Company filings, made visual.

Source & review

SEC accession

0001692819-26-000014

Filed

Date not recorded

Reviewed

2026-07-26

Status

Individual filing review complete

How to read these figures

The Sankey maps adjusted EBITDA by operating role and geography rather than revenue because large intersegment retail-generation contracts and unrealized hedging entries make segment revenue non-additive. Adjusted EBITDA is a non-GAAP management measure. The $723M unrealized commodity gain is excluded from adjusted EBITDA and discussed separately.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

• Retail sold 30.1 TWh, down 10% in mild weather. Its customer book economically hedges generation even though transfer pricing places most profit in generation segments.
• Texas generated 20.1 TWh; its nuclear fleet ran at a 100.8% capacity factor and gas generation increased slightly.
• East generated 30.0 TWh, including 8.0 TWh nuclear and 17.5 TWh gas. Higher capacity and energy prices drove the largest EBITDA gain.
• A $723M unrealized commodity gain helped swing GAAP net income from a $268M loss to $1.03B, but it is excluded from adjusted EBITDA.
• Vistra has hedged essentially all expected 2026 nuclear, renewable, coal and gas output, reducing near-term price exposure while shifting value through derivative marks.