Revenue has been lumpy, ranging from $290.1M to $607.3M across recent quarters with operating margin swinging from -57.0% to 44.9%, which suggests cargo-driven recognition and possible non-cash charges rather than a steady earnings trajectory.
Kosmos Energy Ltd. (KOS) annual income statement — 16-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 |
|---|
| Sales/Revenue | 1.74B | 1.3B | 1.68B | 1.7B | 2.25B | 1.33B | 804.03M | 1.5B | 886.67M | 578.14M | 310.38M | 446.7M | 855.88M | 851.21M | 667.95M | 667.69M | 5.11M |
| Revenue Growth % | 24.78% | -22.53% | -1.54% | -24.22% | 68.57% | 65.67% | -46.38% | 69.1% | 53.37% | 86.27% | -30.52% | -47.81% | 0.55% | 27.44% | 0.04% | 12968.84% | - |
| Cost of Goods Sold | 1.14B | 1.49B | 987.29M | 835.02M | 907.55M | 813.23M | 824.34M | 378.36M | 554.56M | 382.05M | 259.77M | 261.3M | 298.2M | 319.33M | 280.82M | 209.96M | 73.13M |
| COGS % of Revenue | - | 114.75% | 58.93% | 49.07% | 40.42% | 61.05% | 102.53% | 25.23% | 62.54% | 66.08% | 83.7% | 58.5% | 34.84% | 37.52% | 42.04% | 31.45% | 1431.32% |
| Gross Profit | 600.83M | -191.45M | 688.07M | 866.58M | 1.34B | 518.79M | -20.31M | 1.12B | 332.1M | 196.09M | 50.61M | 185.39M | 557.67M | 531.88M | 387.13M | 457.73M | -68.02M |
| Gross Margin % | 34.6% | -14.75% | 41.07% | 50.93% | 59.58% | 38.95% | -2.53% | 74.77% | 37.46% | 33.92% | 16.3% | 41.5% | 65.16% | 62.48% | 57.96% | 68.55% | -1331.32% |
| Gross Profit Growth % | - | -127.82% | -20.6% | -35.22% | 157.87% | 2654.84% | -101.81% | 237.55% | 69.37% | 287.48% | -72.7% | -66.76% | 4.85% | 37.39% | -15.42% | 772.96% | - |
| Operating Expenses | 200.75M | 79.48M | 216.89M | 147.84M | 231.81M | 163.26M | -20.31M | 290.96M | 408.3M | 284.35M | 304.86M | 293.01M | 228.75M | 388.74M | 257.74M | 302.03M | 199.41M |
| OpEx % of Revenue | - | 6.12% | 12.95% | 8.69% | 10.32% | 12.26% | -2.53% | 19.41% | 46.05% | 49.18% | 98.22% | 65.6% | 26.73% | 45.67% | 38.59% | 45.23% | 3903.15% |
| Selling, General & Admin | 83.56M | 76.12M | 100.16M | 99.53M | 100.86M | 91.53M | 85.3M | 290.96M | 106.81M | 68.3M | 102.58M | 136.81M | 135.23M | 158.42M | 160.03M | 113.58M | 98.97M |
| SG&A % of Revenue | - | 5.87% | 5.98% | 5.85% | 4.49% | 6.87% | 10.61% | 19.41% | 12.05% | 11.81% | 33.05% | 30.63% | 15.8% | 18.61% | 23.96% | 17.01% | 1937.11% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 3.36M | 116.74M | 48.31M | 130.95M | 71.73M | -105.61M | 0 | 14.54M | 53.41M | 51.86M | -5.04M | 1.01M | -2.57M | 1.68M | 188.45M | 199.41M |
| Operating Income | 400.09M | -270.93M | 471.18M | 718.74M | 1.11B | 355.52M | 0 | 830.06M | -76.2M | -87.45M | -254.26M | -107.62M | 328.93M | 143.14M | 129.4M | 155.7M | -267.43M |
| Operating Margin % | 23.04% | -20.88% | 28.12% | 42.24% | 49.26% | 26.69% | - | 55.36% | -8.59% | -15.13% | -81.92% | -24.09% | 38.43% | 16.82% | 19.37% | 23.32% | -5234.47% |
| Operating Income Growth % | - | -157.5% | -34.44% | -35.01% | 211.09% | - | -100% | 1189.33% | 12.86% | 65.61% | -136.26% | -132.72% | 129.79% | 10.62% | -16.89% | 158.22% | - |
| EBITDA | 906.22M | 293.73M | 936.66M | 1.17B | 1.61B | 833.33M | 180.73M | 1.4B | 263.01M | 177.96M | -103.65M | 58.67M | 537.55M | 376.74M | 324.09M | 312.36M | -236.18M |
| EBITDA Margin % | 52.19% | 22.63% | 55.91% | 68.97% | 71.91% | 62.56% | 22.48% | 93.58% | 29.66% | 30.78% | -33.39% | 13.13% | 62.81% | 44.26% | 48.52% | 46.78% | -4622.8% |
| EBITDA Growth % | 54.04% | -68.64% | -20.19% | -27.32% | 93.76% | 361.08% | -87.12% | 433.5% | 47.79% | 271.69% | -276.66% | -89.09% | 42.69% | 16.25% | 3.75% | 232.26% | - |
