10-K · February 26, 2026
Matador Resources’ 2025 10-K emphasizes execution on a Delaware Basin-led growth plan: record production (43.7 million Bbl oil, +20%) and reserves (667.0 million BOE, +9%), midstream expansion (Marlan plant capacity up…
Earnings analysis · 10-Q
MTDR earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Matador Resources reported significant declines in Q1 2026 compared to the prior year, with total revenue decreasing 34% to $671.6 million and a net loss of $35.9 million, resulting in an EPS of -$0.29. The company’s…
Read full summary
Matador Resources reported significant declines in Q1 2026 compared to the prior year, with total revenue decreasing 34% to $671.6 million and a net loss of $35.9 million, resulting in an EPS of -$0.29. The company’s increased oil production and capital expenditures guidance reflect a focus on growth despite the revenue shortfall and challenging market conditions.
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
- $-0.29
- Segment
- midstream
What stood out
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Q1 Revenue Declined 34% YoY
Revenue fell to $671.6 million, down from $1.01 billion in Q1 2025.
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Q1 Net Loss of $35.9 Million
The company reported a net loss of $35.9 million, compared to net income of $240.1 million in Q1 2025.
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Oil Production Increased 5%
Average daily oil production rose to 120,277 Bbl per day from 115,030 Bbl per day a year earlier.
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Increased 2026 Capital Expenditure Guidance
Capital expenditures budget increased to $1.35-$1.44 billion for drilling and midstream projects.
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27% Growth in Midstream Revenues
Midstream services revenue increased from $33.5 million to $42.1 million, up 26% year-over-year.
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Free Cash Flow Negative
Free cash flow in Q1 was reported at -$53 million, indicating cash consumption amid rising expenditures.
What to watch
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Significant Unrealized Derivative Losses
A net loss of $255.5 million on derivatives impacted Q1 results substantially.
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Natural Gas Revenue Plummeted by 80%
Natural gas revenues fell to $30.4 million from $160.6 million in Q1 2025, significantly impacting overall revenue.
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Cash Flow from Operations Decreased 35%
Net cash provided by operating activities reduced to $470.5 million from $727.9 million in the prior year.
Management's outlook
2026 capital expenditure guidance remains at $1.35 to $1.44 billion.
Earlier filings 4
10-Q · October 24, 2025
Matador reported Q3 2025 total revenues of $939,015,000 (up $39,232,000 or 4.4% vs Q3 2024) and diluted EPS of $1.42 (down $0.57 or 28.6% vs Q3 2024). Operating income for the quarter was $305,979,000 (operating margin…
10-Q · July 25, 2025
Matador reported Q2 revenue of $895,312 (thousands) and diluted EPS of $1.21 for the three months ended June 30, 2025. Revenue exceeded prior year Q2 but declined versus the prior quarter; operating income and EPS…
10-Q · April 28, 2025
Matador reported strong Q1 2025 operating and cash results: total revenues were $1,013,958 (in thousands) and diluted EPS was $1.92, both up versus Q1 2024. Operating cash flow was robust at $727,879 (in thousands) and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.