Monitor progress on the VMOS pipeline (first oil early 2027) and the Argentina LNG project, which received a $6 billion non-binding financing proposal from US EXIM bank. The net leverage at 0.81x and strong FCF generation provide financial flexibility for continued capex and debt reduction.
Price Chart
Executive Summary
YPF reported Q3 2026 results with revenue of $6,557 million (+41% YoY) and net income of $1,196 million, compared to a net loss of $198 million in Q3 2025. Adjusted EBITDA was $2,503 million (+84% YoY), the second-highest quarterly result. Free cash flow reached $901 million, and net leverage declined to 0.81x, the lowest in a decade. The company also acquired the remaining 25% of YPF Luz for $430 million and returned to international capital markets with a $1.2 billion bond issuance.
Key Financial Metrics
Key Facts
- Revenue of $6,557 million in Q3 2026, up 41% year-over-year from $4,643 million in Q3 2025
- Net income of $1,196 million vs net loss of $198 million in Q3 2025
- Adjusted EBITDA of $2,503 million, up 84% year-over-year from $1,357 million
- Free cash flow of $901 million, second-highest quarterly result, up from negative $759 million in Q3 2025
- Net leverage ratio improved to 0.81x from 2.10x in Q3 2025, lowest in a decade
- Shale oil production averaged 224 kbbl/d, up 32% year-over-year, accounting for 86% of total oil production
- YPF acquired remaining 25% stake in YPF Luz for $430 million, bringing ownership to 100%
- Issued $1.2 billion 9-year bond at 7.85% yield with record-low spread of ~300 bps over U.S. Treasuries
- Received non-binding financing proposal of up to $6 billion from US EXIM bank for Argentina LNG project
- VMOS pipeline project ~85% complete, first oil expected in early 2027
Financial Impact
Revenue $6,557M, Net income $1,196M, Adjusted EBITDA $2,503M, FCF $901M, Net debt $6,596M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Upstream | $2.5B | +28.9% |
| Midstream & Downstream | $5.1B | +47.7% |
| LNG & Integrated Gas | $644.0M | -2.7% |
| New Energies | $749.0M | +50.1% |
Risk Factors
- Sequential decline in Adjusted EBITDA (-11% q/q) due to lower oil prices and inventory valuation effects
- Crude oil realized price declined 11% q/q to $81.4/bbl
- YPF Luz acquisition for $430 million adds debt, though financed through acquisition financing
- Argentina LNG project remains subject to final investment decision and financing
- Government remains controlling shareholder with 51% stake, introducing political risk
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001554855-26-002241 |
| Document: 0001554855-26-002241-index-headers.html | 0001554855-26-002241 |
| Document: 0001554855-26-002241-index.html | 0001554855-26-002241 |
| Document: 0001554855-26-002241.txt | 0001554855-26-002241 |
| Earnings Context (Synthetic; results releases only) | 0001554855-26-002241 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 6-K | $47.81 | awaiting T+5 | awaiting T+5 | $47.00 (−1.69%) |
Oct 28, 2026 2d ago | 6-K | $47.81 | awaiting T+5 | awaiting T+5 | $47.00 (−1.69%) |
Oct 23, 2026 7d ago | 6-K | $50.68 $47.00 | ▼ −7.26% | ▼ −6.70% | $47.00 (−7.26%) |
Oct 14, 2026 16d ago | 6-K | $51.11 $49.17 | ▼ −3.80% | ▼ −2.78% | $47.00 (−8.04%) |
Oct 8, 2026 21d ago | 6-K | $50.04 $52.10 | ▲ +4.12% | ▲ +6.08% | $47.00 (−6.08%) |
Oct 8, 2026 21d ago | 6-K | $50.04 $52.10 | ▲ +4.12% | ▲ +6.08% | $47.00 (−6.08%) |
Oct 5, 2026 25d ago | 6-K | $51.24 $51.97 | ▲ +1.42% | ▲ +1.00% | $47.00 (−8.27%) |
Sep 25, 2026 5w ago | 6-K | $51.37 $51.24 | ▼ −0.25% | ▼ −1.46% | $47.00 (−8.51%) |
Sep 21, 2026 5w ago | 6-K | $53.18 $51.37 | ▼ −3.40% | ▼ −2.38% | $47.00 (−11.62%) |
Sep 17, 2026 6w ago | 6-K | $54.48 $53.61 | ▼ −1.60% | ▼ −2.45% | $47.00 (−13.73%) |
US Market Status
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