Coterra Energy Inc. (CTRA) Income Statement

30Y historyFree accessUpdated daily

Revenue rebounded sharply with a 40.4% sequential increase in Q4 2025, yet gross margin normalized to 37.2% in Q1 2026 from 47.4% a year earlier, reflecting lower realized prices and higher COGS as a percentage of revenue (62.8%).

Annual statement

CTRA Income Statement

Coterra Energy Inc. (CTRA) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	7.69B	7.64B	5.46B	5.91B	9.05B	3.45B	1.47B	2.07B	2.19B	1.76B	1.16B	1.3B	2.1B	1.69B	968.71M	894.49M	671.27M	486.2M	932.77M	653.13M	733.72M	791.67M	530.41M	509.39M	353.76M	447.04M	368.65M	294M	251.3M	185.1M	163.1M
Revenue Growth %	29.67%	40.07%	-7.71%	-34.66%	162.42%	135.27%	-29.04%	-5.58%	24.03%	52.66%	-11.13%	-38.01%	24.19%	74.38%	8.3%	33.25%	38.06%	-47.88%	42.82%	-10.98%	-7.32%	49.26%	4.13%	43.99%	-20.87%	21.26%	25.39%	16.99%	35.76%	13.49%	-23.75%
Cost of Goods Sold	4.69B	4.47B	3.46B	3.18B	3.05B	1.51B	1.03B	1.06B	1.17B	1.17B	1.14B	1.27B	1.23B	1.11B	827.81M	631.73M	563.81M	477.72M	475.43M	396.49M	391.89M	386.49M	280.27M	194.68M	143.22M	200.17M	191.28M	157.1M	141.6M	46.2M	43.6M
COGS % of Revenue	-	58.46%	63.45%	53.74%	33.7%	43.84%	70.6%	51.21%	53.38%	66.19%	98.48%	97.92%	58.79%	65.86%	85.45%	70.62%	83.99%	98.25%	50.97%	60.71%	53.41%	48.82%	52.84%	38.22%	40.49%	44.78%	51.89%	53.44%	56.35%	24.96%	26.73%
Gross Profit	3B	3.18B	2B	2.74B	6B	1.94B	431M	1.01B	1.02B	596.4M	17.53M	26.99M	864.5M	576.73M	140.91M	262.76M	107.46M	8.48M	457.34M	256.63M	341.83M	405.18M	250.14M	314.71M	210.53M	246.88M	177.37M	136.9M	109.7M	138.9M	119.5M
Gross Margin %	39%	41.54%	36.55%	46.26%	66.3%	56.16%	29.4%	48.79%	46.62%	33.81%	1.52%	2.08%	41.21%	34.14%	14.55%	29.38%	16.01%	1.75%	49.03%	39.29%	46.59%	51.18%	47.16%	61.78%	59.51%	55.22%	48.11%	46.56%	43.65%	75.04%	73.27%
Gross Profit Growth %	-	59.2%	-27.08%	-54.41%	209.81%	349.42%	-57.24%	-1.19%	71.04%	3302.95%	-35.06%	-96.88%	49.9%	309.31%	-46.38%	144.52%	1166.48%	-98.14%	78.21%	-24.92%	-15.63%	61.98%	-20.52%	49.48%	-14.72%	39.19%	29.56%	24.79%	-21.02%	16.23%	41.09%
Operating Expenses	607M	729M	609M	594M	791M	373M	135M	52M	248.29M	747.66M	582.47M	69.44M	82.59M	104.61M	121.24M	104.67M	79.18M	68.37M	74.19M	50.77M	58.17M	37.65M	75.76M	248.12M	161.45M	151.53M	112.51M	101.5M	82.9M	75.2M	72.3M
