CTRA earnings analysis
What we found in CTRA'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
Coterra Energy's Q1 2026 revenue hit $2.02 billion, a notable increase from $1.73 billion in Q4 2025, and diluted EPS declined to $0.61 from $0.68 year-over-year. The company's operating cash flow surged by 44% to $1.646 billion, boosted by higher oil and natural gas production despite facing challenges from reduced natural gas volumes.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Growth
- Coterra achieved revenue of $2.02 billion in Q1 2026, an increase of 16.9% from $1.73 billion in Q4 2025.
- Strong Operating Cash Flow
- Operating cash flow increased by 44%, rising from $1.144 billion in Q1 2025 to $1.646 billion in Q1 2026.
- High Gross Margin
- Gross margin remained robust at 100%, indicative of effective cost management and product pricing.
- Reduced Debt
- Total debt decreased from $3.818 billion as of December 31, 2025, to $3.513 billion by March 31, 2026.
- Increased Production Volumes
- Total equivalent production rose to 69.4 MMBoe, up 3.3% from 67.2 MMBoe in Q1 2025.
- Merger Approval
- Stockholders approved the merger with Devon Energy, expected to close on May 7, 2026.
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.
- Decline in Natural Gas Production
- Natural gas production decreased by 6% to 257.9 Bcf compared to 273.9 Bcf in Q1 2025.
- Commodity Price Volatility
- Continued geopolitical tensions may affect oil prices, with the average realized price for oil dropping to $67.28 per Bbl in Q1 2026.
- Potential Regulatory Action
- Ongoing environmental compliance issues have arisen, including a NOVOC from the EPA alleging Clean Air Act violations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.61
- Gross margin
- 100%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · April 24, 2026
- The Amendment No.1 to Coterra’s 2025 Form 10-K adds Part III (governance, executive compensation and related-party disclosures) and confirms the February 1, 2026 merger agreement with Devon (0.70 exchange ratio) that…
- 10-K · February 27, 2026
- Coterra’s 2025 10-K emphasizes growth by acquisition (FME $2.5B, Avant $1.5B) and a strategy of disciplined capital allocation and shareholder returns (raised annual dividend to $0.88 and returned over $2.2B via…
- 10-Q · August 5, 2025
- Coterra reported Q2 2025 revenue of $1,965 million and income from operations of $708 million, material YoY increases driven by oil, natural gas and NGL volumes and a large positive derivative mark-to-market. Diluted…
- 10-K · February 25, 2025
- Coterra positions itself as a premier U.S.-focused E&P with a multi-basin portfolio (Permian, Marcellus, Anadarko), disciplined capital allocation and a shareholder return policy targeting 50%+ of annual free cash flow.…
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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