Empire Petroleum (EP) financial statements
Empire Petroleum reported revenue of $34M in fiscal 2025, up 84.8% a year over 7 years.
Net income was -$72M.
Free cash flow was -$9M.
The diluted share count rose 290% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Empire Petroleum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $465,455 | $6M | $8M | $28M | $53M | $40M | $44M | $34M |
| Selling, general and admin | $196,603 | $757,069 | $1M | $4M | $7M | $8M | $12M | $15M | $15M | $13M |
| Operating income | -$378,078 | -$757,069 | -$915,948 | -$6M | -$18M | -$473,370 | $9M | -$12M | -$14M | -$71M |
| Interest expense | $3,837 | $72,998 | -$101,183 | -$503,607 | — | — | — | — | $2M | $2M |
| Pre-tax income | — | — | — | — | — | -$19M | $7M | -$13M | -$16M | -$72M |
| Income tax | — | — | — | — | — | — | $208,898 | -$132,192 | — | — |
| Net income | -$381,915 | -$830,067 | -$1M | -$7M | -$17M | -$19M | $7M | -$12M | -$16M | -$72M |
| EPS (diluted) | -$0.04 | -$0.08 | -$0.08 | -$0.33 | -$2.97 | -$1.27 | $0.30 | -$0.55 | -$0.54 | -$2.12 |
| Diluted shares | 9M | 11M | 13M | 20M | 6M | 15M | 23M | 23M | 30M | 34M |
| Operating margin | — | — | -196.8% | -105.0% | -227.5% | -1.7% | 16.5% | -29.0% | -31.1% | -208.5% |
| Net margin | — | — | -218.5% | -113.6% | -217.9% | -67.7% | 13.3% | -31.1% | -36.8% | -210.7% |
Balance sheet
Fiscal years, from Empire Petroleum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68,743 | $77,780 | $84,631 | $0 | $157,695 | $4M | $12M | $8M | $2M | $1M |
| Receivables | — | $0 | $124,577 | — | $1M | $8M | $8M | $8M | $8M | $5M |
| Inventory | — | — | — | $476,305 | $531,309 | $1M | $2M | $1M | $1M | $1M |
| Total current assets | $82,743 | $77,780 | $367,503 | $2M | $2M | $13M | $23M | $19M | $12M | $8M |
| Property, plant and equipment | — | — | $2M | $9M | $8M | $31M | $45M | $72M | $110M | $56M |
| Total assets | $382,743 | $377,780 | $2M | $11M | $11M | $50M | $72M | $93M | $124M | $66M |
| Total current liabilities | $22,518 | $202,220 | $740,986 | $2M | $6M | $12M | $18M | $25M | $21M | $24M |
| Long-term debt | — | — | $1M | $8M | $534,009 | $646,311 | $547,692 | — | — | — |
| Total liabilities | $81,362 | $249,586 | $2M | $16M | $30M | $40M | $48M | $58M | $61M | $70M |
| Shareholders' equity | $301,381 | $128,194 | -$150,183 | -$5M | -$18M | $10M | $23M | $35M | $63M | -$5M |
| Net debt | -$68,743 | -$77,780 | $1M | $8M | $376,314 | $3M | -$9M | -$8M | -$2M | -$548,000 |
Cash flow
Fiscal years, from Empire Petroleum's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$81,862 | -$235,963 | -$564,894 | -$592,330 | -$2M | $3M | $18M | -$10M | $6M | -$4M |
| Capital spending | — | — | — | -$14,460 | — | — | $10M | $15M | $53M | $5M |
| Free cash flow | — | — | — | -$577,870 | — | — | $8M | -$24M | -$47M | -$9M |
| Stock-based compensation | — | — | — | — | $2M | — | — | $3M | $2M | $1M |
| Net borrowing | — | $0 | $1M | $7M | $338,962 | $14M | -$2M | $8M | $6M | -$639,000 |
| Free cash flow margin | — | — | — | -9.9% | — | — | 14.8% | -61.0% | -107.0% | -25.4% |
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Open EP in InvestinglyQuestions
What was Empire Petroleum's revenue in 2025?
$34M in fiscal 2025, from its 10-K filing.
How much free cash flow does Empire Petroleum generate?
-$9M in fiscal 2025 (operating cash flow minus capital spending).
From Empire Petroleum's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.