| D&A (Non-Cash Add-back) | 506.13M | 564.66M | 465.48M | 454.85M | 508.66M | 477.8M | 495.21M | 573.12M | 339.21M | 265.41M | 150.61M | 166.29M | 208.63M | 233.6M | 194.69M | 156.66M | 31.25M |
| EBIT | -127.65M | -574.49M | 428.94M | 475.67M | 460.19M | 68.44M | -314.48M | 177.88M | 40.07M | -95.77M | -249.54M | 113M | 610.9M | 112.77M | 83.74M | 164.79M | -234.37M |
| Net Interest Income | -201.47M | -49.96M | -54.72M | -84.48M | -107.67M | -98.17M | -101.82M | -124.91M | -96.85M | -72.41M | -43.07M | -37.35M | -43.76M | -48.68M | -57.62M | -72.85M | -55.35M |
| Interest Income | 27.14M | 10.14M | 24.41M | 19.46M | 15.46M | 13.66M | 4.77M | 3.69M | 3.46M | 3.42M | 1.95M | 844K | 529K | 275K | 1.11M | 9.09M | 4.23M |
| Interest Expense | 228.61M | 60.1M | 79.13M | 103.94M | 123.12M | 111.82M | 106.59M | 128.61M | 101.18M | 75.83M | 45.02M | 38.19M | 44.28M | 48.95M | 58.73M | 65.75M | 59.58M |
| Other Income/Expense | -756.35M | -363.65M | -121.36M | -347M | -768.92M | -398.9M | -416.8M | -804.94M | 25.34M | -100.86M | -40.31M | 36.91M | 51.43M | -67.19M | -66.9M | -56.66M | -107.39M |
| Pretax Income | -356.26M | -634.58M | 349.81M | 371.74M | 337.07M | -43.38M | -416.8M | 25.12M | -50.86M | -177.85M | -294.56M | 85.44M | 578.27M | 75.95M | 34.16M | 99.04M | -322.78M |
| Pretax Margin % | -20.52% | -48.89% | 20.88% | 21.85% | 15.01% | -3.26% | -51.84% | 1.68% | -5.74% | -30.76% | -94.91% | 19.13% | 67.56% | 8.92% | 5.11% | 14.83% | -6317.87% |
| Income Tax | 104.69M | 65.2M | 159.96M | 158.22M | 110.52M | 34.46M | -5.21M | 80.89M | 43.13M | 44.94M | -10.78M | 155.27M | 298.9M | 167M | 101.18M | 76.69M | -77.11M |
| Effective Tax Rate % | -29.39% | -10.28% | 45.73% | 42.56% | 32.79% | -79.43% | 1.25% | 322.07% | -84.8% | -25.27% | 3.66% | 181.74% | 51.69% | 219.87% | 296.24% | 77.43% | 23.89% |
| Net Income | -460.95M | -699.79M | 189.85M | 213.52M | 226.55M | -77.84M | -411.59M | -55.78M | -93.99M | -222.79M | -283.78M | -69.84M | 279.37M | -91.04M | -67.03M | 22.36M | -245.67M |
| Net Margin % | -26.55% | -53.92% | 11.33% | 12.55% | 10.09% | -5.84% | -51.19% | -3.72% | -10.6% | -38.54% | -91.43% | -15.63% | 32.64% | -10.7% | -10.03% | 3.35% | -4808.61% |
| Net Income Growth % | -40.01% | -468.6% | -11.09% | -5.75% | 391.06% | 81.09% | -637.91% | 40.66% | 57.81% | 21.49% | -306.35% | -125% | 406.85% | -35.83% | -399.81% | 109.1% | - |
| Net Income (Continuing) | -460.95M | -699.79M | 189.85M | 213.52M | 226.55M | -77.84M | -411.59M | -55.78M | -93.99M | -222.79M | -283.78M | -69.84M | 279.37M | -91.04M | -67.03M | 22.36M | -245.67M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.77 | -1.47 | 0.40 | 0.44 | 0.48 | -0.19 | -1.02 | -0.14 | -0.23 | -0.57 | -0.74 | -0.18 | 0.72 | -0.24 | -0.18 | -0.01 | -0.66 |
| EPS Growth % | -46.54% | -467.5% | -9.09% | -8.33% | 352.63% | 81.37% | -628.57% | 39.13% | 59.65% | 22.97% | -311.11% | -125% | 400% | -33.33% | - | 99.2% | - |
| EPS (Basic) | - | -1.47 | 0.40 | 0.46 | 0.50 | -0.19 | -1.02 | -0.14 | -0.23 | -0.57 | -0.74 | -0.18 | 0.73 | -0.24 | -0.18 | -0.01 | -0.66 |
| Diluted Shares Outstanding | 595.47M | 478.33M | 476.69M | 481.07M | 474.86M | 416.94M | 405.21M | 401.37M | 404.58M | 388.38M | 385.4M | 382.61M | 386.12M | 376.82M | 371.85M | 389.88M | 374.18M |
| Basic Shares Outstanding | 595.47M | 478.33M | 470.84M | 459.64M | 455.35M | 416.94M | 405.21M | 401.37M | 404.58M | 388.38M | 383.49M | 382.61M | 379.19M | 376.82M | 371.85M | 389.88M | 374.18M |
| Dividend Payout Ratio | - | - | - | 0.08% | 0.29% | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KOS stock.
