Vistra Reports Third Quarter 2026 Results
• GAAP third quarter 2026 Net Income of $1,140 million, including an unrealized gain from hedges expected to settle in future years of $559 million.
• Achieved more than 50% growth in Ongoing Operations Adjusted EBITDA 1 to $2,378 million for the quarter compared to third quarter 2025.
• Raised the midpoint and narrowed the range for 2026 Ongoing Operations Adjusted EBITDA 1 to $7.1 billion to $7.5 billion and Ongoing Operations Adjusted FCFbG 1 to $4.3 billion to $4.7 billion.
• Initiated 2027 Ongoing Operations Adjusted EBITDA 1 and Ongoing Operations Adjusted FCFbG 1 guidance ranges of $7.7 billion to $8.5 billion and $4.3 billion to $5.1 billion, respectively.
• Board authorized an additional $1.5 billion of share repurchases, which is expected to be utilized by year-end 2028.
• In October 2026, closed the acquisition of Cogentrix Energy, consisting of approximately 5,500 MW of natural gas-fueled generation capacity.
• Commenced operations of our 405 MW Pulaski Solar Facility in Illinois, under a power purchase agreement with Microsoft, and our 100 MW Deer Creek Solar & Energy Storage Facility in California.
• Announced a 20-year 207 MW power purchase agreement with New Era Energy and Digital at our Odessa combined cycle gas plant in Texas.
— Vistra Corp. (NYSE: VST) today reported its third quarter 2026 financial results and other highlights.
"I am proud of the results the Vistra team delivered this quarter, " said Jim Burke, president and CEO of Vistra. "Through one of the hottest calendar third quarters on record, our generation team kept the fleet running safely and reliably while our retail team delivered for our customers. At the same time, our people moved forward a significant amount of commercial and development work. I want to thank each one of our team members for their hard work and dedication - it's what truly sets Vistra apart."
"That effort shows in our results, with Ongoing Operations Adjusted EBITDA up more than 50% year over year. This summer brought record weather across our markets, including the new all-time peak demand records in July in both ERCOT and PJM. Through that period, our fleet achieved commercial availability of nearly 95%. Our disciplined approach to spring maintenance paid off when our customers and communities needed reliable power most. With the Cogentrix acquisition now closed, we've added approximately 5,500 MW of new natural gas- fueled generation to our portfolio, and we continue to be well positioned for the growing demand ahead."
Burke concluded, "We also made significant progress on our growth strategy this quarter. We began commercial operations at our Pulaski and Deer Creek facilities, and signed a 20-year agreement with New Era at our Odessa plant. As the power landscape evolves, we continue to see more of these opportunities. Our team remains focused on delivering safe, reliable, and affordable electricity to our customers, and we look forward to finishing the year strong." Summary of Financial Results for the Three and Nine Months Ended September 30, 2026 and 2025
For the quarter ended September 30, 2026, Vistra reported Net Income of $1,140 million and Ongoing Operations Adjusted EBITDA 1 of $2,378 million. Net Income for the third quarter 2026 increased $488 million compared to the third quarter 2025, driven primarily by higher EBITDA and an increase in unrealized mark-to- market gains of $375 million on derivative positions, partly offset by higher depreciation and amortization expense driven primarily by three months' contribution from the plants acquired from Lotus, the partial impairment of the Moss Landing 350 facility, and higher taxes. Ongoing Operations Adjusted EBITDA for the third quarter 2026 increased by $797 million compared to the third quarter 2025, driven primarily by higher realized energy and capacity prices, three months' contribution from the plants acquired from Lotus, and the return of Martin Lake Unit 1 to operational status.
($ in millions) Narrowed 2026 Initiated 2027 Guidance Ranges Guidance Ranges Ongoing Operations Adjusted EBITDA $7,100 - $7,500 $7,700 - $8,500 Ongoing Operations Adjusted FCFbG $4,300 - $4,700 $4,300 - $5,100
As of Oct. 30, 2026, Vistra had hedged approximately 100% of its expected generation volumes for 2026, approximately 98% for 2027, and approximately 78% for 2028.
• Vistra had ~339 million shares outstanding, representing a ~30% reduction of the amount of the shares outstanding on Nov. 2, 2021.
• Vistra’s Board of Directors authorized an additional $1.5 billion of share repurchases. Accordingly, ~$2.5 billion of share repurchase authorization remains available, which we expect to complete no later than year-end 2028.
As of September 30, 2026, Vistra had total available liquidity of approximately $8,923 million, including cash and cash equivalents of $2,743 million, $4,714 million of availability under its corporate revolving credit facility, and $1,466 million of availability under its commodity-linked revolving credit facility. Available capacity under the commodity-linked revolving credit facility reflects the borrowing base of $1,466 million and excludes $284 million of commitments under the facility that were not available to be drawn as of September 30, 2026. Total available liquidity at such date excluded $1,375 million of capacity under Vistra's accounts receivable financing facilities. In October and November 2026, Vistra redeemed all $1 billion of its Series A Preferred Stock, paid approximately $2.2 billion in cash as part of its acquisition of Cogentrix Energy, borrowed the full capacity under its accounts receivable financing facilities, and repaid approximately $1.7 billion of debt assumed in the acquisition of Cogentrix Energy, reducing available liquidity to approximately $5.4 billion on a pro forma basis.
Vistra will host a webcast today, Nov. 6, 2026, beginning at 10 a.m. ET (9 a.m. CT) to discuss these results and related matters. The live webcast and the accompanying slides that will be discussed on the call can be accessed via Vistra’s website at www.vistracorp.com under “Investor Relations” and then “Events & Presentations.” Participants can register here in advance to access the webcast. A replay of the webcast will be available on Vistra’s website for one year following the live event.
Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, that provides essential resources to customers, businesses, and communities from California to Maine. Vistra is a leader in transforming the energy landscape, with an unyielding focus on reliability, affordability, and sustainability. The company safely operates a reliable, efficient power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business. Learn more at https://www.vistracorp.com.
214-812-0046 Investor@vistracorp.com 1 Ongoing Operations excludes the Asset Closure segment. Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth are non-GAAP financial measures. Any reference to “Ongoing Operations Adjusted FCFbG” is a reference to Ongoing Operations Adjusted Free Cash Flow before Growth. See the “Non-GAAP Reconciliation” tables for further detail. Total segment information may not tie due to rounding.
"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from hedging activities, transition and merger expenses, non-cash compensation expenses, nuclear decommissioning trust income, asset retirement obligation expenses, and certain other items described from time to time in Vistra’s earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted FCFbG") (cash from operating activities excluding changes in margin deposits and working capital and adjusted for maintenance capital expenditures, other net investment activities, and other items described from time to time in Vistra’s earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less adjusted EBITDA from Asset Closure segment), and "Ongoing Operations Adjusted Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted free cash flow before growth less cash flow from operating activities from Asset Closure segment before growth) are "non-GAAP financial measures." A non-GAAP financial measure is a numerical measure of financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in Vistra’s consolidated statements of operations, comprehensive income, changes in stockholders’ equity and cash flows. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable GAAP measures. Vistra’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
Vistra uses Adjusted EBITDA as a measure of performance and believes that analysis of its business by external users is enhanced by visibility to both Net Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and believes that analysis of capital available to allocate for debt service, growth, and return of capital to stockholders is supported by disclosure of both cash provided by (used in) operating activities prepared in accordance with GAAP as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free Cash Flow before Growth as a measure of liquidity and performance, and Vistra’s management and board of directors have found it informative to view the Asset Closure segment as separate and distinct from Vistra’s ongoing operations. The schedules attached to this earnings release reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Corp. ("Vistra") operates and beliefs of and assumptions made by Vistra’s management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, financial condition and cash flows, projected synergy, net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations, including potential transactions with large load facilities at our nuclear and natural gas plants (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to: "intends," "plans," "will likely," "unlikely," "believe," "confident," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "goal," "objective," "guidance," "on track" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra believes that in making any such forward-looking statement, Vistra’s expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including, but not limited to: (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra to execute upon its contemplated strategic, capital allocation, performance, and cost- saving initiatives and to successfully integrate acquired businesses, including our ability to integrate Cogentrix Energy; (iii) actions by credit ratings agencies; (iv) the severity, magnitude and duration of extreme weather events, contingencies and uncertainties relating thereto, most of which are difficult to predict and many of which are beyond our control, and the resulting effects on our results of operations, financial condition and cash flows; and (v) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by Vistra from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra’s annual report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) Nine Months Ended Cash flows — operating September 30, activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 2,474 $ 711 Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and 2,338 2,225 amortization Deferred income tax 589 68 expense, net Impairment of long-lived and other 269 73 assets Unrealized net (gain) loss from mark-to-market -810 367 valuations of commodities Unrealized net (gain) loss from mark-to-market -31 84 valuations of interest rate swaps Unrealized net (gain) loss from nuclear 58 -164 decommissioning trusts Asset retirement obligation accretion 96 100 expense Bad debt expense 164 152 Stock-based compensation 96 82 expense Involuntary conversion -102 -80 gain Other, net 16 36 Changes in operating assets and liabilities: Margin deposits, net -184 -361 Accrued interest 176 32 Accrued taxes other than -37 -19 income Accrued employee -52 -106 incentive Other operating assets -730 -562 and liabilities Cash provided by 4,330 2,638 operating activities Cash flows — investing activities: Capital expenditures, including nuclear -2,319 -1,916 fuel purchases and LTSA prepayments Lotus acquisition purchase price 6 — adjustment Proceeds from sales of nuclear 4,370 4,120 decommissioning trust fund securities Investments in nuclear decommissioning -4,371 -4,138 trust fund securities Proceeds from sales of environmental 153 57 allowances Purchases of -251 -511 environmental allowances Insurance proceeds for recovery of 246 198 damaged property, plant, and equipment Proceeds from sales of property, plant, 55 21 and equipment, including nuclear fuel Other, net 88 7 Cash used in investing -2,023 -2,162 activities
VISTRA CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) Nine Months Ended September 30, 2026 2025 Cash flows — financing activities: Issuances of debt 7,985 424 Repayments/repurchases -3,862 -764 of debt Net borrowings (repayments) under -1,225 475 accounts receivable financing Borrowings under Revolving Credit 400 150 Facility Repayments under Revolving Credit -780 -150 Facility Borrowings under Commodity-Linked — 987 Facility Repayments under Commodity-Linked -1,420 -987 Facility Debt issuance costs -94 -2 Stock repurchases -917 -776 Dividends paid to common -231 -229 stockholders Dividends paid to -117 -117 preferred stockholders Tax withholding on stock-based -73 -51 compensation Principal payment on forward repurchase -19 -41 obligation Other, net — 21 Cash used in financing -353 -1,060 activities Net change in cash, cash equivalents and 1,954 -584 restricted cash (current and noncurrent) Cash, cash equivalents and restricted cash (current and 822 1,222 noncurrent) — beginning balance Cash, cash equivalents and restricted cash (current and $ 2,776 $ 638 noncurrent) — ending balance
(a) Corporate and Other includes $24 million of unrealized mark-to-market net gains on interest rate swaps.
