Filing Flows › Magnolia Oil & Gas (MGY) › Q2 2026 › vs Q1 2026
Magnolia Oil & Gas (MGY) Q2 2026 vs Q1 2026 (quarter over quarter)
Magnolia Oil & Gas's revenue rose $120M (+34%) from $359M in Q1 2026 to $479M in Q2 2026. The biggest changes: Oil revenues +$116M (+45%); Natural gas liquids revenues +$16.0M (+32%); Natural gas revenues −$12.1M (-23%). Operating margin 50.0% against 35.6% (+14.4 pts).
Magnolia Oil & Gas, Q2 2026: revenue $479M (+50% year over year), operating margin 50.0%, net earnings $182M, operating cash flow $384M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 50.0% | 35.6% | +14.4 pts |
| Net margin | 38.0% | 28.1% | +9.8 pts |
| Free cash flow margin | 54.1% | 19.3% | +34.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Oil revenues | $374M | $257M | $116M | +45% |
| Natural gas liquids revenues | $65.4M | $49.4M | $16.0M | +32% |
| Natural gas revenues | $39.7M | $51.8M | −$12.1M | -23% |
| Revenue | $479M | $359M | $120M | +34% |
| Operating profit | $240M | $128M | $112M | +87% |
| Costs & expenses | $239M | $231M | $8.6M | +4% |
| Pre-tax earnings | $232M | $122M | $111M | +91% |
| Other expense, net | $7.1M | $6.0M | $1.1M | +18% |
| General & admin | $29.2M | $31.4M | −$2.3M | -7% |
| Other operating costs | $210M | $199M | $10.9M | +5% |
| Net earnings | $182M | $101M | $80.9M | +80% |
| Income tax | $50.6M | $20.9M | $29.7M | +142% |
| Depreciation & amortization | $117M | $113M | $3.2M | +3% |
| Share-based compensation | $9.7M | $12.2M | −$2.6M | -21% |
| Working capital & other | $76.1M | −$28.8M | $105M | — |
| Operating cash flow | $384M | $198M | $186M | +94% |
| Free cash flow (OCF − capex) | $259M | $69.2M | $190M | +274% |
| Capital expenditures | $125M | $128M | −$3.3M | -3% |
Questions
How much did Magnolia Oil & Gas's revenue grow quarter over quarter in Q2 2026?
Magnolia Oil & Gas's revenue rose $120M (+34%) from $359M in Q1 2026 to $479M in Q2 2026.
What drove Magnolia Oil & Gas's revenue change in Q2 2026?
Oil revenues +$116M (+45%); Natural gas liquids revenues +$16.0M (+32%); Natural gas revenues −$12.1M (-23%).