EarningsQ2 2026 Earnings Report
MX:YPFN Q2 2026 EPS Results
Actual EPS$55.76
Consensus EPS$43.81
Beat/MissBeat by +$11.95
One Year Ago EPS$2.36
MX:YPFN Q2 2026 Revenue Results
Actual Revenue$119.68B
Expected Revenue$112.56B
Beat/MissBeat by +$7.12B
YoY Revenue Growth+41.55%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeTBA
Conference CallMonday, August 10, 2026
MX:YPFN Upcoming Earnings
YPF Sociedad Anonima's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:YPFN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong positive operational and financial turnaround driven by shale growth, record EBITDA and margins, significant cash generation, liquidity and deleveraging, plus major project milestones (Loma La Lata, Argentina LNG, VMOS). Key risks remain around gas evacuation/VMOS timing, working capital timing from seasonal gas sales, pending large-project approvals and sensitivity to oil price volatility. Overall, the positive achievements and record financial metrics substantially outweigh the operational and timing risks discussed.Company Guidance
Record Adjusted EBITDA and Margins
Adjusted EBITDA reached $2.8 billion in Q2 (up 76% sequentially and ~2.5x year-over-year), driving an adjusted EBITDA margin of 43% — the highest in two decades; H1 2026 adjusted EBITDA was ~$4.4 billion, already above full-year 2023.
Strong Revenue and Net Result
Revenues were ~$6.6 billion in Q2 (up 33% sequentially and 42% year-over-year). Net result was $1.2 billion, the second-best quarterly net income in company history.
Robust Free Cash Flow and Liquidity
Free cash flow reached $824 million (third-highest in company history) and consolidated liquidity closed at a record ~$2.5 billion, supporting capital plan and liability management.
Material Deleveraging and Credit Upgrades
Net leverage declined to 1.1x (lowest in >10 years) with guidance to approach ~1.0x by year-end; credit upgrades: Fitch to B-, S&P to B, Moody's to B1, reflecting improved credit profile and market confidence.
Rapid Shale Production Growth
Shale oil production hit a record 213,000 bpd (up 4% sequentially and 47% year-over-year), with shale representing ~80% of total oil production and ~95% excluding assets under divestment; YPF operating 16 rigs (vs 12 in Dec) and targeting ~21 rigs by early 2027.
Ambitious Loma La Lata Oil Project
RIGI application submitted for Loma La Lata Oil (YPF 100% SPV): expected plateau ~240,000 bpd, estimated cumulative CapEx ~$25 billion over 15 years and >$100 billion in lifetime export revenue; 100% export-dedicated production via VMOS at plateau.
Record Refinery Utilization and Downstream Performance
Refinery processing averaged 351,000 bpd (highest utilization ever), generating a surplus of gasoline and middle distillates of ~43,000 m3/day and enabling nearly 100,000 m3 of gasoline/diesel exports in Q2; midstream & downstream adjusted EBITDA margin expanded to nearly $30/ barrel.
Substantial Operational Efficiency Gains
Drilling and completion productivity improved materially: 354 meters/day (H1 2026, +9% vs 2025 and +30% vs 2023); fracking 11.4 stages/day (+18% vs 2025, +50% vs 2023); pumping hours 19.2 hrs/day (+14% vs 2025, +32% vs 2023); June fracking ~1,400 stages (≈50% of country activity).
Lower Lifting Costs
Total lifting costs (excl. specific well services) declined 31% year-over-year to $8.4/BOE in Q2; core shale hub lifting cost at ~ $4/BOE and < $7/BOE when excluding divestment assets.
Argentina LNG and Midstream Progress
Signed long-term regulatory/fiscal framework with Neuquén, brought Eni and XRG into upstream (each 32%, YPF 36% operator) for Argentina LNG blocks, approved San Matías pipeline under RIGI (470 km, ~27 mcm/d capacity, ~$1.3 billion investment) and advanced ECA/data-room processes toward project finance and FID.
Active Liability Management and Market Financing
Issued a 4-year local bond for $122 million at 5.5%, reopened a bond raising $170 million (3.5-year, 5.5%) and prepaid ~$220 million of higher-cost maturities; remaining H2 maturities ~ $700 million with principal concentrated in 2029.
Upgraded 2026 Guidance
Raised full-year adjusted EBITDA guidance to ~$8 billion (from ~$6 billion) assuming Brent average ~ $82 for 2026 (H2 Brent assumption $75), increased CapEx guidance ~5% to $5.8–6.2 billion, and expect positive full-year free cash flow of ~ $2 billion (including M&A proceeds).
Share Accessibility and Corporate Actions
Completed a 10-for-1 local share split (ADR ratio adjusted 1:1 to 1:10) to improve retail accessibility; MetroGAS 70% stake sale approved by the Board and Andes clusters sold for $405 million (subject to closing).
MX:YPFN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed