10-Q · April 21, 2026
Range reported a strong Q1 with revenues of $1,034,170 (thousands) and diluted EPS of $1.44, materially ahead of the prior-year quarter. Operating cash flow and free cash flow surged, driven by higher realized commodity…
Earnings analysis · 10-Q
RRC earnings analysis
Filed July 21, 2026 · Our reading of the company's report
The latest report
Range delivered higher Q2 commodity sales and production, but GAAP net income declined to $195.3 million and diluted EPS declined to $0.83 from $0.99 a year earlier because derivative fair-value income fell by $81.207…
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Range delivered higher Q2 commodity sales and production, but GAAP net income declined to $195.3 million and diluted EPS declined to $0.83 from $0.99 a year earlier because derivative fair-value income fell by $81.207 million. First-half operating cash flow rose to $854.2 million and funded $354.8 million of capital expenditures, while the company redeemed $600 million of 8.25% notes and retained approximately $1.5 billion of liquidity. The filing offers no numerical earnings or revenue outlook, emphasizing continued commodity-price volatility, flexible capital spending and operating-cash-flow funding of the 2026 capital program.
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
- $0.83
- Segment
- Single operating segment (Appalachian natural gas, NGLs and oil): Q2 2026 natural gas, NGL and oil sales were $702.087 million, comprising natural gas $339.796 million, NGLs $312.822 million and oil $49.469 million.
What stood out
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Underlying commodity sales rose 5%
Q2 2026 total revenue was $795.296 million. Natural gas, NGL and oil sales rose 5% year over year to $702.087 million, driven by 5% higher total production and a 1% increase in realized prices before derivative settlements.
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NGL and oil strength offsets gas-sales decline
Production increased 5% year over year to 208.972 Bcfe, or 2.296 Bcfe/d. NGL sales increased $74.788 million to $312.822 million and oil sales increased $18.820 million to $49.469 million, offsetting a $58.159 million decline in natural-gas sales to $339.796 million.
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GAAP EPS fell despite higher production
Net income was $195.3 million, or $0.83 per diluted share, versus $237.6 million, or $0.99 per diluted share, in Q2 2025. The year-over-year EPS decline was primarily attributed to derivative fair-value income falling to $73.540 million from $154.747 million.
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First-half cash generation covered capital spending
First-half operating cash flow increased $187.9 million year over year to $854.2 million. First-half capital expenditures were $354.8 million, or about 42% of operating cash flow, implying approximately $499.3 million of cash flow after reported capital spending before financing and shareholder returns.
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Debt structure improved; liquidity remains ample
Range redeemed $600 million principal of 8.25% notes due 2029 in January, and total debt stood at approximately $881.0 million at June 30. It retained about $1.5 billion of liquidity, including $1.5 billion available under its credit facility.
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Capital returns continued
The company returned $102.0 million in Q2 through $78.4 million of share repurchases and $23.6 million of dividends. The quarterly dividend increased 11% year over year to $0.10 per share, while approximately $1.4 billion remained under the buyback authorization.
What to watch
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Natural-gas pricing remains the central risk
Natural-gas price exposure remains material: Q2 realized natural-gas price before derivative settlements declined 17% year over year to $2.41 per mcf from $2.92 per mcf, and 64% of December 31, 2025 proved reserves were natural gas.
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Unit costs rose and quarterly OCF declined
Cost pressure offset part of operating leverage: direct operating expense rose to $0.13 per mcfe from $0.11, G&A rose to $0.23 per mcfe from $0.21, and Q2 operating cash flow fell $101.2 million year over year to $235.0 million due primarily to timing and working-capital changes.
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No Item 1A update; floating-rate debt risk remains
No new or revised risk factors were presented in Item 1A; the filing directs investors to the risk factors in the 2025 Form 10-K. However, $381.0 million of credit-facility borrowings were floating rate, and a 1% short-term-rate increase would add approximately $3.8 million of annual interest expense.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance. Management expects the 2026 capital program to be funded by operating cash flow and says costs for the remainder of 2026 will remain a function of supply and demand.
Earlier filings 4
10-K · February 24, 2026
Range Resources positions itself as a returns-focused, low-cost Marcellus operator with a large, long-life drilling inventory and a returns-oriented capital program. 2025 showed materially stronger reserve valuations…
10-Q · July 22, 2025
Range Resources reported a strong Q2 2025 operating quarter driven by commodity sales and large derivative fair-value gains: total revenues and other income were $856,275,000 and diluted EPS was $0.99 (Q2 2024: $0.12).…
10-Q · April 22, 2025
Range Resources reported materially higher commodity sales in Q1 2025: total natural gas, NGLs and oil sales rose to $791,920,000 from $567,001,000 a year earlier, while diluted EPS increased to $0.40 from $0.38.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.