10-Q · May 7, 2026
Chord Energy's Q1 2026 results showed a significant EPS beat but a slight revenue miss. The company reported diluted EPS of $4.56, exceeding the consensus estimate of $3.46, while revenue reached $1.15 billion, slightly…
Earnings analysis · 10-Q
CHRD earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Chord Energy delivered a $6.08 EPS beat, but $1.408 billion of revenue was materially below consensus and declined 35.1% sequentially. Production of 165.5 MBopd and $431.5 million of adjusted free cash flow remained…
Read full summary
Chord Energy delivered a $6.08 EPS beat, but $1.408 billion of revenue was materially below consensus and declined 35.1% sequentially. Production of 165.5 MBopd and $431.5 million of adjusted free cash flow remained strong, while liquidity was supported by no revolver borrowings and a $2.75 billion borrowing base. The outlook was raised for FY2026 volumes and cash flow, although higher planned CapEx and substantial commodity-derivative exposure keep the overall outlook mixed.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.08
- Segment
- Oil, NGL and natural gas revenue totaled $1.408 billion; individual segment revenue was not disclosed in the provided filing text.
What stood out
-
EPS Beat Despite Revenue Miss
Adjusted EPS was $6.08 versus the $5.78 consensus estimate, a 5.2% beat. Revenue of $1.408 billion was below the $1.693 billion consensus estimate by approximately 16.8%.
-
Revenue and EPS Mixed Sequential Trend
Revenue declined from $2.17 billion in 2026 Q2 to $1.408 billion in 2026 Q3, a decrease of approximately 35.1%, but remained above $1.31 billion in 2025 Q3 by approximately 7.5%. EPS fell from $9.28 to $6.08 sequentially but increased from $2.26 year over year.
-
Strong Production and Cash Generation
Adjusted free cash flow was $431.5 million, compared with $712 million in 2026 Q2 and $219 million in 2025 Q3. Production was 165.5 MBopd, above guidance, supporting strong cash generation despite lower reported revenue.
-
No Revolver Borrowings Outstanding
Liquidity remains substantial: the company had $1.50 billion of fixed-rate senior notes, no borrowings under its Credit Facility, and $30.3 million of outstanding letters of credit at September 30, 2026.
-
Credit Facility Extended
The October 30, 2026 credit amendment reaffirmed a $2.75 billion borrowing base and $2.0 billion of elected commitments and extended the Credit Facility maturity from November 3, 2029 to October 30, 2031, subject to a springing-maturity provision.
-
Share Repurchases Continued
The company repurchased 1,510,156 shares during the quarter for $205.0 million, excluding $2.0 million of accrued excise tax, while $529.0 million remained available under the repurchase program at September 30, 2026.
What to watch
-
Commodity Derivative Volatility
Unrealized crude oil derivatives were a net liability of $163.6 million at September 30, 2026. A 10% increase in crude oil prices would increase the liability's fair value by approximately $158.8 million, highlighting material earnings and cash-flow volatility.
-
Conditional Debt Maturity Risk
The Credit Facility contains a springing maturity date 91 days before the scheduled maturity of the 2030 Senior Notes if more than $100.0 million of those notes remains outstanding and pro forma facility utilization exceeds 80%. This could create refinancing pressure under stressed conditions.
-
Customer and Counterparty Exposure
Joint-interest receivable expected credit losses totaled $2.4 million for the nine months ended September 30, 2026, and crude oil, NGL and natural gas receivables are concentrated among several significant customers. Counterparty insolvency or nonpayment could adversely affect liquidity and results.
Management's outlook
The provided filing text does not include numeric EPS or revenue guidance. The related outlook cited in the prior earnings update raised FY2026 oil-volume midpoint to 162.5 MBopd, Adjusted Free Cash Flow outlook to approximately $1.6 billion, and FY2026 CapEx midpoint to $1.46 billion; FY2026 Adjusted EBITDA is expected to be approximately $3.4 billion.
Earlier filings 4
10-K · February 26, 2026
Chord’s 2025 filings show a volatile operating year: underlying revenue run-rate remained near $4.9 billion (sum of quarterly revenues) while margins and EPS swung due to a large mid-year non-cash charge and…
10-Q · November 6, 2025
Chord reported third-quarter 2025 total revenues of $1,312,081,000, down $138,386,000 (9.5%) versus Q3 2024 and operating income of $170,790,000 (down $102,103,000 or 37.4% year-over-year). Diluted EPS was $2.26 for the…
10-Q · August 7, 2025
Chord reported total revenue of $1,180,560,000 for Q2 2025 and a large non-cash goodwill/asset impairment that drove an operating loss of $403,215,000 and a net loss of $389,905,000 (diluted EPS $(6.77)). Operating cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.