Filing Flows › Magnolia Oil & Gas (MGY) › Q2 2026 › vs Q2 2025
Magnolia Oil & Gas (MGY) Q2 2026 vs Q2 2025 (year over year)
Magnolia Oil & Gas's revenue rose $160M (+50%) from $319M in Q2 2025 to $479M in Q2 2026. The biggest changes: Oil revenues +$147M (+65%); Natural gas liquids revenues +$15.6M (+31%); Natural gas revenues −$3.2M (-7%). Operating margin 50.0% against 33.8% (+16.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 50.0% | 33.8% | +16.2 pts |
| Net margin | 38.0% | 25.4% | +12.6 pts |
| Free cash flow margin | 54.1% | 30.9% | +23.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Oil revenues | $374M | $226M | $147M | +65% |
| Natural gas liquids revenues | $65.4M | $49.8M | $15.6M | +31% |
| Natural gas revenues | $39.7M | $42.9M | −$3.2M | -7% |
| Revenue | $479M | $319M | $160M | +50% |
| Operating profit | $240M | $108M | $132M | +122% |
| Costs & expenses | $239M | $211M | $28.1M | +13% |
| Pre-tax earnings | $232M | $102M | $130M | +128% |
| Other expense, net | $7.1M | $5.8M | $1.3M | +21% |
| General & admin | $29.2M | $23.3M | $5.9M | +25% |
| Other operating costs | $210M | $188M | $22.3M | +12% |
| Net earnings | $182M | $81.0M | $101M | +124% |
| Income tax | $50.6M | $20.9M | $29.7M | +142% |
| Depreciation & amortization | $117M | $107M | $9.4M | +9% |
| Share-based compensation | $9.7M | $7.3M | $2.4M | +32% |
| Working capital & other | $76.1M | $3.3M | $72.8M | 23× |
| Operating cash flow | $384M | $199M | $185M | +93% |
| Free cash flow (OCF − capex) | $259M | $98.4M | $160M | +163% |
| Capital expenditures | $125M | $100M | $24.8M | +25% |
Questions
How much did Magnolia Oil & Gas's revenue grow year over year in Q2 2026?
Magnolia Oil & Gas's revenue rose $160M (+50%) from $319M in Q2 2025 to $479M in Q2 2026.
What drove Magnolia Oil & Gas's revenue change in Q2 2026?
Oil revenues +$147M (+65%); Natural gas liquids revenues +$15.6M (+31%); Natural gas revenues −$3.2M (-7%).