Filing Flows › Talos Energy (TALO) › Q2 2026 › vs Q2 2025
Talos Energy (TALO) Q2 2026 vs Q2 2025 (year over year)
Talos Energy's revenue rose $240M (+57%) from $425M in Q2 2025 to $665M in Q2 2026. The biggest changes: Oil and Condensate +$248M (+66%); Natural Gas Production −$8.4M (-21%); Natural Gas Liquids Reserves +$894K (+7%). Operating margin 29.8% against -64.4% (+94.2 pts).
Talos Energy, Q2 2026: revenue $665M (+56% year over year), operating margin 29.8%, net earnings $150M, operating cash flow $301M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 29.8% | -64.4% | +94.2 pts |
| Net margin | 22.5% | -43.8% | +66.3 pts |
| Free cash flow margin | 29.9% | 48.1% | -18.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Oil and Condensate | $621M | $373M | $248M | +66% |
| Natural Gas Production | $31.0M | $39.4M | −$8.4M | -21% |
| Natural Gas Liquids Reserves | $13.0M | $12.1M | $894K | +7% |
| Revenue | $665M | $425M | $240M | +57% |
| Operating profit | $198M | −$274M | $472M | — |
| Costs & expenses | $467M | $698M | −$232M | -33% |
| Pre-tax earnings | $195M | −$222M | $417M | — |
| Other expense, net | $3.5M | −$51.2M | $54.7M | — |
| General & admin | $44.6M | $39.4M | $5.2M | +13% |
| Other operating costs | $422M | $659M | −$237M | -36% |
| Net earnings | $150M | −$186M | $336M | — |
| Income tax | $44.8M | −$36.4M | $81.3M | — |
| Depreciation & amortization | $229M | $270M | −$40.3M | -15% |
| Share-based compensation | $6.4M | $4.4M | $2.0M | +46% |
| Working capital & other | $85.0M | −$263M | $348M | — |
| Operating cash flow | $301M | $352M | −$51.0M | -15% |
| Free cash flow (OCF − capex) | $199M | $204M | −$5.5M | -3% |
| Capital expenditures | $102M | $147M | −$45.5M | -31% |
Questions
How much did Talos Energy's revenue grow year over year in Q2 2026?
Talos Energy's revenue rose $240M (+57%) from $425M in Q2 2025 to $665M in Q2 2026.
What drove Talos Energy's revenue change in Q2 2026?
Oil and Condensate +$248M (+66%); Natural Gas Production −$8.4M (-21%); Natural Gas Liquids Reserves +$894K (+7%).