Comstock Resources (NYSE: CRK) doubles reserves and returns to profit in 2025

Rhea-AI Filing Summary

Comstock Resources reported a strong turnaround for 2025, helped by higher natural gas prices, asset sales and major reserve growth. For the fourth quarter, natural gas and oil sales were $364 million, generating net income of $286.8 million or $0.97 per diluted share, including a large gain on the Shelby Trough divestiture.

On a full-year basis, sales reached $2.2 billion with net income of $420.2 million or $1.43 per diluted share, while adjusted net income was $159.9 million or $0.54. Proved reserves nearly doubled to 7.0 Tcfe, with a PV-10 value of about $4.5 billion, and the company plans a $1.4–$1.5 billion 2026 drilling budget plus $100–$150 million for Western Haynesville midstream infrastructure.

Positive

• Return to profitability with strong cash generation: 2025 net income reached $420.2 million (vs. a prior-year loss), adjusted EBITDAX was $1,078.7 million, and operating cash flow was $861.3 million, reflecting significantly improved financial performance.
• Major reserve and value expansion: Proved reserves increased to 7.0 Tcfe from 3.8 Tcfe, with an SEC PV-10 value of about $4.5 billion and NYMEX-case PV-10 of $5.2 billion, indicating substantial growth in the resource base.
• Balance sheet support from asset sale: The Shelby Trough divestiture generated a pre-tax gain of $291.9 million and contributed to free cash flow of $154.6 million after acquisition and divestiture activity, while long-term debt declined to $2.81 billion.

Negative

• Free cash deficit from core operations and high capex needs: Free cash deficit from operations was $219.6 million in 2025 before acquisitions and divestitures, and the company plans $1.4–$1.5 billion of 2026 development and exploration spending plus $100–$150 million on midstream projects.

Insights

Energy sector equity analyst

Comstock shifted from losses to solid profitability in 2025, with big reserve growth and an aggressive 2026 drilling plan.

Comstock Resources benefited from higher natural gas prices and strong Haynesville drilling results. 2025 total revenues rose to $2,220,289,000, and net income swung to $420,203,000 from a prior-year loss. Adjusted EBITDAX increased to $1,078,720,000, underscoring stronger underlying operations despite hedging and non-cash items.

Costs remained competitive, with 2025 production costs averaging $0.79 per Mcfe and hedged operating margin at 75%. The Shelby Trough sale produced a pre-tax gain of $291,938,000 and net divestiture proceeds of $428,868,000, supporting the balance sheet as long-term debt declined to $2,809,066,000.

Proved reserves almost doubled to 7.0 Tcfe under SEC pricing, with PV-10 of about $4,500,000,000, and NYMEX-based reserves of 7,183.8 Bcfe show similar scale. Management plans $1,400,000,000–$1,500,000,000 of 2026 development and exploration spending plus $100,000,000–$150,000,000 on Western Haynesville midstream, so future results will depend on sustaining strong well performance and commodity prices to cover this elevated capital program.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2026

COMSTOCK RESOURCES, INC.

(Exact name of Registrant as Specified in Its Charter)

Nevada			001-03262	94-1667468
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
5300 Town and Country Blvd. Suite 500
Frisco, Texas				75034
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (972) 668-8800

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.50 (per share)		CRK		New York Stock Exchange
		CRK		New York Stock Exchange Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 11, 2026, Comstock Resources, Inc. ("Comstock" or the "Company") announced financial results for the quarter ended December 31, 2025. A copy of the press release announcing Comstock's earnings and operating results for this period and other matters is attached hereto as Exhibit 99.1.