(b) Includes nuclear fuel amortization of $36 million and $89 million, respectively, in the Texas and East segments.
(c) Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment.
(d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
(a) Corporate and Other includes $31 million of unrealized mark-to-market net gains on interest rate swaps.
(b) Includes nuclear fuel amortization of $102 million and $265 million, respectively, in the Texas and East segments.
(c) Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.
(d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
(a) Corporate and Other includes $10 million of unrealized mark-to-market net losses on interest rate swaps.
(b) Includes nuclear fuel amortization of $35 million and $94 million, respectively, in the Texas and East segments.
(c) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
(a) Corporate and Other includes $84 million of unrealized mark-to-market net losses on interest rate swaps.
(b) Includes nuclear fuel amortization of $96 million and $270 million, respectively, in the Texas and East segments.
(c) Includes involuntary conversion gain recognized from Martin Lake Incident property damage insurance in the Texas segment and revenues from Moss Landing Incident business interruption proceeds in the Asset Closure segment.
(d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
(e) Includes the final application of bill credits to large commercial and industrial customers that curtailed their usage during Winter Storm Uri in the Retail segment.
1 Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026. (a) Includes $37 million interest related to noncontrolling interest repurchase.
(c) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
1 Regulation G Table 2026 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026. (a) Includes property damage insurance proceeds of approximately $100 million from 2024 Martin Lake event.
1 Regulation G Table for 2027 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026. (a) Includes nuclear fuel amortization of $404 million.
(b) Includes NDT (income) loss of the PJM nuclear facilities, ARO and environmental remediation expenses, and other expenses associated with the Moss Landing Incident.
1 Regulation G Table 2027 Guidance prepared as of Nov. 6, 2026, based on market curves as of Nov. 2, 2026. (a) Includes expected property damage insurance proceeds of approximately $74 million from 2024 Martin Lake event.
Full text with the tables
Vistra Reports Third Quarter 2026 Results
Earnings Release Highlights
• GAAP third quarter 2026 Net Income of $1,140 million, including an unrealized
gain from hedges expected to settle in future years of $559 million.
• Achieved more than 50% growth in Ongoing Operations Adjusted EBITDA 1 to
$2,378 million for the quarter compared to third quarter 2025.
• Raised the midpoint and narrowed the range for 2026 Ongoing Operations
Adjusted EBITDA 1 to $7.1 billion to $7.5 billion and Ongoing Operations
Adjusted FCFbG 1 to $4.3 billion to $4.7 billion.
• Initiated 2027 Ongoing Operations Adjusted EBITDA 1 and Ongoing Operations
Adjusted FCFbG 1 guidance ranges of $7.7 billion to $8.5 billion and $4.3
billion to $5.1 billion, respectively.
• Board authorized an additional $1.5 billion of share repurchases, which is
expected to be utilized by year-end 2028.
• In October 2026, closed the acquisition of Cogentrix Energy, consisting of
approximately 5,500 MW of natural gas-fueled generation capacity.
• Commenced operations of our 405 MW Pulaski Solar Facility in Illinois, under a
power purchase agreement with Microsoft, and our 100 MW Deer Creek Solar &
Energy Storage Facility in California.
• Announced a 20-year 207 MW power purchase agreement with New Era Energy and
Digital at our Odessa combined cycle gas plant in Texas.
IRVING, Texas
—
Nov. 6, 2026
— Vistra Corp. (NYSE: VST) today reported its third quarter 2026 financial
results and other highlights.
"I am proud of the results the Vistra team delivered this quarter, " said Jim
Burke, president and CEO of Vistra. "Through one of the hottest calendar third
quarters on record, our generation team kept the fleet running safely and
reliably while our retail team delivered for our customers. At the same time,
our people moved forward a significant amount of commercial and development
work. I want to thank each one of our team members for their hard work and
dedication - it's what truly sets Vistra apart."
"That effort shows in our results, with Ongoing Operations Adjusted EBITDA up
more than 50% year over year. This summer brought record weather across our
markets, including the new all-time peak demand records in July in both ERCOT
and PJM. Through that period, our fleet achieved commercial availability of
nearly 95%. Our disciplined approach to spring maintenance paid off when our
customers and communities needed reliable power most. With the Cogentrix
acquisition now closed, we've added approximately 5,500 MW of new natural gas-
fueled generation to our portfolio, and we continue to be well positioned for
the growing demand ahead."
Vistra – Press Release
Nov. 6, 2026, Page 2
Burke concluded, "We also made significant progress on our growth strategy this
quarter. We began commercial operations at our Pulaski and Deer Creek
facilities, and signed a 20-year agreement with New Era at our Odessa plant. As
the power landscape evolves, we continue to see more of these opportunities. Our
team remains focused on delivering safe, reliable, and affordable electricity to
our customers, and we look forward to finishing the year strong."
