Filing Flows › W&T Offshore (WTI) › Q2 2026 › vs Q2 2025
W&T Offshore (WTI) Q2 2026 vs Q2 2025 (year over year)
W&T Offshore's revenue rose $40.3M (+33%) from $122M in Q2 2025 to $163M in Q2 2026. The biggest changes: Oil +$40.4M (+51%); Natural gas −$2.7M (-8%); NGLs +$1.3M (+28%). Operating margin 13.9% against -10.5% (+24.4 pts).
W&T Offshore, Q2 2026: revenue $163M (+33% year over year), operating margin 13.9%, net earnings $12.6M, operating cash flow $33.3M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.9% | -10.5% | +24.4 pts |
| Net margin | 7.7% | -17.1% | +24.8 pts |
| Free cash flow margin | 15.2% | 14.3% | +0.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Oil | $120M | $80.0M | $40.4M | +51% |
| Natural gas | $32.1M | $34.8M | −$2.7M | -8% |
| NGLs | $6.0M | $4.7M | $1.3M | +28% |
| Other | $4.0M | $2.8M | $1.2M | +42% |
| Revenue | $163M | $122M | $40.3M | +33% |
| Operating profit | $22.6M | −$12.9M | $35.5M | — |
| Costs & expenses | $140M | $135M | $4.8M | +4% |
| Pre-tax earnings | $11.2M | −$23.3M | $34.5M | — |
| Other expense, net | $11.4M | $10.4M | $1.0M | +10% |
| General & admin | $27.5M | $17.7M | $9.8M | +56% |
| Other operating costs | $112M | $118M | −$5.1M | -4% |
| Income tax benefit | $1.4M | $2.4M | −$1.0M | -43% |
| Net earnings | $12.6M | −$20.9M | $33.4M | — |
| Operating cash sources | $49.2M | $8.4M | $40.8M | +483% |
| Depreciation & amortization | $25.6M | $26.4M | −$868K | -3% |
| Share-based compensation | $11.1M | $2.9M | $8.2M | +285% |
| Working capital & other | $15.9M | −$19.5M | $35.4M | — |
| Operating cash flow | $33.3M | $28.0M | $5.4M | +19% |
| Free cash flow (OCF − capex) | $24.7M | $17.5M | $7.2M | +41% |
| Capital expenditures | $8.6M | $10.4M | −$1.8M | -17% |
Questions
How much did W&T Offshore's revenue grow year over year in Q2 2026?
W&T Offshore's revenue rose $40.3M (+33%) from $122M in Q2 2025 to $163M in Q2 2026.
What drove W&T Offshore's revenue change in Q2 2026?
Oil +$40.4M (+51%); Natural gas −$2.7M (-8%); NGLs +$1.3M (+28%).