OpEx % of Revenue	-	9.54%	11.16%	10.04%	8.74%	10.81%	9.21%	2.52%	11.35%	42.38%	50.4%	5.34%	3.94%	6.19%	12.52%	11.7%	11.8%	14.06%	7.95%	7.77%	7.93%	4.76%	14.28%	48.71%	45.64%	33.9%	30.52%	34.52%	32.99%	40.63%	44.33%
Selling, General & Admin	310M	323M	302M	291M	396M	270M	106M	95M	96.64M	97.79M	85.63M	69.44M	82.59M	104.61M	121.24M	104.67M	79.18M	68.37M	74.19M	50.77M	58.17M	37.65M	34.73M	25.11M	28.38M	25.65M	20.42M	20.1M	22M	19.7M	16.8M
SG&A % of Revenue	-	4.23%	5.53%	4.92%	4.38%	7.83%	7.23%	4.6%	4.42%	5.54%	7.41%	5.34%	3.94%	6.19%	12.52%	11.7%	11.8%	14.06%	7.95%	7.77%	7.93%	4.76%	6.55%	4.93%	8.02%	5.74%	5.54%	6.84%	8.75%	10.64%	10.3%
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	3M	406M	307M	303M	395M	103M	29M	-43M	151.65M	649.88M	496.84M	0	0	0	0	0	0	0	0	0	0	0	41.02M	223.01M	133.07M	125.89M	92.09M	81.4M	60.9M	55.5M	55.5M
Operating Income	2.39B	2.45B	1.39B	2.14B	5.21B	1.56B	296M	956M	771.8M	-151.26M	-564.95M	-42.45M	781.91M	472.13M	19.67M	158.09M	28.28M	-59.89M	383.15M	205.86M	283.67M	367.53M	174.38M	66.59M	49.09M	95.34M	64.86M	35.4M	26.8M	63.7M	47.2M
Operating Margin %	31.1%	32.01%	25.39%	36.22%	57.56%	45.35%	20.19%	46.27%	35.27%	-8.57%	-48.88%	-3.26%	37.27%	27.95%	2.03%	17.67%	4.21%	-12.32%	41.08%	31.52%	38.66%	46.42%	32.88%	13.07%	13.88%	21.33%	17.59%	12.04%	10.66%	34.41%	28.94%
Operating Income Growth %	-	76.55%	-35.29%	-58.89%	233.12%	428.38%	-69.04%	23.87%	610.25%	73.23%	-1230.72%	-105.43%	65.61%	2300.73%	-87.56%	458.95%	147.23%	-115.63%	86.12%	-27.43%	-22.82%	110.76%	161.88%	35.65%	-48.51%	47%	83.21%	32.09%	-57.93%	34.96%	396.84%
EBITDA	4.81B	4.82B	3.23B	3.78B	6.84B	2.26B	691M	1.36B	1.19B	417.56M	25.18M	583.21M	1.41B	1.12B	471.07M	501.23M	355.37M	161.38M	568.56M	349.81M	412.64M	488.95M	277.72M	161.49M	145.6M	175.96M	118.3M	88.8M	68M	104.3M	89.9M
EBITDA Margin %	62.6%	63.01%	59.2%	63.97%	75.63%	65.44%	47.14%	66.02%	54.35%	23.67%	2.18%	44.85%	67.43%	66.49%	48.63%	56.04%	52.94%	33.19%	60.95%	53.56%	56.24%	61.76%	52.36%	31.7%	41.16%	39.36%	32.09%	30.2%	27.06%	56.35%	55.12%
EBITDA Growth %	34.82%	49.09%	-14.59%	-44.73%	203.28%	226.63%	-49.34%	14.69%	184.82%	1558.09%	-95.68%	-58.77%	25.95%	138.43%	-6.02%	41.05%	120.2%	-71.62%	62.53%	-15.23%	-15.61%	76.06%	71.98%	10.91%	-17.25%	48.74%	33.22%	30.59%	-34.8%	16.02%	58.55%
