Q2 26 EPS Adjusted
$6.44
MISS 1.20%
Est. $6.52
Q2 26 Revenue
$2.17B
BEAT +35.16%
Est. $1.61B
vs S&P Since Q2 26
-6.1%
TRAILING MARKET
CHRD -5.5% vs S&P +0.6%
Market Reaction
Did CHRD Beat Earnings? Q2 2026 Results
Chord Energy posted a mixed but broadly strong second quarter for 2026, with revenues of $2.17 billion clearing the $1.61 billion consensus by 35.16% and rising 84.0% year over year, even as adjusted non-GAAP EPS of $6.44 fell just shy of the $6.52 c… Read more Chord Energy posted a mixed but broadly strong second quarter for 2026, with revenues of $2.17 billion clearing the $1.61 billion consensus by 35.16% and rising 84.0% year over year, even as adjusted non-GAAP EPS of $6.44 fell just shy of the $6.52 consensus estimate by 1.20%. The revenue outperformance was driven by a sharp rebound in crude oil realizations, which averaged $93.99 per barrel without derivatives, up from $61.62 a year ago, combined with volume growth that pushed oil output to 165.4 thousand barrels per day at the high end of guidance. On a GAAP basis, the company posted net income of $525.19 million, compared to a net loss of $389.90 million in Q2 2025, a year-ago period burdened by a $539.30 million non-cash goodwill impairment. Adjusted EBITDA climbed to $923.50 million from $547.20 million, supporting $413.40 million in adjusted free cash flow and enabling $147.40 million in share repurchases. Looking ahead, Chord maintained its full-year oil volume midpoint at 161 thousand barrels per day and plans to lift shareholder returns to 75% of free cash flow beginning in the third quarter.
Key Takeaways
- • Oil volumes at the high end of guidance at 165.4 MBopd
- • CapEx modestly below midpoint guidance at $416MM
- • Oil, natural gas and NGL realizations favorable vs. midpoint guidance
- • Crude oil realized price of $93.99/Bbl without derivatives vs. $61.62/Bbl in Q2 2025
- • Strength in base production performance driving volumes above initial 2026 plan
- • Operating cash flow of $1,116.2MM boosted by favorable working capital changes
CHRD Forward Guidance & Outlook
Chord updated its 2026 outlook maintaining FY26 oil volume midpoint guidance at 161 MBopd and FY26 CapEx midpoint at $1.4B. Using $75/Bbl WTI and $3.00/MMBtu Henry Hub for 2H26, the company expects approximately $3.0B in Adjusted EBITDA and $1.3B in Adjusted Free Cash Flow for the full year including derivatives. 3Q26 oil volume midpoint guidance is 163.0 MBopd, while 4Q26 oil volumes are expected to decline reflecting fewer TILs and the acceleration of completions activity into 2Q26. 3Q26 CapEx midpoint guidance is $375MM, declining from 2Q26 with plans to drop the second frac crew. 4Q26 CapEx expected to fall further. LOE midpoint increased to $10.30/BOE reflecting additional production enhancement initiatives and higher workover costs. Chord expects to increase shareholder returns to 75% of free cash flow in 3Q26. The company plans to TIL 140-160 gross operated wells with an average working interest of approximately 75%.
CHRD YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CHRD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Chord delivered another quarter of strong operational and financial performance, reflecting the continued execution of our strategy. Adjusted free cash flow came in above expectations driven by oil production at the high end of guidance and capital spending below midpoint guidance. Shareholder returns continue to be robust with Chord returning 54% of free cash flow in the second quarter, and Chord is expected to increase returns to 75% of free cash flow in the third quarter as leverage fell below half a turn at quarter-end. Operationally, the Chord team continues to demonstrate progress on the four-mile lateral program as well as our base production enhancement initiatives. Disciplined capital allocation, operational efficiency, and a peer-leading balance sheet position Chord to navigate the volatile macro environment and generate strong, sustainable free cash flow. I want to thank the entire Chord team for their continued commitment to safe, efficient operations and for their focus on creating long-term value for our shareholders.”
— Danny Brown, Q2 2026 Earnings Press Release
CHRD Earnings Trends
CHRD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CHRD EPS Trend
Earnings per share: estimate vs actual
CHRD Revenue Trend
Quarterly revenue: estimate vs actual
CHRD Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $6.52 | $6.44 | -1.20% | $2.17B | +35.16% |
| Q1 26 BEAT | $3.49 | $4.56 | +30.78% | $1.67B | +41.82% |
| Q4 25 BEAT FY | $1.24 | $1.28 | +3.59% | $1.17B | +13.13% |
| FY Full Year | $9.53 | $9.53 | -0.03% | $4.88B | +3.20% |
| Q3 25 BEAT | $2.29 | $2.35 | +2.75% | $1.31B | +22.21% |
| Q2 25 MISS | $1.88 | $1.79 | -4.60% | $1.18B | +24.74% |
| Q1 25 BEAT | $3.54 | $4.04 | +14.28% | $1.22B | +3.33% |