Revenue contracted by 48.8% in 2026Q1, reflecting significant sensitivity to commodity price volatility and persistent margin compression with a 22.8% gross margin.
| Metric | TTM | Dec'25 | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 528.79M | 1.48B | 1.61B | 2.71B | 2.31B | 1.54B | 813.58M | 1.53B | 1.11B | 870.52M | 606.42M | 886.17M | 1.46B | 1.06B | 1.03B | 1.09B | 838.89M | 659.62M | 832.83M | 514.05M | 471.32M | 463.99M | 338.3M | 351.4M | 365.86M | 329.7M | 286.23M | 120.1M | 102.3M | 123.8M | 15.7M |
| Revenue Growth % | -84.16% | -8.2% | -40.59% | 17.67% | 49.65% | 89.37% | -46.69% | 37.3% | 27.69% | 43.55% | -31.57% | -39.4% | 38.08% | 3.09% | -6.13% | 30.46% | 27.18% | -20.8% | 62.01% | 9.07% | 1.58% | 37.16% | -3.73% | -3.95% | 10.97% | 15.19% | 138.32% | 17.4% | -17.37% | 688.53% | 153.23% |
| Cost of Goods Sold | 610.28M | 1.16B | 1.18B | 1.96B | 1.28B | 960.38M | 919.61M | 1.3B | 1.01B | 874.07M | 804.94M | 1.08B | 1.01B | 741.16M | 757.98M | 719.89M | 590.83M | 560.26M | 537.97M | 351.59M | 289.13M | 299.51M | 251.82M | 86.03M | 75.23M | 83.44M | 53.81M | 25.7M | 30.1M | 32.6M | 3.7M |
| COGS % of Revenue | - | 78.51% | 73.51% | 72.33% | 55.62% | 62.33% | 113.03% | 85.32% | 90.45% | 100.41% | 132.74% | 121.34% | 69.11% | 69.98% | 73.78% | 65.78% | 70.43% | 84.94% | 64.6% | 68.4% | 61.34% | 64.55% | 74.44% | 24.48% | 20.56% | 25.31% | 18.8% | 21.4% | 29.42% | 26.33% | 23.57% |
| Gross Profit | -81.49M | 317.97M | 426.97M | 750.74M | 1.02B | 580.3M | -106.03M | 224.01M | 106.16M | -3.55M | -198.52M | -189.11M | 451.74M | 317.88M | 269.32M | 374.52M | 248.06M | 99.36M | 294.86M | 162.46M | 182.19M | 164.49M | 86.48M | 265.37M | 290.63M | 246.26M | 232.41M | 94.4M | 72.2M | 91.2M | 12M |
| Gross Margin % | -15.41% | 21.49% | 26.49% | 27.67% | 44.38% | 37.67% | -13.03% | 14.68% | 9.55% | -0.41% | -32.74% | -21.34% | 30.89% | 30.02% | 26.22% | 34.22% | 29.57% | 15.06% | 35.4% | 31.6% | 38.66% | 35.45% | 25.56% | 75.52% | 79.44% | 74.69% | 81.2% | 78.6% | 70.58% | 73.67% | 76.43% |
| Gross Profit Growth % | - | -25.53% | -43.13% | -26.64% | 76.35% | 647.3% | -147.33% | 111.01% | 3087.68% | 98.21% | -4.98% | -141.86% | 42.11% | 18.03% | -28.09% | 50.98% | 149.65% | -66.3% | 81.49% | -10.83% | 10.76% | 90.21% | -67.41% | -8.69% | 18.02% | 5.96% | 146.2% | 30.75% | -20.83% | 660% | 155.32% |
| Operating Expenses | -166.79M | 91.87M | 70.19M | 107.5M | 78.63M | 52.33M | 43.84M | 63.04M | 65.15M | 63.82M | 65.23M | 74.56M | 83.56M | 73.87M | 81.52M | 72.63M | 135.69M | 41.48M | 41.63M | 38.11M | 36.69M | 30.04M | 32.23M | 125.98M | 113.58M | 372.65M | 92.36M | 43.3M | 112.4M | 47.8M | 5.2M |
| OpEx % of Revenue | - | 6.21% | 4.35% | 3.96% | 3.41% | 3.4% | 5.39% | 4.13% | 5.86% | 7.33% | 10.76% | 8.41% | 5.71% | 6.98% | 7.94% | 6.64% | 16.17% | 6.29% | 5% | 7.41% | 7.78% | 6.47% | 9.53% | 35.85% | 31.04% | 113.03% | 32.27% | 36.05% | 109.87% | 38.61% | 33.12% |
