Operational profitability remains under pressure, evidenced by a 2025Q4 operating margin of -57.0% and a net loss of $225.6 million in 2026Q1.
| 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 | 1.37B | 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 % | -11.27% | -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 | 991.12M | 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 | 10.14M | -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 % | 0.74% | -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 | 136.59M | 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 | 132.52M | 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 | 1000K | 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 | -98.74M | -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 % | -7.2% | -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 | 227.41M | 322.91M | 936.66M | 1.17B | 1.61B | 833.33M | 180.73M | 1.39B | 253.64M | 167.76M | -113.85M | 58.67M | 537.55M | 376.74M | 324.09M | 312.36M | -236.18M |
| EBITDA Margin % | 16.57% | 24.88% | 55.91% | 68.97% | 71.91% | 62.56% | 22.48% | 92.97% | 28.61% | 29.02% | -36.68% | 13.13% | 62.81% | 44.26% | 48.52% | 46.78% | -4622.8% |
| EBITDA Growth % | -69.05% | -65.53% | -20.19% | -27.32% | 93.76% | 361.08% | -87.03% | 449.57% | 51.19% | 247.34% | -294.05% | -89.09% | 42.69% | 16.25% | 3.75% | 232.26% | - |
| D&A (Non-Cash Add-back) | 567.24M | 593.84M | 465.48M | 454.85M | 508.66M | 477.8M | 495.21M | 563.86M | 329.83M | 255.2M | 140.4M | 166.29M | 208.63M | 233.6M | 194.69M | 156.66M | 31.25M |
| EBIT | -230.36M | -270.93M | 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 | -152.11M | -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 | 14.88M | 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 | 166.99M | 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 | -441.81M | -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 | -781.64M | -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 % | -56.96% | -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 | 33.12M | 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 % | -4.24% | -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 | -814.75M | -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 % | -59.38% | -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 % | -6448.94% | -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) | -814.75M | -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) | -1.61 | -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 % | -5500% | -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 | 506.2M | 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 | 506.2M | 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% | - | - | - | - | - | - | - | - | - | - | - | - |
Operational Execution and Liquidity
As reported in recent financial filings, Kosmos Energy experienced a 27.8% revenue increase in 2026Q1, yet this follows a sustained period of year-over-year contraction, highlighting the inherent lumpiness of cargo-based revenue recognition and the company's ongoing struggle to maintain consistent production plateaus across its core geographic segments.
The revenue trajectory appears highly sensitive to the timing of oil cargo liftings rather than steady-state production, which complicates the assessment of organic growth durability. Investors should monitor whether the transition toward LNG production can eventually smooth these cyclical revenue swings and provide a more predictable top-line profile.
Based on the company's reported figures, gross margins have deteriorated significantly, reaching a negative 51.0% in 2025Q4, which suggests that non-cash impairments or realized derivative losses are currently overwhelming the core operational profitability typically expected from deepwater exploration and production assets in the Gulf of Mexico.
The collapse in gross margins indicates that the company's cost structure is currently disconnected from its revenue generation, likely exacerbated by high fixed costs and potential asset write-downs. This trend warrants further investigation into whether these margin pressures are transitory accounting anomalies or indicative of a permanent increase in the cost of production.
According to the income statement data, operating income has failed to scale with revenue, frequently dipping into negative territory as seen in the 2025Q4 operating margin of -57.0%, which implies that the company lacks the necessary operational efficiency to absorb its current overhead and exploration-related expense burdens.
The inability to maintain positive operating margins suggests that the company's SG&A and exploration expenses are disproportionately high relative to its current production output. This lack of operating leverage may indicate that the firm is currently over-extended in its capital-intensive development projects, leaving little room for error in a volatile commodity price environment.
As evidenced by the net loss of $225.6 million in 2026Q1, the quality of reported earnings remains poor, heavily influenced by non-operating items and the immediate expensing of exploration dry-hole costs under the successful efforts accounting method, which obscures the underlying cash-generating capability of the firm's producing assets.
The persistent net losses suggest that the company's accounting choices, while standard for the industry, create significant noise that masks the true economic performance of its assets. Investors should focus on EBITDAX to normalize these impacts, as the current net income figures appear to be heavily distorted by non-cash charges and hedging volatility.
Based on the provided financial statements, the company's reliance on debt to fund the Greater Tortue Ahmeyim project, combined with recent negative operating margins, suggests a precarious financial position that may force management to reconsider its capital allocation priorities if production milestones continue to face significant schedule slippages.
Short-sellers would likely focus on the company's inability to generate consistent free cash flow while simultaneously managing a high debt load and ongoing project delays. The risk of further margin compression remains high, particularly if fiscal pressures in Ghana increase or if the company is forced to raise additional capital under unfavorable market conditions.
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.