Magnolia Oil & Gas (MGY) Q1 2026 Earnings
Reported May 6, 2026 at 4:01 PM ET · SEC Source
Q1 26 EPS
$0.54
BEAT +3.19%
Est. $0.52
Q1 26 Revenue
$358.5M
BEAT +1.16%
Est. $354.4M
vs S&P Since Q1 26
-11.2%
TRAILING MARKET
MGY -9.4% vs S&P +1.8%
Market Reaction
Did MGY Beat Earnings? Q1 2026 Results
Magnolia Oil & Gas posted a clean beat across the board in the first quarter of 2026, with earnings per share of $0.54 topping the $0.52 consensus estimate by 3.19% and revenue of $358.51 million edging ahead of the $354.39 million forecast by 1.16%,… Read more Magnolia Oil & Gas posted a clean beat across the board in the first quarter of 2026, with earnings per share of $0.54 topping the $0.52 consensus estimate by 3.19% and revenue of $358.51 million edging ahead of the $354.39 million forecast by 1.16%, representing 2.3% growth from a year earlier. The primary catalyst was a 6% year-over-year surge in total production to 102.6 Mboe/d, led by the Giddings area, which grew output 9% and accounted for 82% of company-wide volumes, even absorbing the drag of January's freezing weather. Free cash flow climbed 32% to $145.57 million, enabling Magnolia to close bolt-on acquisitions totaling roughly $155 million while still returning $83.30 million to shareholders through buybacks and dividends. Analysts have notably raised revenue forecasts for the full year, projecting roughly $1.6 billion in 2026 sales. Looking ahead, management reiterated approximately 5% full-year production growth and guided second-quarter output to roughly 105 Mboe/d, with narrowing oil price differentials expected to lift realizations in the coming quarter.
Key Takeaways
- • 6% year-over-year total production growth to 102.6 Mboe/d
- • Giddings total production grew 9% YoY to 83.9 Mboe/d with oil production up 8%
- • 51% capital reinvestment rate as percentage of adjusted EBITDAX
- • Free cash flow grew 32% YoY to $145.6 million
- • Operations rebounded from January freezing weather
- • Adjusted cash operating margin of $27.27/boe (70% margin)
MGY Forward Guidance & Outlook
Magnolia reiterated full-year 2026 production growth guidance of approximately 5% with D&C capital spending of $440 to $480 million. The company plans to maintain two drilling rigs and one completion crew throughout 2026, with approximately 75-80% of activity in Giddings and the remainder in Karnes. Second quarter 2026 D&C capital is estimated at approximately $120 to $125 million with total production of approximately 105 Mboe/d. Oil price differentials have narrowed significantly in recent weeks, expected to provide higher oil price realizations in Q2 similar to the Magellan East Houston benchmark. The fully diluted share count for Q2 2026 is expected to be approximately 185 million shares, approximately 4% lower year-over-year. The company remains completely unhedged, which management expects to translate into higher earnings and free cash flow amid favorable commodity prices.
MGY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MGY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Magnolia's first quarter financial and operating metrics delivered a strong start to 2026. Our consistent and disciplined business model, characterized by a low reinvestment rate, high operating margins and moderate production growth delivered over $145 million of free cash flow during the quarter. Our operations rebounded nicely after being affected by the freezing weather in January showing total year-over-year production growth of 6 percent and oil production growth of 4 percent during the quarter.”
— Chris Stavros, Q1 2026 Earnings Press Release
MGY Earnings Trends
MGY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MGY EPS Trend
Earnings per share: estimate vs actual
MGY Revenue Trend
Quarterly revenue: estimate vs actual
MGY Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.52 | $0.54 | +3.19% | $358.5M | +1.16% |
| Q4 25 BEAT FY | $0.36 | $0.37 | +1.84% | $317.6M | +1.24% |
| FY Full Year | — | $1.73 | — | $1.31B | — |
| Q3 25 MISS | $0.42 | $0.40 | -3.80% | $324.9M | +0.61% |
| Q2 25 BEAT | $0.40 | $0.41 | +2.83% | $319.0M | +1.59% |