Revenue growth remains erratic, ranging from a 55.5% decline in 2023Q4 to a 90.5% surge in 2025Q2, while gross margins exhibit extreme sensitivity to market conditions, peaking at 93.4% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.01B | 1.91B | 1.25B | 1.57B | 3.63B | 1.85B | 858.2M | 768.69M | 255.33M | 255.33M | 175.71M | 252.42M | 555.23M | 420.29M | 456.19M | 434.37M | 349.14M | 291.08M | 590.31M | 687.07M | 511.93M | 303.34M | 261.65M | 235.1M | 150.17M | 168.4M | 169.38M | 90.1M | 93M | 88.6M | 68.9M |
| Revenue Growth % | 40.17% | 52.22% | -19.9% | -56.86% | 96.03% | 115.65% | 11.64% | 201.06% | 0% | 45.32% | -30.39% | -54.54% | 32.11% | -7.87% | 5.03% | 24.41% | 19.95% | -50.69% | -14.08% | 34.21% | 68.77% | 15.93% | 11.29% | 56.55% | -10.82% | -0.58% | 87.99% | -3.12% | 4.97% | 28.59% | -8.62% |
| Cost of Goods Sold | 995.16M | 1.5B | 1.38B | 1.3B | 1.3B | 752.94M | 663.11M | 464.29M | 82.91M | 184.33M | 209.94M | 410.41M | 475.25M | 421.75M | 467.24M | 78.71M | 80.67M | 69.18M | 86.73M | 166.71M | 127.44M | 70.69M | 67.68M | 50.16M | 38.98M | 36.63M | 32.9M | 25.5M | 33M | 20.7M | 14M |
| COGS % of Revenue | - | 78.43% | 110.37% | 82.99% | 35.81% | 40.68% | 77.27% | 60.4% | 32.47% | 72.19% | 119.48% | 162.59% | 85.6% | 100.35% | 102.42% | 18.12% | 23.11% | 23.77% | 14.69% | 24.26% | 24.89% | 23.3% | 25.87% | 21.33% | 25.96% | 21.75% | 19.42% | 28.3% | 35.48% | 23.36% | 20.32% |
| Gross Profit | 1.01B | 411.54M | -130.06M | 266.24M | 2.33B | 1.1B | 195.08M | 304.4M | 172.42M | 71M | -34.23M | -157.99M | 79.98M | -1.46M | -11.04M | 355.65M | 268.47M | 221.9M | 503.58M | 520.36M | 384.49M | 232.65M | 193.97M | 184.95M | 111.2M | 131.77M | 136.48M | 64.6M | 60M | 67.9M | 54.9M |
| Gross Margin % | 50.38% | 21.57% | -10.37% | 17.01% | 64.19% | 59.32% | 22.73% | 39.6% | 67.53% | 27.81% | -19.48% | -62.59% | 14.4% | -0.35% | -2.42% | 81.88% | 76.89% | 76.23% | 85.31% | 75.74% | 75.11% | 76.7% | 74.13% | 78.67% | 74.04% | 78.25% | 80.58% | 71.7% | 64.52% | 76.64% | 79.68% |
| Gross Profit Growth % | - | 416.43% | -148.85% | -88.57% | 112.14% | 462.73% | -35.91% | 76.54% | 142.83% | 307.41% | 78.33% | -297.54% | 5589.29% | 86.81% | -103.11% | 32.48% | 20.99% | -55.94% | -3.23% | 35.34% | 65.27% | 19.94% | 4.88% | 66.32% | -15.61% | -3.46% | 111.28% | 7.67% | -11.63% | 23.68% | 185.94% |
| Operating Expenses | 578.48M | 48.69M | 38.56M | 39.64M | 47.35M | 197.02M | 32.05M | 29.51M | 172.6M | 26.14M | 108.11M | 94.23M | 51.78M | 68.19M | 95.25M | 336.1M | 280.25M | 253.32M | 219.48M | 286.3M | 185.69M | 112.07M | 78.45M | 68.17M | 59.52M | 54.94M | 48.49M | 47.6M | 52.6M | 28.9M | 20.8M |
| OpEx % of Revenue | - | 2.55% | 3.08% | 2.53% | 1.31% | 10.65% | 3.73% | 3.84% | 67.6% | 10.24% | 61.53% | 37.33% | 9.33% | 16.22% | 20.88% | 77.38% | 80.27% | 87.03% | 37.18% | 41.67% | 36.27% | 36.95% | 29.98% | 29% | 39.63% | 32.63% | 28.63% | 52.83% | 56.56% | 32.62% | 30.19% |