| Selling, General & Admin | 111.02M | 91.87M | 70.19M | 107.5M | 78.63M | 52.33M | 43.84M | 63.04M | 65.15M | 63.82M | 65.23M | 74.56M | 83.56M | 73.87M | 81.52M | 72.63M | 135.69M | 44.38M | 32.72M | 31.42M | 28.28M | 15.97M | 15.36M | 9.67M | 6.74M | 5.26M | 7.76M | 5.3M | 5.6M | 3.3M | 600K |
| SG&A % of Revenue | - | 6.21% | 4.35% | 3.96% | 3.41% | 3.4% | 5.39% | 4.13% | 5.86% | 7.33% | 10.76% | 8.41% | 5.71% | 6.98% | 7.94% | 6.64% | 16.17% | 6.73% | 3.93% | 6.11% | 6% | 3.44% | 4.54% | 2.75% | 1.84% | 1.6% | 2.71% | 4.41% | 5.47% | 2.67% | 3.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.9M | 8.9M | 6.69M | 8.41M | 14.06M | -16.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 85.3M | 226.1M | 356.79M | 643.24M | 944.72M | 527.97M | -149.87M | 160.97M | 41.01M | -67.37M | -263.74M | -263.66M | 368.18M | 244.01M | 187.8M | 301.89M | 112.37M | 57.88M | 253.23M | 124.35M | 145.5M | 134.45M | 63.32M | 136.41M | 177.06M | -126.39M | 140.05M | 68.4M | -40.2M | 62.2M | 6.8M |
| Operating Margin % | 16.13% | 15.28% | 22.14% | 23.71% | 40.97% | 34.27% | -18.42% | 10.55% | 3.69% | -7.74% | -43.49% | -29.75% | 25.18% | 23.04% | 18.28% | 27.58% | 13.4% | 8.77% | 30.41% | 24.19% | 30.87% | 28.98% | 18.72% | 38.82% | 48.39% | -38.33% | 48.93% | 56.95% | -39.3% | 50.24% | 43.31% |
| Operating Income Growth % | - | -36.63% | -44.53% | -31.91% | 78.94% | 452.29% | -193.1% | 292.55% | 160.87% | 74.46% | -0.03% | -171.61% | 50.89% | 29.93% | -37.79% | 168.66% | 94.14% | -77.14% | 103.64% | -14.53% | 8.21% | 112.34% | -53.58% | -22.95% | 240.09% | -190.24% | 104.75% | 270.15% | -164.63% | 814.71% | 195.65% |
| EBITDA | 411.82M | 729.74M | 857.03M | 1.71B | 1.54B | 1.01B | 346.61M | 926.69M | 608.8M | 430.41M | 254.53M | 402.74M | 888M | 563M | 492.93M | 549.85M | 316.28M | 295.28M | 449.06M | 313.11M | 297.97M | 301.21M | 225.37M | 253.76M | 284.94M | 242.85M | 224.65M | 106.4M | 66.6M | 106.7M | 11.4M |
| EBITDA Margin % | 77.88% | 49.32% | 53.17% | 63.09% | 66.89% | 65.46% | 42.6% | 60.72% | 54.77% | 49.44% | 41.97% | 45.45% | 60.72% | 53.16% | 47.98% | 50.24% | 37.7% | 44.77% | 53.92% | 60.91% | 63.22% | 64.92% | 66.62% | 72.21% | 77.88% | 73.66% | 78.49% | 88.59% | 65.1% | 86.19% | 72.61% |
| EBITDA Growth % | -81.37% | -14.85% | -49.93% | 10.99% | 52.91% | 190.97% | -62.6% | 52.22% | 41.45% | 69.1% | -36.8% | -54.65% | 57.73% | 14.21% | -10.35% | 73.85% | 7.11% | -34.24% | 43.42% | 5.08% | -1.08% | 33.65% | -11.19% | -10.94% | 17.33% | 8.1% | 111.14% | 59.76% | -37.58% | 835.96% | 171.43% |
| D&A (Non-Cash Add-back) | 326.52M | 503.64M | 500.24M | 1.07B | 597.43M | 480.59M | 496.48M | 765.72M | 567.79M | 497.78M | 518.28M | 666.4M | 519.82M | 318.99M | 305.13M | 247.96M | 203.91M | 237.4M | 195.83M | 188.75M | 152.47M | 166.76M | 162.05M | 117.34M | 107.89M | 369.24M | 84.6M | 38M | 106.8M | 44.5M | 4.6M |
