Range Resources Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.32%.
Did RRC Beat Earnings? Q4 2025 Results
Range Resources delivered a strong close to 2025, posting fourth-quarter adjusted earnings of $0.82 per share against a consensus estimate of $0.73, a beat of 12.34%, while revenue of $820.16 million topped expectations by 7.60% and climbed 23.00% year over year. The primary engine behind the results was a 34% surge in average natural gas prices to $3.26 per mcf, which combined with a 5% rise in gas-equivalent production to 2.32 Bcfe per day to lift GAAP net income to $179.09 million for the quarter, nearly double the $94.84 million reported a year earlier. The company also announced an 11.1% increase in its quarterly dividend to $0.10 per share, a move that reflects management's confidence in sustained cash generation after reducing net debt by $186.00 million to roughly $1.22 billion in 2025. Looking ahead, Range guided 2026 production of 2.35 to 2.40 Bcfe per day with capital spending of $650 to $700 million, and expects output to grow further to 2.6 Bcfe per day in 2027 at comparable investment levels.
- 34% increase in average natural gas prices to $3.26/mcf pre-hedge
- 5% increase in gas-equivalent production to 2.32 Bcfe/day
- NGL realizations of $23.10/barrel, $1.62 premium over Mont Belvieu equivalent
- Flat total cash unit costs at $1.94/mcfe
- Strong Marcellus well performance driving 18th consecutive year of positive performance revisions
- Cash flow from operations before working capital changes of $353 million in Q4
“Our results for 2025 demonstrate the strength of Range's business as we successfully generated free cash flow, returned capital to shareholders and reduced net debt while thoughtfully investing in the business to deliver current results and enhance future optionality. Over the last three years, Range has made prudent strategic investments to build productive capacity that supports the efficient and market-oriented production growth plan we have been communicating since last year. Importantly, Range's incremental production through 2027 is tied to additional contracted takeaway and diverse global and domestic end markets, including a portion being sold at margin-enhancing premiums to support new Midwest power demand.”
Range Resources CEO, on the earnings call
Forward Guidance & Outlook
Range guided 2026 all-in capital spending of $650–$700 million, comprising approximately $500 million for maintenance drilling/completion, $120–$140 million for growth capital, and $30–$60 million for land, acreage, and infrastructure. Production is expected at 2.35–2.40 Bcfe per day in 2026, growing to 2.6 Bcfe per day in 2027 with similar capital. Natural gas differential guidance is NYMEX minus $0.35–$0.45/mcf. NGL differential is Mont Belvieu plus $0.00–$1.00/barrel. Condensate differential is WTI minus $10.00–$14.00/barrel. The company enters 2026 with 500,000+ lateral feet of DUC inventory and plans to run one dedicated drilling rig and one frac crew, supplemented by spot equipment mid-2026. The board expects to approve an 11.1% dividend increase to $0.10 per share quarterly.
RRC YoY Financials
RRC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.