Vistra reported profit of $1.14 billion, up from $652 million a year earlier and above analysts’ estimate of $1.01 billion. The result included a $559 million unrealized gain from hedges expected to settle in future years, the company said.

Revenue increased to $6.35 billion from $4.97 billion, topping the $6.03 billion forecast by analysts.

Chief Executive Jim Burke said the summer brought record weather across Vistra’s markets. Two of the company’s core markets set peak-demand records in July, he said, and Vistra’s fleet maintained commercial availability of nearly 95% through that period.

The board on Friday authorized an additional $1.5 billion for share repurchases, which the company expects to complete by the end of 2028.