Revenue has swung between roughly $1.2B and $2.2B over the past ten quarters, and operating margin ranged from 27.7 percent in Q2 2026 to a negative 34.2 percent in Q2 2025, indicating inconsistent conversion of gross profit into operating income.
Chord Energy Corporation (CHRD) annual income statement — 16-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 6.71B | 4.88B | 5.25B | 3.9B | 3.65B | 1.58B | 1.08B | 1.93B | 2.32B | 1.25B | 704.66M | 789.74M | 1.39B | 1.14B | 686.67M | 330.42M | 128.93M |
| Revenue Growth % | 30.05% | -7.12% | 34.76% | 6.85% | 130.82% | 45.84% | -43.89% | -16.85% | 85.99% | 77.17% | -10.77% | -43.19% | 21.74% | 66.31% | 107.82% | 156.29% | - |
| Cost of Goods Sold | 4.25B | 4.56B | 3.95B | 2.46B | 1.86B | 909.84M | 843.29M | 1.85B | 1.7B | 54.82M | 26.01M | 74.14M | 284.49M | 31.88M | 15.36M | 3.82M | 11.97M |
| COGS % of Revenue | - | 93.54% | 75.14% | 63.11% | 50.9% | 57.59% | 77.84% | 95.85% | 73.15% | 4.39% | 3.69% | 9.39% | 20.46% | 2.79% | 2.24% | 1.16% | 9.28% |
| Gross Profit | 2.47B | 315.01M | 1.31B | 1.44B | 1.79B | 670.09M | 240.05M | 80.17M | 623.43M | 1.19B | 678.65M | 715.6M | 1.11B | 1.11B | 671.31M | 326.61M | 116.96M |
| Gross Margin % | 36.73% | 6.46% | 24.86% | 36.89% | 49.1% | 42.41% | 22.16% | 4.15% | 26.85% | 95.61% | 96.31% | 90.61% | 79.54% | 97.21% | 97.76% | 98.84% | 90.72% |
| Gross Profit Growth % | - | -75.87% | -9.18% | -19.71% | 167.19% | 179.15% | 199.41% | -87.14% | -47.77% | 75.88% | -5.16% | -35.28% | -0.39% | 65.37% | 105.54% | 179.25% | - |
| Operating Expenses | 936.05M | 116.54M | 205.52M | 164.41M | 206.64M | -139.35M | 5.11B | 170.35M | 148.78M | 147.54M | 133.37M | 124.11M | 169.6M | 101.23M | 66.45M | 30.25M | 19.75M |
| OpEx % of Revenue | - | 2.39% | 3.91% | 4.22% | 5.67% | -8.82% | 471.97% | 8.82% | 6.41% | 11.82% | 18.93% | 15.72% | 12.2% | 8.86% | 9.68% | 9.16% | 15.31% |
| Selling, General & Admin | 132.93M | 126.29M | 205.59M | 126.32M | 209.3M | 80.69M | 159.52M | 128.59M | 121.35M | 147.54M | 133.37M | 124.11M | 121.44M | 101.23M | 66.45M | 29.43M | 19.75M |
| SG&A % of Revenue | - | 2.59% | 3.92% | 3.24% | 5.74% | 5.11% | 14.72% | 6.66% | 5.23% | 11.82% | 18.93% | 15.72% | 8.74% | 8.86% | 9.68% | 8.91% | 15.31% |
| Research & Development | 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 | -9.75M | -67K | 38.09M | -2.66M | -220.04M | 4.95B | 41.75M | 121K | 0 | 0 | 0 | 48.16M | 0 | 0 | 820K | 0 |
| Operating Income | 1.53B | 198.46M | 1.1B | 1.27B | 1.58B | 809.44M | -4.87B | -90.17M | 119.01M | 143.97M | -130.83M | -114.16M | 645.65M | 504.4M | 276.99M | 152.57M | 21.99M |
| Operating Margin % | 22.79% | 4.07% | 20.95% | 32.67% | 43.43% | 51.23% | -449.81% | -4.67% | 5.13% | 11.53% | -18.57% | -14.46% | 46.44% | 44.17% | 40.34% | 46.17% | 17.06% |
| Operating Income Growth % | - | -81.96% | -13.6% | -19.61% | 95.66% | 116.61% | -5303.92% | -175.77% | -17.33% | 210.04% | -14.6% | -117.68% | 28% | 82.1% | 81.56% | 593.71% | - |
| EBITDA | 3.08B | 1.67B | 2.21B | 1.87B | 1.95B | 967.75M | -4.57B | 697.02M | 755.31M | 674.77M | 345.5M | 371.16M | 1.06B | 811.45M | 483.73M | 227.55M | 59.83M |
| EBITDA Margin % | 45.92% | 34.21% | 42.05% | 48.03% | 53.57% | 61.25% | -421.46% | 36.1% | 32.53% | 54.05% | 49.03% | 47% | 76.1% | 71.06% | 70.45% | 68.87% | 46.4% |
| EBITDA Growth % | 69.09% | -24.42% | 17.96% | -4.18% | 101.86% | 121.2% | -755.04% | -7.72% | 11.94% | 95.3% | -6.91% | -64.92% | 30.38% | 67.75% | 112.58% | 280.36% | - |
