Revenue has contracted sharply to $62.6 million in 2026Q1, while gross margins deteriorated from a peak of 67.7% in 2023Q4 to a negative 10.2%.
| 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 | 343.42M | 359.27M | 478.99M | 455.07M | 354.33M | 199.07M | 77.41M | 96.77M | 104.94M | 77.03M | 59.78M | 80.44M | 127.69M | 169.28M | 195.29M | 210.44M | 134.47M | 115.3M | 169.53M | 125.04M | 98.33M | 84.94M | 56.5M | 35.98M | 9.99M | 1.86M | 1.28M | 824K | 595K | 6.44M | 3.76M |
| Revenue Growth % | -29.79% | -24.99% | 5.26% | 28.43% | 77.99% | 157.17% | -20.01% | -7.79% | 36.25% | 28.84% | -25.68% | -37% | -24.57% | -13.32% | -7.2% | 56.49% | 16.63% | -31.99% | 35.57% | 27.17% | 15.77% | 50.32% | 57.02% | 260.12% | 435.76% | 45.82% | 55.22% | 38.49% | -90.76% | 71.11% | 1.68% |
| Cost of Goods Sold | 273.36M | 277.07M | 306.53M | 268.46M | 160.8M | 102.31M | 56.93M | 57.02M | 46.01M | 46.15M | 44.51M | 76.07M | 51.8M | 53.54M | 46.64M | 26.73M | 22.11M | 21.98M | 33.34M | 30.42M | 14.89M | 13.29M | 10.22M | 11.44M | 3.03M | 1.1M | 1.39M | 2.04M | 466K | 1.43M | 1.74M |
| COGS % of Revenue | - | 77.12% | 64% | 58.99% | 45.38% | 51.4% | 73.54% | 58.93% | 43.84% | 59.92% | 74.45% | 94.57% | 40.57% | 31.63% | 23.88% | 12.7% | 16.44% | 19.06% | 19.67% | 24.33% | 15.14% | 15.65% | 18.1% | 31.79% | 30.3% | 59.14% | 108.91% | 247.69% | 78.32% | 22.15% | 46.12% |
| Gross Profit | 70.07M | 82.2M | 172.45M | 186.61M | 193.52M | 96.76M | 20.48M | 39.75M | 58.93M | 30.87M | 15.27M | 4.37M | 75.89M | 115.73M | 148.65M | 183.71M | 112.36M | 93.32M | 136.19M | 94.62M | 83.44M | 71.64M | 46.28M | 24.55M | 6.96M | 762K | -114K | -1.22M | 129K | 5.01M | 2.03M |
| Gross Margin % | 20.4% | 22.88% | 36% | 41.01% | 54.62% | 48.6% | 26.46% | 41.07% | 56.16% | 40.08% | 25.55% | 5.43% | 59.43% | 68.37% | 76.12% | 87.3% | 83.56% | 80.94% | 80.33% | 75.67% | 84.86% | 84.35% | 81.9% | 68.21% | 69.7% | 40.86% | -8.91% | -147.69% | 21.68% | 77.85% | 53.88% |
| Gross Profit Growth % | - | -52.33% | -7.58% | -3.57% | 100% | 372.48% | -48.48% | -32.55% | 90.9% | 102.14% | 249.39% | -94.24% | -34.43% | -22.14% | -19.08% | 63.5% | 20.4% | -31.48% | 43.92% | 13.41% | 16.46% | 54.81% | 88.54% | 252.46% | 813.91% | 768.42% | 90.63% | -1043.41% | -97.43% | 147.21% | 268.92% |
| Operating Expenses | 64.04M | 35.59M | 35.96M | 27.95M | 22.25M | 17.66M | 47.74M | 18.56M | 7.72M | 10.47M | 18.35M | 66.6M | 29.55M | 35.18M | 52.82M | 46.17M | 34.24M | 60.3M | 29.71M | 25.95M | 9.11M | 8.06M | 6.01M | 8.14M | 4.08M | 3.22M | 1.92M | 1.89M | 2.35M | 2.36M | 3.16M |
| OpEx % of Revenue | - | 9.9% | 7.51% | 6.14% | 6.28% | 8.87% | 61.67% | 19.18% | 7.36% | 13.59% | 30.7% | 82.79% | 23.14% | 20.78% | 27.05% | 21.94% | 25.46% | 52.3% | 17.53% | 20.75% | 9.26% | 9.5% | 10.63% | 22.63% | 40.85% | 172.81% | 149.73% | 229.49% | 394.62% | 36.66% | 83.94% |
