Revenue contracted by 15.5% year-over-year to $155.8 million in 2025Q3, while gross margins compressed significantly from a 54.8% peak in 2023Q2 to 23.7%.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 680.16M | 783.84M | 863.45M | 1.06B | 701.35M | 406.05M | 597.4M | 591.18M | 466.4M | 426.77M | 604.23M | 1.33B | 47.12M | 960.96M |
| Revenue Growth % | -16.39% | -9.22% | -18.19% | 50.49% | 72.72% | -32.03% | 1.05% | 26.75% | 9.29% | -29.37% | -54.48% | 2717.17% | -95.1% | - |
| Cost of Goods Sold | 469.09M | 498.42M | 626.12M | 623.83M | 432.03M | 342.14M | 245.92M | 295.67M | 320.96M | 380.41M | 310.93M | 417.52M | 373.52M | 283.1M |
| COGS % of Revenue | - | 63.59% | 72.51% | 59.11% | 61.6% | 84.26% | 41.16% | 50.01% | 68.82% | 89.14% | 51.46% | 31.45% | 792.73% | 29.46% |
| Gross Profit | 211.07M | 285.43M | 237.34M | 431.62M | 269.32M | 63.92M | 351.49M | 295.51M | 145.44M | 46.36M | 293.3M | 909.87M | -326.4M | 677.86M |
| Gross Margin % | 31.03% | 36.41% | 27.49% | 40.89% | 38.4% | 15.74% | 58.84% | 49.99% | 31.18% | 10.86% | 48.54% | 68.55% | -692.73% | 70.54% |
| Gross Profit Growth % | - | 20.26% | -45.01% | 60.27% | 321.36% | -81.82% | 18.94% | 103.18% | 213.72% | -84.19% | -67.76% | 378.76% | -148.15% | - |
| Operating Expenses | 146.45M | 132.22M | 156.54M | 144.52M | 133.41M | 63.92M | 62.64M | 99.14M | 103.4M | 149.07M | 1.22B | 799.25M | 22.43M | 335.06M |
| OpEx % of Revenue | - | 16.87% | 18.13% | 13.69% | 19.02% | 15.74% | 10.49% | 16.77% | 22.17% | 34.93% | 201.86% | 60.21% | 47.6% | 34.87% |
| Selling, General & Admin | 90.12M | 84.72M | 95.87M | 96.74M | 76.92M | 79.08M | 62.64M | 66.03M | 63.97M | 123.95M | 85.99M | 102.79M | 20.3M | 89.5M |
| SG&A % of Revenue | - | 10.81% | 11.1% | 9.17% | 10.97% | 19.47% | 10.49% | 11.17% | 13.72% | 29.04% | 14.23% | 7.74% | 43.08% | 9.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 47.5M | 60.67M | 47.78M | 56.5M | -15.16M | 0 | 243K | 39.42M | -182K | 0 | 0 | 2.13M | 0 |
| Operating Income | 64.62M | 153.21M | 80.79M | 287.11M | 135.9M | 0 | 288.84M | 196.37M | 42.05M | -102.71M | -85.48M | 485.8M | 13.85M | 382.45M |
| Operating Margin % | 9.5% | 19.55% | 9.36% | 27.2% | 19.38% | - | 48.35% | 33.22% | 9.01% | -24.07% | -14.15% | 36.6% | 29.38% | 39.8% |
| Operating Income Growth % | - | 89.63% | -71.86% | 111.26% | - | -100% | 47.09% | 367.04% | 140.94% | -20.15% | -117.6% | 3408.88% | -96.38% | - |
| EBITDA | 222.4M | 325.21M | 241.33M | 443.95M | 280.4M | -96.64M | 394.85M | 282.64M | 138.67M | 1.11B | 165.89M | 788.16M | 24.69M | 610.15M |
| EBITDA Margin % | 32.7% | 41.49% | 27.95% | 42.06% | 39.98% | -23.8% | 66.09% | 47.81% | 29.73% | 259.18% | 27.45% | 59.38% | 52.4% | 63.49% |
| EBITDA Growth % | -31.98% | 34.75% | -45.64% | 58.33% | 390.15% | -124.47% | 39.7% | 103.82% | -87.46% | 566.78% | -78.95% | 3092.21% | -95.95% | - |
| D&A (Non-Cash Add-back) | 157.78M | 172M | 160.54M | 156.85M | 144.5M | 139.18M | 106.01M | 86.27M | 96.63M | 1.21B | 251.37M | 302.35M | 10.85M | 227.7M |
| EBIT | -66.22M | 67.11M | 90.84M | 238.65M | 17.84M | -235.82M | 92.65M | 196.85M | -11.97M | -1.22B | -85.48M | 485.8M | 13.82M | 382.45M |
| Net Interest Income | -57.97M | -39.03M | -35.41M | -30.92M | -31.96M | -34.3M | -34.23M | -35.65M | 0 | -61.27M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | - | 0 | 0 | 0 | 0 | 0 | 0 | 26.7M | 0 | 88.82M | 87.95M | 100.09M | 83.14M |
| Interest Expense | 57.97M | 39.03M | 35.41M | 30.92M | 31.96M | 34.3M | 34.23M | 35.65M | 0 | 61.27M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -188.82M | -125.13M | -25.37M | -79.37M | -150.03M | -270.11M | -208.75M | -8.98M | -563.04M | -1.18B | -929.76M | -463.14M | -33.82M | -122.79M |
| Pretax Income | -124.19M | 28.08M | 55.42M | 207.73M | -14.13M | -270.11M | 80.09M | 190.14M | -521M | -1.28B | -1.02B | 22.66M | -19.97M | 259.66M |
| Pretax Margin % | -18.26% | 3.58% | 6.42% | 19.68% | -2.01% | -66.52% | 13.41% | 32.16% | -111.71% | -300.65% | -168.02% | 1.71% | -42.39% | 27.02% |
| Income Tax | -33.34M | 8.83M | 18.02M | -42.44M | 1.41M | -7.22M | 36.55M | 43.03M | 3.03M | 116K | -68K | 69K | 0 | 88.12M |
| Effective Tax Rate % | 26.85% | 31.44% | 32.52% | -20.43% | -10% | 2.67% | 45.64% | 22.63% | -0.58% | -0.01% | 0.01% | 0.3% | 0% | 33.94% |
| Net Income | -90.85M | 19.25M | 37.4M | 250.17M | -15.54M | -262.89M | 43.54M | 147.1M | -524.03M | -1.28B | -1.02B | 22.6M | -19.97M | 171.54M |
