Viper Energy (VNOM) Q1 FY2026 earnings: revenue $511 million, up 108.6% on the year

Viper Energy, Inc. (VNOM) reported revenue of $511 million for Q1 FY2026, the quarter ended 31 March 2026, up 108.6% on the same quarter a year earlier. Net income was $97 million, up 29.3% on the year, and diluted earnings per share $0.53. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue$511 millionup 108.6%

Net income$97 millionup 29.3%

Diluted EPS$0.53

QuarterQ1 FY2026ended 31 March 2026

The quarter, against the one before and a year earlier

Line	Q1 FY2026	Q4 FY2025	Q1 FY2025	Change on the year
Revenue	511	435	245	+108.6%
Operating income	253	-254	155	+63.2%
Operating margin	49.5%	-58.4%	63.3%
Pre-tax income	243	-267	174	+39.7%
Income tax	28.0	-21.0	21.0	+33.3%
Effective tax rate	11.5%	n/a	12.1%
Net income	97.0	-103	75.0	+29.3%
Net margin	19.0%	-23.7%	30.6%
Diluted EPS	$0.53	-$0.61	$0.62	-14.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2026	Q4 FY2025	Q1 FY2025	Change on the year
Operating cash flow	328	399	201	+63.2%
Cash from investing	581	-67.0	-486	n/a
Cash from financing	-894	-762	818	n/a
Dividends paid	100	99.0	85.0	+17.6%
Diluted shares, weighted	181m	169m	121m	+49.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2026	Q4 FY2025	Q1 FY2025	Change on the year
Shareholders' equity	5,114	4,448	5,323	-3.9%
Non-controlling interest	5,251	5,915	n/a	n/a
Debt	1,603	2,186	n/a	n/a
Other liabilities	80.0	122	n/a	n/a
Total liabilities and equity	12,048	12,671	n/a	n/a
Fixed assets	11,422	12,209	n/a	n/a
Cash and equivalents	28.0	13.0	560	-95.0%
Other assets	598	449	n/a	n/a
Total assets	12,048	12,671	n/a	n/a

Quarterly results, the last 7 quarters

	Q3 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	211	245	297	418	435	511	677
Operating income	136	155	135	-176	-254	253	428
Operating margin	64%	63%	45%	-42%	-58%	50%	63%
Pre-tax income	127	174	91.0	-223	-267	243	403
Tax rate	14%	12%	8%	n/a	n/a	12%	18%
Net income	49.0	75.0	37.0	-77.0	-103	97.0	142
Net margin	23%	31%	12%	-18%	-24%	19%	21%
Diluted EPS	$0.52	$0.62	$0.28	-$0.52	-$0.61	$0.53	$0.73
Operating cash flow	n/a	201	172	281	399	328	487
Dividends paid	n/a	85.0	75.0	69.0	99.0	100	133
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2026, filed 6 May 2026, accession 0002074176-26-000030: the filing on EDGAR. All of Viper Energy, Inc.'s filings: EDGAR company page.

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