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EOG Resources (EOG) Q4 FY2025 earnings: revenue $5.6 billion, up 0.9% on the year

EOG Resources Inc. (EOG) reported revenue of $5.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 0.9% on the same quarter a year earlier. Net income was $701 million, down 44.0% on the year, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$5.6 billion
+0.9% on the year · -3.6% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
16.7%
28.5% a year earlier
Q1 FY2024Q4 FY2025
Net income
$701 million
-44.0% on the year · -52.3% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$1.30
-41.7% on the year · -51.9% on the quarter
Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

  • Full-year net income fell to $4,980 million: Net income for 2025 was $4,980 million, or $9.12 per diluted share, against $6,403 million, or $11.25, in 2024. Adjusted net income was $5,548 million, or $10.16 per diluted share, against $6,612 million, or $11.62.
  • Fourth-quarter net income fell to $701 million: Fourth-quarter 2025 net income was $701 million, or $1.30 per diluted share, against $1,471 million, or $2.70, in third quarter 2025. Adjusted net income was $1,222 million, or $2.27 per share, against $1,472 million, or $2.71.
  • Fourth-quarter impairments rose to $689 million: Impairments were $689 million in fourth quarter 2025, against $71 million in third quarter. Adjusted results excluded $646 million of certain impairments, which the company attributed to write-downs in the Barnett Shale and Woodford Oil Window.
Read the earnings call summary

Income statement (profit and loss)

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Revenue5,6385,8475,585-3.6%+0.9%
Operating income9431,8361,592-48.6%-40.8%
Operating margin16.7%31.4%28.5%
Interest expense66.071.038.0-7.0%+73.7%
Pre-tax income9101,8241,624-50.1%-44.0%
Income tax209353373-40.8%-44.0%
Effective tax rate23.0%19.4%23.0%
Net income7011,4711,251-52.3%-44.0%
Net margin12.4%25.2%22.4%
Diluted EPS$1.30$2.70$2.23-51.9%-41.7%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. 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

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Operating cash flow2,6123,1112,763-16.0%-5.5%
Capital expenditure112171117-34.5%-4.3%
Free cash flow2,5002,9402,646-15.0%-5.5%
Free cash flow margin44.3%50.3%47.4%
Cash from investing-1,762-5,963-1,276
Cash from financing-9841,167-516
Depreciation and amortisation1,2261,1691,019+4.9%+20.3%
Share-based compensation60.053.051.0+13.2%+17.6%
Buybacks677479993+41.3%-31.8%
Dividends paid550545509+0.9%+8.1%
Dividend per sharen/a$0.00n/a
Diluted shares, weighted546m544m569m+0.4%-4.0%
Shares outstanding at period end536m543m554m-1.1%-3.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2025Q3 FY2025Q4 FY2024On the quarterOn the yearLast 8 quarters
Shareholders' equity29,83330,28529,351-1.5%+1.6%
Debt7,9367,6944,752+3.1%+67.0%
Operating lease liabilities727n/a725+0.3%
Finance lease liabilities90.0n/a118-23.7%
Other liabilities13,21314,22012,240-7.1%+7.9%
Total liabilities and equity51,79952,19947,186-0.8%+9.8%
Fixed assets42,34142,58534,212-0.6%+23.8%
Cash and equivalents3,3963,5307,092-3.8%-52.1%
Receivables2,6812,6802,650+0.0%+1.2%
Inventory1,014945985+7.3%+2.9%
Other assets2,3672,4592,247-3.7%+5.3%
Total assets51,79952,19947,186-0.8%+9.8%

Questions

What was EOG Resources' revenue in Q4 FY2025?

EOG Resources (EOG) reported revenue of $5.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 0.9% on the same quarter a year earlier.

How much did EOG Resources earn in Q4 FY2025?

Net income for Q4 FY2025 was $701 million, down 44.0% on the year, and diluted earnings per share $1.30.

When did EOG Resources report Q4 FY2025 results?

EOG Resources filed its 10-K for the year that ended with the quarter on 24 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue6,0443,9837,4077,5936,7196,0445,5736,2126,3576,1236,0255,9655,5855,6695,4785,8475,6386,9218,6208,549
Operating income2,5285462,9033,6642,8532,5721,9702,5572,5042,2712,1302,0891,5921,8591,7471,8369432,5983,5283,586
Operating margin42%14%39%48%42%43%35%41%39%37%35%35%29%33%32%31%17%38%41%42%
Interest expense38.048.048.041.042.042.035.036.035.033.036.031.038.047.051.071.066.066.067.067.0
Pre-tax income2,4994972,8823,6632,8592,5951,9862,5732,5352,3002,1602,1341,6241,8771,7511,8249102,5553,4993,564
Tax rate21%22%22%22%20%22%22%21%22%22%22%22%23%22%23%19%23%23%22%22%
Net income1,9853902,2382,8542,2772,0231,5532,0301,9881,7891,6901,6731,2511,4631,3451,4717011,9802,7242,781
Net margin33%10%30%38%34%33%28%33%31%29%28%28%22%26%25%25%12%29%32%33%
Diluted EPS$3.40$0.67$3.81$4.86$3.87$3.45$2.66$3.48$3.42$3.10$2.95$2.95$2.23$2.65$2.46$2.70$1.30$3.70$5.15$5.33
Operating cash flow3,1668282,0484,7733,4443,2552,2772,7043,1042,9032,8893,5882,7632,2892,0323,1112,6122,9664,6693,813
Capital expenditure65.070.075.010313331918013916235031323911710294.0171112153144121
Free cash flow3,1017581,9734,6703,3112,9362,0972,5652,9422,5532,5763,3492,6462,1871,9382,9402,5002,8134,5253,692
Buybacks8.043.015.037.023.03173021093107596997959938066024796774181,2991,063
Dividends paid1,4061,0231,4861,3121,3271,0674804941,345525520533509538528545550544540544
Shares outstanding585m586m586m587m588m585m582m583m580m575m569m562m554m546m546m543m536m533m525m518m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 24 February 2026: the filing.