Revenue volatility remains elevated with quarterly figures fluctuating between $89.0M and $128.3M, while gross margins have compressed to as low as 15.6% in 2025Q4.
| Sales/Revenue | 455.64M | 450.31M | 380.03M | 394.07M | 497.42M | 290.19M | 87.1M |
| Revenue Growth % | 10.07% | 18.49% | -3.56% | -20.78% | 71.41% | 233.18% | - |
| Cost of Goods Sold | 348M | 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 | 107.64M | 122.15M | 120.03M | 145.18M | 316.37M | 151.13M | -19.91M |
| Gross Margin % | 23.62% | 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 | 32.81M | 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 | 32.63M | 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 | 185K | 0 | 36.13M | 26.67M | 0 | -2.28M | 5.08M |
| Operating Income | 74.83M | 91.14M | 59.26M | 90.59M | 302.14M | 143.23M | -35.09M |
| Operating Margin % | 16.42% | 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 | 297.06M | 306.84M | 235.78M | 251.25M | 407.9M | 237.89M | 44.85M |
| EBITDA Margin % | 65.2% | 68.14% | 62.04% | 63.76% | 82% | 81.98% | 51.5% |
| EBITDA Growth % | 11.59% | 30.14% | -6.15% | -38.4% | 71.46% | 430.4% | - |
| D&A (Non-Cash Add-back) | 222.24M | 215.7M | 176.53M | 160.66M | 105.75M | 94.66M | 79.95M |
| EBIT | 66.2M | 91.14M | 43.44M | 110.9M | 277.18M | 110.84M | -22.09M |
| Net Interest Income | -10.17M | -25.5M | -18.47M | -5.32M | -1.99M | -2.38M | -1.84M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.17M | 25.5M | 18.47M | 5.32M | 1.99M | 2.38M | 1.84M |
| Other Income/Expense | -116.07M | -59.02M | -34.29M | 14.99M | -26.95M | -34.77M | 11.16M |
| Pretax Income | -41.24M | 32.11M | 24.97M | 105.58M | 275.19M | 108.46M | -23.93M |
| Pretax Margin % | -9.05% | 7.13% | 6.57% | 26.79% | 55.32% | 37.37% | -27.47% |
| Income Tax | -8.75M | 7.76M | 6.21M | 24.48M | 12.85M | 0 | 0 |
| Effective Tax Rate % | 21.22% | 24.17% | 24.86% | 23.19% | 4.67% | 0% | 0% |
| Net Income | -32.49M | 24.35M | 18.76M | 81.1M | 262.34M | 108.46M | -23.93M |
| Net Margin % | -7.13% | 5.41% | 4.94% | 20.58% | 52.74% | 37.37% | -27.47% |
| Net Income Growth % | -363.18% | 29.82% | -76.87% | -69.09% | 141.88% | 553.23% | - |
| Net Income (Continuing) | -32.49M | 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) | -0.25 | 0.18 | 0.14 | 0.61 | 1.97 | 0.82 | -0.18 |
| EPS Growth % | -367.67% | 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 | 130.62M | 130.48M | 130.23M | 133.11M | 133.07M | 132.92M | 133.29M |
| Basic Shares Outstanding | 130.62M | 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% | - |
Commodity price and operator dependency
As reported in financial statements, GRNT's revenue trajectory remains inconsistent, with quarterly figures fluctuating between $89.0M and $128.3M over the last ten quarters, reflecting the inherent volatility of non-operated production volumes and the impact of shifting commodity price realizations across its diversified basin portfolio.
The revenue profile suggests a lack of organic growth predictability, as the company is entirely dependent on the drilling cadence of third-party operators. Investors should monitor whether the recent revenue peak in 2026Q1 represents a sustainable shift in production capacity or merely a temporary alignment of well completions across its non-operated interests.
Based on reported figures, GRNT's gross margin has exhibited significant instability, ranging from a high of 93.3% in 2024Q3 to a low of 15.6% in 2025Q4, indicating that the company's cost structure is highly sensitive to external operational expenses and potential accounting adjustments.
The wide variance in gross margins suggests that the company lacks the pricing power or cost control typical of an operator, as it must absorb field-level costs passed through by third parties. This margin profile warrants further investigation into whether the company's cost of sales includes significant non-cash depletion charges that distort the underlying profitability of its production assets.
According to recent SEC filings, GRNT's net income has experienced extreme swings, including a notable net loss of $47.0M in 2026Q1, which highlights the difficulty in maintaining consistent bottom-line performance given the company's reliance on non-operating revenue streams and potential non-cash impairment charges.
The discrepancy between operating income and net income suggests that non-operating items or tax-related adjustments are significantly impacting the company's reported earnings. Investors should be cautious of the EPS volatility, as the current earnings profile appears to be driven more by external commodity price cycles than by internal operational efficiencies.
As indicated by the provided data, SG&A expenses have remained relatively contained, fluctuating between $4.5M and $9.1M, which suggests that management has maintained a lean administrative structure despite the complexities of managing a non-operated asset base across multiple US basins.
While the absolute level of SG&A appears disciplined, the lack of scale in the company's operations may limit its ability to further optimize these costs. The company's ability to keep overhead low is a critical component of its value proposition, yet it remains secondary to the much larger and more volatile field-level costs that dictate the company's overall profitability.
Based on an analysis of the income statement, the primary risk to the narrative is the company's inability to control its own production destiny, as evidenced by the erratic quarterly net income and the susceptibility of margins to third-party operator decisions.
Short-term investors should monitor the potential for margin compression if operators prioritize their own operated acreage over the non-operated interests held by GRNT. The reliance on third-party drilling schedules may lead to periods of production decline that the company is powerless to mitigate, potentially undermining the long-term sustainability of its current dividend and capital return framework.
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.