D&A (Non-Cash Add-back)	2.42B	2.37B	1.84B	1.64B	1.64B	693M	395M	408M	417.48M	568.82M	590.13M	625.66M	632.76M	651.05M	451.4M	343.14M	327.08M	221.27M	185.4M	143.95M	128.97M	121.42M	103.34M	94.9M	96.51M	80.62M	53.44M	53.4M	41.2M	40.6M	42.7M
EBIT	2.42B	2.48B	1.46B	2.2B	5.25B	1.57B	296M	955M	771.34M	-146.31M	-571.26M	-90.36M	106.19M	550.48M	304.83M	306.85M	266.44M	282.27M	372.01M	274.69M	528.95M	258.73M	160.65M	169.73M	61.16M	112.27M	80.46M	46.4M	31.2M	63.7M	47.2M
Net Interest Income	-189M	-191M	-44M	-26M	-70M	-62M	-54.12M	-54.95M	-73.2M	-82.13M	-88.34M	-96.91M	-73.78M	-64.94M	-66.99M	-71.66M	-67.94M	-58.98M	-36.39M	-17.16M	-18.44M	-22.5M	-22.03M	0	0	0	0	0	0	0	0
Interest Income	9M	14M	62M	47M	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
Interest Expense	198M	205M	106M	73M	70M	62M	54.12M	54.95M	73.2M	82.13M	88.34M	96.91M	73.78M	64.94M	66.99M	71.66M	67.94M	58.98M	36.39M	17.16M	18.44M	22.5M	22.03M	327.65M	61.27M	71.54M	69.78M	6.8M	17.6M	17.7M	14.1M
Other Income/Expense	-182M	-184M	-41M	-14M	-41M	-62M	-54M	-56M	-73.66M	-77.17M	-94.65M	-144.82M	-749.51M	13.41M	218.17M	77.09M	170.21M	283.18M	-47.53M	51.67M	226.84M	-131.29M	-35.76M	-23.55M	-25.31M	-20.79M	-22.92M	-21.7M	-18M	-17.8M	-15.8M
Pretax Income	2.21B	2.26B	1.34B	2.13B	5.17B	1.5B	242M	900M	698.14M	-228.44M	-659.6M	-187.27M	32.4M	485.54M	237.84M	235.19M	198.5M	223.29M	335.62M	257.53M	510.5M	236.23M	138.62M	43.04M	23.78M	74.55M	41.94M	13.7M	8.8M	45.9M	31.4M
Pretax Margin %	28.73%	29.6%	24.64%	35.98%	57.11%	43.55%	16.51%	43.56%	31.91%	-12.95%	-57.07%	-14.4%	1.54%	28.74%	24.55%	26.29%	29.57%	45.93%	35.98%	39.43%	69.58%	29.84%	26.14%	8.45%	6.72%	16.68%	11.38%	4.66%	3.5%	24.8%	19.25%
Income Tax	542M	546M	224M	503M	1.1B	344M	41M	219M	141.09M	-328.83M	-242.47M	-73.38M	-72.07M	205.76M	106.11M	112.78M	95.11M	74.95M	124.33M	90.11M	189.33M	87.79M	50.25M	15.06M	7.67M	27.46M	16.47M	5.2M	3.5M	17.6M	10.6M
Effective Tax Rate %	24.54%	24.13%	16.65%	23.64%	21.36%	22.9%	16.94%	24.33%	20.21%	143.95%	36.76%	39.18%	-222.42%	42.38%	44.61%	47.95%	47.92%	33.56%	37.05%	34.99%	37.09%	37.16%	36.25%	35%	32.27%	36.84%	39.26%	37.96%	39.77%	38.34%	33.76%