The earnings press release contains financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP"). Comstock has provided reconciliations within the earnings release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures of financial performance prepared in accordance with GAAP that are presented in the earnings release.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liability of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated February 11, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			COMSTOCK RESOURCES, INC.
Date:	February 11, 2026	By:	/s/ ROLAND O. BURNS
			Roland O. Burns President and Chief Financial Officer

Exhibit 99.1

	5300 Town and Country Blvd., Suite 500
	Frisco, Texas 75034
	Telephone: (972) 668-8834
	Contact: Ron Mills
	VP of Finance and Investor Relations
	Web Site: www.comstockresources.com
	NEWS RELEASE

For Immediate Release

COMSTOCK RESOURCES, INC. REPORTS

FOURTH QUARTER 2025 FINANCIAL AND OPERATING RESULTS

FRISCO, TEXAS, February 11, 2026 – Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter and year ended December 31, 2025.

Highlights of 2025's Fourth Quarter

•Higher natural gas prices in the fourth quarter drove improved financial results in the quarter.

•Natural gas and oil sales, including realized hedging losses, were $364 million for the quarter.

•Operating cash flow was $222 million or 0.75 per diluted share.

•Adjusted EBITDAX for the quarter was $277 million.

•Adjusted net income was $46 million or $0.16 per diluted share for the quarter.

•Four successful wells were turned to sales in the Western Haynesville in the fourth quarter.

•These wells had an average lateral length of 8,399 feet and an average per well initial production rate of 29 MMcf per day.

•During 2025, Comstock turned a total of 12 wells to sales in the Western Haynesville with an average per well initial production rate of 33 MMcf per day.

•Comstock turned 35 wells to sales in 2025 in its legacy Haynesville area with an average lateral length of 11,738 feet and a per well initial production rate of 25 MMcf per day.

•Completed the sale of Shelby Trough assets in East Texas for net proceeds after selling expenses of $417 million.

Financial Results for the Three Months Ended December 31, 2025

During the fourth quarter of 2025, Comstock realized $3.27 per Mcf after hedging for its natural gas production of 111 Bcf. As a result, Comstock's natural gas and oil sales in the fourth quarter of 2025 increased to $364.0 million (including realized hedging losses of $2.6 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2025 was $222.3 million, and net income for the fourth quarter was $286.8 million or $0.97 per diluted share. Net income in the quarter included a pre-tax gain of $292.3 million on the sale of its Shelby Trough properties, a pre-tax $36.8 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the third quarter of 2025 and a

$29.1 million impairment to Comstock's Eagle Ford shale properties. Excluding these items and exploration expense, adjusted net income for the fourth quarter of 2025 was $46.1 million, or $0.16 per diluted share.

Comstock's production cost per Mcfe in the fourth quarter averaged $0.77 per Mcfe, which was comprised of $0.38 for gathering and transportation costs, $0.25 for lease operating costs, $0.07 for production and other taxes and $0.07 for cash general and administrative expenses. Comstock's unhedged and hedged operating margins were 77% in the fourth quarter of 2025.

Financial Results for the Year Ended December 31, 2025

For the year ended December 31, 2025, Comstock realized $3.21 per Mcf after hedging for its natural gas production of 450 Bcf. Natural gas and oil sales for the year ended December 31, 2025 totaled $1.4 billion (including realized hedging gains of $20.1 million). Operating cash flow (excluding changes in working capital) generated during the year was $861.3 million, and net income was $420.2 million or $1.43 per diluted share. Net income during the year included a pre-tax gain of $291.9 million for the sale of its natural gas and oil properties and a pre-tax $62.4 million unrealized gain on hedging contracts held for risk management. Excluding these items, the impairment and exploration expense, adjusted net income for the year ended December 31, 2025 was $159.9 million or $0.54 per diluted share.

Comstock's production cost per Mcfe during the year ended December 31, 2025 averaged $0.79 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.27 for lease operating costs, $0.09 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged and hedged operating margin was 75% during 2025.

2025 Drilling Results

Comstock drilled 52 (44.2 net) operated horizontal Haynesville/Bossier shale wells in 2025, which had an average lateral length of 11,187 feet. Comstock also turned 47 (40.3 net) operated wells to sales in 2025, which had an average initial production rate of 27 MMcf per day.

