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Mach Natural Resources LP (MNR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Mach Natural Resources LP (MNR) Q3 2026 earnings results →

Q3 2026 Revenue up 17% year over year to $319M · 3¢ of every $1 of revenue kept as net profit · operating margin 11.5%

Mach Natural Resources LP made $319M in Q3 2026 (+17% Y/Y). Operating margin 11.5%, net earnings $10.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$319M
Year over year+17%
Operating margin11.5%
Net earnings$10.2M
Operating cash flow$135M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $319.2M in Q3 2026, up 17% year over year and down 21% from the previous quarter.

Operating profit was $36.6M, a 11.5% margin (up 18.5 points year over year). Total costs fell 3% while revenue rose 17%. Net earnings were $10.2M. The effective tax rate was 0.0%.

Operating cash flow was $134.9M (up 28% year over year), 1317% of net earnings. Non-cash charges added back $97.4M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $23.8M. Capital expenditures of $104.3M left free cash flow of $30.6M.

Quarterly history

Mach Natural Resources LP revenue by quarterMach Natural Resources LP revenue by quarter$227MQ1 2025$289MQ2 2025$273MQ3 2025$388MQ4 2025$286MQ1 2026$406MQ2 2026$319MQ3 2026
Mach Natural Resources LP net earnings by quarterMach Natural Resources LP net earnings by quarter$15.9MQ1 2025$89.7MQ2 2025−$35.7MQ3 2025$73.1MQ4 2025−$35.0MQ1 2026$98.2MQ2 2026$10.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$319M+17%11.5%$10.2M$135M
Q2 202610-QAug 6, 2026$406M+41%30.2%$98.2M$154M
Q1 202610-QMay 7, 2026$286M+26%-3.4%−$35.0M$170M
Q4 202510-KMar 12, 2026$388M+65%26.1%$73.1M$129M
Q3 202510-QNov 6, 2025$273M+7%-7.0%−$35.7M$106M
Q2 202510-QAug 7, 2025$289M+20%38.6%$89.7M$130M
Q1 202510-QMay 8, 2025$227M-5%22.8%$15.9M$143M

Charts

Mach Natural Resources LP: revenue growth, year over year and quarter over quarterMach Natural Resources LP: revenue growth, year over year and quarter over quarterY/YQ/Q-5%Q1 2025+20%+27%Q2 2025+7%-6%Q3 2025+65%+42%Q4 2025+26%-26%Q1 2026+41%+42%Q2 2026+17%-21%Q3 2026
Latest (Q3 2026): Y/Y +17%, Q/Q -21%.
Mach Natural Resources LP: where the cash came from (+) and went (−), TTM to Q3 2026Mach Natural Resources LP: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$588MCapital spending−$347MOther financing−$269MCash drawn (+) / kept (−)$23.1MNet borrowing (+) / repaid (−)$10.4MOther investing−$3.9MTaxes on employees’ shares−$1.7MAsset & business sales$255K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mach Natural Resources LP: profit against cash, quarter by quarterMach Natural Resources LP: profit against cash, quarter by quarterNet incomeOperating cash flow$36.5M$134MQ4 2024$15.9M$143MQ1 2025$89.7M$130MQ2 2025−$35.7M$106MQ3 2025$73.1M$129MQ4 2025−$35.0M$170MQ1 2026$98.2M$154MQ2 2026$10.2M$135MQ3 2026
Latest (Q3 2026): Net income $10.2M, Operating cash flow $135M.
Mach Natural Resources LP: diluted shares by fiscal yearMach Natural Resources LP: diluted shares by fiscal year95MFY202398MFY2024132MFY2025
+38.6% since FY2023: more shares outstanding (issuance, stock pay).
Mach Natural Resources LP in its industry: growth against margin (79 companies, SIC 1311)Mach Natural Resources LP in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGEXEPARROVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNMNR (+17%, 12%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Mach Natural Resources LP

Mach Natural Resources LP is an independent upstream oil and gas company focused on the acquisition, development and production of oil, natural gas, and NGL reserves. The Company operates a diversified portfolio across the Anadarko, Permian and San Juan Basins. For more information, please visit www.machnr.com .

In its own words, from its 8-K, filed Aug 6, 2026.

Mach Natural Resources LP against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +46%. Operating margin: 11.5% against the peers' median 19.5%.

CompanyQuarterRevenueY/YOp. margin
MNR Mach Natural Resources LPQ3 2026$319M+17%11.5%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%

Source: Mach Natural Resources LP 10-Q on SEC EDGAR · CIK 1980088 · Crude Petroleum & Natural Gas

Guidance and outlook

Mach Natural Resources LP: what its forward-looking statements are about (10-Q filed 2026-11-05)Mach Natural Resources LP: what its forward-looking statements are about (10-Q filed 2026-11-05)Other4Margins3Financing1Capital spending1
9 statements; tone -0.22 (−1 all cautious, +1 all confident); 2 hedged.
Mach Natural Resources LP: outlook statements against the filing beforeMach Natural Resources LP: outlook statements against the filing beforeCautious2

13F: who owns MNR and who is buying

Largest holders of MNR (13F)Largest holders of MNR (13F)Clear Street Derivatives LLC$7.4BKayne Anderson Capital Advisors LP$196MAmerican Century Companies$31.1MMorgan Stanley$24.6MCibc Bancorp USA$7.2MFirst Trust Advisors LP$6.2MCibc Private Wealth Group LLC$5.9MRaymond James Financial$5.8MRoyce & Associates LP$5.7MFranklin Resources$3.5M
Funds' net buying of MNR by quarter (13F)Funds' net buying of MNR by quarter (13F)$8.5M2024-09−$12.6M2024-12$85.0M2025-03−$30.3M2025-06$224M2025-09$2.4M2025-12−$15.6M2026-03−$42.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MNR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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