Vistra, one of the largest power suppliers to artificial intelligence infrastructure in the United States, reported a sharp rise in third-quarter profit on 6 November and raised its outlook for the full year, sending its shares nearly 10 per cent higher in the day's session.

Net income rose to 1.14 billion dollars, up about 75 per cent from 652 million dollars in the same quarter of 2025. Ongoing Operations Adjusted EBITDA, the company's preferred measure of core operating earnings, rose more than 50 per cent to a record 2.378 billion dollars, from 1.581 billion dollars a year earlier.

Revenue missed, profit beat

Revenue rose 28 per cent year on year to 6.35 billion dollars, but came in below the 6.79 billion dollars analysts had expected. Diluted earnings per share of 3.01 dollars beat the consensus estimate of 2.71 dollars.

The profit figure included a 559 million dollar unrealised gain on hedges, which are financial contracts that protect against price moves and are expected to settle in future years. The company said higher realised power prices, increased capacity revenue, fleet optimisation and the return of Martin Lake Unit 1 supported the result.

Outlook raised for 2026 and 2027

Vistra raised and narrowed its 2026 adjusted EBITDA guidance to between 7.1 billion and 7.5 billion dollars, and introduced 2027 guidance of 7.7 billion to 8.5 billion dollars. It also added a 1.5 billion dollar share buyback.

The company closed its roughly 4 billion dollar Cogentrix acquisition on 30 October, adding about 5,500 megawatts and taking its generation fleet to about 50,000 megawatts, as demand from data centres keeps rising.