Jun 2026 (Q2 FY26) — Jul 30, 2026
Comstock Resources Q2 FY26 — Production Growth Returns, Strategic Midstream Divestment
Read the full callComstock Resources (CRK) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Comstock Resources earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 353 | −24.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 6.4 | −12.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 8.8 | −93.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 20 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pinnacle Gas Services recapitalisation: new credit facility and redemption of the partner preferred units | new bank credit facility and redemption of the preferred units, funded by selling equity in Pinnacle, during 2026 | Dec 2025 | On June 15th, we completed our mid-spring equity placement by selling a 27% stake in Pinnacle Gas Service for $600 million, which we used to retire the Pinnacle's preferred equity and all of Pinnacle's outstanding debt | Achieved |
| First 10,000 psi upgraded rig running in the Western Haynesville | available by late summer 2026 | Dec 2025 | I think that's going to probably be in October when we get that 10K rig deployed. | Delayed |
| Commercialisation of the Western Haynesville data centre power project with NextEra | commercialise the project during 2026 | Dec 2025 | it will also serve the recently announced Texas Power Generation Hub in Anderson County, Texas | On Track |
6 of COMSTOCK RESOURCES INC's 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Production increased 16% quarter-over-quarter to 1.2 BCFE per day.
- Strategic divestment of a 27% non-controlling equity interest in Pinnacle Gas Service for $600 million, strengthening the balance sheet.
- Pinnacle Gas Service is now debt-free, saving $40 million in fixed charges annually.
- Strong financial liquidity of almost $1.2 billion at quarter-end.
- EBITDAX reached $245 million for the quarter, with an improved EBITDAX margin of 74%.
Qualified
- Lower natural gas prices drove lower financial results, with realized gas price averaging $2.54 per MCF.
- Western Hainesville drilling costs increased 13% quarter-over-quarter to $1,738 per foot due to steering difficulties.
- Western Hainesville completion costs increased 5% quarter-over-quarter to $1,609 per foot due to higher proppant loading and single well pads.
Price
$14.24 +1.71% · +$0.24
Performance −16.2% 1Y
1Y: $17 on 17 Oct 2025 → $14.24. High $27.37 (5 Dec 2025), low $12.32 (30 Sept 2026).
- Previous close
- $14
- 52-week range
- $12.32 – $27.37
- One year
- −21.20%
Overview
- Symbol
- CRK
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 20 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pinnacle Gas Services recapitalisation: new credit facility and redemption of the partner preferred units | new bank credit facility and redemption of the preferred units, funded by selling equity in Pinnacle, during 2026 | Dec 2025 | On June 15th, we completed our mid-spring equity placement by selling a 27% stake in Pinnacle Gas Service for $600 million, which we used to retire the Pinnacle's preferred equity and all of Pinnacle's outstanding debt | Achieved |
| First 10,000 psi upgraded rig running in the Western Haynesville | available by late summer 2026 | Dec 2025 | I think that's going to probably be in October when we get that 10K rig deployed. | Delayed |
| Commercialisation of the Western Haynesville data centre power project with NextEra | commercialise the project during 2026 | Dec 2025 | it will also serve the recently announced Texas Power Generation Hub in Anderson County, Texas | On Track |
Claimed
- Production increased 16% quarter-over-quarter to 1.2 BCFE per day.
- Strategic divestment of a 27% non-controlling equity interest in Pinnacle Gas Service for $600 million, strengthening the balance sheet.
- Pinnacle Gas Service is now debt-free, saving $40 million in fixed charges annually.
- Strong financial liquidity of almost $1.2 billion at quarter-end.
- EBITDAX reached $245 million for the quarter, with an improved EBITDAX margin of 74%.
Qualified
- Lower natural gas prices drove lower financial results, with realized gas price averaging $2.54 per MCF.
- Western Hainesville drilling costs increased 13% quarter-over-quarter to $1,738 per foot due to steering difficulties.
