Chord Energy (CHRD) FY2025 results: revenue $4.9 billion, down 7.1% on the year
Chord Energy Corp. (CHRD) reported revenue of $4.9 billion for fiscal 2025, the year ended 31 December 2025, down 7.1% on the year before. Net income was $44 million, down 94.8%, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 16 new, 1 kept.
- Cash flow exceeded expectations in 4Q25: Operating cash flow and Adjusted FCF were above expectations, helped by oil volumes at the high end of guidance and capital below expectations.
- Free cash flow gains from initiatives: Continuous improvement initiatives added about $160MM of incremental run-rate free cash flow in FY25.
- Oil volumes at top of guidance: 4Q25 oil output was 153.0 MBopd, the high end of the guided range. Total output was 272.8 MBoepd, 56.1% of it oil.
- Seven 4-mile wells turned in line: Seven 4-mile wells were turned in line in FY25, three of them after 3Q25. Production from the program is at or above expectations.
- Breakeven lowered over 10%: Weighted average breakeven of inventory fell more than 10% year over year, improving inventory quality.
From this 10-K
Chord Energy is an independent exploration and production company that acquires, explores, develops and produces crude oil, NGLs and natural gas, primarily in the Williston Basin, with limited non-operated interests in the Marcellus Shale. On May 31, 2024 it acquired Enerplus Corporation, a Canadian company, in a stock-and-cash transaction. In 2025 its production averaged 276,620 net barrels of oil equivalent per day, 56% of it oil.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,877 | 5,251 | 3,897 | -7.1% | |
| Cost of revenue | 975 | 1,412 | 761 | -31.0% | |
| Gross profit | 3,902 | 3,839 | 3,135 | +1.6% | |
| Gross margin | 80.0% | 73.1% | 80.5% | ||
| Operating income | 197 | 1,100 | 1,273 | -82.1% | |
| Operating margin | 4.0% | 20.9% | 32.7% | ||
| Interest expense | 80.2 | 56.5 | 28.6 | +41.8% | |
| Pre-tax income | 243 | n/a | n/a | ||
| Income tax | 199 | 264 | 315 | -24.6% | |
| Effective tax rate | 81.7% | n/a | n/a | ||
| Net income | 44.5 | 849 | 1,024 | -94.8% | |
| Net margin | 0.9% | 16.2% | 26.3% | ||
| Diluted EPS | $0.74 | $16.02 | $23.51 | -95.4% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 2,041 | 2,097 | 1,820 | -2.7% | |
| Cash from investing | -1,806 | -1,754 | -1,430 | ||
| Cash from financing | -82.1 | -624 | -665 | ||
| Depreciation and amortisation | 1,470 | 1,108 | 599 | +32.7% | |
| Share-based compensation | 25.7 | 23.0 | 46.1 | +11.8% | |
| Buybacks | 365 | 444 | 239 | -17.9% | |
| Dividends paid | 318 | 530 | 500 | -40.0% | |
| Dividend per share | $5.20 | $10.15 | $11.88 | -48.8% | |
| Diluted shares, weighted | 58m | 53m | 43m | +9.7% | |
| Shares outstanding at period end | 57m | 60m | 41m | -5.5% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 8,080 | 8,702 | 5,077 | -7.2% | |
| Debt | 1,480 | 843 | 396 | +75.6% | |
| Operating lease liabilities | 10.5 | 15.2 | 18.7 | -30.8% | |
| Finance lease liabilities | 3.5 | 3.6 | 1.9 | -2.6% | |
| Other liabilities | 3,501 | 3,468 | 1,433 | +0.9% | |
| Total liabilities and equity | 13,074 | 13,032 | 6,926 | +0.3% | |
| Fixed assets | 11,337 | 10,686 | 5,315 | +6.1% | |
| Goodwill | 0.0 | 531 | 0.0 | ||
| Cash and equivalents | 190 | 37.0 | 318 | +412.9% | |
| Receivables | 1,117 | 1,299 | 943 | -14.0% | |
| Inventory | 116 | 94.3 | 72.6 | +22.7% | |
| Other assets | 316 | 385 | 278 | -18.0% | |
| Total assets | 13,074 | 13,032 | 6,926 | +0.3% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.