For fiscal year 2025, Kosmos Energy Ltd. (KOS) reported total revenue of $1.30B. This represents a 25303.1% increase compared to $5.1M in 2010.
Kosmos Energy Ltd. (KOS) reported a net loss of $699.8M for the fiscal year ending 2025.
Kosmos Energy Ltd. (KOS) reported an operating income of $-270.9M, resulting in an operating profit margin of -20.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Kosmos Energy Ltd. (KOS) generated $-191.4M in gross profit for the year, representing a gross profit margin of -14.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage and deepwater execution
Metrics are mathematically derived from official filings.
Volatile Revenue Masks Underlying Stagnation
Based on reported quarterly figures, KOS revenue swung from $290.1M in Q1 2025 to $607.3M in Q2 2026, with the latest quarter at $410.1M, indicating lumpy cargo-driven recognition rather than a steady growth curve.
The revenue pattern appears driven by the timing of oil cargo liftings rather than continuous production, which makes single-quarter growth rates unreliable as a signal of durability. Year-over-year comparisons show mixed direction, suggesting the top line has not established a clear accelerating trend. Investors should monitor whether Jubilee uptime and GTA schedule progress translate into sustained revenue levels across multiple quarters.
Gross Margin Collapse Points to Impairments
Reported gross margins ranged from -51.0% in Q4 2025 to 70.5% in Q2 2026, a spread that appears too wide to reflect operating economics alone and may indicate non-cash impairments or derivative losses.
Deepwater lifting costs are typically low per barrel, so the sharp negative margin quarters are more consistent with accounting charges than with a structural shift in cost per barrel. The Q2 2026 rebound to a 70.5% gross margin also looks unusually high and may reflect favorable pricing or hedge timing. Margin volatility of this magnitude suggests the headline figures require normalization before they can be used for trend analysis.
Operating Income Fails to Scale Consistently
Operating margin moved from 44.9% in Q2 2026 to 42.2% in Q3 2026 and was negative in Q4 2025 at -57.0%, showing that operating income has not scaled reliably with revenue.
Because R&D is reported as zero, the operating line appears to carry exploration and DD&A costs that are not separated in this dataset, limiting precise overhead analysis. SG&A remains small relative to revenue, at roughly $18M to $28M per quarter in most periods, which suggests overhead is not the main driver of margin swings. The dominant swing factors appear to be impairments and cost-of-revenue charges rather than operating efficiency.
Headline EPS Beat Lacks Earnings Durability
Based on EDBL-style reported figures for KOS, the Q2 2026 EPS of $0.31 coexists with a Q1 2026 loss of -$0.45 and a Q3 2026 loss of -$0.07, so the quarterly beat does not establish a durable earnings trend.
Net income has swung between roughly +$185M and -$377M over the period, dominated by non-operating and non-cash items that are not fully visible in the supplied data. Stock-based compensation of $4M to $10M per quarter is modest and does not explain the magnitude of the swings. Investors should treat the Q2 beat as potentially one-off until the drivers of the net income variance are identified.
Negative Trailing Margins Challenge the Recovery Narrative
As reflected in the reported figures, KOS posted an ROE of -80.9% and Debt/Equity of 5.80, which together suggest the balance sheet remains a constraint regardless of the recent quarterly improvement.
Bears would argue that the Q2 2026 EPS beat is a single-quarter event that cannot offset several quarters of losses and deeply negative trailing margins. The extreme leverage level raises the possibility of equity dilution or refinancing pressure if Brent or WTI weakens, although this remains an analytical inference rather than a disclosed outcome. Investors should monitor whether reported cash flow confirms the claimed debt reduction before accepting the deleveraging narrative.