Revenue declined 16% sequentially in 2026Q2, while gross margin compressed to 29.1% from 75.0% in 2025Q1, reflecting significant cost pressures and hedging impacts.
Gulfport Energy Corp (GPOR) annual income statement — 30-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 | 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 | 1.51B | 1.32B | 928.6M | 1.05B | 2.33B | 1.5B | 801.25M | 1.35B | 1.48B | 1.11B | 560.42M | 505.48M | 550.17M | 272.53M | 250.44M | 233.67M | 127.64M | 85.26M | 141.22M | 105.84M | 60.39M | 27.56M | 23.19M | 15.95M | 12.13M | 15.46M | 16.12M | 10M | 8.84M | 20.76M | 24.02M |
| Revenue Growth % | 20.35% | 42.53% | -11.68% | -54.89% | 55.09% | 87.56% | -40.86% | -8.37% | 33.61% | 97.46% | 10.87% | -8.12% | 101.87% | 8.82% | 7.18% | 83.08% | 49.7% | -39.62% | 33.43% | 75.26% | 119.13% | 18.84% | 45.42% | 31.42% | -21.5% | -4.09% | 61.18% | 13.07% | -57.39% | -13.59% | - |
| Cost of Goods Sold | 705.81M | 388.4M | 395.83M | 388.36M | 332.55M | 693.51M | 293.98M | 1.13B | 906.09M | 716.61M | 481.88M | 561.32M | 406.86M | 184.26M | 145.16M | 110.22M | 70.49M | 55.92M | 81.14M | 59.02M | 31.28M | 16.58M | 14.66M | 5.89M | 5.16M | 6.52M | 6.73M | 4.5M | 0 | 0 | 13.3M |
| COGS % of Revenue | - | 29.35% | 42.63% | 36.94% | 14.27% | 46.15% | 36.69% | 83.59% | 61.28% | 64.76% | 85.99% | 111.05% | 73.95% | 67.61% | 57.96% | 47.17% | 55.23% | 65.59% | 57.46% | 55.76% | 51.8% | 60.17% | 63.2% | 36.91% | 42.55% | 42.16% | 41.77% | 45% | - | - | 55.39% |
| Gross Profit | 802.01M | 935.12M | 532.77M | 663.02M | 2B | 809.35M | 507.27M | 222.32M | 572.43M | 390.02M | 78.54M | -55.84M | 143.31M | 88.27M | 105.29M | 123.46M | 57.15M | 29.34M | 60.08M | 46.82M | 29.11M | 10.98M | 8.53M | 10.06M | 6.97M | 8.94M | 9.39M | 5.5M | 8.84M | 20.76M | 10.71M |
| Gross Margin % | 53.19% | 70.65% | 57.37% | 63.06% | 85.73% | 53.85% | 63.31% | 16.41% | 38.72% | 35.24% | 14.01% | -11.05% | 26.05% | 32.39% | 42.04% | 52.83% | 44.77% | 34.41% | 42.54% | 44.24% | 48.2% | 39.83% | 36.8% | 63.09% | 57.45% | 57.84% | 58.23% | 55% | 100% | 100% | 44.61% |
| Gross Profit Growth % | - | 75.52% | -19.65% | -66.82% | 146.9% | 59.55% | 128.17% | -61.16% | 46.77% | 396.61% | 240.64% | -138.97% | 62.36% | -16.16% | -14.72% | 116.03% | 94.77% | -51.16% | 28.31% | 60.86% | 165.13% | 28.65% | -15.19% | 44.33% | -22.03% | -4.74% | 70.65% | -37.81% | -57.39% | 93.71% | - |
| Operating Expenses | 141.55M | 433.75M | 769.53M | -311.83M | 1.46B | 53.64M | 1.87B | 1.93B | 56.63M | 52.94M | 56.69M | 41.97M | 38.29M | 22.52M | 13.81M | 8.07M | 6.68M | 4.99M | 7.4M | 6.36M | 3.25M | 1.56M | 2.11M | 8.36M | 6.57M | 5.2M | 4.9M | 5.5M | 66.42M | 14.71M | 20.21M |
| OpEx % of Revenue | - | 32.77% | 82.87% | -29.66% | 62.43% | 3.57% | 233.37% | 142.17% | 3.83% | 4.78% | 10.11% | 8.3% | 6.96% | 8.26% | 5.51% | 3.46% | 5.23% | 5.85% | 5.24% | 6.01% | 5.38% | 5.66% | 9.09% | 52.44% | 54.15% | 33.62% | 30.42% | 55% | 750.96% | 70.87% | 84.13% |
