Matador Resources (MTDR) Q3 FY2026 earnings: revenue $1.2 billion, up 23.8% on the year

Matador Resources Co. (MTDR) reported revenue of $1.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 23.8% on the same quarter a year earlier. Net income was $172 million, down 2.4% on the year, and diluted earnings per share $1.39. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$1.2 billion

+23.8% on the year · -2.0% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

30.4%

32.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$172 million

-2.4% on the year · -55.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.39

-2.1% on the year · -55.9% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 5 raised, 4 new, 6 kept.

Oil and gas revenue reached record: Oil and natural gas revenues rose to $1.22 billion from $810 million a year earlier, driven by record production and higher realizations.
Production ran above guidance midpoint: Total production averaged 230,470 BOE per day, up 10% from a year earlier and 3% above the guidance midpoint of 224,000 BOE per day.
Natural gas realizations turned positive: Natural gas realized $2.99 per Mcf, up $3.78 from a negative $0.79 in the second quarter, when realizations were negative.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,163	1,186	939	-2.0%	+23.8%
Operating income	354	577	306	-38.7%	+15.7%
Operating margin	30.4%	48.7%	32.6%
Interest expense	80.0	60.8	50.6	+31.5%	+57.9%
Pre-tax income	277	520	260	-46.8%	+6.5%
Income tax	81.5	107	59.1	-23.7%	+37.9%
Effective tax rate	29.5%	20.5%	22.8%
Net income	172	391	176	-55.9%	-2.4%
Net margin	14.8%	32.9%	18.8%
Diluted EPS	$1.39	$3.15	$1.42	-55.9%	-2.1%

$ 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. 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.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	594	937	722	-36.6%	-17.6%
Capital expenditure	1.6	n/a	643		-99.7%
Free cash flow	593	n/a	78.3		+657.1%
Free cash flow margin	51.0%	n/a	8.3%
Cash from investing	-1,327	-1,600	-563
Cash from financing	712	661	-149	+7.6%
Depreciation and amortisation	343	315	305	+8.8%	+12.3%
Share-based compensation	6.9	6.1	6.2	+13.3%	+11.8%
Buybacks	12.1	11.4	6.5	+6.0%	+87.2%
Dividends paid	46.2	46.4	38.7	-0.5%	+19.5%
Dividend per share	$0.38	$0.38	$0.31	0.0%	+20.0%
Diluted shares, weighted	124m	124m	124m	-0.2%	-0.4%
Shares outstanding at period end	124m	124m	124m	-0.2%	-0.5%

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	6,050	5,929	5,506	+2.1%	+9.9%
Non-controlling interest	365	322	350	+13.2%	+4.3%
Debt	4,968	4,216	3,220	+17.8%	+54.3%
Other liabilities	3,310	3,027	2,571	+9.3%	+28.7%
Total liabilities and equity	14,693	13,495	11,647	+8.9%	+26.2%
Fixed assets	12,881	12,263	10,560	+5.0%	+22.0%
Goodwill	54.9	n/a	n/a
Intangible assets	264	n/a	n/a
Cash and equivalents	11.8	26.3	20.1	-55.3%	-41.7%
Receivables	585	408	302	+43.3%	+93.8%
Other assets	897	797	765	+12.6%	+17.3%
Total assets	14,693	13,495	11,647	+8.9%	+26.2%

Questions

What was Matador Resources' revenue in Q3 FY2026?

Matador Resources (MTDR) reported revenue of $1.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 23.8% on the same quarter a year earlier.

How much did Matador Resources earn in Q3 FY2026?

Net income for Q3 FY2026 was $172 million, down 2.4% on the year, and diluted earnings per share $1.39.

When did Matador Resources report Q3 FY2026 results?

Matador Resources filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	566	566	944	841	707	560	638	772	836	788	847	900	970	1,014	895	939	848	672	1,186	1,163
Operating income	325	309	595	483	372	251	252	340	366	319	364	392	360	389	289	306	243	46.8	577	354
Operating margin	57%	55%	63%	57%	53%	45%	40%	44%	44%	40%	43%	44%	37%	38%	32%	33%	29%	7%	49%	30%
Interest expense	19.1	16.3	18.5	16.0	16.4	16.2	34.2	35.4	35.7	39.6	36.0	36.2	60.0	49.5	53.3	50.6	55.0	51.5	60.8	80.0
Pre-tax income	304	293	572	468	353	236	234	293	333	280	326	358	300	345	239	260	190	-16.5	520	277
Tax rate	24%	23%	24%	24%	23%	24%	24%	5%	17%	24%	24%	24%	21%	24%	24%	23%	-14%	n/a	21%	29%
Net income	215	207	416	338	254	163	165	264	255	194	229	248	215	240	150	176	193	-35.9	391	172
Net margin	38%	37%	44%	40%	36%	29%	26%	34%	30%	25%	27%	28%	22%	24%	17%	19%	23%	-5%	33%	15%
Diluted EPS	$1.80	$1.73	$3.47	$2.82	$2.11	$1.36	$1.37	$2.20	$2.12	$1.61	$1.83	$1.99	$1.71	$1.92	$1.21	$1.42	$1.55	-$0.29	$3.15	$1.39
Operating cash flow	335	329	646	557	447	340	449	461	618	469	593	610	575	728	501	722	474	471	937	594
Capital expenditure	410	259	265	331	209	334	1,981	306	608	639	524	2,214	530	554	491	643	466	497	n/a	1.6
Free cash flow	-75.2	69.8	382	226	238	5.9	-1,532	155	9.9	-170	69.0	-1,604	45.2	174	9.6	78.3	8.1	-26.4	n/a	593
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	0.0	44.2	6.5	5.1	0.7	11.4	12.1
Dividends paid	5.8	5.9	5.9	11.8	-0.1	17.8	17.9	17.8	23.7	23.9	24.9	24.9	31.3	39.2	39.0	38.7	46.3	46.8	46.4	46.2
Shares outstanding	118m	118m	118m	118m	119m	119m	119m	119m	119m	125m	125m	125m	125m	125m	124m	124m	124m	124m	124m	124m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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 6 November 2026: the filing.