| EBIT | 61.73M | 226.1M | 356.79M | 643.24M | 944.72M | 527.97M | -149.87M | 160.97M | 41.01M | -67.37M | -263.74M | -263.66M | 368.18M | 244.01M | 187.8M | 301.89M | 112.37M | 57.88M | 253.23M | 124.35M | 145.5M | 134.45M | -74.32M | 166.34M | 177.06M | -126.39M | 140.05M | 51.09M | -40.2M | 43.4M | 35.4M |
| Net Interest Income | -180.66M | -217.37M | -206.1M | -171.77M | -63.94M | -76.63M | -88.82M | -86.49M | -108.17M | -104.96M | -103.69M | -103.4M | -82.78M | -43.32M | 40.56M | -44.61M | -34.57M | -38.18M | -32.96M | -35.24M | -33.69M | -33.12M | -19.41M | -23.55M | -25.22M | -33.85M | -13.82M | 0 | -10M | 0 | -400K |
| Interest Income | 6.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 187.14M | 217.37M | 206.1M | 171.77M | 63.94M | 76.63M | 88.82M | 86.49M | 108.17M | 104.96M | 103.69M | 103.4M | 82.78M | 43.32M | 0 | 12.49M | 28.31M | 38.18M | 32.96M | 35.24M | 33.69M | 33.12M | 19.41M | 23.55M | 25.22M | 33.85M | 13.82M | 0 | 10M | 0 | 400K |
| Other Income/Expense | -431.92M | -379.09M | -373.49M | -1.16B | -61.64M | 1.18B | -2.46B | -242.04M | -466.73M | -2.9M | -499.63M | -1.21B | -366.66M | -37.36M | 189.45M | -32.86M | -4.4M | 10.66M | -9.53M | -37.08M | -35.09M | -59.97M | -78.47M | -106.09M | -84.25M | -110.92M | -64.25M | -25.89M | -23.9M | -23.1M | 11.9M |
| Pretax Income | -346.62M | -152.99M | -16.71M | -516.63M | 883.08M | 1.71B | -2.61B | -81.07M | -425.72M | -70.27M | -763.38M | -1.47B | 1.51M | 206.65M | 377.25M | 269.03M | 107.97M | 68.54M | 243.71M | 87.27M | 110.41M | 74.48M | -15.15M | 34.17M | 92.81M | -221.95M | 75.8M | 25.2M | -64.1M | 20.3M | 6.6M |
| Pretax Margin % | -65.55% | -10.34% | -1.04% | -19.04% | 38.3% | 110.84% | -320.22% | -5.31% | -38.3% | -8.07% | -125.88% | -166.33% | 0.1% | 19.51% | 36.72% | 24.58% | 12.87% | 10.39% | 29.26% | 16.98% | 23.43% | 16.05% | -4.48% | 9.72% | 25.37% | -67.32% | 26.48% | 20.98% | -62.66% | 16.4% | 42.04% |
| Income Tax | 78.69M | 123.63M | 80.68M | -283.25M | 35M | 81.86M | -160.76M | -68.27M | -101.44M | -158.72M | -274.61M | -343.26M | 128.46M | 50.13M | 118.03M | 52.04M | -124.92M | -19.1M | 13.45M | -49.17M | -41.14M | -7.06M | -32.49M | -3.97M | 47.67M | -93.44M | 32.01M | 11.1M | -25.7M | 9.3M | 2.3M |
| Effective Tax Rate % | -22.7% | -80.81% | -482.92% | 54.83% | 3.96% | 4.79% | 6.17% | 84.21% | 23.83% | 225.88% | 35.97% | 23.29% | 8484.29% | 24.26% | 31.29% | 19.34% | -115.71% | -27.87% | 5.52% | -56.34% | -37.26% | -9.48% | 214.38% | -11.61% | 51.37% | 42.1% | 42.23% | 44.05% | 40.09% | 45.81% | 34.85% |
| Net Income | -739.59M | -603.29M | 236.44M | -233.38M | 848.08M | 1.63B | -2.44B | -12.8M | -324.28M | 88.45M | -488.76M | -1.13B | -126.95M | 156.51M | 259.22M | 216.99M | 232.89M | 87.64M | 227.31M | 132.33M | 146.97M | 79.7M | 16.89M | 38.14M | 45.14M | -128.51M | 43.79M | 14.1M | -38.4M | 11M | 4.3M |
| Net Margin % | -139.86% | -40.77% | 14.67% | -8.6% | 36.78% | 105.53% | -300.46% | -0.84% | -29.17% | 10.16% | -80.6% | -127.6% | -8.68% | 14.78% | 25.23% | 19.83% | 27.76% | 13.29% | 27.29% | 25.74% | 31.18% | 17.18% | 4.99% | 10.85% | 12.34% | -38.98% | 15.3% | 11.74% | -37.54% | 8.89% | 27.39% |
