Kosmos Energy Ltd (KOS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Kosmos Energy published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Kosmos Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Kosmos sold its Equatorial Guinea assets (the Ceiba Field and Okume Complex in Block G) to Panoro Energy; the sale closed on June 16, 2026, so Q3 2026 has no Equatorial Guinea revenue against $40.8 million a year earlier.
• Revenue here is Kosmos's oil and gas revenue, which excludes the impact of derivative cash settlements; the business unit rows are revenues from contracts with customers plus provisional sales contracts, as the 10-Q presents them. Kosmos reports in thousands; figures here are in millions.

Source: Kosmos Energy Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Kosmos Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Kosmos Energy's Ghana revenue was $218 million in Q3 2026, up 52% from $143 million in Q3 2025, 53% of total revenue.
• Kosmos Energy's Mauritania|Senegal revenue was $66.4 million in Q3 2026, up 69% from $39.3 million in Q3 2025, 16% of total revenue.
• Kosmos Energy's Gulf of America revenue was $98.7 million in Q3 2026, up 11% from $88.7 million in Q3 2025, 24% of total revenue.
• Kosmos Energy's Provisional sales contracts revenue was $26.9 million in Q3 2026, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Kosmos Energy said:

“Full year 2026 capital expenditure guidance of approximately $350 million is unchanged.”

“With strong operational performance for the year and continued debt reduction, we are on track to achieve our ~20% net debt reduction target for 2026 with year-end net debt expected to be below $2.4 billion and leverage expected to fall towards 2.0x.”

“Full year gross LNG cargo liftings are expected to be at the upper end of the 32-36 guidance range.”

Source: Kosmos Energy Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the KOS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Oil and gas revenue and GAAP diluted net income (loss) per share, each as first reported in that quarter's release. Kosmos's revenue moves with the number of oil and LNG cargos lifted in a quarter, not only with production.

We do not hold a confirmed date for Kosmos Energy's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Kosmos Energy's oil and gas revenue was $410.1 million in Q3 2026, up from $311.0 million. Oil sales brought in $326.9 million, gas sales $81.4 million and NGL sales $1.8 million. By business unit, Ghana contributed $218.1 million, the Gulf of America $98.7 million and Mauritania|Senegal $66.4 million, with another $26.9 million from provisional sales contracts. (Kosmos Energy Q3 2026 release, Nov 2, 2026; Kosmos Energy Form 10-Q, Q3 2026, Nov 2, 2026)

Kosmos said the $99.1 million increase came from higher production and sales volumes at Jubilee and GTA and higher realized oil and gas prices, partly offset by no Equatorial Guinea sales after the June 2026 sale of those assets and lower Gulf of America volumes. It sold 5,744 MBoe at an average price of $71.39 per boe, against 5,515 MBoe at $56.39 a year earlier. The average oil price was $88.57 per barrel, against $67.30. (Kosmos Energy Form 10-Q, Q3 2026, Nov 2, 2026; Kosmos Energy Q3 2026 release, Nov 2, 2026)

Kosmos's revenue follows cargo liftings as well as production. Net production averaged about 69,200 boepd, up about 6% (about 17% excluding Equatorial Guinea), but sales were about 62,400 boepd and Kosmos ended the quarter about 1.1 mmboe underlifted. In Ghana, 2.75 Jubilee cargos were lifted; at GTA the partnership lifted 8.5 gross LNG cargos. (Kosmos Energy Q3 2026 release, Nov 2, 2026)

Kosmos's sales are concentrated among a few buyers. Shell Trading (US) Company accounted for 23% of total oil and gas revenue in Q3 2026, against 5% a year earlier, and BP plc for 16%, against 27%. After derivative cash settlements of $(39.8) million, Kosmos's realized revenue was $370.3 million, or $64.46 per boe. (Kosmos Energy Form 10-Q, Q3 2026, Nov 2, 2026; Kosmos Energy Q3 2026 release, Nov 2, 2026)

Kosmos Energy's GAAP net loss was $43.0 million, or $(0.07) per diluted share, in Q3 2026, against $124.3 million, or $(0.26), a year earlier. Adjusted net income was $35.0 million, or $0.06 per diluted share. The biggest adjustment was derivatives, net, a $133.9 million charge in the quarter against a $3.6 million gain a year earlier, while the $(39.8) million of cash settlements on commodity derivatives stays in adjusted net income. (Kosmos Energy Q3 2026 release, Nov 2, 2026)

Kosmos's year-ago loss included $51.1 million of exploration expense for the Winterfell-4 step-out well, which was plugged and abandoned in Q3 2025. Production expense fell to $101.8 million, or $17.72 per boe, from $147.7 million, or $26.78 per boe, because of the Equatorial Guinea sale and lower routine operating costs in Ghana, GTA and the Gulf of America. (Kosmos Energy Form 10-Q, Q3 2026, Nov 2, 2026; Kosmos Energy Q3 2026 release, Nov 2, 2026)

Kosmos recorded $15.7 million of income tax expense on a pre-tax loss of $27.3 million, an effective tax rate of (57)%, mainly because its foreign operations, primarily Ghana, are taxed at rates different from the 21% U.S. rate. Diluted shares rose to 595,470 thousand from 478,254 thousand after a March 2026 offering of 112.1 million shares that raised about $206.4 million. (Kosmos Energy Form 10-Q, Q3 2026, Nov 2, 2026; Kosmos Energy Q3 2026 release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Kosmos Energy publishes guidance in its release. For Q4 2026 it guided production of 60,000 to 64,000 boe per day, opex of $18.00 to $20.00 per boe and capital expenditure of $50 to $75 million, with 3 Ghana cargos and 8 to 9 gross LNG cargos from Mauritania and Senegal. Its full-year 2026 capital expenditure guidance of approximately $350 million is unchanged. (Kosmos Energy Q3 2026 release, Nov 2, 2026)

Kosmos expects year-end 2026 net debt below $2.4 billion, against $2,473.4 million at September 30, and leverage falling towards 2.0x. In October it amended its reserve-based lending facility at $1.2 billion with final maturity extended to April 2033, and it has 8 million barrels of oil hedged for 2027 with an average floor of about $68 per barrel. (Kosmos Energy Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Kosmos Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Kosmos Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning KOS is on is KOS a buy or a sell?, what analysts expect next is on the KOS forecast, and what the company does is on the Kosmos Energy Ltd (KOS) stock page.

Every number on this page can be traced to a document Kosmos Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.