Magnolia Oil & Gas (MGY) FY2025 results: revenue $1.3 billion, down 0.3% on the year
Magnolia Oil & Gas Corp. (MGY) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, down 0.3% on the year before. Net income was $325 million, down 11.1%, and diluted earnings per share $1.73. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.
Revenue
$1.3 billion
-0.3% on the year
FY2018FY2025
Operating margin
33.5%
38.9% a year earlier
FY2018FY2025
Net income
$325 million
-11.1% on the year
FY2018FY2025
Diluted EPS
$1.73
-10.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new, 2 kept.
Fourth quarter production rose 11%: Fourth quarter production averaged 103.8 Mboe/d, up from 93.1 Mboe/d a year earlier, which the company reported as a new quarterly record.
Net income and EPS declined: Net income was $71.4 million against $88.7 million, down 20%. Diluted EPS was $0.37 against $0.44, and adjusted EBITDAX was $215.7 million, down 9%.
First quarter 2026 production estimate: First quarter 2026 production is estimated at about 102 Mboe/d, including about 1.5 Mboe/d of downtime from a winter storm, which management says has been fully restored.
Oil and NGL prices fell, gas rose: Fourth quarter oil realized $57.54 per barrel against $69.01, and NGLs $17.63 per barrel against $21.27. Gas rose to $2.92 per Mcf from $1.85.
Operating margin fell to 30%: Operating income margin was $9.85 per boe, or 30%, in the quarter against $14.48, or 38%. The full-year margin was 33% against 39%.
$ million except per share. Read moreFree 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
879
921
856
-4.6%
Cash from investing
-541
-655
-815
Cash from financing
-331
-407
-315
Depreciation and amortisation
438
414
325
+5.6%
Share-based compensation
27.3
18.7
16.2
+46.0%
Dividends paid
113
97.6
88.1
+15.9%
Dividend per share
$0.60
$0.52
$0.46
+15.4%
Diluted shares, weighted
186m
186m
188m
-0.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,999
1,967
1,883
+1.6%
Debt
393
393
393
+0.2%
Operating lease liabilities
8.1
5.6
7.1
+44.8%
Other liabilities
503
455
474
+10.4%
Total liabilities and equity
2,903
2,821
2,756
+2.9%
Cash and equivalents
267
260
401
+2.6%
Receivables
117
124
190
-5.8%
Other assets
2,520
2,437
2,165
+3.4%
Total assets
2,903
2,821
2,756
+2.9%
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.