Structural margin degradation is evident as gross margins collapsed from 34.7% in 2024Q2 to a negative 2.8% by 2025Q4, reflecting significant sensitivity to operational and commodity price volatility.
| 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 |
|---|
| Sales/Revenue | 598.24M | 596.71M | 621.85M | 636.96M | 711.39M | 473.72M | 237.84M | 570.98M | 613.43M | 421.73M | 289.27M | 276.01M | 559.4M | 720.45M | 583.11M | 596.19M | 373.29M | 262.63M | 112.81M | 31.85M | 11.72M | 1.06M |
| Revenue Growth % | -5.76% | -4.04% | -2.37% | -10.46% | 50.17% | 99.18% | -58.35% | -6.92% | 45.45% | 45.79% | 4.8% | -50.66% | -22.35% | 23.55% | -2.19% | 59.71% | 42.13% | 132.82% | 254.15% | 171.76% | 1006.49% | - |
| Cost of Goods Sold | 538.98M | 544.13M | 451.41M | 416.99M | 352.86M | 283.52M | 286.66M | 428.64M | 372.57M | 266.31M | 258.24M | 292.15M | 299.85M | 383.4M | 286.74M | 250.03M | 199.42M | 176.65M | 25.74M | 9.41M | 4.09M | 462.12K |
| COGS % of Revenue | - | 91.19% | 72.59% | 65.47% | 49.6% | 59.85% | 120.53% | 75.07% | 60.74% | 63.15% | 89.27% | 105.85% | 53.6% | 53.22% | 49.17% | 41.94% | 53.42% | 67.26% | 22.82% | 29.56% | 34.88% | 43.63% |
| Gross Profit | 59.25M | 52.59M | 170.44M | 219.96M | 358.53M | 190.2M | -48.83M | 142.35M | 240.86M | 155.42M | 31.03M | -16.14M | 259.55M | 337.05M | 296.37M | 346.16M | 173.87M | 85.98M | 87.07M | 22.44M | 7.63M | 597.18K |
| Gross Margin % | 9.9% | 8.81% | 27.41% | 34.53% | 50.4% | 40.15% | -20.53% | 24.93% | 39.26% | 36.85% | 10.73% | -5.85% | 46.4% | 46.78% | 50.83% | 58.06% | 46.58% | 32.74% | 77.18% | 70.44% | 65.12% | 56.37% |
| Gross Profit Growth % | - | -69.14% | -22.52% | -38.65% | 88.5% | 489.55% | -134.3% | -40.9% | 54.97% | 400.83% | 292.23% | -106.22% | -22.99% | 13.72% | -14.38% | 99.09% | 102.21% | -1.25% | 288.04% | 193.97% | 1178.11% | - |
| Operating Expenses | 87.61M | 63.37M | 49.32M | 40.85M | 40.96M | 36.26M | 29.5M | 34.73M | 39.48M | 40.24M | 36.98M | 38.76M | 51.25M | 53.4M | 58.88M | 64.26M | 40.24M | 28.79M | 40.5M | 28.46M | 12.76M | 2.88M |
| OpEx % of Revenue | - | 10.62% | 7.93% | 6.41% | 5.76% | 7.65% | 12.4% | 6.08% | 6.44% | 9.54% | 12.78% | 14.04% | 9.16% | 7.41% | 10.1% | 10.78% | 10.78% | 10.96% | 35.9% | 89.36% | 108.87% | 271.63% |
| Selling, General & Admin | 83.29M | 60.09M | 49.62M | 40.85M | 40.96M | 36.26M | 25.35M | 34.73M | 39.48M | 39.01M | 33.22M | 32.35M | 51.25M | 53.4M | 58.88M | 60.39M | 40.24M | 28.79M | 18.59M | 10.23M | 7M | 2.48M |
| SG&A % of Revenue | - | 10.07% | 7.98% | 6.41% | 5.76% | 7.65% | 10.66% | 6.08% | 6.44% | 9.25% | 11.48% | 11.72% | 9.16% | 7.41% | 10.1% | 10.13% | 10.78% | 10.96% | 16.48% | 32.12% | 59.71% | 234.31% |
| Research & Development | 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 | 3.29M | -300K | 0 | 0 | 0 | 4.15M | 0 | 0 | 1.22M | 3.76M | 6.4M | 0 | 0 | 0 | 3.87M | 0 | 0 | 21.91M | 18.23M | 5.76M | 395.29K |
