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Comstock Resources cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$272M in Q3 2026 · −$819M over twelve months

Operating cash flow$180M
Capital spending−$452M
Free cash flow−$272M
Cash / net income7.1×

Analysis

In Q3 2026, Comstock Resources generated $180M of operating cash flow and spent $452M on capital projects, leaving free cash flow of −$272M. That is $83.6M less than in Q3 2025 (−$188M).

Over the twelve months to Sep 30, 2026, operating cash flow was $847M; the largest uses were capital spending ($1.7B), other financing ($465M), taxes on employees’ shares ($5.5M); besides operations, cash came from partners ($628M), other investing ($441M); the cash balance fell by $582K.

Operating cash flow was $180M against net income of $25.4M — 7.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$186M, receivables −$43.2M, payables +$15.5M.

Free cash flow

Comstock Resources: free cash flow by quarterComstock Resources: free cash flow by quarter−$12.9MQ4 2024−$123MQ1 2025$3.2MQ2 2025−$188MQ3 2025−$141MQ4 2025−$144MQ1 2026−$262MQ2 2026−$272MQ3 2026
Operating cash flow less capital spending.
Comstock Resources: operating cash flow against capital spendingComstock Resources: operating cash flow against capital spendingOperating cash flowCapital spending$267M$280MQ4 2024$175M$298MQ1 2025$348M$344MQ2 2025$153M$342MQ3 2025$224M$365MQ4 2025$272M$416MQ1 2026$170M$432MQ2 2026$180M$452MQ3 2026
Latest (Q3 2026): Operating cash flow $180M, Capital spending $452M.

Capital allocation, year by year

Comstock Resources: where the cash came from (up) and went (down), by fiscal yearComstock Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $861MFY2021: Net borrowing −$253MFY2021: Capital spending −$691M$861MFY2021FY2022: Operating cash flow $1.7BFY2022: Net borrowing −$509MFY2022: Capital spending −$1.1BFY2022: Dividends −$34.7M$1.7BFY2022FY2023: Operating cash flow $1.0BFY2023: Net borrowing $480MFY2023: Capital spending −$1.4BFY2023: Dividends −$139M$1.5BFY2023FY2024: Operating cash flow $620MFY2024: Net borrowing $307MFY2024: Shares issued $100MFY2024: Asset sales $1.2MFY2024: Capital spending −$1.1B$1.0BFY2024FY2025: Operating cash flow $900MFY2025: Net borrowing −$155MFY2025: Asset sales $432MFY2025: Capital spending −$1.3B$1.3BFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were capital spending ($5.6B) and net borrowing ($917M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$18.6M
Debt$3.4B
Net debt$3.3B

Comstock Resources's operations bring cash in ($847M over twelve months), and it spends more than that on capital projects: a gap of $819M funded from its $18.6M of cash and investments and from borrowing ($3.4B of debt). That is a choice to invest, not a cash runway running down.

Comstock Resources: debt maturities by year (FY2025)Comstock Resources: debt maturities by year (FY2025)$260MYear 2$1.6BYear 4$965MYear 5
Principal due in each year as disclosed in the annual report, against $18.6M of cash and investments now.

Where the cash came from and went

Comstock Resources: sources (+) and uses (−) of cash, Q3 2026Comstock Resources: sources (+) and uses (−) of cash, Q3 2026Capital spending−$452MNet borrowing (+) / repaid (−)$255MOperating cash flow$180MCash drawn (+) / kept (−)$26.4MOther investing−$9.3MOther financing−$87K
Comstock Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Comstock Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$1.7BOperating cash flow$847MPartners$628MOther financing−$465MOther investing$441MNet borrowing (+) / repaid (−)$220MTaxes on employees’ shares−$5.5MCash drawn (+) / kept (−)$582K

From profit to cash

Comstock Resources: net income to operating cash flow, Q3 2026Comstock Resources: net income to operating cash flow, Q3 2026Net income$25.4MDepreciation & amortization$186MStock-based pay$7.5MDeferred taxes$14.6MReceivables−$43.2MPayables$15.5MPrepaid and other assets−$29KOperating cash flow$180M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$180M−$452M$255M$26.4M−$272M
Q2 2026$170M−$432M$148M−$30.2M−$262M
Q1 2026$272M−$416M$137M$9.1M−$144M
Q4 2025$224M−$365M−$320M−$4.7M−$141M
Q3 2025$153M−$342M$105M$6.6M−$188M
Q2 2025$348M−$344M−$35.0M$7.0M$3.2M
Q1 2025$175M−$298M$95.0M−$26.1M−$123M
Q4 2024$267M−$280M—$7.0M−$12.9M

Comstock Resources: income statement and cash flow

Comstock Resources, Q3 2026: revenue $384M (-14% year over year), operating margin 6.0%. The chart follows the revenue to costs, profit and cash.

Comstock Resources: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.