Talos Energy (TALO) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Talos Energy published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Talos Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Net Income per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Talos Energy has one reportable segment, Upstream, so revenue is shown by product. Net loss and EPS are attributable to Talos Energy Inc., excluding noncontrolling interest.
• Talos closed its purchase of Shell's 50% working interest in the Coulomb Field and 25% of the Na Kika platform and related fields on September 22, 2026, so only the last days of the quarter include those assets. It sold non-core Shelf and Gulf Coast properties on July 15, 2026.
• The year-ago adjusted EPS of -$0.19 is the figure Talos first reported in its Q3 2025 release.

Source: Talos Energy Q3 2026 results, November 3, 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 Talos 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.

• Talos Energy's Oil revenue was $550 million in Q3 2026, up 37% from $400 million in Q3 2025, 92% of total revenue.
• Talos Energy's Natural gas revenue was $32.1 million in Q3 2026, down 22% from $41.3 million in Q3 2025, 5% of total revenue.
• Talos Energy's NGL revenue was $14.1 million in Q3 2026, up 65% from $8.5 million in Q3 2025, 2% 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, Talos Energy said:

“Talos has increased its full-year 2026 production guidance and now expects production to range from 68 to 70 MBo/d and 92.5 to 94.5 MBoe/d.”

“The updated full-year 2026 guidance reflects the Gulf of America acquisition completed on September 22, 2026, the non-core shelf divestment completed on July 15, 2026 and the impact of Hurricane Isaias in early October, which is expected to reduce fourth quarter 2026 production by approximately 7 MBoe/d.”

Source: Talos Energy Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TALO forecast page.

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

Total revenues and GAAP diluted EPS attributable to Talos Energy Inc., each as first reported in that quarter's release. The Q1 2026 and Q4 2025 losses included impairments of oil and natural gas properties.

We do not hold a confirmed date for Talos 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 3, 2026

Talos Energy is an offshore oil producer, and oil made up $549.8 million of its $596.0 million in Q3 2026 total revenues. Natural gas brought in $32.1 million and NGLs $14.1 million. Production averaged 91.5 MBoe/d, 75% oil and 83% liquids, with 86.9 MBoe/d from Deepwater and 4.6 MBoe/d from Shelf and Gulf Coast. (Talos Energy Q3 2026 release, Nov 3, 2026)

Talos Energy's revenue rose 32% from $450.1 million a year earlier, and price did almost all of it. The 10-Q attributes $145.0 million of the $145.9 million increase to price and $926 thousand to volume. The average oil price received rose to $87.19 per barrel from $65.32, and the average price per Boe to $70.82 from $51.39. Talos realized about $1.60 above WTI, which averaged $85.57. (Talos Energy Form 10-Q, Q3 2026, Nov 4, 2026; Talos Energy Q3 2026 release, Nov 3, 2026)

Talos Energy's volumes fell by 3.7 MBoepd from 95.2 MBoepd. The 10-Q puts 3.1 MBoepd of that on the Shelf and Gulf Coast Divestiture and 2.8 MBoepd on the Brutus Field, where a high-rate gas recompletion declined as expected; Sunspear added 3.0 MBoepd. Oil volumes rose to 68.5 MBblpd from 66.6 while natural gas fell to 93.8 MMcfpd from 137.0. (Talos Energy Form 10-Q, Q3 2026, Nov 4, 2026)

Talos Energy closed the Coulomb and Na Kika Acquisition from Shell on September 22, 2026, buying a 50% working interest and operatorship in the Coulomb Field and a 25% non-operated working interest in the Na Kika platform and related fields for $419.7 million in cash after closing adjustments. The release says production beat guidance on base business performance, no storm downtime and contributions from the acquisition. (Talos Energy Form 10-Q, Q3 2026, Nov 4, 2026; Talos Energy Q3 2026 release, Nov 3, 2026)

Talos Energy sells to a few large buyers. In 2025, Shell Trading (US) Company accounted for 35% of its oil, natural gas and NGL revenues, Exxon Mobil Corporation for 23% and Chevron Corporation for 12%. (Talos Energy Form 10-K, 2025, Feb 25, 2026)

Talos Energy reported a GAAP net loss of $81.2 million, or $0.49 per diluted share, in Q3 2026, against $0.55 a year earlier. Adjusted Net Income was $99.3 million, or $0.58 per diluted share. The largest items Talos adds back are a $120.6 million derivative fair value loss ($0.71 per diluted share), $47.1 million of non-cash income tax expense ($0.28) and a $37.4 million loss on debt extinguishment ($0.22), net of $29.8 million paid on settled derivatives. (Talos Energy Q3 2026 release, Nov 3, 2026)

The debt loss came from redeeming all $625.0 million of Talos Energy's 9.000% notes due 2029 at 104.500% on July 13, 2026, using proceeds from new 8.000% notes. Income tax expense of $47.1 million on a pre-tax loss gave an effective tax rate of -138.8%, which the 10-Q attributes primarily to an increase in valuation allowance on U.S. federal deferred tax assets. (Talos Energy Form 10-Q, Q3 2026, Nov 4, 2026)

Talos Energy repurchased 1.4 million shares for $23.6 million in Q3 2026. Since it set its current return of capital framework in Q2 2025 it has returned approximately $160 million through buybacks, cutting shares outstanding by about 8%, and $176 million of authorization remained at September 30. Weighted average shares were 166,622 thousand, against 173,291 thousand a year earlier; adjusted diluted EPS uses 170,494 thousand. (Talos Energy Q3 2026 release, Nov 3, 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.

Talos Energy gives full-year operating guidance in its release, not an EPS or revenue figure. With Q3 2026 results it raised 2026 production guidance to 68 to 70 MBo/d and 92.5 to 94.5 MBoe/d, from an original 62.0 to 66.0 MBo/d and 85.0 to 90.0 MBoe/d, to include the Shell acquisition, the shelf divestment and Hurricane Isaias, which it expects to cut fourth-quarter production by approximately 7 MBoe/d. (Talos Energy Q3 2026 release, Nov 3, 2026)

Talos Energy lowered its 2026 capital expenditure range to $475 to $525 million, from $500 to $550 million, and raised plugging and abandonment to $135 to $145 million. It expects first oil at Monument in the first quarter of 2027, with gross production of 20 to 30 MBoe/d, and first oil from the Brutus program phased from the second through the fourth quarter of 2027. (Talos Energy Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Talos 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 Talos 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 TALO is on is TALO a buy or a sell?, what analysts expect next is on the TALO forecast, and what the company does is on the Talos Energy (TALO) stock page.

Every number on this page can be traced to a document Talos 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.