Aug 7, 2026 earnings call — Data center growth and Helix partnership
Vistra reported second quarter Adjusted EBITDA of $1.767 billion and committed up to $1 billion to Helix Digital Infrastructure.
Revenue $4.0B (est $5.5B) · EPS $0.76 (est $1.61)
Key quotes
"This preparation was evident during the recent heat waves in Texas and PJM, where we achieved commercial availability of over 97% across the entire fleet."
"First, as a founding investor, Vistra will commit up to $1 billion to be invested over time, with any amount in excess of $500 million subject to the achievement of certain milestones."
"We currently have approximately $1.2 billion of share repurchase authorization remaining, which we expect to exhaust no later than the end of 2027."
Analyst Q&A 7
Texas data center audit and delays
Q (Constantine · Wells Fargo): Analyst asked about Texas data center audits, possible delays to Batch Zero, and whether customers or counterparties are concerned. He also asked if there is near-term pressure and whether hedging can mitigate 2027–2028 risks.
A: Management said their long-term ERCOT load forecast has not changed and they expect the audit to pause some reviews for a couple of months. They do not see their key Comanche Peak project being affected and continue comprehensive hedging to manage timing risks.
"I don't think it's a concern in the intermediate and long term, I think, and we'll talk, I'm sure, at some point in the Q&A about the forward pricing." — Jim Burke (CEO)
ERCOT vs PJM customer interest
Q (Jeremy Tonet · JPMorgan): Analyst asked how conversations with customers differ between ERCOT and PJM and where Vistra is focusing contract efforts. He also asked about RBP versus bilateral deals and views on IRAS.
A: Management said both markets have strong customer interest but are at different stages; ERCOT is less tight now while PJM is tighter. They favor bilateral deals where possible, see customers willing to be flexible, and prefer incentive-based (carrot) approaches over mandates; they will weigh in on proposals when filed.
"We continue to see really high interest in both of our largest markets, ERCOT and PJM." — Stacey Doré
Helix platform and 2027 outlook
Q (Michael Sullivan · Wolfe): Analyst asked how Vistra will scale and fund the Helix platform, what milestones trigger more investment, and how the 2026–2027 financial outlook looks given ERCOT softness.
A: Management said Helix is additive and gives Vistra flexibility to participate as an equity or power provider, with an extra $500 million available if milestones are met. On guidance, they expect 2026 at or above midpoint; 2027 faces ERCOT headwinds partially offset by PJM gains and hedges, so they expect to trend toward the lower end of the range.
"I would say that they don't fully offset the ERCOT headwinds, so we would be trending towards the lower end of that range." — Kris Moldovan (CFO)
Helix partners and Texas queue timeline
Q (James West · Melius): Analyst asked whether Helix will add more investors and how the entity will raise capital, and also asked for the timeline for Texas audit and queue cleanup under Governor Abbott.
A: Management said Vistra is a founding investor and expects Helix to add more investors; each deal will be negotiated on financing and Vistra has flexibility. They also said there is not a moratorium now, but a pause is expected and audits should finish in a couple months without affecting their project timelines.
"Like, there isn't a moratorium at this point in time, and there is a pause on letting people know we were expecting to hear where we would stand from a base load for Batch Zero any day now." — Jim Burke (CEO)
Share repurchase and hedging activity
Q (Carly Davenport · Goldman Sachs): Analyst asked about willingness to use cash for buybacks and whether Vistra would seek more authorization for the remaining $1.2 billion. She also asked for detail on hedging changes by region.
A: Management said they have flexibility and expect to exhaust the remaining authorization no later than the end of 2027, and they may seek additional authorization to ensure at least $1 billion for 2027. They declined to give granular hedging details on the call but noted diversification across ERCOT and PJM has offset moves and discussed battery effects on pricing.
"As we look at opportunities for share repurchases, I think there could be an opportunity, and we are flexible in adding to the share repurchase program in 2026 and/or 2027." — Kris Moldovan (CFO)
Helix pipeline and Batch Zero projects
Q (David Arcaro · Morgan Stanley): Analyst asked for MW or timing in the Helix project pipeline and return targets, and whether Vistra has other Batch Zero projects beyond Comanche Peak.
A: Management said Helix was just launched and is building a pipeline with KKR; it will simplify multi-party PPA conversations and expand opportunity sets. Vistra will target the same mid-teens returns for projects it undertakes and confirmed they have multiple projects in Batch Zero across baseload and to-be-studied categories, without giving specifics.
"For us at Vistra, we would be looking to achieve the same mid-teens return targets that we've always promised our investors." — Stacey Doré
Co-location rules and contracting appetite in PJM
Q (Rinny Singh · BofA): Analyst asked how co-location will proceed after FERC activity and the timeline for clarity, and whether customers prefer energy plus capacity contracts or energy-only in PJM.
A: Management said FERC's June co-location order clearly requires PJM and transmission owners to accommodate co-location and to amend tariffs; PJM and TOs were ordered to file compliance by mid-August but asked for more time. They are seeing robust customer appetite for both energy and capacity contracts, not a major move to energy-only deals.
"They have made it crystal clear that PJM and the transmission owners need to accommodate co-location." — Stacey Doré