YPF SOCIEDAD ANONIMA (YPF): Financial results for Q3 2026
YPF SOCIEDAD ANONIMA (YPF) furnished an SEC Form 6-K — earnings release. Q26 YPF YPF 3Q26 MAIN HIGHLIGHTS OF 3Q26 KPI 3Q26 2Q26 Q/Q Δ 3Q25 Y/Y Δ 9M26 9M25 Δ Financial Revenues 6,557 6,574 0% 4,643 41% 18,077 13,892 30% Adjusted EBITDA 2,503 2,804 -11% 1,357 84% 6,901 3,726 85% Net Result 1,196 1,205 -1% (198) N/A 2,810 (150) N/A CAPEX 1,287 1,340 -4%
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on production, cash flow, and financing, informing short‑term trading decisions.
Market read
First‑report earnings for Q3 2026, offering new data for investors and traders.
What to watch
Potential upside from upcoming Argentina LNG project financing and 2027 production ramp-up.
Adjusted EBITDA reached US$2,503 million, free cash flow reached US$901 million and net debt declined to US$6,596 million in 3Q26.
Year-on-year revenue, operating income and Adjusted EBITDA growth was substantial, free cash flow was US$901 million, and net leverage declined to 0.81x. Sequential Adjusted EBITDA declined as lower refined-product realizations and inventory valuation effects outweighed higher seasonal gas sales and lower price-linked costs.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| 3Q26 Revenuesother | $6.56B | -0.3% | 41.2% |
| 9M26 Revenuesother | $18.08B | – | 30.1% |
| 3Q26 Gross profitother | $2.73B | -7.8% | 105.0% |
| 3Q26 Operating incomeother | $1.92B | 6.0% | 248.0% |
| 9M26 Operating incomeother | $4.61B | – | 299.0% |
| 3Q26 Net profit for the periodother | $1.20B | -0.7% | N/A |
| 9M26 Net profit for the periodother | $2.81B | – | N/A |
| 3Q26 Earnings per share attributable to shareholders of the parent company (basic and diluted)other | US$0.30 | -3.2% | N/A |
| 9M26 Earnings per share attributable to shareholders of the parent company (basic and diluted)other | US$0.71 | – | N/A |
| 3Q26 EBITDAother | $2.75B | 2.0% | 97.8% |
| 3Q26 Adjusted EBITDAnon-GAAP | $2.50B | -10.7% | 84.4% |
| 9M26 Adjusted EBITDAnon-GAAP | $6.90B | – | 85.2% |
| 3Q26 Adjusted EBITDA marginnon-GAAP | 38% | – | – |
| 3Q26 CAPEXother | $1.29B | -4% | 26% |
| 9M26 CAPEXother | $3.61B | – | 6% |
| 3Q26 Net cash flow from operating activitiesother | $2.86B | 20.7% | 133.7% |
| 3Q26 Free cash flownon-GAAP | $901M | 9.3% | N/A |
| 9M26 Free cash flownon-GAAP | $2.60B | – | N/A |
| 3Q26 Cash + short-term investments EoPother | $3.65B | 47.7% | 259.6% |
| 3Q26 Total debtother | $10.25B | 1.2% | – |
| 3Q26 Net debtother | $6.60B | -13.8% | – |
| 3Q26 Net leverage rationon-GAAP | 0.81x | -26% | -62% |
| 3Q26 Upstream Adjusted EBITDAnon-GAAP | $1.57B | -8.7% | 50.7% |
| 3Q26 Midstream & Downstream Adjusted EBITDA excluding inventories price effect of oil productsnon-GAAP | $1.03B | 8.8% | 168.6% |
| 3Q26 LNG & Integrated Gas Adjusted EBITDAnon-GAAP | (US$5 million) | 179.6% | 291.8% |
| 3Q26 New Energies Adjusted EBITDAnon-GAAP | $102M | 72.1% | 66.1% |
| 3Q26 Upstream productionother | 532.0 Kboe/d | -2% | 2% |
| 3Q26 Crude oil productionother | 261.4 Kbbl/d | -2% | 9% |
| 3Q26 Shale oil productionother | 224.1 Kbbl/d | 5% | 32% |
| 3Q26 Natural gas productionother | 36.5 Mm3/d | -2% | -5% |
| 3Q26 Total lifting costother | US$7.8/boe | -8% | -12% |
| 3Q26 Refinery utilization rateother | 102% | -2% | 5% |
| 3Q26 R&M Adjusted EBITDAnon-GAAP | US$25.6/bbl | 14% | 258% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| UpstreamLower realized oil prices and lower conventional oil production were partly offset by seasonally peak natural gas sales and continued shale-output growth. | $2.54B | -7.5% | 28.9% |
| Midstream & DownstreamLower local fuel and oil-export prices and extraordinary diesel sales in 2Q26 reduced sequential revenue; higher gasoline demand and fuel exports partly offset these effects. | $5.12B | -4.6% | 47.7% |
| LNG & Integrated GasHigher seasonal natural gas sales, particularly to residential and industrial customers, lifted revenue sequentially. | $644M | 10.6% | -2.7% |
| New EnergiesHigher seasonal natural gas retail sales and agro-products revenue drove growth. | $749M | 36.4% | 50.1% |
2026 outlook
- Note2026 average shale oil production target of 215 kbbl/d.
