Comstock Resources (CRK) FY2025 results: revenue $2.2 billion, up 77.0% on the year
Comstock Resources Inc. (CRK) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, up 77.0% on the year before. Net income was $396 million, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$2.2 billion
+77.0% on the year
FY2018FY2025
Operating margin
29.1%
-13.4% a year earlier
FY2018FY2025
Net income
$396 million
FY2018FY2025
Diluted EPS
$1.43
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 2 new.
Higher gas prices lifted results: Management said higher natural gas prices drove the quarter's improved results. Adjusted EBITDAX was $277 million and adjusted net income $46 million, or $0.16 per diluted share.
Western Haynesville wells turned to sales: Four Western Haynesville wells were turned to sales in the fourth quarter, with 8,399-foot average laterals and 29 MMcf per day initial rates.
Realized gas price after hedging: Comstock realized $3.27 per Mcf after hedging on fourth quarter natural gas production of 111 Bcf. For 2025 the realized price was $3.21 per Mcf on 450 Bcf.
Proved reserves reached 7.0 Tcfe: Proved reserves were 7.0 Tcfe at December 31, 2025, against 3.8 Tcfe a year earlier, substantially all natural gas, 41% developed and 99% operated.
Free cash flow after divestitures: Free cash flow after acquisitions and divestitures was $328.8 million in the fourth quarter and $154.6 million for 2025, with $413.7 million of divestiture proceeds in the quarter.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
900
620
1,017
+45.0%
Capital expenditure
1,349
1,097
1,425
+22.9%
Free cash flow
-450
-477
-408
Free cash flow margin
-20.3%
-38.0%
-26.1%
Cash from investing
-915
-1,084
-1,418
Cash from financing
32.9
454
363
-92.7%
Depreciation and amortisation
641
795
608
-19.4%
Share-based compensation
21.2
15.3
9.9
+39.1%
Dividends paid
0.0
0.0
139
Dividend per share
$0.00
$0.00
$0.50
Diluted shares, weighted
294m
287m
277m
+2.5%
Shares outstanding at period end
293m
292m
278m
+0.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,647
2,241
2,358
+18.1%
Non-controlling interest
316
92.5
24.8
+241.6%
Debt
2,809
2,952
2,640
-4.8%
Operating lease liabilities
47.7
37.7
47.7
+26.4%
Other liabilities
1,187
1,059
1,182
+12.2%
Total liabilities and equity
7,007
6,382
6,254
+9.8%
Fixed assets
6,215
5,688
5,385
+9.3%
Goodwill
336
336
336
0.0%
Cash and equivalents
23.9
6.8
16.7
+252.0%
Receivables
204
145
167
+40.0%
Other assets
228
206
350
+11.0%
Total assets
7,007
6,382
6,254
+9.8%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.