Since its last operational update in October, Comstock has turned eleven (9.4 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 27 MMcf per day. The completed lateral length of these wells averaged 10,063 feet. Included in these wells, Comstock turned an additional four (4.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

Well		Vertical Depth (feet)		Completed Lateral (feet)		Initial Production Rate (MMcf per day)
Williams RM #1		16,286		8,186		31
Hutto TMM #1		18,333		8,836		31
Brown Trueheart W #1		17,663		8,763		32
Brown Trueheart BB #1		16,584		7,809		22

These wells had average initial daily production rates of 29 MMcf per day and average completed lateral lengths of 8,399 feet.

2025 Proved Oil and Gas Reserves

Comstock also announced that proved natural gas and oil reserves as of December 31, 2025 were estimated at 7.0 trillion cubic feet equivalent ("Tcfe") as compared to 3.8 Tcfe as of December 31, 2024. The reserve estimates were determined under SEC guidelines and were audited by the Company's independent reserve engineering firm. The 7.0 Tcfe of proved reserves at December 31, 2025 were substantially all natural gas, 41% developed and 99% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV-10 Value"), was approximately $4.5 billion using the Company's average first of month 2025 prices of $3.07 per Mcf of natural gas and $61.98 per barrel of oil. The natural gas price used in determining the December 31, 2025 proved reserve estimates was substantially higher than the price used in 2024 of $1.84 per Mcf which allowed for the inclusion of certain proved undeveloped locations in the 2025 reserve report.

Using NYMEX future market prices as of December 31, 2025 of $3.23 per Mcf for natural gas and $56.82 per barrel of oil, as adjusted for the Company's basis differentials, proved reserves would have been 7.2 Tcfe with a PV-10 value of $5.2 billion.

The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2024:

	SEC				NYMEX
	(Bcfe)
Proved Reserves:
Proved Reserves at December 31, 2024		3,764.1				7,022.5
Production		(450.4	)			(450.4	)
Extensions and discoveries		3,737.8				1,068.6
Divestitures		(16.4	)			(419.0	)
Revisions		(29.8	)			(37.9	)
Proved Reserves at December 31, 2025		7,005.3				7,183.8

Comstock replaced 823% of its 2025 production under SEC pricing and replaced 229% of its 2025 production under NYMEX pricing.

2026 Budget

In response to improved natural gas prices, the Company currently plans to increase the number of operating drilling rigs it is running from eight to nine during 2026. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.4 billion to $1.5 billion in 2026 on its development and exploration projects and $100 million to $150 million on its Western Haynesville midstream system.

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on February 12, 2026, to discuss the fourth quarter 2025 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:

https://register-conf.media-server.com/register/BIae8372c1163d420aa61e1af518726ae0.

Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/fhhg297w.

If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 12, 2026. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/fhhg297w.

This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov.

Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK.

COMSTOCK RESOURCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenues:
Natural gas sales		$	366,440			$	287,626			$	1,425,857			$	1,043,886
Oil sales			168				672				2,292				3,597
Total natural gas and oil sales			366,608				288,298				1,428,149				1,047,483
Gas services			128,775				78,208				500,202				206,097
Gain (loss) on sale of assets			294,431				(35	)			291,938				875
Total revenues			789,814				366,471				2,220,289				1,254,455
Operating expenses:
Production and ad valorem taxes			7,503				7,707				40,453				57,437
Gathering and transportation			41,763				44,434				166,108				194,890
Lease operating			27,775				31,379				122,662				130,504
Exploration			1,321				—				10,071				—
Depreciation, depletion and amortization			157,498				202,116				641,163				795,397
Impairment of natural gas and oil properties			29,071				—				29,071				—
Gas services			131,057				72,611				516,224				205,407
General and administrative			13,801				10,164				48,685				39,435
Total operating expenses			409,789				368,411				1,574,437				1,423,070
Operating income (loss)			380,025				(1,940	)			645,852				(168,615	)
Other Expenses:
Gain (loss) from derivative financial instruments			34,207				(79,022	)			82,537				10,196
Other income			296				284				3,144				1,211
Interest expense			(56,060	)			(54,616	)			(222,797	)			(210,621	)
Total other expenses			(21,557	)			(133,354	)			(137,116	)			(199,214	)
Income (loss) before income taxes			358,468				(135,294	)			508,736				(367,829	)
(Provision for) benefit from income taxes			(71,699	)			79,981				(88,533	)			149,075
Net income (loss)			286,769				(55,313	)			420,203				(218,754	)
Net income attributable to noncontrolling interest			(5,850	)			(2,816	)			(24,592	)			(10,897	)
Net income (loss) attributable to Comstock		$	280,919			$	(58,129	)		$	395,611			$	(229,651	)
Net income (loss) per share:
Basic		$	0.98			$	(0.19	)		$	1.43			$	(0.76	)
Diluted		$	0.97			$	(0.19	)		$	1.43			$	(0.76	)
Weighted average shares outstanding:
Basic			291,097				290,170				290,779				287,010
Diluted			294,569				290,170				294,131				287,010