Summary of Financial Results for the Three and Nine Months Ended September 30,
2026 and 2025
(Unaudited) (Millions of Dollars)
Three Nine
Months Months
Ended Ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 1,140 $ 652 $ 2,474 $ 711
income
Ongoing
Operati… $ 2,378 $ 1,581 $ 5,639 $ 4,170
Adjusted
EBITDA
Adjusted
EBITDA
by
Segment
Retail $ 98 $ 37 $ 939 $ 977
Texas $ 1,227 $ 784 $ 2,124 $ 1,416
East $ 979 $ 719 $ 2,422 $ 1,651
West $ 76 $ 63 $ 200 $ 174
Corpora…
and $ -2 $ -22 $ -46 $ -48
Other
Asset $ -18 $ -17 $ -60 $ -58
Closure
For the quarter ended September 30, 2026, Vistra reported Net Income of $1,140
million and Ongoing Operations Adjusted EBITDA 1 of $2,378 million. Net Income
for the third quarter 2026 increased $488 million compared to the third quarter
2025, driven primarily by higher EBITDA and an increase in unrealized mark-to-
market gains of $375 million on derivative positions, partly offset by higher
depreciation and amortization expense driven primarily by three months'
contribution from the plants acquired from Lotus, the partial impairment of the
Moss Landing 350 facility, and higher taxes. Ongoing Operations Adjusted EBITDA
for the third quarter 2026 increased by $797 million compared to the third
quarter 2025, driven primarily by higher realized energy and capacity prices,
three months' contribution from the plants acquired from Lotus, and the return
of Martin Lake Unit 1 to operational status.
Guidance
($ in millions) Narrowed 2026 Initiated 2027
Guidance Ranges Guidance Ranges
Ongoing Operations Adjusted EBITDA $7,100 - $7,500 $7,700 - $8,500
Ongoing Operations Adjusted FCFbG $4,300 - $4,700 $4,300 - $5,100
As of Oct. 30, 2026, Vistra had hedged approximately 100% of its expected
generation volumes for 2026, approximately 98% for 2027, and approximately 78%
for 2028.
Vistra – Press Release
Nov. 6, 2026, Page 3
Share Repurchase Program
As of Nov. 2, 2026:
• Vistra executed ~$6.7 billion in share repurchases since November 2021.
• Vistra had ~339 million shares outstanding, representing a ~30% reduction of
the amount of the shares outstanding on Nov. 2, 2021.
• Vistra’s Board of Directors authorized an additional $1.5 billion of share
repurchases. Accordingly, ~$2.5 billion of share repurchase authorization
remains available, which we expect to complete no later than year-end 2028.
Liquidity
As of September 30, 2026, Vistra had total available liquidity of approximately
$8,923 million, including cash and cash equivalents of $2,743 million, $4,714
million of availability under its corporate revolving credit facility, and
$1,466 million of availability under its commodity-linked revolving credit
facility. Available capacity under the commodity-linked revolving credit
facility reflects the borrowing base of $1,466 million and excludes $284 million
of commitments under the facility that were not available to be drawn as of
September 30, 2026. Total available liquidity at such date excluded $1,375
million of capacity under Vistra's accounts receivable financing facilities.
In October and November 2026, Vistra redeemed all $1 billion of its Series A
Preferred Stock, paid approximately $2.2 billion in cash as part of its
acquisition of Cogentrix Energy, borrowed the full capacity under its accounts
receivable financing facilities, and repaid approximately $1.7 billion of debt
assumed in the acquisition of Cogentrix Energy, reducing available liquidity to
approximately $5.4 billion on a pro forma basis.
Vistra – Press Release
Nov. 6, 2026, Page 4
Earnings Webcast
Vistra will host a webcast today, Nov. 6, 2026, beginning at 10 a.m. ET (9 a.m.
CT) to discuss these results and related matters. The live webcast and the
accompanying slides that will be discussed on the call can be accessed via
Vistra’s website at www.vistracorp.com under “Investor Relations” and then
“Events & Presentations.” Participants can register here in advance to access
the webcast. A replay of the webcast will be available on Vistra’s website for
one year following the live event.
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 500 integrated retail electricity and
power generation company based in Irving, Texas, that provides essential
resources to customers, businesses, and communities from California to Maine.
Vistra is a leader in transforming the energy landscape, with an unyielding
focus on reliability, affordability, and sustainability. The company safely
operates a reliable, efficient power generation fleet of natural gas, nuclear,
coal, solar, and battery energy storage facilities while taking an innovative,
customer-centric approach to its retail business. Learn more at
https://www.vistracorp.com.
Media
Meranda Cohn
214-875-8004
Media.Relations@vistracorp.com
Analysts
Eric Micek
214-812-0046 Investor@vistracorp.com
1 Ongoing Operations excludes the Asset Closure segment. Ongoing Operations
Adjusted EBITDA and Ongoing Operations Adjusted Free Cash Flow before Growth are
non-GAAP financial measures. Any reference to “Ongoing Operations Adjusted
FCFbG” is a reference to Ongoing Operations Adjusted Free Cash Flow before
Growth. See the “Non-GAAP Reconciliation” tables for further detail. Total
segment information may not tie due to rounding.
Vistra – Press Release
Nov. 6, 2026, Page 5
About Non-GAAP Financial Measures and Items Affecting Comparability
"Adjusted EBITDA" (EBITDA as adjusted for unrealized gains or losses from
hedging activities, transition and merger expenses, non-cash compensation
expenses, nuclear decommissioning trust income, asset retirement obligation
expenses, and certain other items described from time to time in Vistra’s
earnings releases), "Adjusted Free Cash Flow before Growth" (or "Adjusted
FCFbG") (cash from operating activities excluding changes in margin deposits and
working capital and adjusted for maintenance capital expenditures, other net
investment activities, and other items described from time to time in Vistra’s
earnings releases), "Ongoing Operations Adjusted EBITDA" (adjusted EBITDA less
adjusted EBITDA from Asset Closure segment), and "Ongoing Operations Adjusted
Free Cash Flow before Growth" or "Ongoing Operations Adjusted FCFbG" (adjusted
free cash flow before growth less cash flow from operating activities from Asset
Closure segment before growth) are "non-GAAP financial measures." A non-GAAP
financial measure is a numerical measure of financial performance that excludes
or includes amounts so as to be different than the most directly comparable
measure calculated and presented in accordance with GAAP in Vistra’s
consolidated statements of operations, comprehensive income, changes in
stockholders’ equity and cash flows. Non-GAAP financial measures should not be
considered in isolation or as a substitute for the most directly comparable GAAP
measures. Vistra’s non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies.
Vistra uses Adjusted EBITDA as a measure of performance and believes that
analysis of its business by external users is enhanced by visibility to both Net
Income prepared in accordance with GAAP and Adjusted EBITDA. Vistra uses
Adjusted Free Cash Flow before Growth as a measure of liquidity and performance,
and believes that analysis of capital available to allocate for debt service,
growth, and return of capital to stockholders is supported by disclosure of both
cash provided by (used in) operating activities prepared in accordance with GAAP
as well as Adjusted Free Cash Flow before Growth. Vistra uses Ongoing Operations
Adjusted EBITDA as a measure of performance and Ongoing Operations Adjusted Free
Cash Flow before Growth as a measure of liquidity and performance, and Vistra’s
management and board of directors have found it informative to view the Asset
Closure segment as separate and distinct from Vistra’s ongoing operations. The
schedules attached to this earnings release reconcile the non-GAAP financial
measures to the most directly comparable financial measures calculated and
presented in accordance with U.S. GAAP.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-
looking statements, which are based on current expectations, estimates and
projections about the industry and markets in which Vistra Corp. ("Vistra")
operates and beliefs of and assumptions made by Vistra’s management, involve
risks and uncertainties, which are difficult to predict and are not guarantees
of future performance, that could significantly affect the financial results of
Vistra. All statements, other than statements of historical facts, that are
presented herein, or in response to questions or otherwise, that address
activities, events or developments that may occur in the future, including such
matters as activities related to our financial or operational projections,
financial condition and cash flows, projected synergy, net debt targets, capital
allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free
cash flow conversion rate, dividend policy, business strategy, competitive
strengths, goals, future acquisitions or dispositions, development or operation
of power generation assets, market and industry developments and the growth of
our businesses and operations, including potential transactions with large load
facilities at our nuclear and natural gas plants (often, but not always, through
the use of words or phrases, or the negative variations of those words or other
comparable words of a future or forward-looking nature, including, but not
limited to: "intends," "plans," "will likely," "unlikely," "believe,"
"confident," "expect," "seek," "anticipate," "estimate," "continue," "will,"
"shall," "should," "could," "may," "might," "predict," "project," "forecast,"
"target," "potential," "goal," "objective," "guidance," "on track" and
"outlook"), are forward-looking statements. Readers are cautioned not to place
undue reliance on forward-looking statements. Although Vistra believes that in
making any such forward-looking statement, Vistra’s expectations are based on
reasonable assumptions, any such forward-looking statement involves
uncertainties and risks that could cause results to differ materially from those
projected in or implied by any such forward-looking statement, including, but
not limited to: (i) adverse changes in general economic or market conditions
(including changes in interest rates) or changes in political conditions or
federal or state laws and regulations; (ii) the ability of Vistra to execute
upon its contemplated strategic, capital allocation, performance, and cost-
saving initiatives and to successfully integrate acquired businesses, including
our ability to integrate Cogentrix Energy; (iii) actions by credit ratings
agencies; (iv) the severity, magnitude and duration of extreme weather events,
contingencies and uncertainties relating thereto, most of which are difficult to
predict and many of which are beyond our control, and the resulting effects on
our results of operations, financial condition and cash flows; and (v) those
additional risks and factors discussed in reports filed with the Securities and
Exchange Commission by Vistra from time to time, including the uncertainties and
risks discussed in the sections entitled "Risk Factors" and "Forward-Looking
Statements" in Vistra’s annual report on Form 10-K for the year ended December
31, 2025 and subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which it is made, and
except as may be required by law, Vistra will not undertake any obligation to
update any forward-looking statement to reflect events or circumstances after
the date on which it is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not possible to predict
all of them; nor can Vistra assess the impact of each such factor or the extent
to which any factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement.
Vistra – Press Release
Nov. 6, 2026, Page 6
VISTRA
CORP.
