Granite Ridge Resources (GRNT) Q1 2026 Earnings
Reported May 7, 2026 at 4:19 PM ET · SEC Source
Q1 26 EPS
$0.02
MISS 82.76%
Est. $0.12
Q1 26 Revenue
$128.3M
MISS 1.94%
Est. $130.8M
vs S&P Since Q1 26
-20.3%
TRAILING MARKET
GRNT -18.4% vs S&P +1.9%
Market Reaction
Did GRNT Beat Earnings? Q1 2026 Results
Granite Ridge Resources delivered a sharply disappointing first quarter, with adjusted earnings of just $0.02 per diluted share falling 77.78% short of the $0.09 consensus estimate, while revenue of $128.26 million missed expectations by 4.36% despit… Read more Granite Ridge Resources delivered a sharply disappointing first quarter, with adjusted earnings of just $0.02 per diluted share falling 77.78% short of the $0.09 consensus estimate, while revenue of $128.26 million missed expectations by 4.36% despite growing 17.4% year over year. The headline numbers, however, were overwhelmed by a $60.19 million non-cash unrealized mark-to-market loss on the company's commodity hedge portfolio, which helped drive a GAAP net loss of $47.03 million compared to net income of $9.81 million in Q1 2025. Operational momentum was genuine, with daily production climbing 18% year over year to 34,467 Boe per day, though Adjusted EBITDAX fell to $70.98 million from $91.40 million as weak natural gas pricing and a 55% surge in per-unit lease operating expenses pressured margins. BofA maintained a Neutral rating while nudging its price target to $5.50, reflecting the mixed underlying picture. Management guided for 2026 production of 34,000 to 36,000 Boe per day and capital expenditures of $345 to $385 million, framing the company as approaching a free cash flow inflection point in 2027.
Key Takeaways
- • Daily production grew 18% year-over-year to 34,467 Boe per day
- • Oil production volumes increased 11% to 16,433 Bbls per day
- • Natural gas production increased 24% to 108,200 Mcf per day
- • Strong well performance across multiple basins, particularly robust initial production from recently TIL wells in the Permian Basin
- • Oil realized price slightly higher at $69.94/Bbl vs $69.18/Bbl year-over-year
- • Natural gas realized price declined to $2.55/Mcf from $3.97/Mcf year-over-year
GRNT Forward Guidance & Outlook
Granite Ridge revised its 2026 guidance: annual production of 34,000–36,000 Boe per day (50%–52% oil), total capital expenditures of $345–$385 million (development capex $300–$330 million, acquisitions $45–$55 million), lease operating expenses of $7.75–$8.75 per Boe, production and ad valorem taxes of 6%–7% of total revenue, and cash G&A of $25–$27 million. CEO Tyler Farquharson noted the company is approaching an inflection point where development capital aligns more closely with cash flow, positioning it for meaningful free cash flow generation over coming years, supported by low leverage, a robust hedge book, and ample liquidity.
GRNT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
GRNT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We believe our first quarter demonstrated the capability of our asset base. Well performance across multiple basins exceeded our internal forecasts, highlighted by robust initial production from recently turned-in-line wells in the Permian, a direct validation of the high-graded drilling inventory our Operated Partnership program is designed to capture.”
— Tyler Farquharson, Q1 2026 Earnings Press Release
GRNT Earnings Trends
GRNT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GRNT EPS Trend
Earnings per share: estimate vs actual
GRNT Revenue Trend
Quarterly revenue: estimate vs actual
GRNT Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.12 | $0.02 | -82.76% | $128.3M | -1.94% |
| Q4 25 MISS FY | $0.10 | $0.01 | -90.00% | $105.5M | -12.41% |
| FY Full Year | — | $0.43 | — | $450.3M | — |
| Q3 25 MISS | $0.14 | $0.09 | -34.55% | $112.7M | -6.80% |
| Q2 25 MISS | $0.13 | $0.11 | -15.38% | $109.2M | +1.01% |