Q1 26 EPS
$1.53
BEAT +21.41%
Est. $1.26
Q1 26 Revenue
$941.6M
BEAT +8.32%
Est. $869.3M
vs S&P Since Q1 26
-23.3%
TRAILING MARKET
MTDR -21.4% vs S&P +1.9%
Market Reaction
Did MTDR Beat Earnings? Q1 2026 Results
Matador Resources delivered a strong first-quarter beat in Q1 2026, with adjusted earnings of $1.53 per diluted share clearing the $1.26 consensus estimate by 21.41% and revenue of $941.60 million topping expectations by 8.32%, even as total revenue … Read more Matador Resources delivered a strong first-quarter beat in Q1 2026, with adjusted earnings of $1.53 per diluted share clearing the $1.26 consensus estimate by 21.41% and revenue of $941.60 million topping expectations by 8.32%, even as total revenue slipped 6.4% year-over-year amid a punishing commodity pricing environment. The standout driver was operational outperformance, with total production of 207,594 BOE per day exceeding the upper end of guidance and rising 5% year-over-year, though the headline results masked a GAAP net loss of $35.87 million tied to a $255.47 million unrealized derivatives loss. Analysts had broadly anticipated earnings pressure heading into the print, given Waha natural gas prices collapsing 82% year-over-year to $0.64 per Mcf. Looking ahead, Matador raised its full-year oil production guidance to 123,000 to 125,000 barrels per day while projecting adjusted free cash flow of roughly $1.10 billion to $1.20 billion for 2026, a dramatic improvement from $437.00 million last year, with the Hugh Brinson pipeline poised to meaningfully reduce Waha pricing exposure by late 2026.
Key Takeaways
- • Strong early performance of newer wells exceeding expectations by approximately 2,600 barrels of oil per day
- • Flow assurance from San Mateo and Matador midstream assets despite Winter Storm Fern
- • Accelerated well activity from second half 2025 contributing to Q1 production
- • Deferred third-party maintenance from Q1 to Q2 added approximately 2,000 BOE per day
- • Electric and hybrid-electric fracturing fleets reducing diesel consumption by over 90%
- • Multi-well completions (simul- and trimul-frac) and faster drilling reducing costs
- • Net purchased natural gas sales of $38.4 million mitigating negative Waha pricing
MTDR Forward Guidance & Outlook
Matador raised full-year 2026 oil production guidance to 123,000–125,000 barrels per day (from 122,000–124,000) and total BOE production to 210,500–216,000 BOE per day (from 209,500–215,000), while reaffirming capital expenditure guidance of $1.45–$1.55 billion. Operating expenses guidance increased to $31.00–$33.00 per BOE from $30.00–$31.00 due to higher oil prices driving up severance taxes. Estimated full-year 2026 adjusted free cash flow is approximately $1.1–$1.2 billion at strip pricing as of early May 2026, compared to $437 million in 2025. The company expects full RBL repayment in May 2026, bringing liquidity to approximately $2.2 billion. For Q2 2026, Matador expects oil production of ~123,000–125,000 barrels per day and total production of 206,000–212,000 BOE per day, with CapEx of $430–$460 million. The Hugh Brinson pipeline is expected to begin flowing gas in Q3/Q4 2026, substantially reducing Waha pricing exposure.
MTDR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MTDR Revenue by Segment
With YoY comparisons, source: SEC Filings
“Matador is pleased to report a strong start to 2026. First quarter results exceeded the midpoint of our prior oil production guidance by 3%, and we have paid down over $350 million on our reserve-based lending facility since year-end.”
— Joseph Wm. Foran, Q1 2026 Earnings Press Release
MTDR Earnings Trends
MTDR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MTDR EPS Trend
Earnings per share: estimate vs actual
MTDR Revenue Trend
Quarterly revenue: estimate vs actual
MTDR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.26 | $1.53 | +21.41% | $941.6M | +8.32% |
| Q4 25 BEAT FY | $0.76 | $0.87 | +15.13% | $848.0M | +4.76% |
| FY Full Year | $5.61 | $5.76 | +2.69% | $3.70B | +2.51% |
| Q3 25 BEAT | $1.23 | $1.36 | +10.99% | $939.0M | +8.51% |
| Q2 25 BEAT | $1.41 | $1.53 | +8.83% | $895.3M | -0.28% |
| Q1 25 BEAT | $1.78 | $1.99 | +11.58% | $1.01B | +6.00% |