CONDEN…
CONSOL…
STATEM…
OF
OPERAT… Three Nine
(Unaud… Months Months
(Milli… Ended Ended
of September Septemb…
Dollar… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Operat… $ 6,347 $ 4,971 $ 16,004 $ 13,154
revenu…
Fuel,
purcha…
power
costs, -2,530 -2,370 -6,834 -6,791
and
delive…
fees
Operat… -683 -655 -2,236 -2,081
costs
Deprec…
and -711 -460 -1,640 -1,523
amorti…
Sellin…
genera…
and -448 -444 -1,267 -1,254
admini…
expens…
Impair…
of -269 -5 -269 -73
long-l…
assets
Operat… 1,706 1,037 3,758 1,432
income
Other
income, 44 105 206 291
net
Intere…
expense
and -254 -286 -829 -908
related
charges
Net
income
before 1,496 856 3,135 815
income
taxes
Income
tax -356 -204 -661 -104
expense
Net
income
attrib… $ 1,140 $ 652 $ 2,474 $ 711
to
Vistra
Cumula…
divide…
attrib… -48 -48 -144 -144
to
prefer…
stock
Net
income
attrib…
to $ 1,092 $ 604 $ 2,330 $ 567
Vistra
common
stock
Vistra – Press Release
Nov. 6, 2026, Page 7
VISTRA CORP.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited) (Millions of
Dollars) Nine Months Ended
Cash flows — operating September 30,
activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 2,474 $ 711
Adjustments to reconcile
net income
(loss) to cash provided
by operating
activities:
Depreciation and 2,338 2,225
amortization
Deferred income tax 589 68
expense, net
Impairment of long-lived
and other 269 73
assets
Unrealized net (gain)
loss from
mark-to-market -810 367
valuations of
commodities
Unrealized net (gain)
loss from
mark-to-market -31 84
valuations of interest
rate swaps
Unrealized net (gain)
loss from nuclear 58 -164
decommissioning trusts
Asset retirement
obligation accretion 96 100
expense
Bad debt expense 164 152
Stock-based compensation 96 82
expense
Involuntary conversion -102 -80
gain
Other, net 16 36
Changes in operating
assets and
liabilities:
Margin deposits, net -184 -361
Accrued interest 176 32
Accrued taxes other than -37 -19
income
Accrued employee -52 -106
incentive
Other operating assets -730 -562
and liabilities
Cash provided by 4,330 2,638
operating activities
Cash flows — investing
activities:
Capital expenditures,
including nuclear -2,319 -1,916
fuel purchases and LTSA
prepayments
Lotus acquisition
purchase price 6 —
adjustment
Proceeds from sales of
nuclear 4,370 4,120
decommissioning trust
fund securities
Investments in nuclear
decommissioning -4,371 -4,138
trust fund securities
Proceeds from sales of
environmental 153 57
allowances
Purchases of -251 -511
environmental allowances
Insurance proceeds for
recovery of 246 198
damaged property, plant,
and equipment
Proceeds from sales of
property, plant, 55 21
and equipment, including
nuclear fuel
Other, net 88 7
Cash used in investing -2,023 -2,162
activities
Vistra – Press Release
Nov. 6, 2026, Page 8
VISTRA CORP.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited) (Millions of
Dollars)
Nine Months Ended
September 30,
2026 2025
Cash flows — financing
activities:
Issuances of debt 7,985 424
Repayments/repurchases -3,862 -764
of debt
Net borrowings
(repayments) under -1,225 475
accounts receivable
financing
Borrowings under
Revolving Credit 400 150
Facility
Repayments under
Revolving Credit -780 -150
Facility
Borrowings under
Commodity-Linked — 987
Facility
Repayments under
Commodity-Linked -1,420 -987
Facility
Debt issuance costs -94 -2
Stock repurchases -917 -776
Dividends paid to common -231 -229
stockholders
Dividends paid to -117 -117
preferred stockholders
Tax withholding on
stock-based -73 -51
compensation
Principal payment on
forward repurchase -19 -41
obligation
Other, net — 21
Cash used in financing -353 -1,060
activities
Net change in cash, cash
equivalents and 1,954 -584
restricted cash (current
and noncurrent)
Cash, cash equivalents
and restricted
cash (current and 822 1,222
noncurrent) —
beginning balance
Cash, cash equivalents
and restricted
cash (current and $ 2,776 $ 638
noncurrent) — ending
balance
Vistra – Press Release
Nov. 6, 2026, Page 9
VISTRA CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
(Unaudited) (Millions of Dollars)
…
/
… … …
… … … …
R… T… E… … … … … …
──────────────────────────────────────────────────────────────────────────────
…
… $ 1… $ 1… $ 1… $ -… $ -… $ 1… $ -… $ 1…
…
…
… — — — — 3… 3… — 3…
…
…
…
… 4 -9 -… -3 2… 2… 1 2…
…
…
…
…
… 11 2… 5… 14 47 8… -5 8…
…
…
…
… 1… 2… 6… -… -… 2… -… 2…
…
…
…
…
…
… -… -… 2… 31 — -… — -…
…
…
…
…
…
… 5 — -4 — — 1 — 1
…
…
… — — — — 35 35 — 35
…
…
… — 1 3 — 22 26 — 26
…
…
…
… — — — 2… — 2… — 2…
…
…
…
… — -… — — — -… -… -…
…
…
… — 5 47 -2 — 50 10 60
…
… 6 5 9 4 -… 6 2 8
…
… $ 98 $ 1… $ 9… $ 76 $ -2 $ 2… $ -… $ 2…
…
___________
(a) Corporate and Other includes $24 million of unrealized mark-to-market net
gains on interest rate swaps.
(b) Includes nuclear fuel amortization of $36 million and $89 million,
respectively, in the Texas and East segments.
(c) Includes involuntary conversion gain recognized from Martin Lake Incident
property damage insurance in the Texas segment.
(d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and
environmental remediation expenses, and other expenses associated with the Moss
Landing Incident.
Vistra – Press Release
Nov. 6, 2026, Page 10
VISTRA CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026
(Unaudited) (Millions of Dollars)
E…
/
C… O… V…
a… O… A… C…
R… T… E… W… O… C… C… C…
──────────────────────────────────────────────────────────────────────────────
…
… $ -… $ 4… $ 1… $ … $ … $ … $ … $ …
…
…
… — — — — … … — …
…
…
…
… 27 -… -… … … … 2 …
…
…
…
…
… 31 6… 1… … … … 1 …
…
…
…
… -… 5… 1… … … … … …
…
…
…
…
…
… 9… -… 1… … — … — …
…
…
…
…
…
… 6 — -… — … … — …
…
…
… — — — — … … — …
…
…
… — 1 5 — … … — …
…
…
…
… — — — … — … — …
…
…
…
… — -… — — — … … …
…
…
… — 13 12 … — … … …
…
… 17 27 25 7 … … 3 …
…
… $ 9… $ 2… $ 2… $ … $ … $ … $ … $ …
…
___________
(a) Corporate and Other includes $31 million of unrealized mark-to-market net
gains on interest rate swaps.
