Filing Flows › HighPeak Energy (HPK) › Q2 2026 › vs Q1 2026
HighPeak Energy (HPK) Q2 2026 vs Q1 2026 (quarter over quarter)
HighPeak Energy's revenue rose $56.5M (+26%) from $216M in Q1 2026 to $272M in Q2 2026. The biggest changes: Crude Oil Sales +$61.2M (+31%); Natural Gas and NGL Sales −$4.7M (-28%). Operating margin 29.5% against 16.7% (+12.8 pts).
HighPeak Energy, Q2 2026: revenue $272M (+26% year over year), operating margin 29.5%, net earnings $82.3M, operating cash flow $126M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 29.5% | 16.7% | +12.8 pts |
| Net margin | 30.2% | -59.0% | +89.2 pts |
| Free cash flow margin | 6.9% | -11.4% | +18.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Crude Oil Sales | $260M | $199M | $61.2M | +31% |
| Natural Gas and NGL Sales | $12.1M | $16.7M | −$4.7M | -28% |
| Revenue | $272M | $216M | $56.5M | +26% |
| Other income, net | $18.5M | −$191M | $210M | — |
| Operating profit | $80.2M | $36.0M | $44.2M | +123% |
| Costs & expenses | $192M | $180M | $12.3M | +7% |
| Pre-tax earnings | $98.7M | −$155M | $254M | — |
| SG&A | $7.0M | $5.7M | $1.3M | +22% |
| Other operating costs | $185M | $174M | $11.0M | +6% |
| Net earnings | $82.3M | −$127M | $210M | — |
| Income tax | $16.4M | −$27.7M | $44.1M | — |
| Depreciation & amortization | $113M | $113M | $415K | +0.4% |
| Share-based compensation | $868K | $865K | $3K | +0.3% |
| Working capital & other | $70.2M | −$67.8M | $138M | — |
| Operating cash flow | $126M | $54.2M | $72.1M | +133% |
| Free cash flow (OCF − capex) | $18.8M | −$24.6M | $43.3M | — |
| Capital expenditures | $108M | $78.8M | $28.8M | +37% |
Questions
How much did HighPeak Energy's revenue grow quarter over quarter in Q2 2026?
HighPeak Energy's revenue rose $56.5M (+26%) from $216M in Q1 2026 to $272M in Q2 2026.
What drove HighPeak Energy's revenue change in Q2 2026?
Crude Oil Sales +$61.2M (+31%); Natural Gas and NGL Sales −$4.7M (-28%).