| Selling, General & Admin | 63.06M | 48.69M | 39.44M | 37.99M | 39.41M | 34.94M | 32.04M | 29.24M | 26.14M | 26.14M | 23.96M | 23.54M | 32.38M | 34.77M | 33.8M | 35.17M | 37.2M | 39.17M | 32.27M | 42.68M | 31.77M | 16.53M | 14.57M | 7.01M | 5.11M | 5.75M | 3.54M | 2.4M | 1.6M | 2.7M | 2.2M |
| SG&A % of Revenue | - | 2.55% | 3.15% | 2.43% | 1.09% | 1.89% | 3.73% | 3.8% | 10.24% | 10.24% | 13.64% | 9.33% | 5.83% | 8.27% | 7.41% | 8.1% | 10.65% | 13.46% | 5.47% | 6.21% | 6.21% | 5.45% | 5.57% | 2.98% | 3.4% | 3.42% | 2.09% | 2.66% | 1.72% | 3.05% | 3.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | -875K | 1.65M | 7.95M | 162.08M | 10K | 266K | 146.47M | 0 | 872K | 1.27M | 727K | 1.06M | 944K | 300.92M | 243.05M | 214.15M | 187.21M | 243.62M | 153.92M | 95.53M | 63.88M | 61.17M | 54.41M | 49.19M | 44.96M | 45.2M | 51M | 26.2M | 18.6M |
| Operating Income | 431.79M | 362.85M | -168.62M | 226.6M | 2.28B | 900.77M | 163.03M | 274.89M | -183K | -183K | -183.79M | -1.17B | -32.07M | -72.33M | -131.66M | -41.32M | -12M | -31.54M | 283.18M | 233.24M | 188.36M | 149.37M | 93.02M | 112.51M | 49.35M | 76.83M | 87.99M | 17M | -9.6M | 39M | 35.6M |
| Operating Margin % | 21.53% | 19.02% | -13.45% | 14.48% | 62.88% | 48.67% | 19% | 35.76% | -0.07% | -0.07% | -104.6% | -461.79% | -5.78% | -17.21% | -28.86% | -9.51% | -3.44% | -10.83% | 47.97% | 33.95% | 36.79% | 49.24% | 35.55% | 47.86% | 32.86% | 45.62% | 51.95% | 18.87% | -10.32% | 44.02% | 51.67% |
| Operating Income Growth % | - | 315.19% | -174.41% | -90.07% | 153.28% | 452.51% | -40.69% | 150310.93% | 0% | 99.9% | 84.23% | -3534.6% | 55.66% | 45.06% | -218.67% | -244.19% | 61.93% | -111.14% | 21.41% | 23.83% | 26.1% | 60.59% | -17.33% | 127.98% | -35.76% | -12.69% | 417.58% | 277.08% | -124.62% | 9.55% | 269.52% |
| EBITDA | 1.05B | 1B | 626.78M | 834.5M | 2.77B | 1.37B | 580.14M | 551.41M | 121.79M | 123.37M | -42.3M | -844.33M | 346.2M | 264.8M | 233.63M | 249.46M | 201.81M | 181.7M | 465.36M | 478.01M | 343.93M | 212.71M | 156.9M | 173.68M | 103.76M | 126.02M | 132.95M | 62.2M | 41.4M | 65.2M | 54.2M |
| EBITDA Margin % | 52.19% | 52.62% | 50% | 53.32% | 76.38% | 74.03% | 67.6% | 71.73% | 47.7% | 48.32% | -24.08% | -334.49% | 62.35% | 63% | 51.21% | 57.43% | 57.8% | 62.42% | 78.83% | 69.57% | 67.18% | 70.12% | 59.97% | 73.88% | 69.09% | 74.83% | 78.49% | 69.03% | 44.52% | 73.59% | 78.66% |
| EBITDA Growth % | 40.86% | 60.19% | -24.89% | -69.88% | 102.23% | 136.18% | 5.21% | 352.75% | -1.28% | 391.64% | 94.99% | -343.88% | 30.74% | 13.34% | -6.35% | 23.61% | 11.06% | -60.95% | -2.65% | 38.99% | 61.69% | 35.57% | -9.66% | 67.39% | -17.66% | -5.21% | 113.74% | 50.24% | -36.5% | 20.3% | 551.67% |
| D&A (Non-Cash Add-back) | 614.8M | 641.16M | 795.4M | 607.91M | 489.45M | 469.39M | 417.11M | 276.53M | 121.98M | 123.56M | 141.49M | 321.32M | 378.27M | 337.13M | 365.29M | 290.78M | 213.81M | 213.24M | 182.18M | 244.78M | 155.57M | 63.34M | 63.88M | 61.17M | 54.41M | 49.19M | 44.96M | 45.2M | 51M | 26.2M | 18.6M |
