Range Resources (RRC) Q3 2025 earnings summary

Executive summary

• Delivered consistent operational performance in Q3 2025, maintaining safety, efficiency, and steady activity levels aligned with multi-year growth plans.

• Net income for Q3 2025 was $144.3 million ($0.60 per diluted share), up 185% year-over-year, driven by higher realized prices and derivative gains.

• Generated $248 million in operating cash flow and returned $77 million to shareholders via share repurchases and dividends in Q3 2025.

• Top 10 U.S. natural gas and NGL producer with a pure-play Appalachian focus, 30+ years of core Marcellus inventory, and net zero Scope 1 and 2 GHG emissions for 2024.

• Positioned for ~20% production growth through 2027 at less than 50% reinvestment rate, with production averaging 2.23 Bcfe/d in Q3 2025.

Financial highlights

• Q3 2025 revenues totaled $749 million, up 22% year-over-year, with GAAP net income of $144 million and adjusted net income of $135 million.

• Free cash flow for 2025 YTD was $486 million, with cumulative 2025–2027 FCF expected to exceed $2 billion.

• Capital expenditures for Q3 were $190 million, with year-to-date capital at $491 million, tracking toward $650–$680 million full-year guidance.

• Year-to-date share repurchases totaled $177 million, dividends paid nearly $65 million, and net debt reduced to $1.23 billion.

• Realized price including hedges was $3.29 per mcfe, a $0.22 premium to NYMEX, and cash margin per mcfe was $1.36.

Outlook and guidance

• Production expected to reach 2.3 Bcfe/d in Q4 2025 and target 2.6 Bcfe/d by 2027, with annual capital expected to remain relatively flat.

• 2025 capital budget set at $650–$680 million, with 74% spent through Q3.

• Updated 2025 natural gas differential guidance: NYMEX minus $0.40 to $0.43; NGL differential at Mont Belvieu plus $0.50 to $0.75 per barrel.

• Free cash flow breakeven at ~$2.00 NG/$75 WTI/$25 NGLS beyond 2027.

• Operational efficiencies and infrastructure expansions expected to drive further cost improvements and production gains into 2026–2027.