| Selling, General & Admin | 33.15M | 33.09M | 29.68M | 23.84M | 10.08M | 14.77M | 10.7M | 14.86M | 11.4M | 10.38M | 9.23M | 17.2M | 14.19M | 11.25M | 11.78M | 10.42M | 7.4M | 9.58M | 10.78M | 8M | 2.39M | 2.7M | 1.26M | 2.27M | 1.96M | 1.83M | 1.91M | 1.88M | 1.45M | 1.82M | 2.28M |
| SG&A % of Revenue | - | 9.21% | 6.2% | 5.24% | 2.84% | 7.42% | 13.82% | 15.35% | 10.86% | 13.47% | 15.44% | 21.38% | 11.12% | 6.65% | 6.03% | 4.95% | 5.51% | 8.31% | 6.36% | 6.4% | 2.43% | 3.17% | 2.23% | 6.3% | 19.58% | 98.02% | 148.94% | 227.79% | 243.87% | 28.29% | 60.5% |
| 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 | 887K | 46K | 268K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 149.08% | 0.71% | 7.12% |
| Other Operating Expenses | 2.73M | 2.5M | 6.27M | 4.11M | 12.17M | 2.89M | 37.05M | 3.7M | 4.33M | 0 | -2.02M | 809K | -733K | -111K | 414K | 35.75M | 26.83M | 50.72M | 18.94M | 17.95M | 6.72M | 5.37M | 4.75M | 5.88M | 2.13M | 1.4M | 10K | 14K | 10K | 493K | 614K |
| Operating Income | 6.03M | 46.62M | 136.5M | 158.66M | 171.28M | 79.1M | -27.26M | 21.19M | 51.29M | 19.95M | -4.39M | -143.55M | -54.41M | 77.22M | 86.59M | 132.56M | 78.12M | 33.02M | 106.47M | 68.67M | 74.33M | 63.58M | 40.27M | 16.4M | 2.88M | -2.25M | -2.03M | -3.11M | -2.22M | 2.65M | -1.13M |
| Operating Margin % | 1.76% | 12.98% | 28.5% | 34.86% | 48.34% | 39.73% | -35.22% | 21.9% | 48.87% | 25.9% | -7.34% | -178.45% | -42.61% | 45.62% | 44.34% | 62.99% | 58.1% | 28.64% | 62.81% | 54.92% | 75.6% | 74.85% | 71.27% | 45.58% | 28.84% | -120.43% | -158.64% | -377.18% | -372.94% | 41.18% | -30.06% |
| Operating Income Growth % | - | -65.85% | -13.97% | -7.37% | 116.53% | 390.14% | -228.64% | -58.68% | 157.06% | 554.36% | 96.94% | -163.86% | -170.45% | -10.82% | -34.68% | 69.68% | 136.6% | -68.99% | 55.04% | -7.61% | 16.91% | 57.88% | 145.51% | 469.12% | 228.32% | -10.69% | 34.72% | -40.06% | -183.7% | 334.39% | 83.84% |
| EBITDA | 103.92M | 156.59M | 279.53M | 273.96M | 219.42M | 100.16M | -17.7M | 28.52M | 56.88M | 26.41M | 2.54M | -110.54M | -34.32M | 94.15M | 106.51M | 158.16M | 98.14M | 53.78M | 125.53M | 87.18M | 81.65M | 68.95M | 45.02M | 22.28M | 5.01M | -1.07M | -2.02M | -3.09M | -2.21M | 3.14M | -517K |
| EBITDA Margin % | 30.26% | 43.59% | 58.36% | 60.2% | 61.93% | 50.31% | -22.87% | 29.47% | 54.2% | 34.28% | 4.24% | -137.41% | -26.88% | 55.62% | 54.54% | 75.16% | 72.98% | 46.64% | 74.05% | 69.72% | 83.04% | 81.17% | 79.67% | 61.91% | 50.12% | -57.16% | -157.86% | -375.49% | -371.26% | 48.84% | -13.74% |
| EBITDA Growth % | -62.44% | -43.98% | 2.03% | 24.86% | 119.07% | 665.88% | -162.07% | -49.87% | 115.4% | 941.74% | 102.29% | -222.1% | -136.45% | -11.6% | -32.66% | 61.15% | 82.49% | -57.16% | 43.99% | 6.78% | 18.42% | 53.16% | 102.07% | 344.85% | 569.79% | 47.2% | 34.74% | -40.06% | -170.26% | 708.12% | 95.46% |
| D&A (Non-Cash Add-back) | 97.89M | 109.98M | 143.03M | 115.3M | 48.14M | 21.06M | 9.56M | 7.32M | 5.6M | 6.46M | 6.93M | 33.01M | 20.09M | 16.93M | 19.91M | 25.6M | 20.02M | 20.76M | 19.06M | 18.51M | 7.32M | 5.37M | 4.75M | 5.88M | 2.13M | 1.18M | 10K | 14K | 10K | 493K | 614K |
