 2025 to $4.0B in Q2 2026.
What drove Vistra's revenue change in Q2 2026?
Revenue from contracts with customers +$647M (+17%).