| Operating Income | -28.36M | -10.79M | 121.12M | 179.12M | 317.57M | 153.94M | -78.33M | 107.62M | 201.38M | 115.19M | -5.95M | -54.9M | 208.3M | 283.64M | 237.49M | 281.9M | 133.63M | 57.19M | 46.57M | -6.03M | -5.13M | -2.28M |
| Operating Margin % | -4.74% | -1.81% | 19.48% | 28.12% | 44.64% | 32.5% | -32.93% | 18.85% | 32.83% | 27.31% | -2.06% | -19.89% | 37.24% | 39.37% | 40.73% | 47.28% | 35.8% | 21.78% | 41.28% | -18.92% | -43.75% | -215.25% |
| Operating Income Growth % | - | -108.91% | -32.38% | -43.6% | 106.3% | 296.53% | -172.78% | -46.56% | 74.83% | 2036.86% | 89.17% | -126.36% | -26.56% | 19.44% | -15.75% | 110.96% | 133.63% | 22.82% | 872.67% | -17.54% | -124.88% | - |
| EBITDA | 247.66M | 267.57M | 351.74M | 394.7M | 500.67M | 293.81M | 85.91M | 332.65M | 399.25M | 246.52M | 133.59M | 121.49M | 394.2M | 517.99M | 399.32M | 445.43M | 273.6M | 193.06M | 72.31M | 3.39M | -1.04M | -1.82M |
| EBITDA Margin % | 41.4% | 44.84% | 56.56% | 61.97% | 70.38% | 62.02% | 36.12% | 58.26% | 65.08% | 58.45% | 46.18% | 44.02% | 70.47% | 71.9% | 68.48% | 74.71% | 73.29% | 73.51% | 64.1% | 10.64% | -8.87% | -171.63% |
| EBITDA Growth % | -28.36% | -23.93% | -10.89% | -21.16% | 70.4% | 242.02% | -74.18% | -16.68% | 61.95% | 84.54% | 9.96% | -69.18% | -23.9% | 29.72% | -10.35% | 62.81% | 41.72% | 167% | 2034.15% | 426.01% | 42.84% | - |
| D&A (Non-Cash Add-back) | 276.02M | 278.35M | 230.62M | 215.58M | 183.1M | 139.87M | 164.23M | 225.03M | 197.87M | 131.34M | 139.53M | 176.39M | 185.9M | 234.35M | 161.84M | 163.53M | 139.97M | 135.86M | 25.74M | 9.41M | 4.09M | 462.12K |
| EBIT | -18.61M | -10.79M | 125.07M | 161.97M | 291.43M | 77.52M | -799.22M | 139.24M | 178.85M | 51.21M | -636.09M | -368.09M | -17.13M | 261.84M | 197.36M | 234.25M | 94.41M | 38.29M | 44.44M | -8.17M | -5.15M | -2.25M |
| Net Interest Income | -126.89M | -100.22M | -76.8M | -53.82M | -46.05M | -54.38M | -53.8M | -42.57M | -25.28M | -12.67M | -11.78M | 1.37M | 2.86M | 3.19M | 2.08M | 1.22M | 1.17M | 1.09M | 1.22M | 425.54K | 351.87K | 0 |
| Interest Income | 1.07M | 1.09M | 3.67M | 1.98M | 443K | 0 | 345K | 696K | 2.09M | 1.21M | 2.37M | 1.37M | 2.86M | 3.19M | 2.08M | 1.22M | 1.17M | 1.09M | 1.22M | 425.54K | 351.87K | 0 |
| Interest Expense | 127.95M | 101.31M | 80.47M | 55.81M | 46.49M | 54.38M | 54.14M | 43.27M | 27.36M | 13.88M | 14.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -334.55M | -222.09M | -76.51M | -72.96M | -72.63M | -130.8M | -775.03M | -11.64M | -49.89M | -77.86M | -644.29M | -313.19M | -225.43M | -21.81M | -40.12M | -47.65M | -39.22M | -18.9M | -2.13M | -2.15M | -18.67K | 31.27K |
| Pretax Income | -362.91M | -232.87M | 44.6M | 106.16M | 244.94M | 23.14M | -853.36M | 95.97M | 151.49M | 37.33M | -650.23M | -368.09M | -17.13M | 261.84M | 197.36M | 234.25M | 94.41M | 38.29M | 44.44M | -8.17M | -5.15M | -2.25M |
| Pretax Margin % | -60.66% | -39.03% | 7.17% | 16.67% | 34.43% | 4.88% | -358.8% | 16.81% | 24.7% | 8.85% | -224.79% | -133.36% | -3.06% | 36.34% | 33.85% | 39.29% | 25.29% | 14.58% | 39.39% | -25.66% | -43.91% | -212.3% |