| Selling, General & Admin | 39.96M | 42.49M | 42.56M | 38.6M | 35.3M | 53.64M | 59.33M | 45.54M | 56.63M | 52.94M | 43.41M | 41.97M | 38.29M | 22.52M | 13.81M | 8.07M | 6.06M | 4.99M | 6.84M | 5.8M | 3.25M | 1.56M | 2.11M | 1.84M | 1.87M | 1.63M | 1.55M | 1.8M | 2.85M | 3.64M | 3.21M |
| SG&A % of Revenue | - | 3.21% | 4.58% | 3.67% | 1.51% | 3.57% | 7.4% | 3.36% | 3.83% | 4.78% | 7.75% | 8.3% | 6.96% | 8.26% | 5.51% | 3.46% | 4.75% | 5.85% | 4.85% | 5.48% | 5.38% | 5.66% | 9.09% | 11.56% | 15.44% | 10.57% | 9.63% | 18% | 32.21% | 17.55% | 13.36% |
| 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 | 391.27M | 726.97M | -350.43M | 1.42B | 0 | 1.81B | 1.88B | 0 | 0 | -13.28M | 0 | 0 | 0 | 0 | 0 | -617K | 0 | -560K | -554K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 660.46M | 501.37M | -236.76M | 974.85M | 543.13M | 755.71M | -1.36B | -1.7B | 515.8M | 337.08M | 21.85M | -97.81M | 105.02M | 65.75M | 91.48M | 115.38M | 50.47M | 24.35M | 52.67M | 40.46M | 25.86M | 9.42M | 6.43M | 1.7M | 401K | 3.74M | 4.48M | -1.5M | -57.57M | -1.72M | -16.84M |
| Operating Margin % | 43.8% | 37.88% | -25.5% | 92.72% | 23.3% | 50.29% | -170.06% | -125.76% | 34.89% | 30.46% | 3.9% | -19.35% | 19.09% | 24.13% | 36.53% | 49.38% | 39.54% | 28.56% | 37.3% | 38.23% | 42.81% | 34.17% | 27.71% | 10.65% | 3.3% | 24.22% | 27.81% | -15% | -650.96% | -8.31% | -70.09% |
| Operating Income Growth % | - | 311.76% | -124.29% | 79.49% | -28.13% | 155.46% | 20.02% | -430.3% | 53.02% | 1442.63% | 122.34% | -193.13% | 59.73% | -28.13% | -20.72% | 128.62% | 107.26% | -53.77% | 30.17% | 56.5% | 174.56% | 46.55% | 278.22% | 323.69% | -89.29% | -16.48% | 398.87% | 97.39% | -3239.39% | 89.76% | - |
| EBITDA | 976.54M | 805.53M | 88.97M | 1.3B | 810.89M | 981.83M | -1.12B | -1.15B | 1B | 703.32M | 268.88M | 240.71M | 371.21M | 185.35M | 182.93M | 178.37M | 89.38M | 54.16M | 95.14M | 70.14M | 39.1M | 14.72M | 11.87M | 6.34M | 3.79M | 7.52M | 7.83M | 2.2M | -53.05M | 6.22M | -8.86M |
| EBITDA Margin % | 64.77% | 60.86% | 9.58% | 123.39% | 34.79% | 65.33% | -140.14% | -85.15% | 67.8% | 63.56% | 47.98% | 47.62% | 67.47% | 68.01% | 73.04% | 76.33% | 70.02% | 63.52% | 67.38% | 66.28% | 64.75% | 53.42% | 51.18% | 39.73% | 31.21% | 48.63% | 48.6% | 22% | -599.86% | 29.98% | -36.9% |
| EBITDA Growth % | 170.82% | 805.44% | -93.14% | 59.99% | -17.41% | 187.44% | 2.66% | -215.08% | 42.53% | 161.57% | 11.71% | -35.16% | 100.28% | 1.32% | 2.56% | 99.57% | 65.03% | -43.08% | 35.64% | 79.39% | 165.61% | 24.05% | 87.31% | 67.31% | -49.63% | -4.03% | 256.09% | 104.15% | -952.51% | 170.21% | - |
| D&A (Non-Cash Add-back) | 316.09M | 304.16M | 325.72M | 322.5M | 267.76M | 226.12M | 239.74M | 550.11M | 486.66M | 366.24M | 247.03M | 338.51M | 266.19M | 119.6M | 91.45M | 62.99M | 38.91M | 29.81M | 42.47M | 29.68M | 13.25M | 5.3M | 5.44M | 4.64M | 3.39M | 3.77M | 3.35M | 3.7M | 4.52M | 7.95M | 7.97M |
