Comstock Resources

Q2 FY2026 EarningsQ2 FY26 revenue of $353.3M missed the $410.8M consensus by 14.0%, driven by a 16% YoY decline in realized natural gas prices ($2.54/Mcf). Normalized EPS of $0.03 exceeded the $0.01 expectation due to effective cost management in lease operating expenses ($0.25/Mcfe) and high realized derivative gains. Management expects significant H2 FY26 capital spending of $720M - $820M, primarily targeting Western Haynesville infrastructure, which may pressure short-term free cash flow despite higher output.