Comstock Resources

CRK

Market cap $5.77B

Comstock is increasing its 2026 capex budget to around $1.45 billion to help rebuild production. Despite some cash burn in 2025, its production decreased by approximately 15% year-over-year. I now project $463 million in 2026 cash burn with a 5% year-over-year production increase (although exit rate production should increase significantly more).

Natural gas has plunged 60% to near $3, but tight storage and LNG demand keep WMB, CRK and EXE in focus for a potential rebound.

Comstock Resources, Inc. (CRK) Q4 2025 Earnings Call Transcript

Comstock Resources is aggressively targeting cost reductions in Western Haynesville. CRK has added three rigs and completion crews. Management anticipates tangible cost reductions through 2026.

CRK tops Q4 estimates as higher gas prices lift revenues, even as production declines year over year.

The headline numbers for Comstock (CRK) give insight into how the company performed in the quarter ended December 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Comstock Resources (CRK) came out with quarterly earnings of $0.16 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.16 per share a year ago.

FRISCO, TX, Feb. 11, 2026 (GLOBE NEWSWIRE) -- 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.

Massive hyperscaler CapEx - $560B in 2024 - drives a QE-like cycle, fueling real-economy demand for data centers, power, and infrastructure. AI-driven CapEx is forced and persistent, creating bottlenecks in energy, grid, and materials, favoring infrastructure and energy suppliers. Amazon and Alphabet are executing aggressive CapEx plans, internally funded, but face higher depreciation and operational risks.

Comstock (CRK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.