| Income Tax | -69.9M | -39.75M | 41.39M | 112.45M | 105.91M | -19.35M | -75.39M | 57.28M | 48.87M | 69.04M | -184.67M | -100.06M | 127.22M | 135.55M | 97.7M | 107.33M | 57.23M | 24.35M | 20.94M | 294.77K | 677.38K | -29.23K |
| Effective Tax Rate % | 19.26% | 17.07% | 92.79% | 105.92% | 43.24% | -83.62% | 8.83% | 59.69% | 32.26% | 184.94% | 28.4% | 27.18% | -742.47% | 51.77% | 49.5% | 45.82% | 60.63% | 63.6% | 47.13% | -3.61% | -13.16% | 1.3% |
| Net Income | -293.01M | -193.12M | 3.22M | -6.29M | 139.03M | 42.48M | -777.97M | 38.69M | 102.62M | -31.71M | -465.56M | -268.03M | -171.34M | 126.29M | 99.66M | 126.92M | 37.17M | 13.94M | 23.5M | -8.47M | -5.82M | -2.22M |
| Net Margin % | -48.98% | -32.36% | 0.52% | -0.99% | 19.54% | 8.97% | -327.1% | 6.78% | 16.73% | -7.52% | -160.95% | -97.11% | -30.63% | 17.53% | 17.09% | 21.29% | 9.96% | 5.31% | 20.83% | -26.58% | -49.69% | -209.54% |
| Net Income Growth % | -1732.92% | -6104.94% | 151.15% | -104.52% | 227.27% | 105.46% | -2110.77% | -62.3% | 423.63% | 93.19% | -73.7% | -56.43% | -235.67% | 26.72% | -21.48% | 241.43% | 166.64% | -40.66% | 377.48% | -45.39% | -162.37% | - |
| Net Income (Continuing) | -293.01M | -193.12M | 3.22M | -6.29M | 139.03M | 42.48M | -777.97M | 38.69M | 102.62M | -31.71M | -465.56M | -268.03M | -144.35M | 126.29M | 99.66M | 126.92M | 37.17M | 13.94M | 23.5M | -8.47M | -5.82M | -2.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.71M | 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 |
| EPS (Diluted) | -8.30 | -5.45 | 0.10 | -0.19 | 3.76 | 1.15 | -21.20 | 1.03 | 2.40 | -0.80 | -14.50 | -9.40 | -5.34 | 4.40 | 3.50 | 0.45 | 0.14 | 0.06 | 1.60 | -0.90 | -0.80 | -1.60 |
| EPS Growth % | -2316.21% | -5550% | 153.25% | -104.99% | 226.02% | 105.45% | -2162.97% | -57.23% | 400.31% | 94.48% | -54.26% | -76.01% | -221.38% | 25.71% | 675.71% | 220.91% | 155.64% | -96.56% | 277.78% | -12.5% | 50% | - |
| EPS (Basic) | - | -5.45 | 0.10 | -0.19 | 3.81 | 1.16 | -21.20 | 1.03 | 2.62 | -0.80 | -14.50 | -9.40 | -5.34 | 4.50 | 3.50 | 0.00 | 0.00 | 0.00 | 1.90 | -0.90 | -0.80 | -1.60 |
| Diluted Shares Outstanding | 35.3M | 35.44M | 32.04M | 33.47M | 36.93M | 36.79M | 36.7M | 37.65M | 42.71M | 39.67M | 32.09M | 28.53M | 28.47M | 28.61M | 28.42M | 28.13M | 26.43M | 25.36M | 14.32M | 9.51M | 7.24M | 1.35M |
| Basic Shares Outstanding | 35.3M | 35.44M | 32.04M | 33.47M | 36.45M | 36.7M | 36.7M | 37.65M | 42.71M | 39.64M | 32.09M | 28.51M | 28.3M | 28.28M | 28.07M | 27.35M | 25.37M | 24.13M | 12.34M | 9.51M | 7.24M | 1.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and Regulatory Exposure
According to the provided quarterly data, Gran Tierra Energy's revenue growth has remained highly volatile, oscillating between a 15.5% decline in 2025Q4 and a 9.3% increase in 2024Q1, suggesting that top-line durability is heavily dependent on fluctuating production volumes and realized commodity price differentials.