| EBIT | -57.83M | 46.62M | 143.53M | 161.24M | 125.34M | 79.97M | 4.53M | 20.85M | 55.62M | 21.7M | -6.4M | -142.73M | -55.06M | 77.22M | 95.83M | 141.98M | 78.12M | 33.21M | 108.99M | 68.67M | 77.28M | 64.81M | 40.55M | 16.4M | 2.88M | -2.25M | -2.03M | -3.11M | -2.22M | 2.65M | -1.13M |
| Net Interest Income | -5.25M | -8.24M | -3.73M | -6.45M | -2.03M | 10K | 155K | 733K | -145K | -1.41M | -2.61M | -1.32M | 75K | 73K | 145K | 184K | 151K | 204K | 2.28M | 2.39M | 1.96M | 681K | -5.09M | -2.53M | 0 | 0 | 638K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 10K | 155K | 733K | 0 | 0 | 3K | 12K | 75K | 73K | 145K | 184K | 151K | 654K | 2.52M | 3.93M | 2.99M | 1.1M | 265K | 97K | 0 | 0 | 638K | 0 | 0 | 0 | 0 |
| Interest Expense | 5.25M | 8.24M | 3.73M | 6.45M | 2.03M | 0 | 0 | 0 | 145K | 1.41M | 2.62M | 1.34M | 0 | 0 | 0 | 0 | 0 | 450K | 3.74M | 1.54M | 1.03M | 418K | 5.36M | 2.63M | 700K | 572K | 0 | 3.3M | 0 | 189K | 0 |
| Other Income/Expense | -145.86M | -73.19M | 3.3M | -8.51M | -47.97M | -19.32M | 6.86M | -151K | 4.19M | 699K | -4.63M | -516K | -658K | -38K | 559K | 1.47M | -476K | -261K | 2.27M | 2.94M | 1.93M | 812K | -198K | -2.57M | -700K | -787K | -2.55M | -3.3M | 453K | -189K | 640K |
| Pretax Income | -139.83M | -26.57M | 139.8M | 150.15M | 123.31M | 59.78M | -20.4M | 21.04M | 55.47M | 20.65M | -9.02M | -144.07M | -55.06M | 77.19M | 87.15M | 134.03M | 77.65M | 32.76M | 108.75M | 71.61M | 76.25M | 64.39M | 40.07M | 13.83M | 2.18M | -3.03M | -4.58M | -6.41M | -1.77M | 2.46M | -491K |
| Pretax Margin % | -40.72% | -7.4% | 29.19% | 32.99% | 34.8% | 30.03% | -26.36% | 21.74% | 52.86% | 26.81% | -15.09% | -179.09% | -43.12% | 45.6% | 44.63% | 63.69% | 57.74% | 28.41% | 64.15% | 57.27% | 77.55% | 75.81% | 70.92% | 38.43% | 21.84% | -162.63% | -358.33% | -777.79% | -296.81% | 38.25% | -13.05% |
| Income Tax | 3.05M | 14.82M | 81.31M | 89.78M | 71.42M | -22.16M | 27.68M | 23.89M | -43.25M | 10.38M | 9.25M | 14.59M | 22.49M | 34.12M | 81.81M | 93.47M | 35.26M | 36.9M | 73.01M | 48.08M | 30.5M | 31.49M | 11.97M | 5.3M | 1.4M | 66K | -30K | 163K | -6K | 126K | -772K |
| Effective Tax Rate % | -2.18% | -55.79% | 58.16% | 59.79% | 57.92% | -37.06% | -135.68% | 113.53% | -77.97% | 50.26% | -102.54% | -10.13% | -40.84% | 44.2% | 93.87% | 69.74% | 45.41% | 112.65% | 67.14% | 67.14% | 39.99% | 48.91% | 29.88% | 38.36% | 63.98% | -2.18% | 0.65% | -2.54% | 0.34% | 5.12% | 157.23% |
| Net Income | -142.98M | -41.39M | 57.78M | 60.35M | 51.89M | 81.84M | -48.18M | 2.56M | 98.23M | 9.65M | -26.55M | -158.66M | -77.55M | 43.07M | 631K | 34.15M | 37.34M | -7.89M | 29.72M | 19.05M | 40.34M | 29.18M | 22.94M | 8.94M | 445K | -3.1M | -4.55M | -6.57M | -1.76M | 2.34M | -359K |
| Net Margin % | -41.63% | -11.52% | 12.06% | 13.26% | 14.64% | 41.11% | -62.24% | 2.65% | 93.61% | 12.53% | -44.41% | -197.22% | -60.73% | 25.44% | 0.32% | 16.23% | 27.77% | -6.84% | 17.53% | 15.24% | 41.03% | 34.36% | 40.6% | 24.83% | 4.45% | -166.17% | -355.98% | -797.57% | -295.8% | 36.29% | -9.54% |
