Gulfport Energy (GPOR) FY2023 results: revenue $1.8 billion, up 34.6% on the year

Gulfport Energy Corp. (GPOR) reported revenue of $1.8 billion for fiscal 2023, the year ended 31 December 2023, up 34.6% on the year before. Net income was $1.5 billion, up 197.3%, and diluted earnings per share $66.46. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$1.8 billion

+34.6% on the year

FY2016FY2023

Operating margin

54.4%

40.8% a year earlier

FY2016FY2023

Net income

$1.5 billion

+197.3% on the year

FY2016FY2023

Diluted EPS

$66.46

+227.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,792	1,331	809	+34.6%
Cost of revenue	349	357	373	-2.4%
Gross profit	1,443	974	436	+48.2%
Gross margin	80.5%	73.2%	53.9%
Operating income	975	543	-73.6	+79.5%
Operating margin	54.4%	40.8%	-9.1%
Interest expense	57.1	59.8	45.0	-4.5%
Pre-tax income	946	495	130	+91.2%
Income tax	-525	0.0	-8.0
Effective tax rate	-55.5%	0.0%	-6.2%
Net income	1,471	495	134	+197.3%
Net margin	82.1%	37.2%	16.5%
Diluted EPS	$66.46	$20.32	n/a	+227.1%

$ million except per share.

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	FY2023	FY2022	FY2021	On the year
Operating cash flow	723	739	465	-2.2%
Cash from investing	-537	-458	-298
Cash from financing	-191	-277	-254
Depreciation and amortisation	320	268	224	+19.4%
Share-based compensation	9.5	5.7	3.2	+65.6%
Buybacks	n/a	250	0.0
Diluted shares, weighted	19m	20m	n/a	-7.1%
Shares outstanding at period end	18m	19m	21m	-4.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,162	829	549	+160.8%
Redeemable equity	44.2	52.3	57.9	-15.5%
Debt	667	694	713	-3.9%
Operating lease liabilities	1.3	14.3	0.1	-90.6%
Other liabilities	393	945	848	-58.4%
Total liabilities and equity	3,268	2,534	2,168	+28.9%
Fixed assets	2,252	2,058	1,856	+9.5%
Cash and equivalents	1.9	7.3	3.3	-73.4%
Receivables	122	278	233	-56.0%
Other assets	891	191	76.3	+366.2%
Total assets	3,268	2,534	2,168	+28.9%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.