| EBIT | 608.61M | 592.32M | -261.69M | 999.57M | 551.56M | 175.17M | -1.5B | -1.87B | 565.76M | 545.16M | -919.09M | -1.43B | 424.73M | 268.82M | 104.51M | 114.45M | 50.16M | 25.96M | -179.74M | 40.99M | 29.76M | 11.42M | 6.5M | 1.7M | 401K | 3.74M | 4.48M | -1.5M | -57.57M | 6.05M | -9.49M |
| Net Interest Income | -60.74M | -49.02M | -59.98M | -57.07M | -59.77M | -45.01M | -119.67M | -140.99M | -134.96M | -107.19M | -62.3M | -50.58M | -23.79M | -17.19M | -6.24M | -1.21M | -2.37M | -1.75M | -4.22M | -2.57M | -1.65M | -232K | -2.12M | -957K | -120K | -248K | -596K | 0 | 0 | 0 | -5.56M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 414K | 801K | 314K | 1.01M | 1.23M | 643K | 195K | 297K | 72K | 186K | 387K | 564K | 540K | 523K | 308K | 290K | 73K | 30K | 61K | 133K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 60.74M | 49.02M | 59.98M | 57.07M | 59.77M | 45.01M | 120.08M | 141.79M | 135.27M | 108.2M | 63.53M | 51.22M | 23.99M | 17.49M | 6.32M | 1.4M | 2.76M | 2.31M | 4.76M | 3.09M | 1.96M | 522K | 2.19M | 987K | 181K | 381K | 596K | 0 | 0 | 0 | 5.56M |
| Other Income/Expense | -51.06M | 41.94M | -80.71M | -29.09M | -48.42M | -625.55M | -255.24M | -306.23M | -85.31M | 99.88M | -1B | -1.38B | 295.72M | 185.58M | 6.72M | -7.05M | -3.07M | -695K | -237.18M | -2.57M | 1.95M | 1.48M | -2.12M | -1.35M | 40K | 1.67M | 572K | 0 | -1.53M | -9.6M | -12.55M |
| Pretax Income | 609.39M | 543.3M | -317.46M | 945.76M | 494.7M | 130.16M | -1.62B | -2.01B | 430.49M | 436.96M | -982.62M | -1.48B | 400.74M | 251.33M | 98.2M | 108.33M | 47.4M | 23.66M | -184.5M | 37.9M | 27.81M | 10.89M | 4.3M | 349K | 441K | 5.42M | 5.05M | 0 | -59.1M | -11.33M | -29.39M |
| Pretax Margin % | 40.42% | 41.05% | -34.19% | 89.95% | 21.22% | 8.66% | -201.91% | -148.36% | 29.12% | 39.49% | -175.34% | -292.97% | 72.84% | 92.22% | 39.21% | 46.36% | 37.14% | 27.74% | -130.65% | 35.81% | 46.05% | 39.53% | 18.56% | 2.19% | 3.63% | 35.04% | 31.36% | - | -668.31% | -54.58% | -122.35% |
| Income Tax | 127.65M | 115.5M | -56.08M | -525.16M | 0 | -8.01M | 7.29M | -7.56M | -69K | 1.81M | -2.91M | -256M | 153.34M | 98.14M | 26.36M | -90K | 40K | 28K | 0 | 121K | 0 | 0 | 0 | 0 | 0 | 0 | 24K | -600K | 77K | 0 | 0 |
| Effective Tax Rate % | 20.95% | 21.26% | 17.66% | -55.53% | 0% | -6.15% | -0.45% | 0.38% | -0.02% | 0.41% | 0.3% | 17.29% | 38.26% | 39.05% | 26.85% | -0.08% | 0.08% | 0.12% | 0% | 0.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0.47% | - | -0.13% | 0% | 0% |
| Net Income | 481.74M | 427.81M | -261.39M | 1.47B | 494.7M | 138.16M | -1.63B | -2B | 430.56M | 435.15M | -979.71M | -1.22B | 247.4M | 153.19M | 71.84M | 108.42M | 47.36M | 23.63M | -184.5M | 37.77M | 27.81M | 10.89M | 4.3M | 619K | 441K | 5.42M | 4.46M | 600K | -59.1M | 77.39M | -29.39M |
