Filing Flows › Energy › Prairie Operating (PROP)
Prairie Operating (PROP) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Prairie Operating (PROP) Q2 2026 earnings results →
Q2 2026 Revenue up 45% year over year to $98.9M · 110¢ of every $1 of revenue kept as net profit · operating margin 130.3%
Prairie Operating made $98.9M in Q2 2026 (+45% Y/Y). Operating margin 130.3%, net earnings $109M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $98.9M in Q2 2026, up 45% year over year and up 19% from the previous quarter.
Operating profit was $128.8M, a 130.3% margin (up 102.5 points year over year). Of the extra revenue versus Q2 2025, 357% reached operating profit, above the 28% margin then. Net earnings were $109.0M, up 206% year over year. The effective tax rate was 15.4%.
Operating cash flow was $52.0M, 48% of net earnings. Non-cash charges added back $17.1M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $77.4M. Capital expenditures of $98.5M exceeded it, leaving free cash flow of −$46.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $98.9M | +45% | 130.3% | $109M | $52.0M |
| Q1 2026 | 10-Q | May 14, 2026 | $83.4M | +514% | -229.1% | −$153M | $42.3M |
| Q4 2025 | 10-K | Mar 31, 2026 | $83.0M | +946% | 21.5% | −$2.3M | $86.5M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $77.7M | — | 34.8% | $1.3M | $57.7M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $68.1M | — | 27.8% | $35.7M | −$7.2M |
| Q1 2025 | 10-Q | May 15, 2025 | $13.6M | — | 12.9% | −$2.6M | $16.9M |
| Q4 2024 | 10-K | Mar 6, 2025 | $7.9M | +774% | -13.7% | −$11.9M | −$3.7M |
Charts
Interactive views
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💵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 Prairie Operating
Prairie Operating Co. (the “Company,” “we,” “our” or “us”) is an independent oil and natural gas company focused on the acquisition and development of crude oil, natural gas, and NGLs. Our assets and operations are strategically located in the oil region of rural Weld County, within the Denver-Julesburg Basin in Colorado (the “DJ Basin” ). We believe the DJ Basin to be one of the premier resource plays in the United States (“U.S.”). Weld County boasts some of the lowest break-even prices in the U.S., and has a long production history that has proven and consistent results. The productivity of this resource is demonstrated by the integral role that Weld County holds in Colorado’s energy economy, having produced 82% of Colorado’s oil production as of December 2024.
In its own words, from its 10-K, filed Mar 6, 2025.
Prairie Operating against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +45% against the peers' median +46%. Operating margin: 130.3% against the peers' median 33.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PROP Prairie Operating | Q2 2026 | $98.9M | +45% | 130.3% |
| 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: Prairie Operating 10-Q on SEC EDGAR · CIK 1162896 · Crude Petroleum & Natural Gas
13F: who owns PROP and who is buying
More on PROP
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results