| Net Margin % | -13.36% | 2.46% | 4.33% | 23.7% | -2.22% | -64.74% | 7.29% | 24.88% | -112.36% | -300.67% | -168.01% | 1.7% | -42.39% | 17.85% |
| Net Income Growth % | -208.73% | -48.53% | -85.05% | 1709.63% | 94.09% | -703.81% | -70.4% | 128.07% | 59.16% | -26.4% | -4592.73% | 213.13% | -111.64% | - |
| Net Income (Continuing) | -90.85M | 19.25M | 37.4M | 250.17M | -15.54M | -262.89M | 43.54M | 147.1M | -524.03M | -1.28B | -1.02B | 22.6M | -19.97M | 171.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.17 | 0.25 | 0.48 | 3.03 | -0.19 | -3.29 | 0.53 | 2.54 | -15.92 | -15.78 | 0.00 | 0.00 | 0.00 | 3.10 |
| EPS Growth % | -209.53% | -47.92% | -84.16% | 1694.74% | 94.22% | -720.75% | -79.13% | 115.95% | -0.89% | - | - | - | -100% | - |
| EPS (Basic) | - | 0.25 | 0.49 | 3.19 | -0.19 | -3.29 | 0.54 | 2.55 | -15.92 | -15.78 | 0.00 | 0.00 | 0.00 | 3.10 |
| Diluted Shares Outstanding | 77.6M | 77.21M | 77.58M | 82.59M | 80.21M | 79.8M | 81.95M | 57.93M | 32.92M | 81.34M | 0 | 0 | 0 | 55.29M |
| Basic Shares Outstanding | 77.6M | 76.94M | 76.04M | 78.52M | 80.21M | 79.8M | 81.38M | 57.74M | 32.92M | 81.34M | 0 | 0 | 0 | 55.29M |
| Dividend Payout Ratio | - | 254.68% | 209.06% | 43.75% | - | - | 89.94% | 5.01% | - | - | - | - | - | 10.23% |
California regulatory and steam costs
According to the company's recent quarterly filings, Berry Corporation has experienced a sustained revenue decline, with the most recent period showing a 15.5% year-over-year contraction to $155.8 million, reflecting the ongoing challenges of maintaining production volumes within a restrictive and mature regulatory environment.
The consistent downward trajectory in top-line performance suggests that the company is struggling to offset natural field declines with new development activity. Investors should monitor whether this trend is a result of deliberate capital discipline or an inability to secure necessary permits for new steam-injection wells.
As reported in financial statements, the company's gross margin has compressed significantly from a peak of 54.8% in 2023Q2 to 23.7% in 2025Q3, highlighting the extreme sensitivity of thermal recovery operations to fluctuating natural gas prices and rising operational overheads in the San Joaquin Basin.
The erosion of gross margins indicates that the cost of steam generation is increasingly outpacing realized oil prices, placing significant pressure on the core D&P segment. This structural vulnerability suggests that the company's profitability is highly susceptible to regional energy price spreads rather than just production efficiency.
Based on the provided income statement data, net income has exhibited extreme volatility, swinging from a $69.9 million profit in 2024Q3 to a $26.0 million loss in 2025Q3, largely driven by non-operating items and the impact of commodity derivative accounting on the bottom line.
The frequent divergence between operating income and net income suggests that reported earnings are not a reliable proxy for underlying cash-generating capability. Analysts should look past these headline figures to evaluate the core operational performance, which appears to be deteriorating alongside the broader revenue decline.
Data from recent filings indicates that the company's ability to maintain its current capital allocation strategy may be at risk, as operating income turned negative in 2025Q3 while stock-based compensation remained elevated at $4.3 million, potentially signaling a disconnect between shareholder payouts and operational cash generation.
Short-sellers might focus on the fact that the company is attempting to return capital while its primary profit engine is stalling and margins are under pressure. This warrants further investigation into whether the current dividend policy is sustainable without relying on balance sheet liquidity or debt-funded growth.
Quick answers to the most common questions about buying BRY stock.
For fiscal year 2024, Berry Corporation (BRY) reported total revenue of $783.8M. This represents a 18.4% decline compared to $961.0M in 2012.
Berry Corporation (BRY) is profitable, generating $19.3M in net income for the fiscal year ending 2024 with a net profit margin of 2.5%.
Berry Corporation (BRY) reported an operating income of $153.2M, resulting in an operating profit margin of 19.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Berry Corporation (BRY) generated $285.4M in gross profit for the year, representing a gross profit margin of 36.4%. This demonstrates the company's core pricing power and production efficiency.