| D&A (Non-Cash Add-back) | 1.55B | 1.47B | 1.11B | 598.56M | 369.66M | 158.3M | 307.21M | 787.19M | 636.3M | 530.8M | 476.33M | 485.32M | 412.33M | 307.06M | 206.73M | 74.98M | 37.83M |
| EBIT | 1.03B | 323.63M | 1.17B | 1.37B | 1.41B | 218.79M | -3.86B | -199.49M | 126.15M | 70.98M | -231.25M | 93.28M | 972.86M | 470.18M | 316.02M | 155.8M | 14.62M |
| Net Interest Income | -106.83M | -80.15M | -56.52M | -28.63M | -29.35M | -30.81M | -143.86M | -176.22M | -159.09M | -146.84M | -140.31M | -149.65M | -158.39M | -107.17M | 70.14M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.14M | 0 | 0 |
| Interest Expense | 106.83M | 80.15M | 56.52M | 28.63M | 29.35M | 30.81M | 143.86M | 176.22M | 151.5M | 146.84M | 140.31M | 149.65M | 158.39M | 107.17M | 0 | -29.62M | -1.36M |
| Other Income/Expense | -386.92M | 45.02M | 12.37M | 65.85M | -200.21M | -621.46M | 836M | -260.72M | -144.35M | -219.83M | -240.72M | 57.79M | 168.82M | -141.38M | -31.12M | -26.39M | -8.73M |
| Pretax Income | 1.14B | 243.48M | 1.11B | 1.34B | 1.38B | 187.99M | -4.04B | -350.89M | -25.34M | -75.86M | -371.55M | -56.37M | 814.47M | 363.02M | 245.87M | 126.18M | 13.27M |
| Pretax Margin % | 17.03% | 4.99% | 21.18% | 34.36% | 37.94% | 11.9% | -372.64% | -18.17% | -1.09% | -6.08% | -52.73% | -7.14% | 58.59% | 31.79% | 35.81% | 38.19% | 10.29% |
| Income Tax | 243.31M | 199.03M | 263.81M | 315.25M | -46.88M | -973K | -266.41M | -32.72M | -5.84M | -199.65M | -128.54M | -16.12M | 307.59M | 135.06M | 92.49M | 46.79M | 42.96M |
| Effective Tax Rate % | 21.29% | 81.74% | 23.71% | 23.54% | -3.39% | -0.52% | 6.6% | 9.32% | 23.06% | 263.19% | 34.59% | 28.6% | 37.77% | 37.2% | 37.62% | 37.08% | 323.83% |
| Net Income | 899.77M | 44.46M | 848.63M | 1.02B | 1.86B | 319.6M | -3.69B | -128.24M | -35.3M | 123.8M | -500.09M | -40.25M | 506.88M | 227.96M | 153.39M | 79.39M | -29.7M |
| Net Margin % | 13.4% | 0.91% | 16.16% | 26.27% | 50.9% | 20.23% | -340.64% | -6.64% | -1.52% | 9.92% | -70.97% | -5.1% | 36.46% | 19.96% | 22.34% | 24.03% | -23.03% |
| Net Income Growth % | 427.29% | -94.76% | -17.11% | -44.84% | 480.77% | 108.66% | -2777.54% | -263.34% | -128.51% | 124.75% | -1142.53% | -107.94% | 122.35% | 48.62% | 93.21% | 367.35% | - |
| Net Income (Continuing) | 899.77M | 44.46M | 848.63M | 1.02B | 1.43B | 188.96M | -3.77B | -318.18M | -19.5M | 127.45M | -243.02M | -40.25M | 506.88M | 227.96M | 153.39M | 79.39M | -29.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 425.7M | 130.64M | 0 | 189.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 188.67M | 96.8M | 200.94M | 184.3M | 137.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.44 | 0.74 | 16.02 | 23.51 | 57.55 | 15.48 | -184.60 | -6.42 | -0.11 | 0.52 | -2.72 | -0.31 | 5.05 | 2.44 | 1.66 | 0.86 | -0.32 |
| EPS Growth % | 518.99% | -95.38% | -31.86% | -59.15% | 271.77% | 108.39% | -2775.39% | -5736.36% | -121.15% | 119.12% | -777.42% | -106.14% | 106.97% | 46.99% | 93.02% | 368.75% | - |
| EPS (Basic) | - | 0.74 | 16.32 | 24.59 | 60.86 | 16.15 | -184.60 | -6.42 | -0.11 | 0.53 | -2.72 | -0.31 | 5.09 | 2.45 | 1.66 | 0.86 | -0.32 |
| Diluted Shares Outstanding | 54.74M | 57.85M | 52.75M | 43.4M | 32.25M | 20.65M | 19.99M | 19.99M | 314.78M | 237.88M | 183.62M | 130.19M | 100.36M | 93.41M | 92.51M | 92.24M | 92M |
| Basic Shares Outstanding | 54.58M | 57.81M | 51.8M | 41.49M | 30.5M | 19.79M | 19.99M | 19.99M | 311.88M | 234.99M | 183.62M | 129.83M | 99.68M | 92.87M | 92.18M | 92.06M | 92M |
| Dividend Payout Ratio | - | 714.73% | 62.44% | 48.87% | 18.71% | 35.01% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CHRD stock.