| Net Income Growth % | -331.49% | -355.16% | 201.31% | -127.52% | -47.84% | 166.51% | -18999.43% | 96.05% | -466.63% | 118.1% | 56.77% | -790.73% | -181.11% | -39.62% | 19.46% | -6.83% | 165.73% | -61.44% | 71.78% | -9.96% | 84.41% | 371.75% | -55.7% | -15.5% | 135.12% | -393.48% | 210.55% | 136.72% | -449.09% | 155.81% | 437.5% |
| Net Income (Continuing) | -425.31M | -276.62M | -97.39M | -233.38M | 848.08M | 1.63B | -2.44B | -12.8M | -324.28M | 88.45M | -488.76M | -1.13B | -126.95M | 156.51M | 259.22M | 216.99M | 232.89M | 87.64M | 230.25M | 136.44M | 151.55M | 81.54M | 17.33M | 35.84M | 45.14M | -137.11M | 43.79M | 14.1M | -38.4M | 11M | 10.6M |
| Discontinued Operations | 0 | -326.67M | 333.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 21.24M | 17.19M | 12.81M | 12.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.99 | -0.78 | 0.30 | -0.33 | 1.52 | 2.82 | -4.35 | -0.02 | -0.93 | 0.37 | -2.29 | -5.72 | -0.89 | 1.31 | 2.12 | 1.83 | 1.54 | 0.82 | 2.70 | 1.55 | 1.91 | 1.15 | 0.26 | 0.66 | 0.85 | -2.56 | 0.96 | 0.39 | -1.12 | 0.36 | 0.16 |
| EPS Growth % | -338.96% | -360% | 190.91% | -121.71% | -46.1% | 164.83% | -19319.64% | 97.59% | -351.35% | 116.16% | 59.97% | -542.7% | -167.94% | -38.21% | 15.85% | 18.83% | 87.8% | -69.63% | 74.19% | -18.85% | 66.09% | 342.31% | -60.61% | -22.35% | 133.2% | -366.67% | 146.15% | 134.82% | -411.11% | 125% | 77.78% |
| EPS (Basic) | - | -0.78 | 0.29 | -0.33 | 1.53 | 2.86 | -4.35 | -0.02 | -0.93 | 0.37 | -2.29 | -5.72 | -0.89 | 1.33 | 2.16 | 1.88 | 1.59 | 0.83 | 2.83 | 1.66 | 2.02 | 1.19 | 0.27 | 0.70 | 0.86 | -2.60 | 0.96 | 0.40 | -1.12 | 0.36 | 0.18 |
| Diluted Shares Outstanding | 747.16M | 769.18M | 800.22M | 704.9M | 563.84M | 571.61M | 560.66M | 557.05M | 351.54M | 237.25M | 212.3M | 198.21M | 148.93M | 125.39M | 121.82M | 118.92M | 115.52M | 107.25M | 96.39M | 85.97M | 77M | 69.46M | 52.93M | 57.81M | 53.24M | 50.2M | 45.79M | 36.15M | 34.29M | 30.56M | 27.18M |
| Basic Shares Outstanding | 747.16M | 769.18M | 805.3M | 704.9M | 557.99M | 563.67M | 560.66M | 557.05M | 349.79M | 234.79M | 211.87M | 198.07M | 148.93M | 123.75M | 119.96M | 115.96M | 111.45M | 104.89M | 91.68M | 80.03M | 72.81M | 67.12M | 50.97M | 54.31M | 52.3M | 49.5M | 45.79M | 35.25M | 34.29M | 30.56M | 23.56M |
| Dividend Payout Ratio | - | - | 30.45% | - | - | - | - | - | - | - | - | - | - | 151.98% | 82.83% | 94.16% | 80.99% | 155.64% | 85.66% | 109.28% | 96.25% | 143.32% | 663.4% | - | - | - | - | - | - | - | - |
Commodity price volatility exposure
As indicated by the most recent quarterly filings, Baytex Energy experienced a significant revenue decline of 48.8% in 2026Q1, reflecting the inherent sensitivity of its production mix to fluctuating commodity benchmarks and the ongoing integration of its expanded U.S. asset base following recent acquisitions.
