Coterra achieved a 76.6% gross margin in 2026Q1, suggesting that cost-discipline initiatives are effectively mitigating the impact of a 43.3% year-over-year revenue contraction.
| 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 | 6.48B | 2.75B | 5.46B | 5.68B | 9.51B | 3.67B | 1.41B | 1.99B | 2.14B | 1.75B | 1.19B | 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 % | 7.26% | -49.62% | -3.92% | -40.26% | 159.24% | 161.17% | -29.22% | -7.38% | 22.69% | 46.26% | -8.14% | -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 | 3.85B | 1.09B | 3.77B | 3.48B | 3.44B | 1.61B | 1.07B | 1.09B | 1.3B | 1.22B | 1.2B | 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 | - | 39.59% | 69.03% | 61.24% | 36.21% | 43.95% | 75.8% | 55.14% | 60.85% | 69.98% | 100.03% | 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 | 2.63B | 1.66B | 1.69B | 2.2B | 6.07B | 2.06B | 340.01M | 890.78M | 839.2M | 524.46M | -409K | 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 % | 40.63% | 60.41% | 30.96% | 38.76% | 63.79% | 56.05% | 24.2% | 44.86% | 39.15% | 30.02% | -0.03% | 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 % | - | -1.71% | -23.24% | -63.7% | 195.04% | 504.98% | -61.83% | 6.15% | 60.01% | 128330.32% | -101.52% | -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 | 494M | -790M | 302M | 279M | 327M | 164M | 105.39M | 94.87M | 96.64M | 97.79M | 87.24M | 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 | - | -28.72% | 5.53% | 4.91% | 3.44% | 4.47% | 7.5% | 4.78% | 4.51% | 5.6% | 7.3% | 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 | 260M | 302M | 279M | 327M | 164M | 105.39M | 94.87M | 96.64M | 97.79M | 87.24M | 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 | - | 9.45% | 5.53% | 4.91% | 3.44% | 4.47% | 7.5% | 4.78% | 4.51% | 5.6% | 7.3% | 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 | 2M | -1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 1.99B | 2.45B | 1.39B | 1.92B | 5.74B | 1.89B | 234.62M | 795.91M | 742.56M | 426.68M | -87.65M | -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 % | 30.71% | 89.13% | 25.43% | 33.85% | 60.35% | 51.58% | 16.7% | 40.09% | 34.64% | 24.42% | -7.34% | -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 % | - | 76.53% | -27.81% | -66.49% | 203.33% | 706.83% | -70.52% | 7.18% | 74.03% | 586.79% | -106.46% | -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 | 4.41B | 4.82B | 3.23B | 3.56B | 7.38B | 2.59B | 629.16M | 1.2B | 1.26B | 999.31M | 512.6M | 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 % | 68.02% | 175.28% | 59.22% | 62.72% | 77.54% | 70.46% | 44.77% | 60.63% | 58.67% | 57.19% | 42.91% | 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 % | 19.8% | 49.1% | -9.28% | -51.67% | 185.27% | 311.03% | -47.74% | -4.29% | 25.86% | 94.95% | -12.11% | -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 | 394.54M | 407.97M | 515.22M | 572.64M | 600.25M | 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 | 1.76B | 2.47B | 1.45B | 2.2B | 5.24B | 1.56B | 295.25M | 955.18M | 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 | -146M | -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 | 3M | 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 | 218M | -189M | -44M | 204M | -573M | -391M | 6.5M | 104.32M | -44.42M | -655.11M | -571.95M | -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 | 241.12M | 900.22M | 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 % | 34.07% | 82.26% | 24.63% | 37.44% | 54.33% | 40.93% | 17.16% | 45.34% | 32.57% | -13.07% | -55.21% | -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 | 40.59M | 219.15M | 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% | 16.84% | 24.34% | 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 | 200.53M | 681.07M | 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 % | 25.71% | 62.41% | 20.53% | 28.59% | 42.73% | 31.55% | 14.27% | 34.3% | 25.98% | 5.75% | -34.92% | -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% | 477.47% | -70.56% | 22.27% | 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 | 200.53M | 681.07M | 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% | 79.29% | 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% |
Commodity price volatility exposure
As reported in recent financial statements, Coterra's revenue experienced a 43.3% year-over-year decline in 2026Q1, reflecting the inherent sensitivity of its multi-basin production model to fluctuating natural gas and liquids pricing, which continues to challenge the company's ability to maintain consistent top-line growth across its diverse portfolio.
The sharp revenue contraction suggests that the company's production mix remains highly susceptible to regional basis differentials and broader energy market cycles. Investors should monitor whether this decline represents a strategic curtailment of output in a low-price environment or a more concerning erosion of market share within its core Marcellus and Permian assets.
Based on the provided income statement data, Coterra achieved a notable 76.6% gross margin in 2026Q1, which appears to indicate a significant improvement in operational efficiency compared to the 31.1% margin observed in 2025Q4, suggesting potential benefits from cost-cutting initiatives or favorable changes in commodity realization.
This margin expansion warrants further investigation, as it may reflect non-recurring accounting adjustments or a shift in the production mix toward higher-margin liquids. If sustainable, this performance suggests a robust ability to protect profitability even when top-line revenue faces significant downward pressure from external market forces.
According to the latest quarterly figures, Coterra maintained an operating margin of 56.5% in 2026Q1, demonstrating a strong ability to scale operating income relative to gross profit despite the significant revenue contraction, which implies effective management of overhead and lifting costs during periods of commodity price weakness.
The company's ability to keep SG&A expenses relatively contained at $79 million while navigating a volatile revenue environment suggests a disciplined approach to corporate overhead. This operational leverage appears to be a key component of the company's strategy to preserve cash flow for shareholder returns.
Based on reported figures, Coterra's net income of $466 million in 2026Q1, coupled with $20 million in stock-based compensation, suggests that while headline earnings remain strong, investors should carefully scrutinize the impact of non-operating items and derivative mark-to-market adjustments on the overall quality of reported net income.
The variance between operating income and net income may indicate the influence of hedging activities or other non-cash items that can obscure underlying operational performance. Analysts should prioritize cash flow metrics over net income to better assess the true economic profitability of the company's diversified asset base.
Quick answers to the most common questions about buying CTRA stock.
For fiscal year 2025, Coterra Energy Inc. (CTRA) reported total revenue of $2.75B. This represents a 1586.7% increase compared to $163.1M in 1996.
Coterra Energy Inc. (CTRA) is profitable, generating $1.72B in net income for the fiscal year ending 2025 with a net profit margin of 62.4%.
Coterra Energy Inc. (CTRA) reported an operating income of $2.45B, resulting in an operating profit margin of 89.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Coterra Energy Inc. (CTRA) generated $1.66B in gross profit for the year, representing a gross profit margin of 60.4%. This demonstrates the company's core pricing power and production efficiency.