The lack of a clear growth trajectory indicates that the company is struggling to scale production in a meaningful way. Investors should monitor whether the recent expansion into Ecuador can offset the stagnation observed in the core Colombian assets, as current revenue figures appear insufficient to drive consistent operational expansion.
As reported in financial statements, the company's gross margin has experienced significant degradation, falling from a peak of 34.7% in 2024Q2 to a negative 2.8% by 2025Q4, which highlights the extreme sensitivity of the cost structure to operational disruptions and realized oil price volatility.
This margin compression suggests that the company's high-cost production model is failing to maintain profitability during periods of price weakness. The inability to protect gross margins implies that the firm lacks the pricing power necessary to pass on increased logistical and extraction costs to the market.
Based on the income statement data, Gran Tierra Energy has seen its operating income swing from a positive $40.3 million in 2024Q2 to a loss of $24.0 million in 2025Q4, demonstrating a lack of operating leverage as administrative costs fail to scale down with declining gross profits.
The transition to negative operating margins suggests that the company's fixed cost base is becoming a significant burden on the bottom line. This trend warrants further investigation into whether management can effectively rationalize overhead expenses in an environment where production volumes are not providing sufficient scale.
Analysis of the reported figures reveals that net income is frequently impacted by large, non-operating charges, as evidenced by the $141.1 million loss in 2025Q4, which appears to be driven by accounting adjustments rather than purely operational cash flow performance during that specific period.
The wide disparity between operating results and net income suggests that investors should focus on cash flow metrics rather than headline earnings. The recurring nature of these large losses indicates that the company's asset base may be subject to frequent impairment testing, which obscures the underlying operational health.
Quick answers to the most common questions about buying GTE stock.
For fiscal year 2025, Gran Tierra Energy Inc. (GTE) reported total revenue of $596.7M. This represents a 56231.0% increase compared to $1.1M in 2005.
Gran Tierra Energy Inc. (GTE) reported a net loss of $193.1M for the fiscal year ending 2025.
Gran Tierra Energy Inc. (GTE) reported an operating income of $-10.8M, resulting in an operating profit margin of -1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Gran Tierra Energy Inc. (GTE) generated $52.6M in gross profit for the year, representing a gross profit margin of 8.8%. This demonstrates the company's core pricing power and production efficiency.