Revenue growth is volatile but accelerated 36.7% YoY in 2026Q2 to $149.3M, with gross margin swinging from 15.6% in 2025Q4 to 38.4% in 2026Q2, reflecting commodity price sensitivity and cost pass-through dynamics.
Granite Ridge Resources, Inc (GRNT) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 383.02M | 450.31M | 380.03M | 394.07M | 497.42M | 290.19M | 87.1M |
| Revenue Growth % | -15.1% | 18.49% | -3.56% | -20.78% | 71.41% | 233.18% | - |
| Cost of Goods Sold | 284.12M | 328.16M | 260M | 248.89M | 181.05M | 139.06M | 107.01M |
| COGS % of Revenue | - | 72.87% | 68.41% | 63.16% | 36.4% | 47.92% | 122.86% |
| Gross Profit | 98.9M | 122.15M | 120.03M | 145.18M | 316.37M | 151.13M | -19.91M |
| Gross Margin % | 25.82% | 27.13% | 31.59% | 36.84% | 63.6% | 52.08% | -22.86% |
| Gross Profit Growth % | - | 1.76% | -17.32% | -54.11% | 109.33% | 859.08% | - |
| Operating Expenses | 143.33M | 31.01M | 60.78M | 54.59M | 14.22M | 7.9M | 15.19M |
| OpEx % of Revenue | - | 6.89% | 15.99% | 13.85% | 2.86% | 2.72% | 17.43% |
| Selling, General & Admin | 36.51M | 31.01M | 24.65M | 27.92M | 14.22M | 10.18M | 10.11M |
| SG&A % of Revenue | - | 6.89% | 6.49% | 7.09% | 2.86% | 3.51% | 11.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.18M | 0 | 36.13M | 26.67M | 0 | -2.28M | 5.08M |
| Operating Income | 132.78M | 91.14M | 59.26M | 90.59M | 302.14M | 143.23M | -35.09M |
| Operating Margin % | 34.67% | 20.24% | 15.59% | 22.99% | 60.74% | 49.36% | -40.29% |
| Operating Income Growth % | - | 53.81% | -34.59% | -70.02% | 110.95% | 508.13% | - |
| EBITDA | 298.32M | 306.84M | 235.78M | 251.25M | 407.9M | 237.89M | 44.85M |
| EBITDA Margin % | 77.89% | 68.14% | 62.04% | 63.76% | 82% | 81.98% | 51.5% |
| EBITDA Growth % | 5.19% | 30.14% | -6.15% | -38.4% | 71.46% | 430.4% | - |
| D&A (Non-Cash Add-back) | 165.54M | 215.7M | 176.53M | 160.66M | 105.75M | 94.66M | 79.95M |
| EBIT | -45.27M | 57.61M | 43.44M | 110.9M | 277.18M | 110.84M | -22.09M |
| Net Interest Income | -9.26M | -25.5M | -18.47M | -5.32M | -1.99M | -2.38M | -1.84M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -2.65M | 25.5M | 18.47M | 5.32M | 1.99M | 2.38M | 1.84M |
| Other Income/Expense | -128.04M | -59.02M | -34.29M | 14.99M | -26.95M | -34.77M | 11.16M |
| Pretax Income | -59.86M | 32.11M | 24.97M | 105.58M | 275.19M | 108.46M | -23.93M |
| Pretax Margin % | -15.63% | 7.13% | 6.57% | 26.79% | 55.32% | 37.37% | -27.47% |
| Income Tax | -7.71M | 7.76M | 6.21M | 24.48M | 12.85M | 0 | 0 |
| Effective Tax Rate % | 12.89% | 24.17% | 24.86% | 23.19% | 4.67% | 0% | 0% |
| Net Income | -52.15M | 24.35M | 18.76M | 81.1M | 262.34M | 108.46M | -23.93M |
| Net Margin % | -13.62% | 5.41% | 4.94% | 20.58% | 52.74% | 37.37% | -27.47% |
| Net Income Growth % | -237.98% | 29.82% | -76.87% | -69.09% | 141.88% | 553.23% | - |
| Net Income (Continuing) | -52.15M | 24.35M | 18.76M | 81.1M | 262.34M | 108.46M | -23.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | 0.18 | 0.14 | 0.61 | 1.97 | 0.82 | -0.18 |
| EPS Growth % | -240.3% | 28.57% | -77.05% | -69.04% | 140.24% | 555.56% | - |
| EPS (Basic) | - | 0.18 | 0.14 | 0.61 | 1.97 | 0.82 | -0.18 |
| Diluted Shares Outstanding | 130.83M | 130.48M | 130.23M | 133.11M | 133.07M | 132.92M | 133.29M |
| Basic Shares Outstanding | 130.83M | 130.48M | 130.19M | 133.09M | 132.92M | 132.92M | 133.29M |
| Dividend Payout Ratio | - | 236.87% | 306.49% | 72.24% | 4.06% | 47.11% | - |
Quick answers to the most common questions about buying GRNT stock.