Net Income	1.67B	1.72B	1.12B	1.63B	4.07B	1.16B	201M	681M	557.04M	100.39M	-417.12M	-113.89M	104.47M	279.77M	131.73M	122.41M	103.39M	148.34M	211.29M	167.42M	321.18M	148.44M	88.38M	21.13M	16.1M	47.08M	25.47M	8.5M	5.3M	28.3M	20.8M
Net Margin %	21.68%	22.46%	20.54%	27.48%	44.91%	33.57%	13.71%	32.96%	25.46%	5.69%	-36.09%	-8.76%	4.98%	16.56%	13.6%	13.68%	15.4%	30.51%	22.65%	25.63%	43.77%	18.75%	16.66%	4.15%	4.55%	10.53%	6.91%	2.89%	2.11%	15.29%	12.75%
Net Income Growth %	29.73%	53.17%	-31.02%	-60.02%	251.04%	476.12%	-70.48%	22.25%	454.86%	124.07%	-266.25%	-209.02%	-62.66%	112.38%	7.62%	18.4%	-30.31%	-29.79%	26.2%	-47.87%	116.36%	67.97%	318.22%	31.23%	-65.8%	84.85%	199.67%	60.38%	-81.27%	36.06%	124.02%
Net Income (Continuing)	1.67B	1.72B	1.12B	1.63B	4.07B	1.16B	201M	681M	557.04M	100.39M	-417.12M	-113.89M	104.47M	279.77M	131.73M	122.41M	103.39M	148.34M	211.29M	167.42M	321.18M	148.44M	88.38M	27.98M	16.1M	47.08M	25.47M	8.5M	5.3M	28.3M	20.8M
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	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
EPS (Diluted)	2.18	2.25	1.51	2.13	5.08	2.29	0.50	1.63	1.25	0.22	-0.91	-0.28	0.25	0.67	0.32	0.30	0.25	0.36	0.52	0.43	0.81	0.37	0.15	0.05	0.03	0.13	0.09	0.02	0.02	0.03	0.02
EPS Growth %	27.49%	49.01%	-29.11%	-58.07%	121.83%	358%	-69.33%	30.4%	468.18%	124.18%	-225%	-212%	-62.69%	109.38%	6.67%	20%	-30.56%	-30.77%	20.93%	-46.91%	118.92%	146.67%	176.75%	91.52%	-78.23%	45.74%	409.71%	6.71%	-39.26%	47.54%	105.72%
EPS (Basic)	-	2.25	1.51	2.14	5.10	2.30	0.50	1.64	1.25	0.22	-0.91	-0.28	0.25	0.67	0.32	0.30	0.25	0.36	0.53	0.43	0.83	0.38	0.15	0.06	0.03	0.13	0.09	0.02	0.02	0.03	0.02
Diluted Shares Outstanding	763M	761M	745M	760M	799M	504M	401M	417.45M	445.54M	463.74M	456.85M	413.7M	415.84M	420.19M	419.08M	417M	415.64M	418.33M	406.9M	392.52M	394.4M	397.8M	592.07M	387.48M	380.54M	369.29M	321.96M	323.4M	323.4M	296M	274.16M
Basic Shares Outstanding	759M	761M	742M	756M	796M	503M	398.52M	415.51M	445.54M	463.74M	456.85M	406.75M	415.84M	420.19M	419.08M	417M	415.64M	414.46M	402.95M	387.91M	387.22M	390.85M	584.8M	384.6M	380.54M	363.31M	321.96M	321.8M	321.8M	296M	274.16M
Dividend Payout Ratio	-	39.72%	55.75%	54.77%	49%	67.36%	79.1%	21.44%	19.99%	78.53%	-	-	31.85%	9.02%	12.72%	10.22%	12.06%	8.38%	5.71%	-	2.41%	4.86%	5.89%	23.86%	31.54%	10.2%	25.72%	87.06%	139.62%	33.22%	44.23%