- Western Hainesville completion costs increased 5% quarter-over-quarter to $1,609 per foot due to higher proppant loading and single well pads.
The full ledger
Open COMSTOCK RESOURCES INC’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Comstock Resources Q1 FY26 — Western Haynesville Development and Power Generation Hub
Read the full callEvery analysed call
Comstock Resources earnings calls (CRK)
Financials
What the filings say
Net profit, year on year: −93% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 304 | 367 | 513 | 470 | 450 | 787 | 587 | 353 |
| Operating profit | -61 | -2 | 126 | 89 | 50 | 380 | 175 | 23 |
| Operating margin | −20.1% | −0.5% | 24.6% | 19.0% | 11.2% | 48.3% | 29.8% | 6.4% |
| Other income | 21 | -133 | -385 | 183 | 87 | -22 | -50 | -10 |
| Interest | 55 | 55 | 55 | 55 | 57 | 56 | 53 | 55 |
| Profit before tax | -40 | -135 | -259 | 272 | 137 | 358 | 124 | 12 |
| Tax rate | 36.4% | 59.1% | 55.4% | 52.0% | 13.6% | 20.0% | 9.6% | −23.3% |
| Net profit | -29 | -58 | -121 | 125 | 111 | 281 | 107 | 9 |
| EPS ($ per share) | -0.09 | — | -0.40 | 0.45 | 0.40 | — | 0.38 | 0.03 |
| Line item | Dec 2017 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 8 | 95 | 116 | 116 | 139 | 139 | 146 | 147 |
| Reserves | -927 | 139 | 55 | -204 | 886 | 958 | 729 | 1,124 |
| Total liabilities | 1,300 | 3,135 | 3,182 | 3,480 | 3,416 | 3,870 | 4,049 | 4,044 |
| Fixed assets | 608 | 4,009 | 4,085 | 4,007 | 4,623 | 5,385 | 5,688 | 6,215 |
| Total assets | 930 | 4,657 | 4,624 | 4,668 | 5,694 | 6,254 | 6,382 | 7,007 |
| Line item | Dec 2017 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 175 | 451 | 576 | 861 | 1,698 | 1,017 | 620 | 900 |
| Cash from investing | -179 | -1,171 | -511 | -553 | -1,098 | -1,418 | -1,084 | -915 |
| Cash from financing | -0 | 715 | -53 | -308 | -577 | 363 | 454 | 33 |
| Net cash flow | -5 | -5 | 12 | 0 | 24 | -38 | -10 | 17 |
| Capital expenditure | -180 | -487 | -510 | -691 | -1,068 | -1,425 | -1,097 | -1,349 |
| Free cash flow | -6 | -36 | 66 | 170 | 631 | -408 | -477 | -450 |
CRK revenue by segment
Natural Gas Production shrank from 83% to 81% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Natural Gas Production | 83% | 78% | 80% | 72% | 68% | 47% | 71% | 81% | -15.2% |
| Gas Services | 17% | 21% | 19% | 28% | 31% | 16% | 28% | 18% | -51.3% |
| Gain On Sale Of Assets | — | — | — | — | — | — | <1% | <1% | — |
| Oil and Condensate | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | -35.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CRK operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Wells drilled to total depth Legacy Haynesville | 12In the first quarter, we drilled 12 wells to total depth in our legacy Haynesville area, and these wells had an average lateral length of 10,872 feet.Source: earnings call transcript | 13In the second quarter, we drilled 13 wells to total depth in the legacy Hainesville area.Source: earnings call transcript | +8.3% |
| Average lateral length drilled to total depth Legacy Haynesville | 10.872K feetIn the first quarter, we drilled 12 wells to total depth in our legacy Haynesville area, and these wells had an average lateral length of 10,872 feet.Source: earnings call transcript | 11.457K feetThose had an average lateral length of 11,457 feet.Source: earnings call transcript | +5.4% |
