YPF (YPF) Q3 2026 earnings summary

Executive summary

• Revenue was $6,557M, up 41.2% YoY; adjusted EBITDA reached $2,503M, up 84%, and net income was $1,196M versus a $198M loss in 3Q25.

• Free cash flow was $901M, the second-highest quarterly result; net debt fell to $6,596M and net leverage to 0.81x, the lowest in over a decade.

• Shale oil averaged 224.1 kbbl/d, up 32% YoY; growth plans center on VMOS, North Hub RIGI projects and Argentina LNG.

Financial highlights

• Revenue was $6,557M, up 41.2% YoY and essentially flat QoQ; 9M26 revenue rose 30.1% to $18,077M.

• Adjusted EBITDA was $2,503M, up 84% YoY and down 11% QoQ, with a 38% margin; 9M26 reached $6,901M, up 85%.

• Operating income was $1,921M, up 6% QoQ and 248% YoY; net income was $1,196M versus $1,205M in 2Q26 and a $198M loss in 3Q25.

• CapEx was $1,287M, up 26% YoY, with 70% allocated to unconventional operations; 9M26 CapEx totaled $3,607M, up 6%.

Outlook and guidance

• FY26 CapEx target remained $5.8B–$6.2B; the 2026 average shale oil target of 215 kbbl/d remained on track, with a 250 kbbl/d December exit-rate target.

• VMOS pipeline construction was completed in October and commissioning began; pipe filling is expected in January, exports in March 2027, and capacity is planned to reach ~550 kbbl/d in 2H27.

• Argentina LNG targets 12 mtpa capacity and ~$29B investment by 2031, within ~$51B over the project life; project-finance debt is expected to fund 60–70% of infrastructure investment.

• US EXIM submitted a non-binding financing proposal of up to $6B; final financing closing is expected by mid-2027.

• FY27 activity and production plans await board approval; an updated production outlook is expected in April, with evacuation bottlenecks limiting faster growth.