- NoteDecember 2026 shale oil production exit rate of 250 kbbl/d.
- NoteVMOS commercial operation (COD) by year-end, with first oil expected in early 2027.
- NoteVMOS first oil expected in early 2027 at ~180 kbbl/d, increasing to ~550 kbbl/d in 2H27.
- NoteNorth Hub gas treatment facilities expected COD by 1Q27.
- NoteArgentina LNG total investment is expected to reach approximately US$51 billion over the life of the project, with approximately US$29 billion expected by 2031: US$24 billion for integrated LNG infrastructure and US$5 billion for upstream development.
- NoteArgentina LNG project finance debt is expected to fund 60–70% of infrastructure investment.
What drove it
- Adjusted EBITDA declined sequentially primarily because of inventory valuation effects and lower refined-product realization prices as international prices declined in 3Q26.
- Higher seasonal natural gas sales and lower price-linked costs, mainly third-party crude purchases, royalties and other taxes, partly offset the sequential EBITDA decline.
- Year-on-year Adjusted EBITDA growth reflected a higher pricing environment, lower lifting costs, growing shale output and increased refinery throughput.
- Shale oil production averaged 224.1 Kbbl/d and accounted for 86% of total oil production, compared with 80% in 2Q26 and 71% in 3Q25.
- Refinery throughput was 344.0 Kbbl/d despite scheduled maintenance at La Plata in September 2026.
- Free cash flow benefited from US$175 million in M&A proceeds, primarily initial collections from the sales of Metrogas and the Mendoza Non-Operated and Chachahuen conventional clusters.
Concerns
- Adjusted EBITDA declined 10.7% q/q to US$2,503 million.
- Upstream revenue declined 7.5% q/q to US$2,536 million as realized oil prices declined and conventional oil production was lower.
- Natural gas production declined 5.0% y/y to 36.5 Mm3/d.
- Total OPEX increased 4.8% q/q to US$1,538 million, mainly due to higher costs in real terms across business units and updated environmental provisions.
- LNG & Integrated Gas reported Adjusted EBITDA of (US$5 million).
- The sale of YPF's 70% equity stake in Metrogas and Metroenergía for US$780 million remains subject to closing.
What to watch
- Delivery against the 2026 average shale oil production target of 215 kbbl/d and the December 2026 exit-rate target of 250 kbbl/d.
- VMOS commissioning, expected commercial operation by year-end, and first oil expected in early 2027.
- The effect of lower international prices and YPF's pricing buffer strategy on realized oil and domestic fuel prices.
- Completion of the Metrogas and Metroenergía sale, which remains subject to closing.
- Argentina LNG financing progress following a non-binding financing proposal of up to US$6 billion from US EXIM bank.
Balance sheet and cash flow
- Net cash flow from operating activities was US$2,863 million in 3Q26, versus US$2,372 million in 2Q26 and US$1,225 million in 3Q25.
- Net cash flow from investing activities was (US$1,955 million) in 3Q26, versus (US$2,031 million) in 2Q26 and (US$1,662 million) in 3Q25.
- Net cash flow from financing activities was (US$162 million) in 3Q26, versus (US$328 million) in 2Q26 and US$497 million in 3Q25.
