Revenue grew 28.6% YoY to $842.8M in 2026Q3 with operating income expanding thirteen-fold from $32.1M in 2024Q2 to $433.2M in 2026Q1, evidencing substantial operating leverage as SG&A remained contained near $40-50M, though the 2026Q2 divergence of $195.3M net income against $187.4M operating income warrants further investigation into derivative-driven bottom-line volatility.
Range Resources Corporation (RRC) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 3.5B | 2.99B | 2.35B | 2.54B | 5.33B | 3.58B | 1.78B | 2.6B | 3.33B | 2.4B | 1.36B | 1.18B | 2.04B | 1.83B | 1.37B | 1.19B | 833.12M | 907.34M | 1.32B | 864.83M | 779.73M | 535.84M | 320.71M | 245.77M | 194.45M | 223.38M | 185.55M | 161.55M | 148.93M | 137.8M | 72M |
| Revenue Growth % | 21.94% | 27.56% | -7.65% | -52.33% | 48.89% | 101.04% | -31.53% | -21.98% | 39.04% | 76.13% | 15.2% | -42.15% | 11.48% | 34.02% | 15.05% | 42.63% | -8.18% | -31.5% | 53.17% | 10.91% | 45.52% | 67.08% | 30.49% | 26.39% | -12.95% | 20.39% | 14.85% | 8.48% | 8.08% | 91.39% | 76.9% |
| Cost of Goods Sold | 1.62B | 1.97B | 1.77B | 1.76B | 2.11B | 1.98B | 1.76B | 2.28B | 2.44B | 1.78B | 1.38B | 1.26B | 1.2B | 1.05B | 841.13M | 614.6M | 470.22M | 211.87M | 210.08M | 152.09M | 125.35M | 97.72M | 67.53M | 50.37M | 43.39M | 53.07M | 45.71M | 51.31M | 58.26M | 34M | 22.2M |
| COGS % of Revenue | - | 65.92% | 75.51% | 69.38% | 39.54% | 55.35% | 99.01% | 87.75% | 73.04% | 74.39% | 101.42% | 106.96% | 58.82% | 57.51% | 61.53% | 51.72% | 56.44% | 23.35% | 15.86% | 17.59% | 16.08% | 18.24% | 21.06% | 20.49% | 22.32% | 23.76% | 24.64% | 31.76% | 39.12% | 24.67% | 30.83% |
| Gross Profit | 1.88B | 1.02B | 574.75M | 778.14M | 3.22B | 1.6B | 17.69M | 318.66M | 898.83M | 614.06M | -19.39M | -82.28M | 841.2M | 778.5M | 526M | 573.7M | 362.9M | 695.48M | 1.11B | 712.74M | 654.38M | 438.12M | 253.18M | 195.4M | 151.06M | 170.31M | 139.84M | 110.25M | 90.67M | 103.8M | 49.8M |
| Gross Margin % | 53.77% | 34.08% | 24.49% | 30.62% | 60.46% | 44.65% | 0.99% | 12.25% | 26.96% | 25.61% | -1.42% | -6.96% | 41.18% | 42.49% | 38.47% | 48.28% | 43.56% | 76.65% | 84.14% | 82.41% | 83.92% | 81.76% | 78.94% | 79.51% | 77.68% | 76.24% | 75.36% | 68.24% | 60.88% | 75.33% | 69.17% |
| Gross Profit Growth % | - | 77.52% | -26.14% | -75.86% | 101.59% | 8936.57% | -94.45% | -64.55% | 46.37% | 3267.22% | 76.44% | -109.78% | 8.05% | 48% | -8.31% | 58.08% | -47.82% | -37.6% | 56.38% | 8.92% | 49.36% | 73.05% | 29.57% | 29.36% | -11.3% | 21.79% | 26.84% | 21.59% | -12.65% | 108.43% | 77.86% |
