10-Q · May 6, 2026
Gulfport Energy Corporation reported strong Q1 2026 earnings with revenue of $437.5 million, surpassing expectations. Gross margin improved significantly to 72.7%, although EPS of $7.28 fell short of the expected $7.72.…
Earnings analysis · 10-Q
GPOR earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Gulfport's $323.228 million Q2 revenue beat consensus by 2.8%, but it declined 28.7% sequentially, while $3.917 EPS missed consensus by 13.7% and was down sharply from both Q1 2026 and Q2 2025. Underlying production…
Read full summary
Gulfport's $323.228 million Q2 revenue beat consensus by 2.8%, but it declined 28.7% sequentially, while $3.917 EPS missed consensus by 13.7% and was down sharply from both Q1 2026 and Q2 2025. Underlying production sales decreased 16% year over year as total production fell to 962,753 Mcfe/d, particularly from the SCOOP and oil/condensate volumes; gross and operating margins were not disclosed in the provided filing data. Liquidity remained ample at $772.4 million, but the company carried $930.0 million of funded debt, had just $1.1 million of cash, and continued sizable spending on acreage, development, and share repurchases. Management expects 2026 production of 1.030-1.055 Bcfe/d and approximately $430.0 million of base capital spending, plus $140.0 million of discretionary acreage acquisitions.
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
- $3.917
- Segment
- Utica & Marcellus: Q2 production of 799,955 Mcfe/d, versus 800,557 Mcfe/d in Q2 2025 (-0.1%).
- Segment
- SCOOP: Q2 production of 162,798 Mcfe/d, versus 205,742 Mcfe/d in Q2 2025 (-20.9%).
What stood out
-
Revenue beat consensus but fell sharply sequentially
Q2 revenue was $323.228 million, up $11.228 million (3.6%) from $312 million in Q2 2025, though down $129.772 million (28.7%) from $453 million in Q1 2026. Q2 revenue exceeded the $314.367 million consensus estimate by $8.861 million (2.8%).
-
Operating cash flow rose year to date
Operating cash flow was $149.9 million in Q2. For the first six months, operating cash flow increased to $442.847 million from $408.683 million a year earlier, while cash oil-and-gas-property expenditures were $312.787 million.
-
Substantial revolver liquidity remains
The company generated total liquidity of $772.4 million at quarter-end, including approximately $771.3 million of credit-facility availability. The borrowing base and elected commitments were both reaffirmed/increased to $1.1 billion in May.
-
Core Appalachia production and inventory supported
Utica and Marcellus production was essentially stable at 799,955 Mcfe/d in Q2 2026 versus 800,557 Mcfe/d in Q2 2025. Gulfport also agreed to acquire approximately 4,700 net Ohio acres for approximately $83.0 million, expected to add approximately 16 net future locations.
-
Capital returns remained meaningful
Gulfport repurchased 392,222 shares for $70.0 million in Q2 and repurchased 1,258,501 shares for approximately $242.8 million during the first half at a weighted-average price of $192.91 per share.
What to watch
-
EPS declined sharply and missed consensus
Diluted EPS of $3.917 missed the $4.54 consensus estimate by $0.623 (13.7%). EPS fell from $8.87 in Q1 2026 and $9.12 in Q2 2025, declines of 55.8% and 57.1%, respectively.
-
Underlying production sales declined
Production sales declined 16% year over year to $261.553 million from $311.515 million. Natural-gas sales fell 18% to $198.253 million and oil/condensate sales fell 21% to $32.841 million, reflecting lower volumes and gas pricing.
-
Production decline led by SCOOP and liquids
Total production fell 4.3% to 962,753 Mcfe/d from 1,006,299 Mcfe/d. SCOOP production declined 20.9% to 162,798 Mcfe/d, while oil and condensate volumes dropped to 4,203 Bbl/d from 7,843 Bbl/d.
-
Debt increased while cash remained minimal
Total funded debt was $930.0 million at June 30, consisting of $280.0 million drawn on the credit facility and $650.0 million of 2029 Senior Notes, while cash was only $1.1 million. First-half net debt activity added $133.0 million.
-
High capital and buyback cash commitments
Cash property expenditures were $312.787 million in the first half, including $90.674 million for leasehold and seismic acquisitions, while share repurchases consumed $242.343 million. This combination contributed to a $759,000 decrease in cash to $1.054 million.
-
Commodity and hedge-value sensitivity persists
No updated Item 1A risk factors were provided; the filing refers investors to the 2025 Form 10-K. Market sensitivity remains material: a 10% commodity-price increase would reduce the $96.5 million net derivative asset by approximately $87.2 million.
Management's outlook
No revenue or EPS guidance was provided in the 10-Q. Management currently estimates 2026 operated drilling and completion capex of approximately $395.0 million, maintenance land and seismic spending of approximately $35.0 million, and production of 1.030-1.055 Bcfe/d; it is targeting $140.0 million of 2026 discretionary acreage acquisitions through year-end.
Earlier filings 4
10-K · February 25, 2026
Gulfport Energy Corporation's 10-K filing for the year ending December 31, 2025, reflects a substantial recovery with reported revenues of $1.42 billion, up from $958 million in 2024, along with a swing to a net income…
10-Q · November 5, 2025
Gulfport Energy Corporation reported strong Q3 2025 results with a total revenue of $379.7 million, representing a significant 76% increase from Q3 2024. Diluted EPS was $4.93, exceeding estimates and reflecting a…
10-Q · August 6, 2025
Gulfport Energy's Q2 2025 10-Q reveals a significant uptick in revenue and EPS compared to both the prior quarter and year, showing a recovery in operational performance driven by natural gas and oil sales. Despite…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.