| Net Income Growth % | -345.61% | -171.64% | -4.27% | 16.31% | -36.59% | 269.85% | -1979.87% | -97.39% | 917.84% | 136.35% | 83.27% | -104.59% | -280.05% | 6725.99% | -98.15% | -8.56% | 573.32% | -126.54% | 56% | -52.78% | 38.25% | 27.22% | 156.69% | 1908.09% | 114.36% | 31.94% | 30.72% | -273.41% | -175.34% | 750.7% | 94.87% |
| Net Income (Continuing) | -142.89M | -41.39M | 58.49M | 60.37M | 51.89M | 81.93M | -48.08M | -2.85M | 98.73M | 10.27M | -18.27M | -120.55M | -73.75M | 43.07M | 5.34M | 40.56M | 42.39M | -4.14M | 35.73M | 19.1M | 40.59M | 29.25M | 25.03M | 7.22M | 445K | -3.1M | -4.55M | -6.57M | -1.76M | 2.34M | -359K |
| Discontinued Operations | 0 | 0 | 0 | -15K | -72K | -98K | -98K | 5.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51K | -242K | 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 | 3.94M | 4.72M | 5.66M | 7.91M | 8.4M | 7.96M | 5.79M | 4.14M | 1.67M | 681K | 13K | 13K | 12K | 0 | 0 | 0 |
| EPS (Diluted) | -1.37 | -0.40 | 0.56 | 0.56 | 0.73 | 1.37 | -0.83 | -0.05 | 1.64 | 0.16 | -0.45 | -2.72 | -1.36 | 0.74 | 0.01 | 0.59 | 0.65 | -0.14 | 0.50 | 0.32 | 0.67 | 0.50 | 0.39 | 0.16 | 0.01 | -0.15 | -0.22 | -0.31 | -0.08 | 0.18 | -0.04 |
| EPS Growth % | -347.39% | -171.83% | -0.55% | -23.29% | -46.72% | 265.06% | -1621.99% | -102.94% | 925% | 135.56% | 83.46% | -100% | -283.78% | 7300% | -98.31% | -9.23% | 564.29% | -128% | 56.25% | -52.24% | 34% | 28.21% | 143.75% | 1500% | 106.67% | 31.82% | 29.03% | -265.14% | -147.17% | 544.44% | 94.87% |
| EPS (Basic) | - | -0.40 | 0.56 | 0.56 | 0.74 | 1.37 | -0.83 | -0.05 | 1.66 | 0.16 | -0.45 | -2.72 | -1.36 | 0.75 | 0.01 | 0.60 | 0.66 | -0.14 | 0.51 | 0.32 | 0.69 | 0.56 | 0.86 | 0.42 | 0.02 | -0.15 | -0.22 | -0.32 | -0.09 | 0.19 | -0.04 |
| Diluted Shares Outstanding | 104.26M | 104.06M | 103.75M | 106.56M | 69.98M | 58.76M | 57.59M | 59.14M | 60M | 58.72M | 58.38M | 58.29M | 57.23M | 57.92M | 58.83M | 57.97M | 57.04M | 57.41M | 59.29M | 60.09M | 60.48M | 58.25M | 58.16M | 55.35M | 20.78M | 20.75M | 20.75M | 20.91M | 20.74M | 12.89M | 8.87M |
| Basic Shares Outstanding | 104.26M | 104.06M | 103.67M | 106.38M | 69.57M | 58.23M | 57.59M | 59.14M | 59.25M | 58.72M | 58.38M | 58.29M | 57.17M | 57.3M | 57.67M | 57.05M | 56.47M | 57.41M | 58.68M | 59.13M | 58.14M | 51.77M | 26.6M | 21.24M | 20.78M | 20.75M | 20.75M | 20.75M | 19.17M | 11.84M | 8.87M |
| Dividend Payout Ratio | - | - | 45.38% | 44.36% | 18.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and lifting volatility
As evidenced by the most recent quarterly data, VAALCO's revenue has experienced a sharp contraction, falling to $62.6 million in 2026Q1 from a peak of $149.2 million in 2023Q4, reflecting the inherent instability of a lifting-dependent business model across its diversified African asset portfolio.