COMSTOCK RESOURCES, INC.

OPERATING RESULTS

(In thousands, except per unit amounts)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Natural gas production (MMcf)			111,239				124,128				450,202				527,548
Oil production (Mbbls)			3				10				37				50
Total production (MMcfe)			111,257				124,185				450,423				527,847
Natural gas sales		$	366,440			$	287,626			$	1,425,857			$	1,043,886
Natural gas hedging settlements (1)			(2,573	)			47,847				20,135				207,803
Total natural gas including hedging			363,867				335,473				1,445,992				1,251,689
Oil sales			168				672				2,292				3,597
Total natural gas and oil sales including hedging		$	364,035			$	336,145			$	1,448,284			$	1,255,286
Average natural gas price (per Mcf)		$	3.29			$	2.32			$	3.17			$	1.98
Average natural gas price including hedging (per Mcf)		$	3.27			$	2.70			$	3.21			$	2.37
Average oil price (per barrel)		$	56.00			$	67.20			$	61.95			$	71.94
Average price (per Mcfe)		$	3.30			$	2.32			$	3.17			$	1.98
Average price including hedging (per Mcfe)		$	3.27			$	2.71			$	3.22			$	2.38
Production and ad valorem taxes		$	7,503			$	7,707			$	40,453			$	57,437
Gathering and transportation			41,763				44,434				166,108				194,890
Lease operating			27,775				31,379				122,662				130,504
Cash general and administrative (2)			8,172				6,282				27,463				24,174
Total production costs		$	85,213			$	89,802			$	356,686			$	407,005
Production and ad valorem taxes (per Mcfe)		$	0.07			$	0.06			$	0.09			$	0.11
Gathering and transportation (per Mcfe)			0.38				0.36				0.37				0.37
Lease operating (per Mcfe)			0.25				0.25				0.27				0.25
Cash general and administrative (per Mcfe)			0.07				0.05				0.06				0.05
Total production costs (per Mcfe)		$	0.77			$	0.72			$	0.79			$	0.78
Unhedged operating margin			77	%			69	%			75	%			61	%
Hedged operating margin			77	%			73	%			75	%			68	%
Gas services revenues		$	128,775			$	78,208			$	500,202			$	206,097
Gas services expenses			131,057				72,611				516,224				205,407
Gas services margin		$	(2,282	)		$	5,597			$	(16,022	)		$	690
Natural Gas and Oil Capital Expenditures:
Unproved property acquisitions		$	18,113			$	18,448			$	54,670			$	106,386
Total natural gas and oil properties acquisitions		$	18,113			$	18,448			$	54,670			$	106,386
Exploration and Development:
Development leasehold		$	4,616			$	1,308			$	14,562			$	13,461
Exploratory drilling and completion			145,110				138,565				490,429				354,557
Development drilling and completion			101,952				92,235				517,375				503,550
Other development costs			18,113				8,325				32,493				30,500
Total exploration and development capital expenditures		$	269,791			$	240,433			$	1,054,859			$	902,068

(1)Included in gain (loss) from derivative financial instruments in operating results.

