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Epsilon Energy (EPSN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Epsilon Energy (EPSN) Q2 2026 earnings results →
Q2 2026 Revenue up 57% year over year to $18.3M · 39¢ of every $1 of revenue kept as net profit · operating margin 45.9%
Epsilon Energy made $18.3M in Q2 2026 (+57% Y/Y): Gas, oil, NGL and condensate revenue $16.9M, Gathering and Compression fees $1.3M. Operating margin 45.9%, net earnings $7.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
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What changed this quarter
Revenue was $18.3M in Q2 2026, up 57% year over year and down 29% from the previous quarter. Oil and Condensate was the largest line at 64% of revenue. Oil and Condensate added $9.0M year over year (up 332%), 136% of the total change. Natural Gas declined 45%.
Operating profit was $8.4M, a 45.9% margin (up 38.8 points year over year). Of the extra revenue versus Q2 2025, 114% reached operating profit, above the 7% margin then. Total costs fell 8% while revenue rose 57%. Net earnings were $7.1M, up 360% year over year. The effective tax rate was 25.4%.
Operating cash flow was $12.3M (up 47% year over year), 172% of net earnings. Non-cash charges added back $548K of share-based compensation. Working capital and other items added $4.6M. Capital expenditures of $5.0M left free cash flow of $7.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $18.3M | +57% | 45.9% | $7.1M | $12.3M |
| Q1 2026 | 10-Q | May 13, 2026 | $25.6M | +58% | 42.2% | $729K | $10.1M |
| Q4 2025 | 10-K | Mar 27, 2026 | $14.8M | +66% | -129.0% | −$12.4M | −$277K |
| Q3 2025 | 10-Q | Nov 5, 2025 | $9.0M | +23% | 6.7% | $1.1M | $4.0M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $11.6M | +59% | 7.1% | $1.6M | $8.3M |
| Q1 2025 | 10-Q | May 14, 2025 | $16.2M | +102% | 44.3% | $4.0M | $8.6M |
| Q4 2024 | 10-K | Mar 19, 2025 | $8.9M | +4% | 6.8% | −$761K | $5.0M |
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About Epsilon Energy
Epsilon Energy Ltd. (the “Company” or “Epsilon” or “we”) was incorporated under the laws of the Province of Alberta, Canada on March 14, 2005, pursuant to the ABCA. The Company is extra-provincially registered in Ontario pursuant to the Business Corporations Act (Ontario). Epsilon is a North American on-shore focused independent natural gas and oil company engaged in the acquisition, development, gathering and production of natural gas and oil reserves. On February 14, 2019, Epsilon’s registration statement on Form 10 was declared effective by the United States Securities and Exchange Commission and on February 19, 2019, we began trading in the United States on the NASDAQ Global Market under the trading symbol “EPSN.”
In its own words, from its 10-K, filed Mar 27, 2026.
Epsilon Energy against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +57% against the peers' median +52%. Operating margin: 45.9% against the peers' median 33.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| EPSN Epsilon Energy | Q2 2026 | $18.3M | +57% | 45.9% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Epsilon Energy 10-Q on SEC EDGAR · CIK 1726126 · Crude Petroleum & Natural Gas
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results