| Operating Expenses | 651.94M | 184.64M | 220.61M | 215M | 230.22M | 222.64M | 216.69M | 217.79M | 243.93M | 287.07M | 217.1M | 215.42M | 276.97M | 355.58M | 243.62M | 232.56M | 201.08M | 522.37M | 522.37M | 366.53M | 275.46M | 211.08M | 163.28M | 123.82M | 102.63M | 89.78M | 81.26M | 84.47M | 69.37M | 60.7M | 26.3M |
| OpEx % of Revenue | - | 6.17% | 9.4% | 8.46% | 4.32% | 6.22% | 12.17% | 8.37% | 7.32% | 11.97% | 15.95% | 18.23% | 13.56% | 19.41% | 17.82% | 19.57% | 24.14% | 57.57% | 39.43% | 42.38% | 35.33% | 39.39% | 50.91% | 50.38% | 52.78% | 40.19% | 43.79% | 52.29% | 46.58% | 44.05% | 36.53% |
| Selling, General & Admin | 231.86M | 350.89M | 172.14M | 164.74M | 168.09M | 168.44M | 158.38M | 181.11M | 209.81M | 233.41M | 184.77M | 194.01M | 213.43M | 291.17M | 173.81M | 151.19M | 140.57M | 117.8M | 92.31M | 96.76M | 56.76M | 62.92M | 39.81M | 24.38M | 17.24M | 12.21M | 14.95M | 8.03M | 9.21M | 5.3M | 4M |
| SG&A % of Revenue | - | 11.72% | 7.33% | 6.48% | 3.15% | 4.7% | 8.89% | 6.96% | 6.29% | 9.73% | 13.57% | 16.42% | 10.45% | 15.89% | 12.71% | 12.72% | 16.87% | 12.98% | 6.97% | 11.19% | 7.28% | 11.74% | 12.41% | 9.92% | 8.87% | 5.47% | 8.06% | 4.97% | 6.19% | 3.85% | 5.56% |
| 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 | -166.25M | 48.47M | 50.26M | 62.14M | 54.2M | 58.3M | 36.68M | 34.12M | 53.66M | 32.33M | 21.41M | 63.55M | 64.41M | 69.81M | 81.37M | 60.51M | 404.57M | 430.06M | 269.77M | 218.7M | 148.16M | 123.47M | 99.44M | 85.39M | 77.57M | 66.31M | 76.45M | 60.15M | 55.4M | 22.3M |
| Operating Income | 1.23B | 835.63M | 354.14M | 563.14M | 2.99B | 1.38B | -198.99M | 100.87M | 654.9M | 326.99M | -236.49M | -297.7M | 564.22M | 422.92M | 282.38M | 341.14M | 161.83M | 173.1M | 592.23M | 346.21M | 378.92M | 227.04M | 89.89M | 71.58M | 48.42M | 80.52M | 58.58M | 25.77M | 21.3M | 43.1M | 23.5M |
| Operating Margin % | 35.13% | 27.91% | 15.09% | 22.16% | 56.14% | 38.44% | -11.17% | 3.88% | 19.64% | 13.64% | -17.37% | -25.19% | 27.62% | 23.08% | 20.66% | 28.71% | 19.42% | 19.08% | 44.71% | 40.03% | 48.6% | 42.37% | 28.03% | 29.12% | 24.9% | 36.05% | 31.57% | 15.95% | 14.3% | 31.28% | 32.64% |
| Operating Income Growth % | - | 135.96% | -37.11% | -81.18% | 117.48% | 791.58% | -297.28% | -84.6% | 100.28% | 238.27% | 20.56% | -152.76% | 33.41% | 49.77% | -17.22% | 110.8% | -6.51% | -70.77% | 71.06% | -8.63% | 66.89% | 152.57% | 25.59% | 47.82% | -39.87% | 37.46% | 127.3% | 21% | -50.58% | 83.4% | 125.96% |
| EBITDA | 1.62B | 1.21B | 712.5M | 913.31M | 3.35B | 1.74B | 274.29M | 1.75B | 1.31B | 1.29B | 330.68M | 873.72M | 1.16B | 928.77M | 764.01M | 724.93M | 447.27M | 547.53M | 892.06M | 575.82M | 535.48M | 356.22M | 193.94M | 159.33M | 126.14M | 160.06M | 127.56M | 102.22M | 81.45M | 98.5M | 45.8M |
