Range Resources Net Income Surges 252% to $341.6M in Q1 2026

Range Resources Corporation (NYSE: RRC), a natural gas and oil exploration and production company, reported net income of $341.6 million for the three months ended March 31, 2026, more than tripling the $97.1 million posted in the same period a year earlier. Diluted earnings per share jumped to $1.44 from $0.40. Read more earnings reports.

The company generated total revenue of $1.03 billion for the quarter, a 50% increase from $690.6 million in the first quarter of 2025. Net revenue, which excludes certain items, reached $1.01 billion compared to $791.9 million in the year-ago quarter.

Operating cash flow climbed 88% to $619.1 million for the three months ended March 31, 2026, up from $330.1 million in the prior-year period. The surge in cash generation came as the company ramped up production and benefited from stronger commodity pricing across its natural gas and oil portfolio.

Revenue Breakdown by Commodity

Natural gas sales contributed $704.1 million to net revenue in the first quarter of 2026, a 44% increase from $490.4 million a year earlier. Natural gas liquids revenue totaled $259.2 million, down 6% from $275.7 million. Oil revenue nearly doubled to $46.9 million from $25.9 million in the same quarter of 2025.

Balance Sheet and Debt Reduction

Range Resources substantially reduced its debt load during the quarter, with long-term debt declining to $819.3 million as of March 31, 2026, from $1.20 billion at the end of 2025. Total assets stood at $7.40 billion as of the end of the quarter, down slightly from $7.42 billion three months earlier.

Total stockholders' equity increased to $4.60 billion as of March 31, 2026, from $4.32 billion as of December 31, 2025. The company reported 235.6 million shares outstanding at the end of the quarter.

Cash Flow and Capital Allocation

Cash used in investing activities totaled $168.4 million for the three months ended March 31, 2026, compared to $162.5 million in the year-ago period. Cash used in financing activities reached $450.7 million, up from $127.5 million, reflecting the company's debt paydown and share repurchase activity.

The company held minimal cash and cash equivalents of $247,000 as of March 31, 2026, compared to $204,000 at year-end 2025, as it prioritized debt reduction and capital returns over maintaining large cash balances.

Operating Expenses

Cost of goods sold remained essentially flat at $58.1 million for the first quarter of 2026, compared to $58.2 million in the prior-year period. Interest expense declined 33% to $19.4 million from $29.2 million, reflecting the lower debt balance. Income tax expense surged to $91.5 million from $12.7 million as pretax earnings increased.