| EBIT | 935.37M | 731.53M | -157.21M | 416.01M | 1.57B | -11.84M | 173.2M | 286.23M | 136.18M | 17.1M | 778K | -1.08B | -23.17M | -89.64M | -82.84M | -6.5M | 5.02M | -31.16M | 122.16M | 234.06M | 198.8M | 120.58M | 136.38M | 116.77M | 44.84M | 76.83M | 87.99M | 17.1M | 7.4M | 39M | 34.1M |
| Net Interest Income | -167.96M | -222.8M | -210.62M | -169.02M | -171.09M | -218.49M | -234.83M | -161.54M | 144.81M | -146.45M | -128.74M | -118.59M | -58.63M | -73.24M | -57.91M | -41.59M | -29.46M | -15.84M | -23.8M | 1.39M | 1.01M | 1.6M | 1.21M | 73K | 62K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144.81M | 0 | 0 | 0 | 0 | 0 | 0 | 790K | 0 | 245K | 1.54M | 1.39M | 1.01M | 1.6M | 1.21M | 73K | 62K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 114.9M | 222.8M | 210.62M | 169.02M | 171.09M | 218.49M | 234.83M | 161.54M | 0 | 146.45M | 128.74M | 118.59M | 58.63M | 73.24M | 64.58M | 42.69M | 29.46M | 16.09M | 25.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 460.11M | 145.89M | -199.21M | 20.39M | -879.54M | -1.13B | -224.66M | -150.19M | -170.76M | -129.17M | 55.83M | -154.44M | -49.73M | -56.16M | -15.75M | -6.78M | -12.43M | -15.71M | -186.35M | -39.25M | -14.92M | -53.08M | -40.66M | -29.56M | -30M | -20.74M | -24.29M | -21.4M | -16.8M | -5.2M | 3.6M |
| Pretax Income | 891.89M | 508.74M | -367.83M | 246.99M | 1.4B | -230.32M | -61.63M | 124.69M | -129.35M | -129.35M | -127.97M | -1.2B | -81.8M | -162.88M | -147.41M | -48.1M | -24.43M | -47.24M | 96.83M | 193.98M | 173.44M | 96.29M | 73.21M | 82.95M | 19.35M | 56.09M | 63.7M | -4.3M | -26.4M | 33.8M | 39.2M |
| Pretax Margin % | 44.47% | 26.66% | -29.34% | 15.78% | 38.64% | -12.44% | -7.18% | 16.22% | -50.66% | -50.66% | -72.83% | -476.01% | -14.73% | -38.75% | -32.31% | -11.07% | -7% | -16.23% | 16.4% | 28.23% | 33.88% | 31.75% | 27.98% | 35.28% | 12.89% | 33.31% | 37.61% | -4.77% | -28.39% | 38.15% | 56.89% |
| Income Tax | 219.82M | 88.53M | -149.07M | 35.09M | 261.06M | 11.4M | -9.21M | 27.8M | 17.94M | -17.94M | 7.17M | -154.44M | -24.69M | -56.16M | -47.35M | -14.62M | -4.85M | -10.77M | 38.61M | 85.18M | 74.34M | 35.81M | 26.34M | 29.68M | 6.77M | 19.63M | 22.29M | -1.5M | -9.2M | 11.6M | 6.1M |
| Effective Tax Rate % | 24.65% | 17.4% | 40.53% | 14.21% | 18.62% | -4.95% | 14.94% | 22.3% | -13.87% | 13.87% | -5.6% | 12.85% | 30.18% | 34.48% | 32.12% | 30.41% | 19.83% | 22.8% | 39.88% | 43.91% | 42.86% | 37.19% | 35.98% | 35.78% | 35% | 35% | 35% | 34.88% | 34.85% | 34.32% | 15.56% |
| Net Income | 653.37M | 395.61M | -218.75M | 211.89M | 1.14B | -241.72M | -52.42M | 96.89M | -111.41M | -111.41M | -135.13M | -1.05B | -57.11M | 41.03M | -100.06M | -33.47M | -19.59M | -36.47M | 251.96M | 68.9M | 70.67M | 60.48M | 46.87M | 53.94M | 11.51M | 36.46M | 41.4M | -2.8M | -17.2M | 22.2M | 28M |
| Net Margin % | 32.58% | 20.73% | -17.45% | 13.54% | 31.45% | -13.06% | -6.11% | 12.6% | -43.63% | -43.63% | -76.91% | -414.82% | -10.29% | 9.76% | -21.93% | -7.71% | -5.61% | -12.53% | 42.68% | 10.03% | 13.8% | 19.94% | 17.91% | 22.94% | 7.66% | 21.65% | 24.44% | -3.11% | -18.49% | 25.06% | 40.64% |