(2)Excludes stock-based compensation.

COMSTOCK RESOURCES, INC.

NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
ADJUSTED NET INCOME (LOSS):
Net income (loss)		$	286,769			$	(55,313	)		$	420,203			$	(218,754	)
Unrealized (gain) loss from derivative financial instruments			(36,780	)			126,869				(62,402	)			197,607
Impairment of natural gas and oil properties			29,071				—				29,071				—
Exploration expense			1,321				—				10,071				—
(Gain) loss on sale of assets			(294,431	)			35				(291,938	)			(875	)
Adjustment to income taxes			60,168				(25,333	)			54,852				(46,981	)
Adjusted net income (loss) (1)		$	46,118			$	46,258			$	159,857			$	(69,003	)
Adjusted net income (loss) per share (2)		$	0.16			$	0.16			$	0.54			$	(0.24	)
Diluted shares outstanding			294,570				292,983				294,131				287,010
ADJUSTED EBITDAX:
Net income (loss)		$	286,769			$	(55,313	)		$	420,203			$	(218,754	)
Interest expense			56,060				54,616				222,797				210,621
Income taxes			71,699				(79,981	)			88,533				(149,075	)
Depreciation, depletion, and amortization			157,498				202,116				641,163				795,397
Exploration			1,321				—				10,071				—
Impairment of natural gas and oil properties			29,071				—				29,071				—
Unrealized (gain) loss from derivative financial instruments			(36,780	)			126,869				(62,402	)			197,607
Stock-based compensation			5,627				3,881				21,222				15,261
(Gain) loss on sale of assets			(294,431	)			35				(291,938	)			(875	)
Total Adjusted EBITDAX (3)		$	276,834			$	252,223			$	1,078,720			$	850,182

(1)Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets, impairment of natural gas and oil properties and other unusual items.

(2)Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.

(3)Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, impairment of natural gas and oil properties, unrealized (gain) loss from derivative financial instruments, (gain) loss on sale of assets and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

COMSTOCK RESOURCES, INC.

NON-GAAP FINANCIAL MEASURES

(In thousands)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
OPERATING CASH FLOW (1):
Net income (loss)		$	286,769			$	(55,313	)		$	420,203			$	(218,754	)
Reconciling items:
Unrealized (gain) loss from derivative financial instruments			(36,780	)			126,869				(62,402	)			197,607
Deferred income taxes			71,497				(57,754	)			91,982				(124,919	)
Depreciation, depletion and amortization			157,498				202,116				641,163				795,397
Impairment of natural gas and oil properties			29,071				—				29,071				—
Amortization of debt discount and issuance costs			3,051				2,957				11,976				11,476
Stock-based compensation			5,627				3,881				21,222				15,261
(Gain) loss on sale of assets			(294,431	)			35				(291,938	)			(875	)
Operating cash flow		$	222,302			$	222,791			$	861,277			$	675,193
(Increase) decrease in accounts receivable			(62,396	)			(18,989	)			(60,496	)			56,584
(Increase) decrease in other current assets			(6,634	)			(22,144	)			17,518				(22,893	)
Increase (decrease) in accounts payable and other accrued expenses			70,932				85,395				81,308				(88,547	)
Net cash provided by operating activities		$	224,204			$	267,053			$	899,607			$	620,337

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
FREE CASH FLOW (2):
Operating cash flow		$	222,302			$	222,791			$	861,277			$	675,193
Less:
Exploration and development capital expenditures			(269,791	)			(240,433	)			(1,054,859	)			(902,068	)
Midstream capital expenditures			(60,535	)			(38,638	)			(223,592	)			(85,377	)
Other capital expenditures			(17,780	)			(558	)			(17,893	)			(2,264	)
Contributions from midstream partnership			59,000				24,500				215,500				60,500
Free cash deficit from operations		$	(66,804	)		$	(32,338	)		$	(219,567	)		$	(254,016	)
Acquisitions			(18,113	)			(18,448	)			(54,670	)			(106,386	)
Proceeds from divestitures			413,702				—				428,868				1,214
Free cash flow (deficit) after acquisition and divestiture activity		$	328,785			$	(50,786	)		$	154,631			$	(359,188	)