For fiscal year 2025, Chord Energy Corporation (CHRD) reported total revenue of $4.88B. This represents a 3682.9% increase compared to $128.9M in 2010.
Chord Energy Corporation (CHRD) is profitable, generating $44.5M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Chord Energy Corporation (CHRD) reported an operating income of $198.5M, resulting in an operating profit margin of 4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Chord Energy Corporation (CHRD) generated $315.0M in gross profit for the year, representing a gross profit margin of 6.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins amid negative growth
Metrics are mathematically derived from official filings.
Volatile Revenue Trajectory Masks Recent Softening
Based on reported figures, CHRD's quarterly revenue has swung between roughly $1.2B and $2.2B over the past ten quarters, with trailing year-over-year growth of negative 7.1 percent signaling a softening top line that the Q2 2026 spike has not yet sustained.
The spike to $2.2B in Q2 2026 appears driven by volume and pricing effects rather than a durable step-change, since Q3 2026 revenue fell back to about $1.7B. This pattern suggests revenue remains highly sensitive to commodity cycles and regional differentials, and investors should monitor whether management's raised volume guidance translates into sequential revenue stability rather than episodic peaks.
Thin Gross Margins Suggest Purchased-Barrel Dilution
As reported in financial statements, CHRD's trailing gross margin of 6.5 percent sits far below peer levels of 31 to 44 percent, a gap that may reflect purchased-oil accounting rather than weak underlying wellhead economics.
Such a wide gap relative to SM Energy, Civitas, and Matador suggests that high-revenue, low-margin midstream or third-party barrel transactions are inflating the top line without contributing proportionally to profit. Margin cyclicality appears tied to these pass-through volumes, so normalizing for them would be necessary before drawing firm conclusions about pricing power.
Operating Leverage Remains Inconsistent Across Quarters
Based on reported figures, CHRD's operating margin swung from 27.7 percent in Q2 2026 to 20.0 percent in Q1 2026 and recorded a deeply negative -34.2 percent in Q2 2025, indicating limited consistency in converting gross profit into operating income.
Operating income has generally tracked gross profit movements, but the modest SG&A base of roughly $30 to $40 million per quarter means most margin volatility originates from cost-of-revenue and impairment-type items rather than overhead. This suggests operating leverage is driven by commodity and asset-level factors, and the 2025 Q2 loss warrants further investigation into its non-recurring or impairment components.
Net Income Diverges Sharply From Operating Results
According to recent SEC filings, CHRD's Q2 2026 net income of $525.2M and Q2 2025 net loss of $389.9M each diverge materially from operating income, suggesting significant non-operating or tax-related items affect reported earnings.
The gap between operating income and net income in several quarters, including Q2 2026 where net income exceeds operating income, points to non-operating gains, tax effects, or derivative-related items that do not reflect core production economics. Stock-based compensation of $6 to $9 million per quarter is immaterial to earnings, so the primary quality concern lies in these non-operating swings.
Thin Margins Leave Little Room for Error
Based on reported figures, CHRD's trailing net margin of 0.9 percent and ROE of 0.5 percent suggest that a modest commodity price decline or cost inflation could push the company back into losses, as already occurred in Q2 2025.
Bears would argue that the Q3 2026 EPS miss against consensus, combined with negative revenue growth, indicates that higher volumes are not translating into earnings and may instead reflect capital-intensive growth with diminishing returns. The Enerplus acquisition and integration risk could further strain margins if synergies lag expectations, warranting close monitoring of cost trends in upcoming filings.