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VISTRA NEWS RELEASE Vistra Reports Third Quarter 2021 Results and Announces Additional Long - Term Capital Allocation Plan Details Exhibit 99.1 Returning Capital to Financial Stakeholders Announced plans to return at least $ 7.5 billion to common stockholders through year - end 2026 , reflecting an average annual ~ 15 % cash yield on the stock at the current stock price , via a combination of share repurchases and dividends , with plans to retire at least $ 1.5 billion of debt by year - end 20221 : Share Repurchases • Announced , in October , a $ 2 billion share repurchase program , which is sized at over 20 % of the company's current market cap and is expected to be executed by year - end 2022. The share repurchase program is partially funded by $ 1 billion of preferred equity raised in October . Vistra expects it will opportunistically repurchase another ~ $ 4 billion of common stock between 2023 and 2026 , so long as the company believes its stock is undervalued . In total , this five - year allocation to share repurchases represents > 60 % of the company's current market capitalization . Dividends • • Announced an updated dividend policy pursuant to which Vistra expects to commit $ 300 million² annually toward its common dividend program , totaling $ 1.5 billion over the five - year period . Assuming $ 6 billion of share repurchases executed at Vistra's current stock price³ , Vistra's annualized dividend per share would grow by ~ 175 % by year - end 2026 . Debt Repayments • Reaffirmed its commitment to a strong balance sheet , announcing plans to retire ~ $ 1.5 billion of debt by year - end 20221 with plans for up to $ 3 billion of debt repayments by year - end 20261 . Financial Highlights Delivered third quarter 2021 Net Income of $ 10 million and Net Income from Ongoing Operations4 of $ 16 million . Third quarter 2021 Ongoing Operations Adjusted EBITDA4 was $ 1,177 million . Excluding the Winter Storm Uri ( Uri ) impacts , Vistra's Ongoing Operations Adjusted EBITDA , excluding Uri4,5 , was $ 1,167 million . Raised and narrowed 2021 Ongoing Operations Adjusted EBITDA4 guidance range to $ 1,890 to $ 2,090 million and revised and narrowed Ongoing Operations Adjusted Free Cash Flow before Growth4 ( FCFbG ) guidance range to $ 100 to $ 300 million . The Ongoing Operations Adjusted EBITDA guidance range includes ~ $ 500 million6 from ERCOT's securitization of certain Uri - related costs borne by load - serving entities , which partially offsets the retail portion of the greater than $ 2 billion financial loss Vistra recorded in the first quarter of 2021. The cash impact of the securitization is reflected in Vistra's 2022 Adjusted FCFBG guidance range , which is the year in which the company expects to receive the cash proceeds .