--- title: "Comstock Resources | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 587.35 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285303234.md" datetime: "2026-05-06T03:16:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285303234.md) - [en](https://longbridge.com/en/news/285303234.md) - [zh-HK](https://longbridge.com/zh-HK/news/285303234.md) --- # Comstock Resources | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 587.35 M Revenue: As of FY2026 Q1, the actual value is USD 587.35 M, beating the estimate of USD 486.41 M. EPS: As of FY2026 Q1, the actual value is USD 0.38. EBIT: As of FY2026 Q1, the actual value is USD 227.95 M. #### First Quarter 2026 Financial Highlights Comstock Resources, Inc. reported natural gas and oil sales, including realized hedging losses, of $339 million for the first quarter of 2026. Operating cash flow was $192 million, or $0.66 per share. Adjusted EBITDAX for the quarter was $251 million. Adjusted net income reached $44 million, or $0.15 per share. The company’s unhedged operating margin was 78% and the hedged operating margin was 73% in the first quarter of 2026. Production costs averaged $0.93 per Mcfe, comprising $0.43 for gathering and transportation, $0.29 for lease operating costs, $0.10 for production and other taxes, and $0.11 for cash general and administrative expenses. #### Revenue Total natural gas and oil sales for the three months ended March 31, 2026, were $419,033 thousand, an increase from $412,988 thousand in the same period of 2025. Natural gas sales were $418,275 thousand in Q1 2026, up from $412,286 thousand in Q1 2025. Oil sales were $758 thousand in Q1 2026, compared to $702 thousand in Q1 2025. Gas services revenue significantly increased to $166,501 thousand in Q1 2026 from $99,866 thousand in Q1 2025. Total revenues and other operating income rose to $587,354 thousand in Q1 2026 from $512,854 thousand in Q1 2025. #### Net Income and Earnings Net income for the first quarter of 2026 was $112,499 thousand, a substantial improvement from a net loss of -$115,393 thousand in Q1 2025. Net income available to the company was $107,450 thousand in Q1 2026, compared to a net loss of -$121,278 thousand in Q1 2025. Diluted net income per share was $0.38 in Q1 2026, contrasting with -$0.40 in Q1 2025. Adjusted net income for Q1 2026 was $44,487 thousand, or $0.15 per diluted share, down from $53,845 thousand, or $0.18 per diluted share, in Q1 2025. #### Operating Expenses and Profitability Total operating expenses increased to $412,463 thousand in Q1 2026 from $386,686 thousand in Q1 2025. Operating income rose to $174,891 thousand in Q1 2026 from $126,168 thousand in Q1 2025. Production and ad valorem taxes decreased to $10,425 thousand in Q1 2026 from $11,179 thousand in Q1 2025. Gathering and transportation costs were $41,804 thousand in Q1 2026, slightly down from $42,617 thousand in Q1 2025. Lease operating costs decreased to $28,281 thousand in Q1 2026 from $35,000 thousand in Q1 2025. Exploration expenses increased significantly to $9,343 thousand in Q1 2026 from $2,150 thousand in Q1 2025. Depreciation, depletion, and amortization decreased to $141,532 thousand in Q1 2026 from $167,891 thousand in Q1 2025. General and administrative expenses increased to $18,222 thousand in Q1 2026 from $11,080 thousand in Q1 2025. #### Cash Flow Operating cash flow (excluding changes in working capital) was $191,898 thousand in Q1 2026, a decrease from $238,988 thousand in Q1 2025. Net cash provided by operating activities was $271,965 thousand in Q1 2026, up from $174,746 thousand in Q1 2025. The company reported a free cash deficit from operations of -$206,126 thousand in Q1 2026, compared to -$22 thousand in Q1 2025. After acquisition and divestiture activities, the free cash deficit was -$223,346 thousand in Q1 2026, compared to -$9,706 thousand in Q1 2025. #### Capital Expenditures Natural gas and oil capital expenditures for unproved property acquisitions totaled $19,040 thousand in Q1 2026, up from $9,684 thousand in Q1 2025. Total exploration and development capital expenditures were $343,272 thousand in Q1 2026, an increase from $249,756 thousand in Q1 2025. This included $174,775 thousand for exploratory drilling and completion and $158,559 thousand for development drilling and completion in Q1 2026. #### Balance Sheet Items As of March 31, 2026, cash and cash equivalents were $14,785 thousand, down from $23,930 thousand on December 31, 2025. Total current assets were $290,064 thousand, a decrease from $360,938 thousand. Long-term debt stood at $2,947,607 thousand, up from $2,809,066 thousand. Total liabilities were $4,169,280 thousand, an increase from $4,044,159 thousand. Total stockholders’ equity was $3,070,416 thousand, up from $2,962,903 thousand. #### Operational Metrics Comstock Resources, Inc. drilled 17 (15.3 net) operated horizontal Haynesville/Bossier shale wells in Q1 2026, with an average lateral length of 10,714 feet. The company turned 13 (11.7 net) operated wells to sales during the quarter. Since February 2026, Comstock Resources, Inc. turned 16 (14.6 net) operated Haynesville/Bossier shale wells to sales, which had average initial production rates of 30 MMcf per day and an average completed lateral length of 11,773 feet. Specifically, six Western Haynesville wells were turned to sales in Q1 2026, with an average lateral length of 10,874 feet and an average initial production rate of 29 MMcf per day. Ten Legacy Haynesville wells were also turned to sales, with an average lateral length of 12,312 feet and an average initial production rate of 31 MMcf per day. #### Outlook / Guidance The provided reference does not contain any forward-looking outlook or guidance. ### Related Stocks - [CRK.US](https://longbridge.com/en/quote/CRK.US.md) ## Related News & Research - [Apollo Clarifies Legal Status of Recent 8-K Disclosure](https://longbridge.com/en/news/286564452.md) - [LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS | LOW Stock News](https://longbridge.com/en/news/287043063.md) - [XP Inc. Reports First Quarter 2026 Results | XP Stock News](https://longbridge.com/en/news/286814239.md) - [Vulnerability Exploitation Top Breach Entry Point, 2026 Industry-Wide DBIR Finds | VZ Stock News](https://longbridge.com/en/news/286918426.md) - [ProShare Advisors LLC Purchases 257,762 Shares of Cintas Corporation $CTAS](https://longbridge.com/en/news/286893600.md)