| Net Income Growth % | 301.84% | 280.85% | -203.24% | -81.43% | 571.98% | -361.16% | -154.1% | 186.97% | 0% | 17.56% | 87.09% | -1733.46% | -239.2% | 141% | -198.94% | -70.9% | 46.3% | -114.47% | 265.69% | -2.5% | 16.84% | 29.04% | -13.12% | 368.86% | -68.44% | -11.94% | 1578.68% | 83.72% | -177.48% | -20.71% | 206.87% |
| Net Income (Continuing) | 672.08M | 420.2M | -218.75M | 211.89M | 1.14B | -241.72M | -52.42M | 96.89M | -28.63M | -111.41M | -135.13M | -1.05B | -57.11M | -106.72M | -100.06M | -33.47M | -19.59M | -36.47M | 58.22M | 68.9M | 70.67M | 60.48M | 46.87M | 53.27M | 12.58M | 36.46M | 41.4M | -2.8M | -17.2M | 22.2M | 26.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 312.93M | 316.09M | 92.52M | 24.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 267.44M | 220.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.24 | 1.35 | -0.76 | 0.76 | 4.11 | -1.12 | -0.39 | 0.52 | -0.27 | -7.61 | -11.52 | -113.53 | -6.13 | 4.25 | -10.78 | -3.64 | -2.15 | -4.05 | 27.30 | 7.70 | 8.05 | 7.35 | 6.45 | 7.65 | 1.70 | 5.30 | 6.05 | -0.57 | -3.54 | 4.25 | 6.55 |
| EPS Growth % | 291.96% | 277.63% | -200% | -81.51% | 466.96% | -187.18% | -175% | 292.59% | 96.45% | 33.94% | 89.85% | -1752.04% | -244.24% | 139.42% | -196.15% | -69.3% | 46.91% | -114.84% | 254.55% | -4.35% | 9.52% | 13.95% | -15.69% | 350% | -67.92% | -12.4% | 1161.4% | 83.9% | -183.29% | -35.11% | 162.74% |
| EPS (Basic) | - | 1.36 | -0.76 | 0.76 | 4.75 | -1.12 | -0.39 | 0.52 | -0.27 | -7.61 | -11.52 | -113.54 | -6.13 | 4.25 | -10.78 | -3.64 | -2.15 | -4.05 | 27.50 | 7.95 | 8.35 | 7.70 | 6.85 | 8.35 | 1.70 | 6.00 | 7.40 | -0.57 | -3.54 | 4.50 | 7.90 |
| Diluted Shares Outstanding | 291.32M | 294.13M | 287.01M | 276.81M | 277.46M | 231.63M | 215.19M | 187.38M | 105.46M | 14.64M | 11.73M | 9.22M | 9.31M | 9.31M | 9.28M | 9.2M | 9.11M | 9M | 8.96M | 8.88M | 8.71M | 8.23M | 7.25M | 7.05M | 6.78M | 6.91M | 6.84M | 4.95M | 4.86M | 5.2M | 4.28M |
| Basic Shares Outstanding | 291.32M | 290.78M | 287.01M | 276.81M | 236.04M | 231.63M | 215.19M | 142.75M | 105.46M | 14.64M | 11.73M | 9.22M | 9.31M | 9.31M | 9.28M | 9.2M | 9.11M | 9M | 8.9M | 8.68M | 8.44M | 7.84M | 6.84M | 6.39M | 5.75M | 5.81M | 5.26M | 4.95M | 4.86M | 4.84M | 3.27M |
| Dividend Payout Ratio | - | - | - | 65.59% | 3.04% | - | - | - | - | - | - | - | - | 43.86% | - | - | - | - | - | - | - | - | - | 1.06% | 13.94% | 4.4% | 5.97% | - | - | 1.8% | 2.5% |
Commodity price volatility exposure
As reported in recent financial statements, Comstock Resources experienced a 14.5% revenue increase in 2026Q1, yet the erratic quarterly growth pattern, ranging from a 55.5% decline in 2023Q4 to a 90.5% surge in 2025Q2, suggests that top-line performance remains heavily tethered to volatile natural gas spot pricing.
