Filing Flows › Comstock Resources (CRK) › Q2 2025
Comstock Resources (CRK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Comstock Resources (CRK) reported revenue of $470M for the second quarter 2025 (Q2 2025), +91% from a year earlier and -8% from the quarter before. Operating margin was 19.0%, net earnings $125M (26.5% of revenue).
Comstock Resources, Q2 2025: revenue $470M (+90% year over year), operating margin 19.0%, net earnings $125M, operating cash flow $348M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $470M | -8% | +91% |
| Operating profit | $89.4M | -29% | — |
| Net earnings | $125M | — | — |
| Operating cash flow | $348M | +99% | +316% |
| Free cash flow | $3.2M | — | — |
What changed
Revenue was $470.3M in Q2 2025, up 91% year over year and down 8% from the previous quarter. Natural Gas and Oil Sales was the largest line at 72% of revenue. Natural Gas and Oil Sales added $122.4M year over year (up 56%), 55% of the total change. Oil and Condensate declined 31%.
Operating profit was $89.4M, a 19.0% margin (up 56.5 points year over year). Total costs grew 12% against revenue growth of 91%. The fastest-growing cost line was General & admin (+21%). Net earnings were $124.8M. The effective tax rate was 52.0%. Non-operating items added $182.8M, 67% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $347.6M (up 316% year over year), 266% of net income including minority interests. Non-cash charges added back $158.4M of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items added $52.9M. Capital expenditures of $344.3M left free cash flow of $3.2M.
Questions
What was Comstock Resources' revenue in the second quarter 2025?
Comstock Resources (CRK) reported revenue of $470M for the second quarter 2025 (Q2 2025), +91% from a year earlier and -8% from the quarter before.
Was Comstock Resources profitable in the second quarter 2025?
Operating profit was $89.4M (19.0% of revenue) and net earnings $125M.
Source: Comstock Resources 10-Q on SEC EDGAR.