Northern Oil & Gas (NOG) financial statements
Northern Oil & Gas reported revenue of $2.5B in fiscal 2025, up 37.1% a year over 9 years.
Net income was $39M and the operating margin 9.9%, against -158.2% in 2016.
The diluted share count rose 1523% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Northern Oil & Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $145M | $209M | $679M | $472M | $324M | $975M | $2.0B | $2.2B | $2.2B | $2.5B |
| Cost of revenue | $46M | $50M | $67M | $119M | $116M | $171M | $261M | $347M | $430M | $474M |
| Gross profit | $99M | $160M | $612M | $354M | $208M | $804M | $1.7B | $1.8B | $1.8B | $2.0B |
| Selling, general and admin | $15M | $19M | $15M | $24M | $19M | $30M | $47M | $47M | $50M | $61M |
| Operating income | -$229M | $60M | $433M | $56M | -$841M | $78M | $853M | $1.1B | $838M | $246M |
| Interest expense | $64M | $70M | $86M | $79M | $59M | $59M | $80M | $136M | $158M | $172M |
| Pre-tax income | -$295M | -$11M | $144M | -$76M | -$906M | $7M | $776M | $1.0B | $681M | $63M |
| Income tax | -$1M | -$2M | -$55,000 | $0 | -$166,000 | $233,000 | $3M | $78M | $161M | $24M |
| Net income | -$293M | -$9M | $144M | -$76M | -$906M | $6M | $773M | $923M | $520M | $39M |
| EPS (diluted) | -$48.00 | -$1.50 | $6.07 | -$2.00 | -$21.55 | -$0.13 | $8.92 | $10.03 | $5.14 | $0.39 |
| Diluted shares | 6M | 6M | 24M | 39M | 43M | 63M | 87M | 92M | 101M | 99M |
| Gross margin | 68.5% | 76.2% | 90.2% | 74.8% | 64.1% | 82.5% | 86.9% | 84.0% | 80.7% | 80.9% |
| Operating margin | -158.2% | 28.9% | 63.7% | 11.8% | -259.6% | 8.0% | 43.0% | 51.8% | 37.6% | 9.9% |
| Net margin | -202.5% | -4.4% | 21.2% | -16.2% | -279.6% | 0.7% | 38.9% | 42.6% | 23.4% | 1.6% |
Balance sheet
Fiscal years, from Northern Oil & Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $102M | $2M | $16M | $1M | $10M | $3M | $8M | $9M | $14M |
| Receivables | $36M | $47M | $96M | $108M | $71M | $194M | $271M | $371M | $390M | $350M |
| Total current assets | $47M | $153M | $228M | $133M | $126M | $215M | $320M | $509M | $501M | $586M |
| Property, plant and equipment | $376M | $473M | $1.2B | $1.7B | $735M | $1.3B | $2.5B | $3.9B | $5.1B | $4.7B |
| Total assets | $432M | $632M | $1.5B | $1.9B | $872M | $1.5B | $2.9B | $4.5B | $5.6B | $5.4B |
| Total current liabilities | $77M | $124M | $232M | $203M | $182M | $328M | $345M | $386M | $544M | $539M |
| Long-term debt | $833M | — | — | $1.1B | $880M | $803M | — | — | — | — |
| Total liabilities | $919M | $1.1B | $1.1B | $1.3B | $1.1B | $1.3B | $2.1B | $2.4B | $3.3B | $3.3B |
| Shareholders' equity | -$487M | -$491M | $430M | $559M | -$223M | $215M | $745M | $2.0B | $2.3B | $2.1B |
| Net debt | $826M | -$102M | -$2M | $1.1B | $943M | $794M | -$3M | -$8M | -$9M | -$14M |
Cash flow
Fiscal years, from Northern Oil & Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $102M | $73M | $244M | $340M | $332M | $396M | $928M | $1.2B | $1.4B | $1.5B |
| Capital spending | $214,685 | $3,954 | $86,783 | — | — | — | — | — | — | — |
| Free cash flow | $102M | $73M | $244M | — | — | — | — | — | — | — |
| Stock-based compensation | $3M | $3M | $4M | $8M | $4M | $4M | $6M | $6M | $12M | $15M |
| Dividends paid | — | — | — | $0 | $0 | $5M | $52M | $124M | $162M | $173M |
| Share buybacks (net) | $0 | $0 | -$22M | -$15M | $0 | $0 | -$55M | -$8M | -$94M | -$57M |
| Net borrowing | $0 | $300M | $60M | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | 70.2% | 34.9% | 36.0% | — | — | — | — | — | — | — |
| Dividends per share | — | — | — | — | — | $0.08 | $0.60 | $1.35 | $1.60 | $1.75 |
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What was Northern Oil & Gas's revenue in 2025?
$2.5B in fiscal 2025, from its 10-K filing.
From Northern Oil & Gas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.