NYSE$CRK

Comstock Resources Inc · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

Comstock Resources reported Q3 2025 total revenues of $450M with net income of $118M.

Total revenues were $449.9 million versus $304.5 million a year ago on higher natural gas sales and gas services. Net income available to the company was $111.1 million after noncontrolling interests.

  • Q3 total revenues $450M.
  • Natural gas sales and gas services drove the YoY increase.
  • Net income available to Comstock $111M.
  • Henry Hub pricing and Haynesville production remain key drivers.

Headline financials

Total Revenue

$450M

Previous: $304M+47.7%
EPS (adj)

$0.09

Previous: -$0.09+200.0%
Production cost per Mcfe

$0.77

No prior period
Unhedged operating margin

72.0%

Previous: 60.0%+20.0%
Hedged operating margin

74.0%

Previous: 67.0%+10.4%
Adjusted EBITDAX

$249M

No prior period
Operating cash flow

$190M

No prior period
Free cash flow after acquisition and divestiture activity

-$75.4M

No prior period
Average natural gas price per Mcf

$2.75

Previous: $1.90+44.7%
Average natural gas price including hedging per Mcf

$2.99

Previous: $2.28+31.1%
Average oil price per barrel

$61.91

Previous: $75.00-17.5%
Capital Expenditures

-$984M

Previous: -$818M-20.3%
Net Income

$111M

Previous: -$28.9M+484.6%
Operating Income

$50.2M

Previous: -$61.3M+181.9%

Revenue & EPS history

Comstock Resources · Revenue · Quarterly

$450M

Q3 2025+47.7%vs Q3 2024
Beat estimate in 8 of 15 quarters(53%)
ActualEstimate

Revenue by segment

Comstock Resources · $288M total across 3 segments · Q2 2023

  • Natural gas sales
    $229M
  • Gas services
    $58.5M
  • Oil sales
    $860K

Forward guidance

The filing discusses Comstock Resources's outlook, including capital allocation, operating priorities, and market risks relevant to the reported quarter.

Tailwinds

  • Comstock Resources cites operational priorities and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.
  • Regulated or contracted cash flows support the earnings base.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.
  • Commodity prices, weather, or tariff regulation may move results.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

-0.6%

Avg return

Earnings day

+0.4%

Avg return

5 days after

+4.3%

Avg return

30 days after

43%

29 / 68 earnings

Positive

+60.6%

Q2 2015

Best reaction

-28.8%

Q2 2016

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-13.5%-13.0%-25.2%
Q4 2025-6.1%-9.2%+1.9%
Q3 2025+4.1%+19.7%+39.5%
Q1 2025+3.3%+18.1%+27.5%
Q4 2024+9.9%+0.8%+5.2%
Q3 2024-3.3%-3.0%+30.3%
Q2 2024-6.3%-17.7%+6.3%
Q1 2024-2.0%+2.6%+16.4%
Q4 2023-5.6%-1.0%+6.4%
Q3 2023+2.9%+8.7%-17.9%
Q2 2023-5.9%-2.4%-4.4%
Q1 2023-13.4%-15.6%-18.1%
Q4 2022+6.1%-2.0%-13.2%
Q3 2022-2.2%-1.9%-7.2%
Q2 2022+0.3%-2.0%+23.0%
Q1 2022+4.2%-2.2%+19.5%
Q4 2021-1.9%-0.4%+28.1%
Q3 2021-1.1%+0.2%-20.4%
Q2 2021-2.9%-1.5%+13.1%
Q1 2021-0.2%+1.6%+10.4%
Q4 2020+13.7%+14.8%-2.8%
Q3 2020-12.6%-15.9%-7.1%
Q2 2020-4.1%+1.1%-14.8%
Q1 2020-4.6%-4.8%-26.7%
Q4 2019-9.1%-0.3%-13.8%
Q3 2019+7.4%-2.3%-8.5%
Q2 2019-4.8%-7.1%+36.7%
Q1 2019-1.6%-6.3%-28.3%
Q4 2018+7.7%+6.8%+4.5%
Q3 2018+6.0%+4.2%-1.9%
Q2 2018-3.8%-3.2%-14.4%
Q1 2018+20.9%+28.7%+42.5%
Q4 2017-4.1%+3.0%-4.4%
Q3 2017+12.6%+17.0%+23.0%
Q2 2017-2.3%-2.2%-6.1%
Q1 2017+2.7%+8.6%-13.4%
Q4 2016-8.3%-3.0%-13.1%
Q3 2016+2.7%-4.1%+28.7%
Q2 2016-28.8%+2.2%+67.6%
Q1 2016+6.8%
Q4 2015-10.8%
Q3 2015+2.5%
Q2 2015+60.6%
Q1 2015-5.8%
Q4 2014-2.0%
Q3 2014-20.0%
Q2 2014-2.3%
Q1 2014+1.0%
Q4 2013-0.1%
Q3 2013-2.7%
Q2 2013-6.7%
Q1 2013-1.4%
Q4 2012-7.9%
Q3 2012-4.2%
Q2 2012-10.8%
Q1 2012-2.0%
Q4 2008+2.9%
Q4 2011+2.9%
Q3 2011+3.4%
Q2 2011-18.0%
Q1 2010-4.5%
Q1 2011+0.7%
Q4 2010+7.4%
Q3 2009+1.9%
Q3 2010+1.9%
Q2 2009+2.7%
Q2 2010+2.7%
Q4 2009+2.7%

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