| EBITDA Margin % | 46.3% | 40.29% | 30.36% | 35.94% | 62.77% | 48.62% | 15.4% | 67.1% | 39.38% | 53.99% | 24.29% | 73.94% | 56.76% | 50.69% | 55.88% | 61.01% | 53.69% | 60.35% | 67.34% | 66.58% | 68.68% | 66.48% | 60.47% | 64.83% | 64.87% | 71.65% | 68.75% | 63.27% | 54.69% | 71.48% | 63.61% |
| EBITDA Growth % | 42.16% | 69.28% | -21.99% | -72.71% | 92.24% | 534.64% | -84.28% | 32.93% | 1.42% | 291.49% | -62.15% | -24.64% | 24.83% | 21.57% | 5.39% | 62.08% | -18.31% | -38.62% | 54.92% | 7.53% | 50.32% | 83.68% | 21.72% | 26.32% | -21.19% | 25.47% | 24.8% | 25.49% | -17.31% | 115.07% | 81.03% |
| D&A (Non-Cash Add-back) | 390.94M | 370.46M | 358.36M | 350.17M | 353.42M | 364.56M | 473.29M | 1.64B | 658.09M | 967.57M | 567.16M | 1.17B | 595.2M | 505.85M | 481.62M | 383.79M | 285.44M | 374.43M | 299.83M | 229.6M | 156.57M | 129.18M | 104.04M | 87.76M | 77.72M | 79.53M | 68.99M | 76.45M | 60.15M | 55.4M | 22.3M |
| EBIT | 1.15B | 936.59M | 369.36M | 1.22B | 1.58B | 629.37M | -544.66M | -2.02B | -1.57B | 277.8M | -633.92M | -885.92M | 1.2B | 326.14M | 193.85M | 203.31M | 230.27M | 58.63M | 644.62M | 346.21M | 406.47M | 216.18M | 89.89M | 71.58M | 48.42M | 80.52M | 57.92M | 25.77M | 21.3M | 43.1M | 23.5M |
| Net Interest Income | -72.65M | -103.8M | -117.46M | -122.4M | -164.04M | -226.38M | -191.95M | -193.19M | -209.11M | -191.58M | -167.24M | -165.53M | -168.07M | -176.56M | -168.8M | -125.05M | -131.19M | -117.37M | -99.75M | -77.74M | -57.58M | -38.8M | -23.12M | 0 | 0 | 0 | 702K | 0 | 0 | 0 | 0 |
| Interest Income | 483K | 1.1M | 1.3M | 1.6M | 1.1M | 951K | 713K | 1.1M | 1.1M | 4.1M | 972K | 908K | 911K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 702K | 0 | 0 | 0 | 0 |
| Interest Expense | 73.13M | 104.9M | 118.76M | 124M | 165.15M | 227.34M | 192.67M | 194.28M | 210.21M | 195.68M | 168.21M | 166.44M | 168.98M | 176.56M | 168.8M | 125.05M | 131.19M | 117.37M | 99.75M | 77.74M | 57.58M | 38.8M | 23.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -86.33M | -3.94M | -103.54M | 537.2M | -1.58B | -974.17M | -538.34M | -2.32B | -2.43B | -244.87M | -565.65M | -754.66M | 466.66M | -273.34M | -257.33M | -262.88M | -22.22M | -231.84M | -47.35M | -80.47M | -63.22M | -49.66M | -23.12M | -22.16M | -26.01M | -63.26M | -41.34M | -34.37M | -250.92M | -78.2M | -4.1M |
| Pretax Income | 1.14B | 831.69M | 250.6M | 1.1B | 1.41B | 402.04M | -737.33M | -2.22B | -1.78B | 82.12M | -802.14M | -1.05B | 1.03B | 149.58M | 25.06M | 78.26M | 139.61M | -58.73M | 544.87M | 265.74M | 315.7M | 177.38M | 66.78M | 49.41M | 22.41M | 17.26M | 17.24M | -8.6M | -229.62M | -35.1M | 19.4M |
