Vista Energy (VISTAA) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with total production reaching 135 Mboe/d, up 67% year-over-year, driven by the La Amarga Chica acquisition, organic growth, and recent M&A activity.

• Revenues rose 58% year-over-year to $694 million, with adjusted EBITDA up 64% to $451 million and a margin of 65%.

• Net income was $108 million, up 30% year-over-year; EPS was $1.0.

• Free cash flow was -$341 million, impacted by one-off working capital and tax items; recurring free cash flow was nearly neutral.

• Updated 2026 guidance reflects higher production, adjusted EBITDA, and free cash flow, with further upside expected post-Equinor Transaction closing.

Financial highlights

• Total production averaged 134,700–135,000 BOEs/day in Q1, up 67% year-over-year; oil production rose 68%.

• Q1 revenues reached $694 million, a 58% increase year-over-year; net revenues were $670.6 million, up 59%.

• Adjusted EBITDA was $451 million, up 64% year-over-year, with a margin of 65%.

• Net income was $108 million; EPS was $1.0.

• Free cash flow was -$341 million, impacted by non-recurring items.

• Cash position at quarter-end was $615 million.

Outlook and guidance

• Full-year 2026 production guidance raised to 143,000 BOEs/day; capex guidance unchanged at $1.5–$1.6 billion.

• Adjusted EBITDA guidance for 2026: $2.9B at $85 Brent, with potential to reach $3B post-Equinor acquisition.

• Free cash flow guidance for 2026: $1.5–1.6B at $85 Brent.

• Guidance will be updated after closing of the Equinor Transaction, expected in May 2026.