- Cash and cash equivalents were US$1,987 million and investment in financial assets was US$1,667 million at the end of 3Q26.
- Short-term debt was US$1,578 million and long-term debt was US$8,672 million at the end of 3Q26.
- YPF issued a US$1.2 billion unsecured bond due in 2035 at a 7.85% yield and completed tender offers for approximately US$531 million of international bonds due in 2027 and 2029.
- YPF acquired the remaining 25% stake in YPF Luz for US$430 million through acquisition financing, bringing ownership to 100%.
Analysis
YPF reported strong year-on-year financial growth in 3Q26. Revenue was US$6,557 million, up 41.2% y/y, while operating income increased 248.0% y/y to US$1,921 million and net profit was US$1,196 million, compared with a net loss of US$198 million in 3Q25. Adjusted EBITDA rose 84.4% y/y to US$2,503 million, supported by the pricing environment, lower lifting costs, shale growth and increased refinery throughput. The reported Adjusted EBITDA margin was 38%.
The quarter was softer sequentially at the EBITDA level. Adjusted EBITDA declined 10.7% q/q from US$2,804 million as inventory valuation effects and lower refined-product realizations followed lower international prices. Upstream Adjusted EBITDA fell 8.7% q/q to US$1,575 million as realized oil prices declined, while Midstream & Downstream Adjusted EBITDA excluding inventory price effects rose 8.8% q/q to US$1,030 million on lower crude purchases and wider refined-product spreads. Consolidated revenue was essentially flat sequentially, with lower domestic fuel prices and lower crude exports largely offset by seasonal natural gas sales and higher fuel exports.
Operating mix continued to shift toward shale. Shale oil production increased 5% q/q and 32% y/y to 224.1 Kbbl/d, representing 86% of total oil production. Conventional production declined as the divestment program continued, while total upstream production was 532.0 Kboe/d, down 2% q/q and up 2% y/y. Total lifting cost declined to US$7.8/boe from US$8.5/boe in 2Q26 and US$8.8/boe in 3Q25. Refinery utilization remained at 102%, despite La Plata maintenance, and YPF again operated without gasoline or diesel imports.
Cash generation and balance-sheet improvement were central to the quarter. Free cash flow was US$901 million, up from US$824 million in 2Q26, and was supported by Adjusted EBITDA, M&A proceeds and working capital and other items. Cash plus short-term investments increased to US$3,654 million, while net debt fell to US$6,596 million from US$7,654 million in 2Q26. Net leverage declined to 0.81x. The company issued a US$1.2 billion bond due in 2035 and repurchased approximately US$531 million of international bonds maturing between 2027 and 2029.
Management maintained its 2026 shale oil production objectives of 215 kbbl/d on average and a December 2026 exit rate of 250 kbbl/d. The VMOS project had ~85% progress as of September 2026, with commercial operation targeted by year-end and first oil expected in early 2027. Argentina LNG remained a major long-dated investment focus, with total investment expected to reach approximately US$51 billion over the life of the project and a non-binding financing proposal of up to US$6 billion from US EXIM bank.
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison against prior guidance is available.
- GAAP gross margin was not reported.
- Forward revenue guidance was not reported.
- Forward gross-margin guidance was not reported.
- Forward operating-expense guidance was not reported.
- Forward tax-rate guidance was not reported.
- Dividend and share-repurchase activity was not reported.
- Named executive commentary and attributable executive quotes were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
YPF is Argentina's largest integrated energy company, listed on NYSE (YPF) and ByMA.
Ticker impact
YPF disclosed Q3 2026 earnings with flat revenue, -11% sequential Adjusted EBITDA, net leverage down to 0.8x and a $1.2B bond issuance.
potential modest upside as lower leverage and strong cash flow could support the stock, though flat revenue may limit gains
Investors focus on leverage reduction and cash generation; however, sequential EBITDA drop and flat top line may keep price moves limited.
Market effects
Energy sector may see modest pressure as Argentine oil output growth offsets revenue flatness.
Argentinian market could benefit from YPF's lower leverage and new bond issuance.
Limited; YPF is a regional player with modest impact on global oil supply.
Counterpoint
Flat revenue and EBITDA decline suggest the stock may face downside despite lower leverage.
Key entities
- companyYPF
Argentinian integrated oil and gas producer.