| Pretax Margin % | 32.66% | 27.78% | 10.68% | 43.3% | 26.52% | 11.23% | -41.4% | -85.22% | -53.3% | 3.43% | -58.92% | -89.05% | 50.47% | 8.16% | 1.83% | 6.59% | 16.76% | -6.47% | 41.13% | 30.73% | 40.49% | 33.1% | 20.82% | 20.11% | 11.52% | 7.73% | 9.29% | -5.32% | -154.18% | -25.47% | 26.94% |
| Income Tax | 251.02M | 173.67M | -15.73M | 229.2M | 230.46M | -9.74M | -25.55M | -500.29M | -30.49M | -251.03M | -280.75M | -338.68M | 396.5M | 33.86M | 12.05M | 35.56M | 50.91M | -4.86M | 193.83M | 98.76M | 121.75M | 66.37M | 24.55M | 18.49M | -3.36M | -406K | -1.57M | 1.6M | -54.47M | -11.8M | 6.8M |
| Effective Tax Rate % | 21.97% | 20.88% | -6.28% | 20.83% | 16.3% | -2.42% | 3.47% | 22.57% | 1.72% | -305.68% | 35% | 32.18% | 38.46% | 22.63% | 48.11% | 45.43% | 36.47% | 8.28% | 35.57% | 37.16% | 38.57% | 37.42% | 36.76% | 37.42% | -14.99% | -2.35% | -9.13% | -18.62% | 23.72% | 33.62% | 35.05% |
| Net Income | 891.36M | 658.02M | 266.34M | 871.14M | 1.18B | 411.78M | -711.78M | -1.72B | -1.75B | 333.15M | -521.39M | -713.68M | 634.38M | 115.72M | 13M | 58.03M | -239.26M | -53.87M | 351.04M | 230.57M | 158.7M | 111.01M | 42.23M | 35.41M | 25.77M | 17.66M | 36.58M | -7.8M | -175.15M | -23.3M | 12.6M |
| Net Margin % | 25.48% | 21.98% | 11.35% | 34.28% | 22.2% | 11.5% | -39.97% | -65.99% | -52.39% | 13.89% | -38.3% | -60.39% | 31.06% | 6.32% | 0.95% | 4.88% | -28.72% | -5.94% | 26.5% | 26.66% | 20.35% | 20.72% | 13.17% | 14.41% | 13.25% | 7.91% | 19.71% | -4.83% | -117.61% | -16.91% | 17.5% |
| Net Income Growth % | 55.35% | 147.06% | -69.43% | -26.38% | 187.38% | 157.85% | 58.53% | 1.73% | -624.24% | 163.9% | 26.94% | -212.5% | 448.19% | 790.03% | -77.59% | 124.25% | -344.14% | -115.35% | 52.25% | 45.28% | 42.96% | 162.87% | 19.25% | 37.45% | 45.88% | -51.71% | 568.95% | 95.55% | -651.72% | -284.92% | 186.36% |
| Net Income (Continuing) | 891.36M | 658.02M | 266.34M | 871.14M | 1.18B | 411.78M | -711.78M | -1.72B | -1.75B | 333.15M | -521.39M | -713.68M | 634.38M | 115.72M | 13M | 42.71M | 88.7M | -53.87M | 351.04M | 166.98M | 193.95M | 111.01M | 42.23M | 30.92M | 25.77M | 17.66M | 18.82M | -10.2M | -175.15M | -23.3M | 12.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.32M | -327.95M | 0 | 0 | 63.59M | -35.25M | 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 | 2.23M | 92.64M | 117.7M | 120M | 120M | 0 |
| EPS (Diluted) | 3.79 | 2.74 | 1.09 | 3.57 | 4.69 | 1.61 | -2.95 | -6.92 | -7.09 | 1.34 | -2.75 | -4.29 | 3.79 | 0.70 | 0.08 | 0.36 | -1.51 | -0.35 | 2.25 | 1.54 | 1.14 | 0.85 | 0.38 | 0.41 | 0.32 | 0.24 | 0.64 | -0.14 | -4.49 | -0.80 | 0.46 |
