Northern Oil & Gas, Inc. (NOG) · Nov 5, 2026 · Earnings

Northern Oil & Gas earnings beat as 2026 production guidance rises

Beat — Adjusted diluted EPS $1.32 vs ~$1.09 consensus

Northern Oil & Gas earnings beat adjusted EPS expectations, while higher production guidance and unchanged capex point to better execution.

NOG is a scaled non-operator focused on acquiring minority working interests across major U.S. oil and gas basins, with its current strategy centered on adding production through diversified basin exposure and small “ground game” acquisitions. The third-quarter filing strengthens that operating story: the market had already seen preliminary evidence of higher activity, but the completed results show the improvement converted into cash flow and a higher full-year production target.

Underlying earnings cleared the market’s bar. Adjusted diluted EPS was $1.32 versus a published consensus near $1.09, a meaningful beat; Adjusted EBITDA reached $444.5 million, up 11% sequentially, while free cash flow was nearly $150 million. The headline GAAP loss of $111.8 million is less informative here because a $308.0 million unrealized derivative loss overwhelmed the operating result.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Adjusted diluted EPS (Non-GAAP reconciliation)	$1.32	$1.03	~$1.09 consensus
Adjusted EBITDA (Non-GAAP reconciliation)	$444.5M	$387.1M
Free cash flow (Free Cash Flow reconciliation)	$148.6M	$118.9M
Average production, Boe/day (Production table)	156,239	131,054
FY2026 production guide, Boe/day (Guidance table)	147,000–150,000		143,000–148,000
FY2026 capex guide, $ millions (Guidance table)	$850–$900		$850–$900

The main business change is more output for the same planned capital. NOG raised its full-year production range from 143,000–148,000 Boe per day to 147,000–150,000 while leaving the $850 million–$900 million capital budget unchanged. That is a clean execution upgrade, although management expects spending toward the high end of the range and the oil-production range barely moved. 〔0〕

Cash generation and balance-sheet progress make the beat more durable. Production rose 19% year over year, 23.9 net wells were added during the quarter, and leverage ended at 1.47 times annualized Adjusted EBITDA. The company also said it reduced debt by more than $100 million while continuing repurchases and maintaining its dividend. 〔1〕 This matters because the company is growing without showing the same dependence on incremental borrowing that would weaken the non-operator model.

The offset is commodity-hedging noise, not an operating collapse. Derivative losses drove GAAP revenue down to $345.9 million and produced a $1.06 diluted GAAP loss, while realized oil and gas economics before hedges improved and production expanded. The hedges still reduced reported cash realization in the quarter, so the quality of the earnings beat depends on whether the reader prioritizes operating cash generation or GAAP results; for this company, the former is the more relevant measure, but the volatility remains material.

Bottom line: This was more than a routine quarterly beat: NOG is producing above plan, generating more cash, and raising output without expanding its capital budget. The hedging loss muddies GAAP results, but the underlying business story clearly moved forward versus expectations.```

What to watch next

Q3 earnings conference call, November 6

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Northern Oil & Gas earnings beat as 2026 production guidance rises

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