YPF Delivers Record $2.8B EBITDA as Net Leverage Falls to 1.09x in Q2 2026
YPF has more than doubled off its 52-week low of $22.82.
Summary
YPF reported record quarterly EBITDA of US$2.8 billion and net income of US$1.2 billion, driven by surging shale production, higher oil prices, and peak refinery runs. Net leverage fell to 1.09x, the lowest in 11 years, and the company completed a 1-for-10 stock split.
Key Events · Earnings and Guidance · YPF
-
Record EBITDA and Net Income
Adjusted EBITDA reached US$2,804 million (+76% q/q, +149% y/y), the highest in YPF history, with net income of US$1,205 million (vs. US$409 million in 1Q26).
-
Shale Oil Dominance
Shale oil production averaged 213 kbbl/d, now 80% of total oil output, with lifting costs at just US$4.0/boe in the core hub, down 12% y/y.
-
Record Refinery Runs, Zero Imports
Refinery utilization hit 104%, processing a record 351 kbbl/d, eliminating fuel imports and supporting strong domestic and export sales.
-
Balance Sheet Strengthens
Net leverage fell to 1.09x from 1.57x in 1Q26, the lowest in 11 years, supported by US$824 million in free cash flow and US$2.5 billion in cash and short-term investments.
Analysis · YPF · Energy & Transportation
YPF delivered its strongest quarter ever, with Adjusted EBITDA surging 76% sequentially to US$2.8 billion on higher oil prices, record shale output, and peak refinery utilization. Net income hit US$1.2 billion, free cash flow remained robust at US$824 million, and net leverage fell to 1.09x — the lowest in over a decade. The results underscore the company's transformation into a low-cost shale producer, with 80% of oil now from Vaca Muerta and lifting costs down 31% year-over-year. Credit rating upgrades and a stock split further enhance the investment case, while progress on the VMOS export pipeline and Argentina LNG project signal long-term growth visibility.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 42.7% of the 288 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, YPF was trading at $53.12 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $21.2B. The 52-week trading range was $22.82 to $57.49. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.