Talos Energy (TALO) FY2025 results: revenue $1.8 billion, down 9.8% on the year
Talos Energy Inc. (TALO) reported revenue of $1.8 billion for fiscal 2025, the year ended 31 December 2025, down 9.8% on the year before. Net income was -$494 million, and diluted earnings per share $-2.82. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$1.8 billion
-9.8% on the year
FY2018FY2025
Operating margin
-31.5%
8.8% a year earlier
FY2018FY2025
Net income
-$494 million
FY2018FY2025
Diluted EPS
-$2.82
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 9 new, 2 kept.
Net loss included impairment charge: The company reported a fourth-quarter net loss of $202.6 million, or $1.19 per diluted share, including $170.4 million of non-cash ceiling test impairment; adjusted net loss was $76.5 million.
Full-year production averaged 94.6 MBoe/d: Fourth-quarter production was 89.2 MBoe/d, 73% oil; full-year production was 94.6 MBoe/d, 70% oil. Third-quarter production in the prior release was 95.2 MBoe/d.
Genovesa well shut in for valve repair: A safety valve failure forced a temporary shut-in of Genovesa in the fourth quarter, reducing production by about 3 Mboe/d; a planned workover precedes the return to production.
Lease operating expense rose per Boe: Lease operating expense was $18.07 per Boe in the fourth quarter, up from $15.27 in the third quarter, and $15.83 per Boe for 2025.
2026 production guided at 85 to 90 MBoe/d: Full-year 2026 production is guided at 85 to 90 MBoe/d, of which 62 to 66 MBo/d is oil; management said it prioritizes high-margin oil production.
$ 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
936
963
519
-2.8%
Cash from investing
-547
-1,320
-513
Cash from financing
-165
436
85.4
Depreciation and amortisation
1,056
1,024
664
+3.2%
Share-based compensation
18.4
14.5
13.0
+27.4%
Buybacks
119
45.2
47.5
+164.4%
Diluted shares, weighted
175m
176m
121m
-0.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,168
2,760
2,155
-21.4%
Non-controlling interest
0.1
0.0
n/a
Debt
1,226
1,221
1,026
+0.4%
Operating lease liabilities
12.0
15.5
18.2
-22.8%
Finance lease liabilities
90.2
112
131
-19.2%
Other liabilities
2,056
2,084
1,486
-1.3%
Total liabilities and equity
5,552
6,192
4,816
-10.3%
Fixed assets
4,438
5,215
4,040
-14.9%
Cash and equivalents
363
108
33.6
+235.4%
Receivables
167
237
179
-29.5%
Other assets
585
632
563
-7.4%
Total assets
5,552
6,192
4,816
-10.3%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.