Diversified Energy (DEC) Q3 FY2026 earnings: revenue $109 million, down 78.3% on the year

Diversified Energy Co. (DEC) reported revenue of $109 million for Q3 FY2026, the quarter ended 30 September 2026, down 78.3% on the same quarter a year earlier. Net income was -$202 million, and diluted earnings per share $-2.86. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$109 million

-78.3% on the year · -86.6% on the quarter

Q1 FY2025Q3 FY2026

Operating margin

-216.8%

36.2% a year earlier

Q1 FY2025Q3 FY2026

Net income

-$202 million

Q1 FY2025Q3 FY2026

Diluted EPS

-$2.86

Q1 FY2025Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 9 kept.

Production averaged 1,189 MMcfepd: Average daily production was 1,189 MMcfepd (198 Mboepd), compared with 1,253 MMcfepd (209 Mboepd) in the second quarter.
Net loss on derivative fair value: Net loss was $(202) million, including a $(348) million loss on non-cash unsettled derivatives. The income tax line was a benefit of $132 million.
Adjusted EBITDA reached $256 million: Adjusted EBITDA was $256 million, against $285 million a year earlier. Nine-month Adjusted EBITDA was $782 million, against $702 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	109	812	500	-86.6%	-78.3%
Operating income	-235	472	181
Operating margin	-216.8%	58.1%	36.2%
Interest expense	61.1	61.3	56.0	-0.3%	+9.1%
Pre-tax income	-334	387	126
Income tax	-132	140	-45.5
Effective tax rate	n/a	36.1%	-36.2%
Net income	-202	247	171
Net margin	-186.6%	30.4%	34.2%
Diluted EPS	-$2.86	$3.31	$2.14

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	136	88.8	117	+52.9%	+15.8%
Capital expenditure	39.3	40.4	48.2	-2.7%	-18.6%
Free cash flow	96.5	48.4	69.0	+99.4%	+39.8%
Free cash flow margin	88.9%	6.0%	13.8%
Cash from investing	-290	-103	28.2
Cash from financing	129	-38.1	-126
Depreciation and amortisation	105	103	91.1	+1.6%	+15.4%
Share-based compensation	5.1	4.9	3.0	+3.1%	+69.6%
Dividends paid	20.5	21.0	22.4	-2.1%	-8.5%
Dividend per share	n/a	n/a	$0.29
Diluted shares, weighted	71m	75m	80m	-5.3%	-11.3%
Shares outstanding at period end	71m	71m	76m	-0.9%	-7.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	723	951	802	-23.9%	-9.8%
Non-controlling interest	10.5	10.9	n/a	-3.8%
Debt	3,103	2,931	n/a	+5.9%
Operating lease liabilities	32.8	20.5	n/a	+59.8%
Other liabilities	2,663	2,197	n/a	+21.2%
Total liabilities and equity	6,532	6,110	n/a	+6.9%
Fixed assets	460	458	n/a	+0.4%
Cash and equivalents	5.8	8.2	43.1	-29.7%	-86.6%
Receivables	493	408	n/a	+20.9%
Other assets	5,573	5,235	n/a	+6.4%
Total assets	6,532	6,110	n/a	+6.9%

Questions

What was Diversified Energy's revenue in Q3 FY2026?

Diversified Energy (DEC) reported revenue of $109 million for Q3 FY2026, the quarter ended 30 September 2026, down 78.3% on the same quarter a year earlier.

How much did Diversified Energy earn in Q3 FY2026?

Net loss for Q3 FY2026 was $202 million, and the diluted loss per share $2.86.

When did Diversified Energy report Q3 FY2026 results?

Diversified Energy filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 7 quarters

	Q1 FY2025	Q2 FY2025 †	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	62.5	587	500	667	27.1	812	109
Operating income	-188	291	181	251	-251	472	-235
Operating margin	-301%	50%	36%	38%	-923%	58%	-217%
Interest expense	42.7	56.1	56.0	55.1	63.4	61.3	61.1
Pre-tax income	-258	236	126	197	-313	387	-334
Tax rate	n/a	-26%	-36%	1%	n/a	36%	n/a
Net income	-323	298	171	195	-161	247	-202
Net margin	-517%	51%	34%	29%	-592%	30%	-187%
Diluted EPS	-$5.52	$3.67	$2.14	$2.48	-$2.13	$3.31	-$2.86
Operating cash flow	84.9	80.3	117	182	169	88.8	136
Capital expenditure	28.0	61.2	48.2	47.1	58.0	40.4	39.3
Free cash flow	56.8	19.0	69.0	135	111	48.4	96.5
Dividends paid	17.2	22.7	22.4	22.7	22.1	21.0	20.5
Shares outstanding	76m	76m	76m	77m	72m	71m	71m
Filing	10-K	10-Q	10-K	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.