(1)Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

(2)Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

COMSTOCK RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

		December 31, 2025				December 31, 2024
ASSETS
Cash and cash equivalents		$	23,930			$	6,799
Accounts receivable			242,545				174,846
Derivative financial instruments			19,206				4,865
Other current assets			75,257				97,524
Total current assets			360,938				284,034
Property and equipment, net			6,215,494				5,688,389
Goodwill			335,897				335,897
Operating lease right-of-use assets			94,733				73,777
		$	7,007,062			$	6,382,097
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		$	501,695			$	421,814
Accrued costs			153,248				146,173
Operating leases			46,937				35,927
Derivative financial instruments			27,636				8,940
Total current liabilities			729,516				612,854
Long-term debt			2,809,066				2,952,090
Deferred income taxes			437,098				345,116
Derivative financial instruments			—				66,757
Long-term operating leases			47,692				37,740
Asset retirement obligation			20,787				33,996
Total liabilities			4,044,159				4,048,553
Stockholders' Equity:
Common stock			146,527				146,130
Additional paid-in capital			1,376,053				1,366,274
Accumulated earnings			1,124,230				728,619
Total stockholders' equity attributable to Comstock			2,646,810				2,241,023
Noncontrolling interest			316,093				92,521
Total stockholders' equity			2,962,903				2,333,544
		$	7,007,062			$	6,382,097

FAQ

How did Comstock Resources (CRK) perform financially in Q4 2025?

Comstock generated strong Q4 2025 results, with natural gas and oil sales of $364.0 million and net income of $286.8 million or $0.97 per diluted share. Adjusted net income was $46.1 million or $0.16 per diluted share, highlighting solid underlying performance.

What were Comstock Resources’ full-year 2025 earnings and cash flow?

For 2025, Comstock reported net income of $420.2 million or $1.43 per diluted share on total revenues of $2.22 billion. Operating cash flow (excluding working capital changes) was $861.3 million, while adjusted net income totaled $159.9 million or $0.54 per diluted share.

How much did Comstock Resources’ proved reserves grow in 2025?

Proved reserves rose to 7.0 Tcfe at December 31, 2025, compared with 3.8 Tcfe a year earlier. Under SEC pricing, PV-10 was approximately $4.5 billion, and using NYMEX prices, proved reserves would have been 7.2 Tcfe with PV-10 of $5.2 billion.

What was the impact of the Shelby Trough asset sale on Comstock Resources?

Comstock completed the sale of its Shelby Trough assets in East Texas for net proceeds of $417 million, generating a pre-tax gain of about $291.9 million. This transaction significantly boosted reported net income and helped support free cash flow after acquisition and divestiture activity.

What capital spending is Comstock Resources planning for 2026?

In 2026, Comstock currently plans to spend about $1.4–$1.5 billion on development and exploration projects, plus $100–$150 million on its Western Haynesville midstream system. The company also intends to run nine drilling rigs, with four dedicated to the Western Haynesville.

How efficient were Comstock Resources’ operations and margins in 2025?

Comstock’s 2025 production cost averaged $0.79 per Mcfe, including gathering, transportation, lease operating, taxes and cash G&A. The company reported unhedged and hedged operating margins of 75%, reflecting low unit costs and favorable realized natural gas pricing during the year.

What was Comstock Resources’ free cash flow position in 2025?

Operating cash flow was $861.3 million, but high capital spending led to a free cash deficit from operations of $219.6 million. After including $428.9 million of divestiture proceeds, free cash flow after acquisition and divestiture activity was a positive $154.6 million.

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