Filing Flows › Comstock Resources (CRK) › Q3 2025
Comstock Resources (CRK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Comstock Resources (CRK) reported revenue of $450M for the third quarter 2025 (Q3 2025), +48% from a year earlier and -4% from the quarter before. Operating margin was 11.2%, net earnings $111M (24.7% of revenue).
Comstock Resources, Q3 2025: revenue $450M (+48% year over year), operating margin 11.2%, net earnings $111M, operating cash flow $153M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $450M | -4% | +48% |
| Operating profit | $50.2M | -44% | — |
| Net earnings | $111M | -11% | — |
| Operating cash flow | $153M | -56% | +56% |
What changed
Revenue was $449.9M in Q3 2025, up 48% year over year and down 4% from the previous quarter. Natural Gas and Oil Sales was the largest line at 69% of revenue. Gas Services added $90.4M year over year (up 178%), 62% of the total change. Oil and Condensate declined 30%.
Operating profit was $50.2M, a 11.2% margin (up 31.3 points year over year). Total costs grew 9% against revenue growth of 48%. The fastest-growing cost line was General & admin (+16%). Net earnings were $111.1M. The effective tax rate was 13.6%. Non-operating items added $86.5M, 63% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $153.1M (up 56% year over year), 130% of net income including minority interests. Non-cash charges added back $157.4M of depreciation and amortization and $5.6M of share-based compensation. Working capital and other items used $128.0M. Capital expenditures of $341.5M exceeded it, leaving free cash flow of −$188.4M.
Questions
What was Comstock Resources' revenue in the third quarter 2025?
Comstock Resources (CRK) reported revenue of $450M for the third quarter 2025 (Q3 2025), +48% from a year earlier and -4% from the quarter before.
Was Comstock Resources profitable in the third quarter 2025?
Operating profit was $50.2M (11.2% of revenue) and net earnings $111M.
Source: Comstock Resources 10-Q on SEC EDGAR.