(b) Includes nuclear fuel amortization of $102 million and $265 million,
respectively, in the Texas and East segments.
(c) Includes involuntary conversion gain recognized from Martin Lake Incident
property damage insurance in the Texas segment and revenues from Moss Landing
Incident business interruption proceeds in the Asset Closure segment.
(d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and
environmental remediation expenses, and other expenses associated with the Moss
Landing Incident.
Vistra – Press Release
Nov. 6, 2026, Page 11
VISTRA CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
(Unaudited) (Millions of Dollars)
…
/
… … …
… … … …
R… T… E… … … … … …
──────────────────────────────────────────────────────────────────────────────
…
… $ -… $ 8… $ 3… $ 1… $ -… $ 6… $ -… $ 6…
…
…
… — — — — 2… 2… — 2…
…
…
…
… 18 -9 -… -2 2… 2… 1 2…
…
…
…
…
… 23 1… 3… 14 18 5… — 5…
…
…
…
… 1 1… 6… 1… -… 1… -… 1…
…
…
…
…
…
… 20 -… 93 -… — -… -1 -…
…
…
…
…
…
… 8 1 8 — — 17 — 17
…
…
… — — — — 36 36 — 36
…
…
… 3 — 3 — 16 22 — 22
…
…
…
… — — 5 — — 5 — 5
…
…
…
… — 5 -… 1 — -… 6 -…
…
…
… — — 1 — — 1 — 1
…
…
… 5 8 7 2 -… -4 3 -1
…
… $ 37 $ 7… $ 7… $ 63 $ -… $ 1… $ -… $ 1…
…
___________
(a) Corporate and Other includes $10 million of unrealized mark-to-market net
losses on interest rate swaps.
(b) Includes nuclear fuel amortization of $35 million and $94 million,
respectively, in the Texas and East segments.
(c) Includes NDT (income) loss of the PJM nuclear facilities, ARO and
environmental remediation expenses, and other expenses associated with the Moss
Landing Incident.
Vistra – Press Release
Nov. 6, 2026, Page 12
VISTRA CORP.
NON-GAAP RECONCILIATIONS - ADJUSTED EBITDA
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
(Unaudited) (Millions of Dollars)
…
/
… … …
… … … …
R… T… E… … … … … …
──────────────────────────────────────────────────────────────────────────────
…
… $ 9… $ 9… $ -… $ 1… $ -… $ 8… $ -… $ 7…
…
…
… — — 1 — 1… 1… — 1…
…
…
…
… 53 -… -… -4 9… 9… 3 9…
…
…
…
…
… 70 5… 1… 45 57 1… -2 1…
…
…
…
… 1… 1… 1… 1… -… 3… -… 3…
…
…
…
…
…
… -… -… 6… -7 — 3… -2 3…
…
…
…
…
…
… 16 1 31 — — 48 — 48
…
…
… — — — — 82 82 — 82
…
…
… 8 — 4 — 50 62 — 62
…
…
…
… — 68 5 — — 73 — 73
…
…
…
… — -… — — — -… -… -…
…
…
… — 14 -… 1 — -… 95 -…
…
…
… 3 3 4 — — 10 1 11
…
…
…
… -6 21 11 7 -… -… 5 -…
…
… $ 9… $ 1… $ 1… $ 1… $ -… $ 4… $ -… $ 4…
…
___________
(a) Corporate and Other includes $84 million of unrealized mark-to-market net
losses on interest rate swaps.
(b) Includes nuclear fuel amortization of $96 million and $270 million,
respectively, in the Texas and East segments.
(c) Includes involuntary conversion gain recognized from Martin Lake Incident
property damage insurance in the Texas segment and revenues from Moss Landing
Incident business interruption proceeds in the Asset Closure segment.
(d) Includes NDT (income) loss of the PJM nuclear facilities, ARO and
environmental remediation expenses, and other expenses associated with the Moss
Landing Incident.
(e) Includes the final application of bill credits to large commercial and
industrial customers that curtailed their usage during Winter Storm Uri in the
Retail segment.
Vistra – Press Release
Nov. 6, 2026, Page 13
VISTRA CORP.
NON-GAAP RECONCILIATIONS - 2026 GUIDANCE
1
(Unaudited) (Millions of Dollars)
Vis…
On… As… Cor…
Op… Cl… Con…
Low Hi… Low Hi… Low High
──────────────────────────────────────────────────────────────────────────────
N…
i… $ 4,… $ 4,… $ -1… $ -1… $ 3,… $ 4,…
(…
I…
t… 1,… 1,… — — 1,… 1,…
e…
I…
e…
a… 1,… 1,… — — 1,… 1,…
r…
c…
(…
D…
a… 2,… 2,… — — 2,… 2,…
a…
(…
E…
b… $ 8,… $ 8,… $ -1… $ -1… $ 8,… $ 8,…
A…
U…
n…
(…
l… -1… -1… — — -1… -1…
r…
f…
h…
t…
F…
s… 45 45 — — 45 45
a…
i…
N…
c… 162 162 — — 162 162
e…
T…
a… 185 185 — — 185 185
m…
e…
D…
a… 117 117 86 86 203 203
(…
E…
s…
i…
e… 17 17 — — 17 17
&
o…
t…
i…
O… -60 -60 4 4 -56 -56
n…
A…
E… $ 7,… $ 7,… $ -80 $ -80 $ 7,… $ 7,…
g…
___________
1 Regulation G Table for 2026 Guidance prepared as of Nov. 6, 2026, based on
market curves as of Nov. 2, 2026.
