COMSTOCK RESOURCES INC (CRK) FY2025 10-K Annual Report
COMSTOCK RESOURCES INC (CRK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 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.
COMSTOCK RESOURCES INC FY2025 10-K Analysis
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
COMSTOCK RESOURCES INC FY2025 Key Financial MetricsXBRL
Revenue
$2.2B
▲ +77.0% YoY
Net Income
$396M
▲ +272.3% YoY
Operating Margin
29.1%
▲ +4253bp YoY
Net Margin
17.8%
▲ +3612bp YoY
ROE
14.9%
▲ +2519bp YoY
Total Assets
$7.0B
▲ +9.8% YoY
EPS (Diluted)
$1.43
▲ +288.2% YoY
Operating Cash Flow
$900M
▲ +45.0% YoY
Source: XBRL data from COMSTOCK RESOURCES INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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