GPOR earnings analysis
What we found in GPOR'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- 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 they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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.…
- 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…
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