Vistra printed 311 million of Texas Adjusted EBITDA against 142 million a year earlier, and 642 million of East Adjusted EBITDA against 418 million, on the 7 August 2026 release for the quarter ended 30 June. Ongoing Operations Adjusted EBITDA was 1,767 million against 1,349 million. The company named higher realized energy and capacity prices, and three months of plants acquired from Lotus. Energy margins in Texas are the spark as Vistra prints it. East is the capacity clock. Carbon-attribute, REC, or CFE sales are not the product of those megawatts.
Vistra printed 311 million of Texas Adjusted EBITDA and 642 million of East Adjusted EBITDA.
The tape is a session
Vistra Corp. printed 149.30 on the owned scan of 5 September, up 8.9 percent on the five-day window. Sector Utilities. No earnings clock on the row. That is a share print. It is a session.
Friday 4 September Utilities were plus 0.25 percent. Energy was plus 1.66 percent. Technology was minus 1.51 percent. The S&P 500 closed 7,718.6, down 0.38 percent, with 42 percent advancing. The VIX closed 14.39. The ten-year closed 4.78 percent, up two basis points. Constellation Energy printed 298.96, up 8.0 percent on five days. NRG Energy printed 119.02, up 7.1 percent. Those are other independent-power prints. They are not this object. A five-day bid in Vistra can run hotter than the Utilities sleeve. That is a holder fact. It is a session.
The spark is the spread
A spark spread is the power price minus the gas it takes to make the megawatt-hour, at the plant heat rate. It is not a climate adjective. Vistra is a holding company in competitive energy markets, retail and generation, on the 10-Q. Independent power. Not rate base. This page does not reprint a hub price, a heat-rate dollar, or an ISO clearing print. Those are ISO objects. They become a Vistra line when a 10-Q names energy margins or realized energy.
The 7 August 2026 earnings release, quarter ended 30 June, printed Ongoing Operations Adjusted EBITDA of 1,767 million dollars against 1,349 million a year earlier, up 418 million. The company wrote the driver: higher realized energy and capacity prices, and three months of plants acquired from Lotus. Texas Adjusted EBITDA 311 million against 142 million. East 642 million against 418 million. Retail 773 million against 756 million. Retail is a customer book. The 10-Q for the quarter ended 31 March already split the same object: a 445 million dollar favorable change in realized revenue net of fuel, driven primarily by higher realized capacity prices in East, energy margins in Texas, and the Lotus plants. Energy margins in Texas are the spark as Vistra prints it. As of 3 August the company said expected generation was about 100 percent hedged for 2026, about 94 percent for 2027, and about 72 percent for 2028. A hedge books the spread. It does not turn the fleet into a certificate.
The clock is capacity
A capacity clock pays a resource to be available in a delivery year. East is that clock on this file. Texas, in ERCOT, is energy. The 2025 Form 10-K put 19,858 megawatts, 46 percent of the fleet, in Texas, and 22,254 megawatts, 51 percent, in the East across PJM, ISO-NE, MISO, and NYISO. Flatten East into Texas and a capacity year gets graded as a spark year. Flatten both into Utilities and a merchant fleet gets graded as rate base. Do not flatten them.
Comments on PJM Interim Resource Adequacy Service, docket ER26-3380, closed 3 September. The order they asked for is 12 October. A Large Load of 50 megawatts that skips new steel is first to curtail. That is the load-side filing. The generator-side fact is older. Competitive gas and nuclear already live in the auction in the East, and already live on energy in Texas. This page does not reprint a clearing price. A later owned scan that reprints 149.30 as a different handle would be a session. It would not be a delivery year.