| EPS Growth % | 58.4% | 151.38% | -69.47% | -23.88% | 191.3% | 154.58% | 57.37% | 2.4% | -629.1% | 148.73% | 35.9% | -213.19% | 441.43% | 775% | -77.78% | 123.84% | -331.43% | -115.56% | 46.1% | 35.09% | 34.12% | 123.68% | -7.32% | 28.13% | 33.33% | -62.5% | 557.14% | 96.88% | -461.25% | -273.91% | 119.05% |
| EPS (Basic) | - | 2.76 | 1.10 | 3.61 | 4.79 | 1.65 | -2.95 | -6.92 | -7.10 | 1.34 | -2.75 | -4.29 | 3.81 | 0.71 | 0.08 | 0.36 | -1.53 | -0.35 | 2.32 | 1.60 | 1.19 | 0.89 | 0.40 | 0.42 | 0.32 | 0.24 | 0.65 | -0.14 | -4.49 | -0.80 | 0.47 |
| Diluted Shares Outstanding | 235.03M | 239.79M | 242.75M | 239.84M | 246.38M | 249.31M | 241.37M | 247.97M | 246.17M | 245.46M | 189.87M | 166.39M | 164.4M | 161.41M | 160.31M | 159.44M | 158.43M | 154.51M | 155.94M | 149.91M | 138.71M | 129.13M | 98M | 86.78M | 80.52M | 73.55M | 54.9M | 56.3M | 39.04M | 29.3M | 22.38M |
| Basic Shares Outstanding | 233.49M | 237.94M | 240.69M | 236.99M | 240.86M | 242.86M | 241.37M | 247.97M | 246.02M | 245.09M | 189.68M | 166.39M | 163.63M | 160.44M | 159.43M | 158.03M | 156.87M | 154.51M | 151.12M | 143.79M | 133.75M | 124.13M | 93.54M | 82.41M | 80.52M | 73.55M | 54.33M | 56.3M | 39.04M | 29.3M | 21.75M |
| Dividend Payout Ratio | - | 13.02% | 29.08% | 8.87% | 3.27% | - | - | - | - | 5.96% | - | - | 4.19% | 22.58% | 199.82% | 44.39% | - | - | 7.01% | 8.28% | 7.68% | 6.86% | 7.62% | 2.27% | - | 0.06% | 3.95% | - | - | - | 26.19% |
Quick answers to the most common questions about buying RRC stock.
For fiscal year 2025, Range Resources Corporation (RRC) reported total revenue of $2.99B. This represents a 4057.9% increase compared to $72.0M in 1996.
Range Resources Corporation (RRC) is profitable, generating $658.0M in net income for the fiscal year ending 2025 with a net profit margin of 22.0%.
Range Resources Corporation (RRC) reported an operating income of $835.6M, resulting in an operating profit margin of 27.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Range Resources Corporation (RRC) generated $1.02B in gross profit for the year, representing a gross profit margin of 34.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commodity price normalization exposure
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates Through Pricing Cycle
According to recent SEC filings, RRC's quarterly revenue climbed from $509.8M in 2024Q2 to $842.8M by 2026Q3, representing a sustained YoY acceleration from roughly flat growth to 28.6% in the latest reported quarter, suggesting favorable natural gas and NGL realizations continue filtering through.
