10-K · February 19, 2026
Comstock Resources materially improved results in 2025 driven by higher realized natural gas prices and gas services growth, reporting net income of $420.2 million ($1.43 diluted EPS) versus a net loss of $218.8 million…
Earnings analysis · 10-Q
CRK earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Comstock Resources reported strong Q1 2026 results, marked by substantial growth in revenue to $587.4 million, a 14% increase from prior quarter revenues of $513 million, driven primarily by higher natural gas prices.…
Read full summary
Comstock Resources reported strong Q1 2026 results, marked by substantial growth in revenue to $587.4 million, a 14% increase from prior quarter revenues of $513 million, driven primarily by higher natural gas prices. However, diluted EPS was weaker at $0.15 compared to expectations of $0.23 and a prior quarter EPS of $0.44, reflecting ongoing challenges despite strong operational cash flow improvements.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.15
- Operating margin
- 30%
- Segment
- Natural gas and oil sales, $419M; Gas Services, $166.5M
What stood out
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Revenue Increased 14% QoQ
Revenue reached $587.4 million in Q1 2026, up from $513 million in Q4 2025, driven by stronger natural gas prices.
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Operating Cash Flow Rose 56%
Operating cash flow reached $272 million, a 56% increase from $175 million in Q1 2025, reflecting effective cost and price management.
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Gas Services Segment Up by 67%
Gas services revenue increased by 67%, from $99.9 million in Q1 2025 to $166.5 million in Q1 2026.
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Lower Production Expenses
Production and ad valorem taxes decreased by 7% to $10.4 million compared to $11.2 million in Q1 2025.
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Improved Operating Margin
Operating margin improved significantly to 30% in Q1 2026 from 24.6% in Q1 2025.
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Interest Expense Reduced
Interest expenses lowered to $53.1 million from $54.8 million in Q1 2025 due to decreased borrowings.
What to watch
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Weaker EPS vs Expectations
EPS fell short of expectations at $0.15 compared to estimates of $0.23.
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High Free Cash Flow Deficit
Free cash flow was negative at -$223.3 million for the quarter, highlighting liquidity concerns.
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Production Decline Risks
Natural gas production fell 15% YoY, decreasing from 115.0 Bcf in Q1 2025 to 97.9 Bcf in Q1 2026.
Management's outlook
Outlook deferred to earnings press release/call.
Earlier filings 4
10-Q · November 4, 2025
Comstock reported Q3 2025 revenue of $449,852,000 (vs. $304,472,000 in Q3 2024), producing operating income of $50,213,000 and diluted EPS of $0.40 versus a loss per share of $(0.09) a year ago. Results were driven by…
10-Q · August 1, 2024
Comstock Resources experienced a significant decline in revenue and marked losses in Q2 2024 compared to prior periods. Revenue fell to $246.8 million, down 14.4% from $288.2 million year-over-year, and the diluted EPS…
10-Q · May 2, 2024
Comstock reported Q1 revenue of $335,772,000 (down from $489,578,000 a year ago) and an operating loss of $12,847,000 (operating margin -3.8%). GAAP diluted loss per share was $(0.05). Operating cash flow was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.