The lack of consistent sequential growth indicates that the company's revenue trajectory is primarily a function of external commodity cycles rather than sustained organic volume expansion. Investors should monitor whether the recent stabilization in revenue growth can be maintained without relying on favorable Henry Hub price realizations.
Based on reported figures, Comstock's gross margin fluctuated wildly from a negative 33.3% in 2024Q2 to a peak of 93.4% in 2026Q1, highlighting the extreme sensitivity of the company's cost structure to regional midstream fees and the inherent cyclicality of natural gas exploration and production.
The dramatic variance in gross margins suggests that the company lacks the pricing power to insulate itself from fluctuations in gathering, processing, and transportation costs. This structural instability warrants further investigation into whether the recent margin expansion is sustainable or merely a temporary byproduct of favorable accounting adjustments.
According to the income statement data, operating income reached $174.9 million in 2026Q1, yet the erratic relationship between gross profit and operating expenses suggests that Comstock has yet to achieve a reliable, scalable operating leverage model capable of consistently outperforming its high fixed-cost base during industry downturns.
While operating margins have shown improvement in recent quarters, the historical tendency for operating income to swing into negative territory during periods of margin compression indicates that corporate overhead and field-level costs remain difficult to rationalize. The company appears to struggle with maintaining efficiency when commodity prices retreat.
As evidenced by the significant disparity between net income and operating income, such as the $280.9 million net income reported in 2025Q4 against $117.2 million in operating income, Comstock's bottom line is frequently influenced by non-operating items, including derivative gains and potential mark-to-market fluctuations in hedging instruments.
The reliance on non-operating items to bolster net income suggests that reported EPS may not accurately reflect the underlying cash-generating capability of the core exploration business. Investors should prioritize Adjusted EBITDAX metrics over GAAP net income to better assess the true operational health of the firm.
Quick answers to the most common questions about buying CRK stock.
For fiscal year 2025, Comstock Resources, Inc. (CRK) reported total revenue of $1.91B. This represents a 2669.5% increase compared to $68.9M in 1996.
Comstock Resources, Inc. (CRK) is profitable, generating $395.6M in net income for the fiscal year ending 2025 with a net profit margin of 20.7%.
Comstock Resources, Inc. (CRK) reported an operating income of $362.9M, resulting in an operating profit margin of 19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Comstock Resources, Inc. (CRK) generated $411.5M in gross profit for the year, representing a gross profit margin of 21.6%. This demonstrates the company's core pricing power and production efficiency.