Revenue growth has been consistently positive for eight consecutive quarters, transitioning from near-zero YoY growth in mid-2024 to high-teens and twenties through 2025-2026. The trajectory suggests the growth is pricing-driven rather than volume-driven given RRC's disciplined capital allocation posture and absence of disclosed production expansion. Investors should monitor whether forward gas curves support continued top-line acceleration or whether mean-reversion in commodity prices moderates this momentum.
Gross Margins Expanded to Industry-Leading Levels
Based on RRC's reported financial statements, gross margin surged from 16.5% in 2024Q2 to a peak of 63.0% in 2026Q1, significantly outpacing Appalachian peers like EQT at 48.9% and CNX at 47.2%, suggesting favorable NGL realizations and tight cost control drove structural margin improvement.
The margin expansion from sub-20% to near-60% over eight quarters reflects a dramatic improvement in revenue per unit of cost, likely attributable to the NGL-heavy product mix capturing oil-linked pricing while domestic gas costs remained constrained. However, 2026Q2 gross margin of 58.7% already shows modest compression from the Q1 peak, which may indicate the favorable pricing environment is beginning to plateau. RRC's margin premium over peers like Antero Resources at 22.1% underscores the value of its NGL exposure but also implies higher sensitivity to global petrochemical demand cycles.
Operating Leverage Amplifies Commodity Tailwinds
As reported in RRC's quarterly filings, operating income expanded from $32.1M in 2024Q2 to $433.2M by 2026Q1—a thirteen-fold increase—while SG&A remained largely contained between $40M and $50M, demonstrating substantial operating leverage as fixed corporate overhead was absorbed across a rapidly growing revenue base.
The leverage profile is textbook E&P operating leverage: revenue nearly doubled while SG&A grew only modestly, pushing operating margins from 6.3% to 41.9% at peak. The notable SG&A spikes in 2025Q4 ($91.1M) and 2026Q3 ($94.2M) depart from the established range and warrant scrutiny as potential one-time charges or recurring cost expansion. If the elevated SG&A persists, it could erode the lean corporate structure that has been a key contributor to RRC's operating margin premium.
Net Income Volatility Signals Non-Operating Distortions
According to RRC's reported figures, net income diverged notably from operating income in several quarters—most prominently in 2025Q2 where net income of $237.6M exceeded operating income of $187.4M—suggesting non-cash derivative fair value gains materially influence bottom-line results independent of underlying production economics.
The disconnect between operating and net income in multiple quarters indicates that derivative settlements and unrealized mark-to-market adjustments are significant contributors to reported EPS, consistent with E&P accounting complexity. The volatile EPS growth trajectory—ranging from 185.7% in 2025Q3 to negative 16.2% in 2026Q2—reflects this non-operational noise rather than a clean earnings trend. Analysts should focus on cash-basis earnings quality by stripping out unrealized derivative swings, particularly given RRC's commodity hedging program and the absence of disclosed guidance on forward hedge positions.
Margin Sustainability Faces Commodity Correction Risk
The reported gross margin of 58.7% in 2026Q2 remains well above RRC's historical range, but the Appalachian-only footprint and firm transportation commitments may constrain flexibility if regional gas prices revert, as fixed cost structures persist regardless of realized pricing outcomes.
A short-seller would argue that the margin expansion is entirely commodity-price driven rather than structural, meaning a correction in Henry Hub or NGL benchmarks could compress returns toward the 2024 baseline of sub-20% gross margins almost immediately. The missing 2026Q3 data for COGS, gross profit, and operating income introduces a material gap in the narrative—investors should treat the most recent quarter's $175.3M net income with caution until full disclosure is available. Additionally, the repeated absence of management guidance across two consecutive quarters reduces forward visibility, making it difficult to assess whether the current margin regime is sustainable or cyclical.