(a) Includes $37 million interest related to noncontrolling interest repurchase.
(b) Includes nuclear fuel amortization of $416 million.
(c) Includes NDT (income) loss of the PJM nuclear facilities, ARO and
environmental remediation expenses, and other expenses associated with the Moss
Landing Incident.
Vistra – Press Release
Nov. 6, 2026, Page 14
VISTRA CORP.
NON-GAAP RECONCILIATIONS - 2026 GUIDANCE
1
(Unaudited) (Millions of Dollars)
Vis…
On… As… Cor…
Op… Cl… Con…
Low Hi… Low Hi… Low High
──────────────────────────────────────────────────────────────────────────────
A…
E… $ 7,… $ 7,… $ -80 $ -80 $ 7,… $ 7,…
g…
I…
p… -1… -1… — — -1… -1…
n…
T…
(… -57 -57 — — -57 -57
/
r…
W…
c…
m…
d… 182 182 -18 -18 164 164
a…
a…
e…
a…
R…
a… -59 -59 -44 -44 -1… -1…
r…
E…
s… -22 -22 — — -22 -22
i…
e…
O…
c…
in
o… -1… -1… -46 -46 -1… -1…
o…
a…
a…
l…
C…
p…
by $ 5,… $ 6,… $ -1… $ -1… $ 5,… $ 6,…
o…
a…
C…
e…
i…
n…
f… -1… -1… — — -1… -1…
p…
a…
L…
p…
(…
O…
n… -9 -9 — — -9 -9
i…
a…
W…
c…
m…
d… -1… -1… 18 18 -1… -1…
a…
a…
e…
a…
T…
a… 207 207 — — 207 207
m…
e…
I…
on
n… 60 60 — — 60 60
i…
r…
o…
E…
i… 22 22 — — 22 22
e…
O… 5 5 — — 5 5
n…
A…
f…
c…
f… $ 4,… $ 4,… $ -1… $ -1… $ 4,… $ 4,…
b…
g…
g…
___________
1 Regulation G Table 2026 Guidance prepared as of Nov. 6, 2026, based on market
curves as of Nov. 2, 2026.
(a) Includes property damage insurance proceeds of approximately $100 million
from 2024 Martin Lake event.
Vistra – Press Release
Nov. 6, 2026, Page 15
VISTRA CORP.
NON-GAAP RECONCILIATIONS - 2027 GUIDANCE
1
(Unaudited) (Millions of Dollars)
Vis…
On… As… Cor…
Op… Cl… Con…
Low Hi… Low Hi… Low High
──────────────────────────────────────────────────────────────────────────────
N…
i… $ 3,… $ 4,… $ -1… $ -1… $ 3,… $ 3,…
(…
I…
t… 890 1,… — — 890 1,…
e…
I…
e…
a… 1,… 1,… — — 1,… 1,…
r…
c…
D…
a… 2,… 2,… — — 2,… 2,…
a…
(…
E…
b… $ 7,… $ 8,… $ -1… $ -1… $ 7,… $ 8,…
A…
U…
n…
(…
l… -4… -4… — — -4… -4…
r…
f…
h…
t…
F…
s… 73 73 — — 73 73
a…
i…
N…
c… 155 155 — — 155 155
e…
T…
a… 32 32 6 6 38 38
m…
e…
D…
a… 77 77 25 25 102 102
(…
O… -81 -81 4 4 -77 -77
n…
A…
E… $ 7,… $ 8,… $ -75 $ -75 $ 7,… $ 8,…
g…
___________
1 Regulation G Table for 2027 Guidance prepared as of Nov. 6, 2026, based on
market curves as of Nov. 2, 2026.
(a) Includes nuclear fuel amortization of $404 million.
(b) Includes NDT (income) loss of the PJM nuclear facilities, ARO and
environmental remediation expenses, and other expenses associated with the Moss
Landing Incident.
Vistra – Press Release
Nov. 6, 2026, Page 16
VISTRA CORP.
NON-GAAP RECONCILIATIONS - 2027 GUIDANCE
1
(Unaudited) (Millions of Dollars)
Vis…
On… As… Cor…
Op… Cl… Con…
Low Hi… Low Hi… Low High
──────────────────────────────────────────────────────────────────────────────
A…
E… $ 7,… $ 8,… $ -75 $ -75 $ 7,… $ 8,…
g…
I…
p… -1… -1… — — -1… -1…
n…
T…
(… -1… -1… — — -1… -1…
/
r…
W…
c…
m…
d… 704 704 — — 704 704
a…
a…
e…
a…
R…
a… -1… -1… -1… -1… -2… -2…
r…
O…
c…
in
o… -1… -1… -90 -90 -1… -1…
o…
a…
a…
l…
C…
p…
by $ 6,… $ 7,… $ -2… $ -2… $ 6,… $ 7,…
o…
a…
C…
e…
i…
n…
f… -1… -1… — — -1… -1…
p…
a…
L…
p…
(…
O…
n… -20 -20 10 10 -10 -10
i…
a…
W…
c…
m…
d… -7… -7… — — -7… -7…
a…
a…
e…
a…
T…
a… 30 30 — — 30 30
m…
e…
O… 16 16 41 41 57 57
n…
A…
f…
c…
f… $ 4,… $ 5,… $ -2… $ -2… $ 4,… $ 4,…
b…
g…
g…
____
________
1 Regulation G Table 2027 Guidance prepared as of Nov. 6, 2026, based on market
curves as of Nov. 2, 2026.
(a) Includes expected property damage insurance proceeds of approximately $74
million from 2024 Martin Lake event.