CRK earnings analysis
What we found in CRK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- Lower Production Expenses
- Production and ad valorem taxes decreased by 7% to $10.4 million compared to $11.2 million in Q1 2025.
- Improved Operating Margin
- Operating margin improved significantly to 30% in Q1 2026 from 24.6% in Q1 2025.
- Interest Expense Reduced
- Interest expenses lowered to $53.1 million from $54.8 million in Q1 2025 due to decreased borrowings.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weaker EPS vs Expectations
- EPS fell short of expectations at $0.15 compared to estimates of $0.23.
- High Free Cash Flow Deficit
- Free cash flow was negative at -$223.3 million for the quarter, highlighting liquidity concerns.
- Production Decline Risks
- Natural gas production fell 15% YoY, decreasing from 115.0 Bcf in Q1 2025 to 97.9 Bcf in Q1 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.15
- Operating margin
- 30%
- Segment
- Natural gas and oil sales, $419M; Gas Services, $166.5M
What they said about what is next.
Outlook deferred to earnings press release/call.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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