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Matador Resources (MTDR) FY2025 results: revenue $3.7 billion, up 5.5% on the year

Matador Resources Co. (MTDR) reported revenue of $3.7 billion for fiscal 2025, the year ended 31 December 2025, up 5.5% on the year before. Net income was $759 million, down 14.2%, and diluted earnings per share $6.09. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$3.7 billion
+5.5% on the year
FY2018FY2025
Operating margin
33.2%
40.9% a year earlier
FY2018FY2025
Net income
$759 million
-14.2% on the year
FY2018FY2025
Diluted EPS
$6.09
-14.7% 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: 1 lowered, 12 new, 3 kept.

  • Record fourth-quarter production: Fourth quarter production averaged 211,290 BOE per day, the highest in company history and 2% above the midpoint of October 2025 guidance. Growth came from Arrowhead and Ranger wells.
  • Proved reserves reached record: Proved reserves rose 9% to 667.0 million BOE at year-end 2025, with a 173% replacement ratio, about 98% organic. Future development cost per BOE fell 6% to $10.34.
  • First quarter 2026 cut: Management revised the first quarter forecast lower. Drivers were January winter storm shut-ins, elective shut-ins, and scheduled maintenance at a third-party treatment plant.
  • Five Point moves its stake: Five Point is moving its 49% San Mateo stake into a continuation vehicle. Management wants to work on transactions, including combining Matador's wholly-owned midstream assets with San Mateo.
  • Hugh Brinson gives Henry Hub access: Matador holds 500 MMBtu per day of firm transport on Energy Transfer's Hugh Brinson pipeline, giving access from Waha to Henry Hub. Each $0.50 per MMBtu change in realized gas price is about $90 million of annual revenue.
Read the Q4 FY2025 earnings call summary

From this 10-K

Matador Resources explores for, develops, produces and acquires oil and natural gas in the United States, mostly in shale and other unconventional plays. Its operations are focused on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas, and it also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. It also runs midstream operations that serve its own wells and third parties. It is a Texas corporation founded in July 2003 by its Chairman and Chief Executive Officer, and its stock began trading on the New York Stock Exchange on February 2, 2012.

Matador Resources Co., the 10-K for 2025

Matador Resources explores for, develops, produces and acquires oil and natural gas in the United States, mostly in shale and other unconventional plays. Its operations are focused on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas, and it also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. It also runs midstream operations that serve its own wells and third parties. It is a Texas corporation founded in July 2003 by its Chairman and Chief Executive Officer, and its stock began trading on the New York Stock Exchange on February 2, 2012.

Exploration and production

In 2025 it produced 43.7 million Bbl of oil and 191.3 Bcf of natural gas, and its average daily oil equivalent production was 207,070 BOE per day. At December 31, 2025 its estimated total proved reserves were 667.0 million BOE, including 376.0 million Bbl of oil and 1.75 Tcf of natural gas. In the Delaware Basin it held 354,600 gross and 212,500 net acres, and the basin accounted for 203,330 BOE per day of its production. It acquired Ameredev Stateline II, with properties in Lea County, New Mexico and Loving and Winkler Counties, Texas, on September 18, 2024, and it divested its Eagle Ford shale assets in South Texas in the first quarter of 2025.

Midstream

Its midstream business runs mainly through San Mateo, which it owns 51% with its joint venture partner Five Point owning 49%. At December 31, 2025 San Mateo had 720 MMcf per day of designed natural gas cryogenic processing capacity, including the Marlan Processing Plant, whose expansion came online in the second quarter of 2025, and approximately 340 miles of natural gas gathering pipelines in Eddy and Lea Counties, New Mexico and Loving County, Texas. It also had three oil central delivery points and approximately 120 miles of oil gathering and transportation pipelines, and 16 commercial salt water disposal wells with designed produced water disposal capacity of 475,000 Bbl per day. San Mateo has a 400,000-acre joint development area with Plains Marketing to gather oil from Matador and other producers in Eddy County, New Mexico.

People

At December 31, 2025 it had 483 full-time employees, none covered by a collective bargaining agreement. It requires every employee to complete at least 40 hours of professional training a year.

From Matador Resources' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,6963,5052,807+5.5%
Cost of revenue208167124+24.3%
Gross profit3,4883,3382,683+4.5%
Gross margin94.4%95.2%95.6%
Operating income1,2271,4351,209-14.5%
Operating margin33.2%40.9%43.1%
Interest expense209172122+21.5%
Pre-tax income1,0331,2641,096-18.2%
Income tax173292186-40.9%
Effective tax rate16.7%23.1%17.0%
Net income759885846-14.2%
Net margin20.5%25.3%30.1%
Diluted EPS$6.09$7.14$7.05-14.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,4252,2471,868+7.9%
Capital expenditure2,1553,9073,228-44.8%
Free cash flow270-1,660-1,360
Free cash flow margin7.3%-47.4%-48.5%
Cash from investing-2,158-3,672-3,211
Cash from financing-2831,414902
Depreciation and amortisation1,195974717+22.7%
Share-based compensation18.315.013.7+22.3%
Buybacks55.80.00.0
Dividends paid16310577.2+55.5%
Dividend per share$1.31$0.85$0.65+54.4%
Diluted shares, weighted125m124m120m+0.4%
Shares outstanding at period end124m125m119m-0.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,6585,0893,911+11.2%
Non-controlling interest339368217-8.1%
Debt3,4023,3252,207+2.3%
Operating lease liabilities79.272.510.8+9.2%
Finance lease liabilities1.21.00.9+15.1%
Other liabilities2,2311,9941,381+11.9%
Total liabilities and equity11,71110,8507,727+7.9%
Fixed assets10,7319,7646,956+9.9%
Goodwill0.0n/an/a
Intangible assets0.0n/an/a
Cash and equivalents15.323.052.7-33.5%
Receivables286332274-13.7%
Other assets678731444-7.3%
Total assets11,71110,8507,727+7.9%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.