Short answer
Coterra (CTRA) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $7.3B (+33.6% year over year) and net income of $1.7B.
- Top risk flagged: Hart-Scott-Rodino antitrust clearance required for Coterra-Devon all-stock merger; termination fee $865M plus up to $40M expense reimbursement if deal fails
FY2025 key financial metrics · XBRL
- Revenue
- $7.3B
- +33.6% YoY
- Net income
- $1.7B
- +53.2% YoY
- Operating margin
- 33.6%
- +8.2 pp YoY
- EPS (diluted)
- $2.24
- +49.3% YoY
- ROE
- 11.6%
- +3.0 pp YoY
- Operating cash flow
- $4.0B
- +43.9% YoY
Source: XBRL data from the Coterra (CTRA) FY2025 10-K on SEC EDGAR. USD.
Coterra FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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