Revenue growth accelerated to 81.8% in 2026Q1, though a 5.1% spread between gross and operating margins suggests that overhead costs continue to constrain core profitability.
| Sales/Revenue | 426.14M | 356.43M | 259.02M | 161.73M | 143.16M |
| Revenue Growth % | 44.96% | 37.61% | 60.16% | 12.98% | - |
| Cost of Goods Sold | 225.29M | 191.12M | 124.09M | 85.78M | 34.73M |
| COGS % of Revenue | - | 53.62% | 47.91% | 53.04% | 24.26% |
| Gross Profit | 200.85M | 165.31M | 134.94M | 75.95M | 108.43M |
| Gross Margin % | 47.13% | 46.38% | 52.09% | 46.96% | 75.74% |
| Gross Profit Growth % | - | 22.51% | 77.66% | -29.95% | - |
| Operating Expenses | 22.14M | 153.41M | 41.2M | 23.26M | 12.97M |
| OpEx % of Revenue | - | 43.04% | 15.91% | 14.38% | 9.06% |
| Selling, General & Admin | 324.23M | 153.41M | 41.2M | 23.26M | 12.97M |
| SG&A % of Revenue | - | 43.04% | 15.91% | 14.38% | 9.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 |
| Operating Income | 178.71M | 11.89M | 93.74M | 52.7M | 95.46M |
| Operating Margin % | 41.94% | 3.34% | 36.19% | 32.58% | 66.68% |
| Operating Income Growth % | - | -87.31% | 77.88% | -44.8% | - |
| EBITDA | 296.86M | 115.65M | 167.46M | 106.49M | 113.8M |
| EBITDA Margin % | 69.66% | 32.45% | 64.65% | 65.84% | 79.49% |
| EBITDA Growth % | 319.61% | -30.94% | 57.25% | -6.42% | - |
| D&A (Non-Cash Add-back) | 118.15M | 103.75M | 73.73M | 53.8M | 18.34M |
| EBIT | 215.99M | 11.89M | 70.81M | 98.58M | 70.7M |
| Net Interest Income | 2.85B | 10.05B | -21.53M | -11.91M | -2.57M |
| Interest Income | 14.95B | 59.06B | 0 | 0 | 0 |
| Interest Expense | 12.11B | 49.02B | 21.53M | 11.91M | 2.57M |
| Other Income/Expense | 2.03M | 47.21M | -44.45M | 33.98M | -27.33M |
| Pretax Income | 180.74M | 59.1M | 49.29M | 86.67M | 68.13M |
| Pretax Margin % | 42.41% | 16.58% | 19.03% | 53.59% | 47.59% |
| Income Tax | -5.24M | -4.86M | 0 | 0 | 0 |
| Effective Tax Rate % | -2.9% | -8.22% | 0% | 0% | 0% |
| Net Income | 47.2M | 23.75M | 49.29M | 86.67M | 68.13M |
| Net Margin % | 11.08% | 6.66% | 19.03% | 53.59% | 47.59% |
| Net Income Growth % | 22% | -51.81% | -43.13% | 27.22% | - |
| Net Income (Continuing) | 185.98M | 63.96M | 49.29M | 86.67M | 68.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 670.78M | 0 | 0 | 0 |
| EPS (Diluted) | 2.67 | 0.89 | 3.72 | 1.47 | 1.16 |
| EPS Growth % | 14.34% | -76.08% | 153.06% | 26.72% | - |
| EPS (Basic) | - | 0.89 | 3.72 | 6.54 | 5.14 |
| Diluted Shares Outstanding | 17.66M | 15.9M | 13.25M | 59.05M | 59.05M |
| Basic Shares Outstanding | 17.66M | 15.43M | 13.25M | 13.25M | 13.25M |
| Dividend Payout Ratio | - | - | - | - | - |
High operating margin volatility
As reported in recent financial filings, INR achieved a significant 81.8% revenue growth in 2026Q1, signaling an aggressive scaling of production volumes that appears to be outpacing the broader Appalachian peer group despite the inherent cyclicality of the underlying natural gas and liquids commodity markets.
The rapid top-line acceleration suggests that the company's drilling program is successfully bringing new capacity online. However, investors should monitor whether this growth is sustainable or if it relies on aggressive capital expenditure that may eventually pressure the company's limited cash reserves.
Based on the provided income statement data, INR exhibits a notable divergence between its 56.0% gross margin and its 50.9% operating margin in 2026Q1, suggesting that while field-level profitability remains robust, the company faces significant overhead or depletion-related costs that constrain overall bottom-line efficiency.
The wide variance between gross and operating profitability often indicates that midstream transportation fees or high depletion charges are absorbing a substantial portion of the value created at the wellhead. This structural reality warrants further investigation into the company's long-term gathering and processing contracts.
According to historical income statements, INR's net income has experienced extreme fluctuations, including a negative $1.9M result in 2026Q1, which appears heavily influenced by non-operating items and significant stock-based compensation charges that occurred in prior periods, complicating the assessment of true core earnings power.
The inconsistency in net margins suggests that investors should focus on operating income as a more reliable proxy for performance. The presence of large, non-recurring charges in previous quarters indicates that reported EPS may not accurately reflect the underlying cash-generating capability of the asset base.
As indicated by the company's reported $2.2M cash position, INR maintains a thin liquidity buffer that may leave the firm vulnerable to operational disruptions, especially when contrasted with the capital-intensive nature of its aggressive drilling strategy and the inherent volatility of Appalachian commodity price realizations.
While the low debt-to-equity ratio is a positive indicator of balance sheet discipline, the lack of cash reserves suggests that any unforeseen downturn in commodity prices could force a rapid curtailment of activity. This creates a potential mismatch between the company's growth ambitions and its available financial flexibility.
Quick answers to the most common questions about buying INR stock.
For fiscal year 2025, Infinity Natural Resources, Inc. (INR) reported total revenue of $356.4M. This represents a 149.0% increase compared to $143.2M in 2022.
Infinity Natural Resources, Inc. (INR) is profitable, generating $23.8M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Infinity Natural Resources, Inc. (INR) reported an operating income of $11.9M, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Infinity Natural Resources, Inc. (INR) generated $165.3M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.