For fiscal year 2025, Granite Ridge Resources, Inc (GRNT) reported total revenue of $450.3M. This represents a 417.0% increase compared to $87.1M in 2020.
Granite Ridge Resources, Inc (GRNT) is profitable, generating $24.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Granite Ridge Resources, Inc (GRNT) reported an operating income of $91.1M, resulting in an operating profit margin of 20.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Granite Ridge Resources, Inc (GRNT) generated $122.1M in gross profit for the year, representing a gross profit margin of 27.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and operator dependency
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates but Volatile
GRNT's revenue surged 36.7% YoY in 2026Q2 to $149.3M, per recent filings, but quarterly growth has swung from -13.2% to +38.1%, indicating commodity-driven volatility.
The 18.5% average revenue growth over the last year masks significant quarterly swings, with 2026Q2 showing a sharp acceleration to 36.7% YoY. This suggests sensitivity to commodity prices and operator activity, not a stable organic growth trajectory. Investors should monitor whether this pace is sustainable given the cyclical nature of oil and gas.
Gross Margin Volatility Reflects Cost Pass-Through
Gross margin swung from 15.6% in 2025Q4 to 38.4% in 2026Q2, as reported in financial statements, indicating high sensitivity to commodity prices and operator cost allocations.
The wide gross margin range (15.6%-38.4%) suggests that GRNT's cost of sales includes significant variable costs passed through by operators, such as LOE and production taxes. The 27.13% average gross margin is below some peers like CIVI (41.2%), implying less pricing power or higher cost structure. This volatility may indicate that GRNT's profitability is highly leveraged to commodity price cycles.
Operating Leverage Inconsistent Across Quarters
Operating income scaled from $8.2M in 2025Q4 to $39.0M in 2026Q2, per SEC filings, but SG&A remained relatively flat, suggesting some operating leverage when revenues rise.
SG&A expenses have stayed in the $5.6M-$9.2M range despite revenue fluctuations, indicating a fixed cost base. However, operating margins have varied widely (7.8% to 34.6%), implying that operating leverage is not consistently positive. The 2026Q2 operating margin of 26.1% is strong, but the negative operating income in 2024Q4 highlights the risk of high fixed costs during downturns.
Earnings Quality Clouded by Non-Cash Charges
Net income swung from -$47.0M in 2026Q1 to +$30.0M in 2026Q2, as reported, with EPS of $0.23 beating estimates, but SBC and tax anomalies may distort underlying profitability.
The significant net loss in 2026Q1 (-$47.0M) despite positive operating income suggests non-operating charges or tax adjustments, possibly related to hedging or impairments. Stock-based compensation has been inconsistent, with $2.6M in 2026Q2 but zero in some quarters, which may affect EPS comparability. Investors should adjust for these items to assess core earnings power.
Cost Structure Dominated by Variable Field Costs
COGS averaged $75.6M per quarter over the last year, per financial statements, with gross margins fluctuating, indicating that field-level costs are the primary driver of profitability.
COGS as a percentage of revenue has ranged from 6.7% (2024Q3) to 84.4% (2025Q4), suggesting that the company's cost of sales is highly variable and likely includes DD&A and production costs. The low gross margin in 2025Q4 (15.6%) may reflect lower commodity prices or higher per-unit costs. Management's ability to control these costs is limited as they are largely set by operating partners.
2026Q2 Marks a Turning Point
2026Q2 showed a dramatic recovery with revenue up 36.7% YoY and net income of $30.0M, per reported figures, after two consecutive quarterly losses, signaling a potential inflection.
The transition from losses in 2025Q4 and 2026Q1 to a strong profit in 2026Q2 suggests that GRNT may be entering a more favorable commodity price environment or benefiting from improved well performance. This inflection is critical as it may indicate the start of a harvest phase, with management guiding to free cash flow inflection in 2027. However, sustainability depends on commodity prices and operator activity.
Margin Compression and Operator Dependency Risks
Despite revenue growth, net margin remains thin at 5.4% on average, per financial statements, and reliance on third-party operators for drilling exposes GRNT to external execution risks.
The gap between revenue growth (18.5% YoY) and net margin (5.4%) suggests that costs are rising faster than revenues, possibly due to higher service costs or unfavorable cost allocations. Additionally, GRNT's growth is entirely dependent on the capital spending of its operators; any slowdown in their drilling programs could stall production growth. The ongoing M&A consolidation among large-cap operators may also lead to changes in drilling priorities, potentially delaying development of GRNT's interests.