| Average lateral length drilled to total depth Western Haynesville | 10.356K feetIn the first quarter, we also drilled 5 wells to total depth in the Western Haynesville and these wells had an average lateral length of 10,356 feet.Source: earnings call transcript | 10.281K feetIn the second quarter, we also drilled four wells to total depth in the western Hainesville with an average length of 10,281 feet.Source: earnings call transcript | -0.7% |
| Average days to total depth Legacy Haynesville | 26 daysIn the first quarter, we drilled 12 of our benchmark long lateral wells to total depth in the legacy Haynesville area, and we averaged 26 days to TD.Source: earnings call transcript | 24 daysIn the second quarter, we drilled 13 of these mid-smart long lateral wells to total depth in the legacy Hainesville area and averaged 24 days to total depth.Source: earnings call transcript | -7.7% |
| Footage drilled per day Legacy Haynesville | 921 feetIn the first quarter, we averaged 921 feet drilled per day in our legacy Haynesville acreage, which represents a 3% increase versus the fourth quarter of 2025.Source: earnings call transcript | 1,017 feetCorrespondingly, we averaged 1,017 feet drilled per day in our legacy Hainesville area, which represents a 10% increase versus the first quarter of 2026.Source: earnings call transcript | +10.4% |
| Average days to total depth Western Haynesville | 57 daysWe averaged 57 days for the 5 wells drilled to total depth during the first quarter.Source: earnings call transcript | 59 daysWe averaged 59 drilling days for the four wells drilled to total depth during the quarter.Source: earnings call transcript | +3.5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
42 filings between Dec 29, 2025 and Jun 6, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.04M
1 sale by 1 insider
Compensation
not trading decisions- 12
- Award — granted as compensation
- 27
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| McGough Patrick | — | $1.04M | Mar 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 6, 2026 | Mills Ronald Eugene VP of Finance. and IR | Tax withheld | 1,189 | $15.5K |
| Jun 6, 2026 | ALLISON M JAY Chairman & CEO | Tax withheld | 35,879 | $466.4K |
| Jun 6, 2026 | PRESLEY DANIEL K VP of Accounting | Tax withheld | 1,092 | $14.2K |
| Jun 6, 2026 | Harrison Daniel S Chief Operating Officer | Tax withheld | 6,693 | $87.0K |
| Jun 6, 2026 | McGough Patrick Vice President of Operations | Tax withheld | 1,127 | $14.7K |
| Jun 6, 2026 | BURNS ROLAND O President & CFO | Tax withheld | 24,405 | $317.3K |
| Jun 6, 2026 | Claunch Brian Christopher VP of Financial Reporting | Tax withheld | 1,251 | $16.3K |
| Jun 6, 2026 | Newell Clifford Doyle III Chief Commercial Officer | Tax withheld | 2,651 | $34.5K |
| Jun 6, 2026 | Sanders LaRae Lynn Vice President of Land | Tax withheld | 1,054 | $13.7K |
| Jun 2, 2026 | TURNER JIM L Director | Award | 14,870 | $200.0K |
| Jun 2, 2026 | Davis Elizabeth B Director | Award | 14,870 | $200.0K |
| Jun 2, 2026 | FOSTER MORRIS E Director | Award | 14,870 | $200.0K |
| Mar 5, 2026 | McGough Patrick Vice President of Operations | Sale | 48,915 | $1.04M |
| Feb 19, 2026 | Mills Ronald Eugene VP of Finance. and IR | Tax withheld | 2,192 | $43.5K |
