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…
Earnings analysis · 10-Q
CTRA earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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
- $0.61
- Gross margin
- 100%
What stood out
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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.
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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.
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High Gross Margin
Gross margin remained robust at 100%, indicative of effective cost management and product pricing.
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Reduced Debt
Total debt decreased from $3.818 billion as of December 31, 2025, to $3.513 billion by March 31, 2026.
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Increased Production Volumes
Total equivalent production rose to 69.4 MMBoe, up 3.3% from 67.2 MMBoe in Q1 2025.
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Merger Approval
Stockholders approved the merger with Devon Energy, expected to close on May 7, 2026.
What to watch
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Decline in Natural Gas Production
Natural gas production decreased by 6% to 257.9 Bcf compared to 273.9 Bcf in Q1 2025.
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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.
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Potential Regulatory Action
Ongoing environmental compliance issues have arisen, including a NOVOC from the EPA alleging Clean Air Act violations.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.