The significant quarter-over-quarter revenue swings suggest that the company's top-line performance is heavily dictated by tanker scheduling rather than consistent production output. Investors should monitor whether the recent acquisitions are successfully offsetting the natural decline of mature offshore fields or if the revenue volatility is masking a deeper, more permanent erosion of the production base.
Based on reported financial statements, gross margins have deteriorated significantly, swinging from a robust 67.7% in 2023Q4 to a negative 10.2% in 2026Q1, which suggests that the company's cost structure is currently failing to absorb the impact of lower realized prices and increased operational expenses.
The collapse in gross margin indicates that the fixed costs associated with offshore infrastructure are becoming increasingly burdensome as revenue fluctuates. This trend warrants further investigation into whether the current cost-per-barrel is sustainable under the existing production sharing contracts or if the company is facing structural margin compression that will persist in the near term.
According to recent SEC filings, the company reported a net loss of $93.8 million in 2026Q1, a stark reversal from the $44.0 million profit seen in 2023Q4, which implies that non-cash charges or integration costs are significantly obscuring the underlying economic health of the business.
The extreme variance in net income suggests that headline earnings are not a reliable proxy for cash-generative capacity. Analysts should look past these bottom-line figures to evaluate whether the recent losses are driven by one-time accounting adjustments or if they represent a fundamental shift in the profitability of the newly acquired assets.
Based on the provided income statement data, the transition to consistent net losses in recent quarters raises questions regarding the sustainability of capital returns, as the company's ability to fund dividends from operating cash flow appears increasingly constrained by the current negative earnings trajectory.
While the balance sheet remains relatively healthy, the persistent net losses suggest that the company may be forced to rely on cash reserves or debt to maintain its current shareholder return profile. Investors should be wary of the potential for a dividend cut if the operational inflection point does not materialize in the coming quarters.
Quick answers to the most common questions about buying EGY stock.
For fiscal year 2025, VAALCO Energy, Inc. (EGY) reported total revenue of $359.3M. This represents a 9450.0% increase compared to $3.8M in 1996.
VAALCO Energy, Inc. (EGY) reported a net loss of $41.4M for the fiscal year ending 2025.
VAALCO Energy, Inc. (EGY) reported an operating income of $46.6M, resulting in an operating profit margin of 13.0%. This margin reflects the operational efficiency of the business before interest and taxes.
VAALCO Energy, Inc. (EGY) generated $82.2M in gross profit for the year, representing a gross profit margin of 22.9%. This demonstrates the company's core pricing power and production efficiency.