| Feb 19, 2026 | McGough Patrick Vice President of Operations | Tax withheld | 2,049 | $40.7K |
| Feb 19, 2026 | BURNS ROLAND O President & CFO | Tax withheld | 28,055 | $556.9K |
| Feb 19, 2026 | Harrison Daniel S Chief Operating Officer | Tax withheld | 7,314 | $145.2K |
| Feb 19, 2026 | Sanders LaRae Lynn Vice President of Land | Tax withheld | 1,940 | $38.5K |
| Feb 19, 2026 | Claunch Brian Christopher VP of Financial Reporting | Tax withheld | 2,342 | $46.5K |
| Feb 19, 2026 | ALLISON M JAY Chairman & CEO | Tax withheld | 60,759 | $1.21M |
| Feb 19, 2026 | PRESLEY DANIEL K VP of Accounting | Tax withheld | 1,897 | $37.7K |
| Feb 19, 2026 | Newell Clifford Doyle III Chief Commercial Officer | Tax withheld | 3,591 | $71.3K |
| Feb 12, 2026 | Claunch Brian Christopher VP of Financial Reporting | Tax withheld | 1,374 | $26.4K |
| Feb 12, 2026 | Mills Ronald Eugene VP of Finance. and IR | Tax withheld | 1,296 | $24.9K |
| Feb 12, 2026 | PRESLEY DANIEL K VP of Accounting | Tax withheld | 1,185 | $22.7K |
| Feb 12, 2026 | BURNS ROLAND O President & CFO | Tax withheld | 7,756 | $148.8K |
| Feb 12, 2026 | ALLISON M JAY Chairman & CEO | Tax withheld | 32,102 | $615.7K |
| Feb 12, 2026 | McGough Patrick Vice President of Operations | Tax withheld | 1,312 | $25.2K |
| Feb 12, 2026 | Sanders LaRae Lynn Vice President of Land | Tax withheld | 1,319 | $25.3K |
| Feb 12, 2026 | Newell Clifford Doyle III Chief Commercial Officer | Tax withheld | 2,496 | $47.9K |
| Feb 12, 2026 | Harrison Daniel S Chief Operating Officer | Tax withheld | 4,254 | $81.6K |
| Jan 27, 2026 | Claunch Brian Christopher VP of Financial Reporting | Award | 12,455 | $279.9K |
| Jan 27, 2026 | Newell Clifford Doyle III Chief Commercial Officer | Award | 32,776 | $736.5K |
| Jan 27, 2026 | Mills Ronald Eugene VP of Finance. and IR | Award | 10,629 | $238.8K |
| Jan 27, 2026 | McGough Patrick Vice President of Operations | Award | 13,606 | $305.7K |
| Jan 27, 2026 | Harrison Daniel S Chief Operating Officer | Award | 50,168 | $1.13M |
| Jan 27, 2026 | Sanders LaRae Lynn Vice President of Land | Award | 16,125 | $362.3K |
| Jan 27, 2026 | PRESLEY DANIEL K VP of Accounting | Award | 12,365 | $277.8K |
| Jan 27, 2026 | BURNS ROLAND O President & CFO | Award | 94,805 | $2.13M |
| Jan 27, 2026 | ALLISON M JAY Chairman & CEO | Award | 353,694 | $7.95M |
| Dec 29, 2025 | ALLISON M JAY Chairman & CEO | Gift | 45,406 | $1.09M |
| Dec 29, 2025 | BURNS ROLAND O President & CFO | Gift | 26,000 | $621.9K |
| Jun 14, 2025 | BURNS ROLAND O President & CFO | Tax withheld | 43,932 | $1.11M |
| Jun 14, 2025 | BURNS ROLAND O President & CFO | Option exercise | 111,646 | $0 |
| Jun 14, 2025 | BURNS ROLAND O President & CFO | Tax withheld | 19,384 | $491.0K |
| Jun 14, 2025 | ALLISON M JAY Chairman & CEO | Tax withheld | 64,435 | $1.63M |
| Jun 14, 2025 | ALLISON M JAY Chairman & CEO | Option exercise | 163,750 | $0 |
| Jun 14, 2025 | ALLISON M JAY Chairman & CEO | Tax withheld | 28,517 | $722.3K |
| Jun 14, 2025 | McGough Patrick Vice President of Operations | Tax withheld | 618 | $15.7K |
| Jun 14, 2025 | Claunch Brian Christopher VP of Financial Reporting | Tax withheld | 629 | $15.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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