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Commodity price volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Rebound After Price Slump

Coterra's revenue surged 40.4% sequentially in Q4 2025, reversing a 49.6% year-over-year decline, as per recent financial statements, suggesting a sharp recovery in realized commodity prices and production volumes.

The 40.4% sequential jump in Q4 2025 revenue to $2.0B, following a 12.6% YoY decline in Q4 2024, indicates a strong cyclical recovery. This acceleration is likely driven by higher natural gas and oil prices, as volumes remain relatively stable. Investors should monitor whether this growth persists, given the absence of explicit guidance in the latest earnings event.

Margin Normalization After Anomaly

Gross margin settled at 37.2% in Q1 2026, down from 47.4% a year earlier, based on reported figures, reflecting lower realized prices and a return to more typical cost structures after prior one-time gains.

The gross margin contraction from 47.4% in Q1 2025 to 37.2% in Q1 2026 aligns with the revenue decline and suggests reduced pricing power. However, Coterra's gross margin remains above Devon's 24.7% and Antero's 22.1%, indicating a structural cost advantage. The operating margin of 33.2% in Q1 2026 is still robust, but the prior quarter's 89.13% was clearly non-recurring, warranting a focus on sustainable margins.

Operating Leverage Amplifies Upside

Operating income grew 13.1% sequentially in Q4 2025 despite a 10.9% revenue increase, as per financial statements, demonstrating positive operating leverage with SG&A growing only 6.7%.

In Q4 2025, operating income rose to $571M from $470M in Q3, while SG&A increased modestly from $83M to $64M, indicating that overhead costs are not scaling with revenue. This suggests that Coterra can convert incremental revenue into profit efficiently, a key strength in an upcycle. However, the sustainability of this leverage depends on commodity prices and cost inflation in oilfield services.

Earnings Quality Clouded by Hedging

Net margin of 23.9% in Q1 2026 appears high relative to peers, but stock-based compensation of $20M and potential derivative gains may inflate reported earnings, based on reported figures.

Coterra's net margin of 23.9% in Q1 2026 exceeds Devon's 15.4% and EQT's 22.5%, but this may be partly due to non-cash mark-to-market gains on derivatives. SBC of $20M in Q1 2026 is modest but adds to dilution. Investors should focus on adjusted cash flow from operations to strip out hedging noise, as net income can be volatile.

Cost Discipline Amid Price Weakness

COGS as a percentage of revenue rose to 62.8% in Q1 2026 from 52.6% a year earlier, based on reported data, indicating that fixed costs are spreading over a smaller revenue base.

The increase in COGS ratio reflects lower realized prices, not necessarily cost inflation. Coterra's low-cost Marcellus assets provide a defensive floor, but the Permian and Anadarko operations may face higher lifting costs. Management's expense discipline is evident in stable SG&A, but investors should monitor LOE per BOE as a key efficiency metric.

Commodity Exposure Remains Key Risk

Despite a strong balance sheet, Coterra's earnings are highly sensitive to natural gas and oil prices, with a 49.6% revenue decline in 2024 highlighting the cyclicality, as per financial statements.

Short-sellers might argue that Coterra's diversified model does not fully protect against commodity downturns, as evidenced by the 2024 revenue slump. The lack of explicit guidance suggests uncertainty in the price outlook. While the low debt-to-equity ratio of 0.27% provides resilience, it also implies a conservative capital allocation that may limit upside in a rising price environment.

CTRA — Frequently Asked Questions

Quick answers to the most common questions about buying CTRA stock.

What was Coterra Energy Inc.'s (CTRA) revenue in 2025?

For fiscal year 2025, Coterra Energy Inc. (CTRA) reported total revenue of $7.64B. This represents a 4587.3% increase compared to $163.1M in 1996.

Is Coterra Energy Inc. (CTRA) profitable?

Coterra Energy Inc. (CTRA) is profitable, generating $1.72B in net income for the fiscal year ending 2025 with a net profit margin of 22.5%.

What is Coterra Energy Inc.'s operating profit margin?

Coterra Energy Inc. (CTRA) reported an operating income of $2.45B, resulting in an operating profit margin of 32.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Coterra Energy Inc.'s gross profit and gross margin?

Coterra Energy Inc. (CTRA) generated $3.18B in gross profit for the year, representing a gross profit margin of 41.5%. This demonstrates the company's core pricing power and production efficiency.