| Net Margin % | 31.95% | 32.32% | -28.15% | 139.9% | 21.22% | 9.19% | -202.82% | -147.8% | 29.12% | 39.32% | -174.82% | -242.32% | 44.97% | 56.21% | 28.68% | 46.4% | 37.11% | 27.71% | -130.65% | 35.69% | 46.05% | 39.53% | 18.56% | 3.88% | 3.63% | 35.04% | 27.66% | 6% | -668.31% | 372.88% | -122.35% |
| Net Income Growth % | 2074.6% | 263.67% | -117.77% | 197.33% | 258.05% | 108.5% | 18.84% | -565.06% | -1.06% | 144.42% | 20.02% | -595.1% | 61.5% | 113.25% | -33.74% | 128.92% | 100.46% | 112.81% | -588.42% | 35.84% | 155.24% | 153.14% | 595.31% | 40.36% | -91.86% | 21.48% | 643.17% | 101.02% | -176.37% | 363.36% | - |
| Net Income (Continuing) | 481.74M | 427.81M | -261.39M | 1.47B | 494.7M | 138.16M | -1.63B | -2B | 430.56M | 435.15M | -979.71M | -1.22B | 247.4M | 153.19M | 71.84M | 108.42M | 47.36M | 23.63M | -184.5M | 37.77M | 27.81M | 10.89M | 4.3M | 349K | 441K | 5.42M | 4.46M | 600K | -59.1M | -11.33M | -29.39M |
| Discontinued Operations | 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 |
| Minority Interest | 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 |
| EPS (Diluted) | 27.24 | 21.48 | -14.72 | 66.46 | 20.32 | 6.49 | -35.19 | -43.35 | 6.00 | 6.06 | -7.97 | -12.27 | 2.88 | 1.97 | 1.21 | 2.20 | 1.07 | 0.55 | -4.33 | 1.01 | 0.82 | 0.34 | 0.28 | -0.02 | -0.06 | 0.52 | 0.43 | 0.13 | -72.35 | 15.57 | -3.08 |
| EPS Growth % | 1468.42% | 245.92% | -122.15% | 227.07% | 213.1% | 118.44% | 18.82% | -822.5% | -0.99% | 176.04% | 35.04% | -526.04% | 46.19% | 62.81% | -45% | 105.61% | 94.55% | 112.7% | -528.71% | 23.17% | 141.18% | 21.43% | 1500% | 66.67% | -111.54% | 20.93% | 230.77% | 100.18% | -564.68% | 605.52% | - |
| EPS (Basic) | - | 21.74 | -14.72 | 67.24 | 20.45 | 6.49 | -35.19 | -43.36 | 6.00 | 6.06 | -7.97 | -12.27 | 2.90 | 1.98 | 1.22 | 2.22 | 1.08 | 0.55 | -4.33 | 1.03 | 0.85 | 0.36 | 0.31 | -0.02 | -0.06 | 0.53 | 0.44 | 0.13 | -72.35 | 15.57 | -3.08 |
| Diluted Shares Outstanding | 17.68M | 18.44M | 18.05M | 18.9M | 20.35M | 20.6M | 46.19M | 46.19M | 71.78M | 71.78M | 122.95M | 99.79M | 85.81M | 77.86M | 56.42M | 49.21M | 44.26M | 43.02M | 42.6M | 37.4M | 33.91M | 32.04M | 15.37M | 10.95M | 10.42M | 10.42M | 10.37M | 5.12M | 816.99K | 4.97M | 9.54M |
| Basic Shares Outstanding | 17.63M | 18.22M | 18.05M | 18.64M | 20.18M | 20.6M | 46.18M | 46.18M | 71.76M | 71.76M | 122.92M | 99.79M | 85.45M | 77.38M | 55.93M | 48.75M | 43.86M | 42.67M | 42.6M | 36.67M | 32.72M | 30.26M | 10.5M | 10.95M | 10.42M | 10.22M | 10.13M | 5.12M | 816.99K | 4.97M | 9.54M |
| Dividend Payout Ratio | - | 0.39% | - | - | - | 1.09% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GPOR stock.
For fiscal year 2025, Gulfport Energy Corp (GPOR) reported total revenue of $1.32B. This represents a 5410.3% increase compared to $24.0M in 1996.
Gulfport Energy Corp (GPOR) is profitable, generating $427.8M in net income for the fiscal year ending 2025 with a net profit margin of 32.3%.
