Matador Resources (MTDR) financial statements
Matador Resources reported revenue of $3.7B in fiscal 2025, up 33.9% a year over 9 years.
Net income was $759M and the operating margin 33.5%, against -67.0% in 2016.
Free cash flow was $270M, and the company returned $163M in dividends and $56M in net buybacks.
The diluted share count rose 36% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Matador Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $264M | $544M | $830M | $1.0B | $851M | $1.9B | $3.2B | $2.8B | $3.5B | $3.7B |
| Cost of revenue | — | — | — | — | $42M | $61M | $96M | $124M | $167M | $208M |
| Gross profit | — | — | — | — | $810M | $1.8B | $3.1B | $2.7B | $3.3B | $3.4B |
| Selling, general and admin | $55M | $66M | $69M | $80M | $63M | $96M | $116M | $110M | $127M | $137M |
| Operating income | -$177M | $161M | $363M | $235M | -$521M | $793M | $1.8B | $1.2B | $1.4B | $1.2B |
| Interest expense | $28M | $35M | $41M | $74M | $77M | $75M | $67M | $122M | $172M | $209M |
| Pre-tax income | -$98M | $130M | $292M | $159M | -$599M | $715M | $1.7B | $1.1B | $1.3B | $1.0B |
| Income tax | -$1M | -$8M | -$8M | $36M | -$46M | $75M | $399M | $186M | $292M | $173M |
| Net income | -$97M | $126M | $274M | $88M | -$593M | $585M | $1.2B | $846M | $885M | $759M |
| EPS (diluted) | -$1.07 | $1.23 | $2.41 | $0.75 | -$5.11 | $4.91 | $10.11 | $7.05 | $7.14 | $6.09 |
| Diluted shares | 91M | 103M | 114M | 117M | 116M | 119M | 120M | 120M | 124M | 125M |
| Gross margin | — | — | — | — | 95.1% | 96.7% | 97.0% | 95.6% | 95.2% | 94.3% |
| Operating margin | -67.0% | 29.6% | 43.8% | 22.9% | -61.3% | 42.6% | 55.0% | 42.9% | 41.2% | 33.5% |
| Net margin | -36.8% | 23.1% | 33.0% | 8.6% | -69.7% | 31.4% | 38.0% | 30.0% | 25.4% | 20.8% |
Balance sheet
Fiscal years, from Matador Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $213M | $97M | $65M | $40M | $58M | $48M | $505M | $53M | $23M | $15M |
| Receivables | $34M | $66M | $68M | $95M | $85M | $164M | $225M | $274M | $332M | $286M |
| Total current assets | $279M | $257M | $306M | $278M | $262M | $371M | $1.1B | $716M | $927M | $817M |
| Property, plant and equipment | $1.2B | $1.9B | $3.1B | $3.7B | $3.4B | $3.9B | $4.4B | $7.0B | $9.8B | $10.7B |
| Total assets | $1.5B | $2.1B | $3.5B | $4.1B | $3.7B | $4.3B | $5.6B | $7.7B | $10.9B | $11.7B |
| Total current liabilities | $170M | $283M | $330M | $400M | $291M | $465M | $576M | $685M | $995M | $1.0B |
| Total liabilities | $773M | $888M | $1.7B | $2.1B | $2.2B | $2.1B | $2.2B | $3.6B | $5.4B | $5.7B |
| Shareholders' equity | $690M | $1.2B | $1.7B | $1.8B | $1.3B | $1.9B | $3.1B | $3.9B | $5.1B | $5.7B |
| Net debt | -$213M | -$97M | -$65M | -$40M | -$58M | -$48M | -$505M | -$53M | -$23M | -$15M |
Cash flow
Fiscal years, from Matador Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $134M | $299M | $609M | $552M | $478M | $1.1B | $2.0B | $1.9B | $2.2B | $2.4B |
| Capital spending | $454M | $873M | $1.5B | $946M | $722M | $838M | $1.1B | $3.2B | $3.9B | $2.2B |
| Free cash flow | -$320M | -$574M | -$896M | -$394M | -$244M | $215M | $915M | -$1.4B | -$1.7B | $270M |
| Stock-based compensation | $12M | $17M | $17M | $19M | $14M | $9M | $15M | $14M | $15M | $18M |
| Dividends paid | — | — | — | — | $0 | $15M | $35M | $77M | $105M | $163M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$56M |
| Net borrowing | -$120M | $0 | -$370M | -$35M | — | — | — | — | — | — |
| Free cash flow margin | -121.1% | -105.4% | -108.0% | -38.4% | -28.7% | 11.6% | 28.6% | -48.3% | -47.7% | 7.4% |
| Dividends per share | — | — | — | — | — | $0.12 | $0.29 | $0.64 | $0.85 | $1.31 |
Questions
What was Matador Resources's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Matador Resources generate?
$270M in fiscal 2025 (operating cash flow minus capital spending).
From Matador Resources's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.