The sharp revenue drop suggests that the company's top-line performance remains highly susceptible to external pricing pressures rather than internal volume growth. Investors should monitor whether the current production profile can stabilize as the company integrates its Eagle Ford assets to offset the cyclicality of its Canadian heavy oil operations.
Based on reported financial statements, Baytex Energy's gross margin of 22.8% in 2026Q1 highlights the persistent difficulty in maintaining profitability, as the company contends with high transportation costs and the inherent price discounting associated with its heavy oil production in the Western Canadian Sedimentary Basin.
The margin profile appears constrained by the reliance on diluent for heavy oil transport, which creates a structural drag on profitability compared to lighter-oil peers. Future margin expansion likely depends on the company's ability to leverage the Trans Mountain Expansion to narrow the WCS-WTI differential and improve netbacks.
According to historical income statements, Baytex Energy frequently reports significant net income fluctuations, including a net loss of $67.5 million in 2026Q1, which appears driven by non-cash accounting charges and hedging outcomes rather than a fundamental deterioration in the company's underlying operational cash-generating capacity.
The disconnect between operating income and net income suggests that investors should prioritize adjusted funds flow metrics to assess true performance. The recurring nature of these non-cash impairments warrants further investigation into the carrying value of legacy assets and the potential for future write-downs.
While the company reports a low debt-to-equity ratio of 0.05%, analysis of recent filings suggests that the market may be underestimating the risk of future capital requirements if commodity prices remain depressed, potentially forcing a pivot away from the current shareholder-friendly capital allocation strategy.
Short-sellers may focus on the company's historical tendency to prioritize aggressive acquisitions over organic growth, questioning whether the current balance sheet strength is sustainable. The reliance on volatile commodity markets means that any prolonged downturn could quickly erode the current liquidity buffer and necessitate a re-evaluation of dividend commitments.
Quick answers to the most common questions about buying BTE stock.
For fiscal year 2025, Baytex Energy Corp. (BTE) reported total revenue of $1.48B. This represents a 9324.3% increase compared to $15.7M in 1996.
Baytex Energy Corp. (BTE) reported a net loss of $603.3M for the fiscal year ending 2025.
Baytex Energy Corp. (BTE) reported an operating income of $226.1M, resulting in an operating profit margin of 15.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Baytex Energy Corp. (BTE) generated $318.0M in gross profit for the year, representing a gross profit margin of 21.5%. This demonstrates the company's core pricing power and production efficiency.