Gulfport Energy Corp (GPOR) reported an operating income of $501.4M, resulting in an operating profit margin of 37.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Gulfport Energy Corp (GPOR) generated $935.1M in gross profit for the year, representing a gross profit margin of 70.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Utica inventory depth concerns
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Amid Commodity Swings
Gulfport's revenue surged 42.5% year-over-year in 2025Q2, but the latest quarter shows a 16% sequential decline, reflecting commodity price volatility and hedging impacts, as per recent financial statements.
The 42.5% YoY growth in 2025Q2 was driven by a combination of higher production and favorable realized prices, but the subsequent 16% drop in 2026Q2 suggests that the company is not immune to gas price weakness. The sequential decline from $566.8M in 2026Q1 to $261.6M in 2026Q2 is stark, indicating that the first quarter may have benefited from one-off items or hedge settlements. Investors should monitor whether this volatility is a function of commodity cycles or a more structural issue with Gulfport's revenue mix.
Gross Margin Resilience Tested by Cost Pressures
Gross margin peaked at 75.0% in 2025Q1 but fell to 29.1% in 2026Q2, a dramatic compression that suggests cost inflation or hedging losses are eroding pricing power, based on reported figures.
The gross margin trajectory is alarming: from 70.7% in 2025Q2 to 29.1% in 2026Q2, a decline of over 40 percentage points. This is not typical for an E&P with a low-cost structure; it may indicate that the company is realizing lower prices due to basis differentials or that COGS includes significant non-cash items like impairment. The 2026Q2 COGS of $185.5M is nearly double the prior year's $91.3M, suggesting a step-change in per-unit costs. This warrants a deep dive into the components of COGS, particularly transportation and processing fees, which are a known pressure point for Appalachian producers.
Operating Leverage Reverses Sharply
Operating income swung from $356.9M in 2026Q1 to $65.4M in 2026Q2, a collapse that underscores the company's high fixed-cost base and sensitivity to revenue declines, as per SEC filings.
The operating margin fell from 63.0% in 2026Q1 to 25.0% in 2026Q2, indicating that SG&A and other fixed costs did not scale down with revenue. This is a classic sign of negative operating leverage, which is particularly dangerous for a commodity producer. The company's SG&A has remained relatively stable around $10M per quarter, so the entire drop is attributable to gross margin compression. This suggests that Gulfport's cost structure is not flexible enough to absorb commodity price shocks, and investors should expect continued margin volatility.
Earnings Quality Clouded by Non-Cash Items
Net income in 2026Q2 was $87.1M despite a $65.4M operating loss, implying significant non-operating gains, likely from derivatives, which may distort the true earnings power, as reported in financial statements.
The divergence between operating income and net income is striking: in 2026Q2, operating income was $65.4M but net income was $87.1M, a $21.7M positive swing. This is likely due to mark-to-market gains on hedging contracts, which are non-cash and can reverse. Similarly, in 2025Q1, the company reported a net loss of $464K despite positive operating income, again pointing to derivative losses. Investors should adjust for these non-cash items to assess the company's underlying profitability. The low SBC of $2.7M in 2026Q2 is not a major concern, but the tax rate appears anomalous, with net income exceeding pre-tax income in some quarters, warranting further investigation.
Cost Structure Under Pressure from T&P and Inflation
COGS jumped to $185.5M in 2026Q2 from $91.3M a year earlier, a 103% increase that suggests significant cost inflation or one-time charges, based on company disclosures.
The doubling of COGS year-over-year is a red flag. While some of this may be due to higher production volumes, the magnitude suggests that per-unit costs are rising, possibly due to increased transportation and processing fees or higher workover expenses. The company's gross margin compression from 70.7% to 29.1% indicates that these cost increases are not being offset by higher prices. Management's expense discipline appears to be lacking in this quarter, but it is unclear if this is a temporary blip or a structural shift. Investors should monitor the cost per boe in the next few quarters to determine if this is a trend.
Margin Compression and Inventory Exhaustion Risks
The Q2 2026 EPS miss of $0.70 versus consensus, combined with a 41.6 percentage point gross margin decline, suggests that the market's optimism on Gulfport's cost advantage may be misplaced, as per analyst reports.
Short-sellers would argue that Gulfport's post-restructuring cost advantage is eroding, as evidenced by the dramatic margin compression in 2026Q2. The company's reliance on the Utica shale, which has a finite inventory of Tier 1 drilling locations, poses a long-term risk to production sustainability. If the company cannot replace reserves at a reasonable cost, its growth narrative collapses. Additionally, the company's hedging strategy may be locking in losses, as seen in the net income volatility. The market may be overestimating the durability of Gulfport's cash flows, and the recent EPS miss could be the first sign of a margin normalization trend.