Coterra (CTRA) FY2025 10-K Annual Report
Coterra (CTRA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Coterra FY2025 10-K Analysis
Business Overview
- • Section 'business' was empty or not found.
Management Discussion & Analysis
- • Revenue $7.645B in 2025 vs $5.458B in 2024, up $2.187B (40% YoY); oil +$746M, natural gas +$940M, NGL +$106M
- • Net income $1.7B ($2.25/share) vs $1.1B ($1.51/share) in 2024; effective tax rate 24.1% vs 16.7%
- • Operating cash flow $4.0B vs $2.8B in 2024; capex $2.3B vs $1.8B; share buybacks $140M (6M shares) vs $464M (17M shares) in 2024
- • Delaware Basin acquisitions (FME & Avant) closed Jan 2025 for $4.1B total; drove production +38 MMBoe to 285.6 MMBoe; debt-to-cap 20% vs 21%
- • 2026 capex guided $2.175B–$2.325B; management expects stronger natural gas prices in 2026 driven by LNG demand and datacenter growth; Waha Hub negative pricing and tariff cost pressures flagged as key risks
Risk Factors
- • Hart-Scott-Rodino antitrust clearance required for Coterra-Devon all-stock merger; termination fee $865M plus up to $40M expense reimbursement if deal fails
- • Waha Hub negative spot pricing persisted through 2024, 2025, and early 2026 due to constrained Permian Basin pipeline capacity and oversupply
- • ~49% of gross owned wells non-operated; limited control over compliance, capex, and operational decisions on these assets
- • LNG export restrictions risk: potential U.S. regulatory limits on new LNG facility construction could suppress domestic natural gas demand and prices
- • Key-person dependency on small group of management and technical personnel; loss of any could materially impair drilling and operational execution
Coterra FY2025 Key Financial MetricsXBRL
Revenue
$7.3B
▲ +33.6% YoY
Net Income
$1.7B
▲ +53.2% YoY
Operating Margin
33.6%
▲ +818bp YoY
Net Margin
23.5%
▲ +301bp YoY
ROE
11.6%
▲ +303bp YoY
Total Assets
$24.2B
▲ +12.1% YoY
EPS (Diluted)
$2.24
▲ +49.3% YoY
Operating Cash Flow
$4.0B
▲ +43.9% YoY
Source: XBRL data from Coterra FY2025 10-K filing on SEC EDGAR. All figures in USD.
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