Short answer
COMSTOCK RESOURCES INC (CRK) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $2.2B (+77.0% year over year) and net income of $396M.
- Top risk flagged: Compliance cost and operational risk from evolving environmental laws and potential carbon pricing programs impacting capital expenditures and competitiveness
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- +77.0% YoY
- Net income
- $396M
- +272.3% YoY
- Operating margin
- 29.1%
- +42.5 pp YoY
- EPS (diluted)
- $1.43
- +288.2% YoY
- ROE
- 14.9%
- +25.2 pp YoY
- Operating cash flow
- $900M
- +45.0% YoY
Source: XBRL data from the COMSTOCK RESOURCES INC (CRK) FY2025 10-K on SEC EDGAR. USD.
COMSTOCK RESOURCES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Independent natural gas producer focused on Haynesville and Bossier shale plays in North Louisiana and East Texas
- New midstream segment: Formation of Pinnacle Gas Services LLC in 2023 with $440M Quantum Capital redemption planned in 1H 2026
- Strategic shift: Emphasis on growing organic drilling inventory and expanded development in Western Haynesville with 30 wells sales by end 2025
- Notable metric: Proved reserves increased to 7.0 Tcfe with PV 10 value of $4.5B (SEC prices), undeveloped reserves up to 4.2 Tcf vs 1.0 Tcf prior year
- Unusual fact: 2025 drilling replaced 830% of production under SEC prices and 229% under alternative price case, highlighting high reserve additions
Management Discussion & Analysis
- Revenue $1.43B in 2025, up 36% YoY from $1.05B in 2024, driven by higher natural gas prices despite 15% production decline
- Operating income $645.9M in 2025 vs loss of $168.6M in 2024; net income $420.2M ($1.43/share) vs net loss $218.8M ($0.76/share)
- Best segment: Gas services revenue $500.2M up 143%; worst operating cost: Gas services expense $516.2M up 151% due to higher gas purchase prices
- Operating cash flow $899.6M up 45%; capital expenditures $1.34B up 24% mainly for drilling; asset sales proceeds $428.9M; noncontrolling interest contribution $215.5M; distributions $16.5M
- 2026 capital plan $1.4B-$1.5B focused on Haynesville/Bossier; risks include natural gas price volatility and potential impairments; plans 66 wells drilled, 72 turned to sales
Risk Factors
- Compliance cost and operational risk from evolving environmental laws and potential carbon pricing programs impacting capital expenditures and competitiveness
- Exposure to geopolitical risks including ongoing Russia-Ukraine conflict potentially disrupting natural gas supply and pricing
- Dependence on third-party pipelines and gathering systems creates risk of production delays or shut-ins due to capacity constraints
- Competition for acreage and acquisitions against other companies could reduce growth opportunities and increase acquisition costs
- High leverage with $2.8 billion debt as of Dec 31, 2025, limiting financial flexibility and increasing risk of covenant default
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