Northern Oil & Gas (NOG) FY2025 results: revenue $2.5 billion, up 11.2% on the year

Northern Oil & Gas, Inc. (NOG) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.2% on the year before. Net income was $39 million, down 92.6%, and diluted earnings per share $0.39. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$2.5 billion

+11.2% on the year

FY2018FY2025

Operating margin

9.9%

37.6% a year earlier

FY2018FY2025

Net income

$39 million

-92.6% on the year

FY2018FY2025

Diluted EPS

$0.39

-92.4% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

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

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	2,476	2,226	2,166	+11.2%
Cost of revenue	474	430	347	+10.2%
Gross profit	2,002	1,796	1,819	+11.5%
Gross margin	80.9%	80.7%	84.0%
Operating income	246	838	1,122	-70.7%
Operating margin	9.9%	37.6%	51.8%
Interest expense	172	158	136	+9.3%
Pre-tax income	62.7	681	1,001	-90.8%
Income tax	23.9	161	77.8	-85.1%
Effective tax rate	38.2%	23.6%	7.8%
Net income	38.8	520	923	-92.6%
Net margin	1.6%	23.4%	42.6%
Diluted EPS	$0.39	$5.14	$10.03	-92.4%

$ 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	FY2025	FY2024	FY2023	On the year
Operating cash flow	1,505	1,409	1,183	+6.9%
Capital expenditure	0.8	0.1	1.2	+493.0%
Free cash flow	1,505	1,409	1,182	+6.8%
Free cash flow margin	60.8%	63.3%	54.6%
Cash from investing	-1,252	-1,675	-1,862
Cash from financing	-247	267	685
Share-based compensation	15.4	12.0	5.7	+28.4%
Buybacks	57.0	94.5	8.0	-39.7%
Dividends paid	173	162	124	+7.1%
Diluted shares, weighted	99m	101m	92m	-1.9%
Shares outstanding at period end	97m	99m	101m	-1.9%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	2,126	2,320	2,048	-8.4%
Debt	2,395	2,369	1,836	+1.1%
Other liabilities	888	914	601	-2.9%
Total liabilities and equity	5,409	5,604	4,484	-3.5%
Fixed assets	4,746	5,082	3,932	-6.6%
Cash and equivalents	14.3	8.9	8.2	+60.1%
Receivables	350	390	371	-10.2%
Other assets	299	123	174	+142.8%
Total assets	5,409	5,604	4,484	-3.5%

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