Revenue growth has faced cyclical headwinds, evidenced by a 33.2% year-over-year decline to $671.6 million in 2026Q1, while extreme margin volatility suggests underlying profitability is currently obscured.
| 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 |
|---|
| Sales/Revenue | 3.36B | 3.66B | 3.48B | 2.82B | 3.06B | 1.66B | 855.2M | 1.03B | 899.6M | 544.28M | 264.42M | 316.17M | 431.04M | 260.89M | 165.16M | 67M | 34.04M | 19.04M |
| Revenue Growth % | -9.17% | 5.1% | 23.47% | -7.86% | 83.89% | 94.46% | -16.8% | 14.26% | 65.28% | 105.84% | -16.37% | -26.65% | 65.22% | 57.97% | 146.5% | 96.82% | 78.8% | - |
| Cost of Goods Sold | -66.01M | 2.06B | 1.94B | 1.48B | 1.18B | 771.44M | 634.36M | 666.31M | 465.49M | 316.13M | 226.69M | 272.57M | 219.26M | 158.09M | 120.31M | 6.28M | 1.98M | 1.08M |
| COGS % of Revenue | - | 56.26% | 55.67% | 52.64% | 38.59% | 46.39% | 74.18% | 64.82% | 51.74% | 58.08% | 85.73% | 86.21% | 50.87% | 60.6% | 72.85% | 9.37% | 5.82% | 5.66% |
| Gross Profit | 3.43B | 1.6B | 1.54B | 1.33B | 1.88B | 891.54M | 220.84M | 361.6M | 434.11M | 228.15M | 37.74M | 43.59M | 211.77M | 102.8M | 44.85M | 60.72M | 32.06M | 17.96M |
| Gross Margin % | 102% | 43.74% | 44.33% | 47.36% | 61.41% | 53.61% | 25.82% | 35.18% | 48.26% | 41.92% | 14.27% | 13.79% | 49.13% | 39.4% | 27.15% | 90.63% | 94.18% | 94.34% |
| Gross Profit Growth % | - | 3.72% | 15.56% | -28.94% | 110.64% | 303.7% | -38.93% | -16.7% | 90.28% | 504.57% | -13.44% | -79.41% | 106% | 129.23% | -26.15% | 89.4% | 78.49% | - |
| Operating Expenses | 2.13B | 412.7M | 107.46M | 125.15M | 118.65M | 98.46M | 742.34M | 126.12M | 70.84M | 67.31M | 56.27M | 50.84M | 32.66M | 21.13M | 14.8M | 52.6M | 30.74M | 22.72M |
| OpEx % of Revenue | - | 11.29% | 3.09% | 4.44% | 3.88% | 5.92% | 86.8% | 12.27% | 7.87% | 12.37% | 21.28% | 16.08% | 7.58% | 8.1% | 8.96% | 78.51% | 90.29% | 119.34% |
| Selling, General & Admin | 142.36M | 137.07M | 127.45M | 110.37M | 116.23M | 96.4M | 62.58M | 80.05M | 69.31M | 66.02M | 55.09M | 50.1M | 32.15M | 20.78M | 14.54M | 13.39M | 9.7M | 7.12M |
| SG&A % of Revenue | - | 3.75% | 3.66% | 3.92% | 3.8% | 5.8% | 7.32% | 7.79% | 7.7% | 12.13% | 20.83% | 15.85% | 7.46% | 7.96% | 8.81% | 19.99% | 28.5% | 37.37% |
| Research & Development | 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 | 275.63M | -20M | 14.78M | 2.42M | 2.07M | 679.76M | 46.07M | 1.55M | 3.55M | -4K | 734K | 504K | 348K | 256K | 52.6M | 30.74M | 22.72M |
| Operating Income | 1.15B | 1.19B | 1.43B | 1.21B | 1.76B | 793.08M | -521.5M | 235.48M | 363.27M | 160.84M | -177.17M | -808.41M | 179.12M | 60.45M | -33.43M | -15.31M | 9.76M | -24.75M |
| Operating Margin % | 34.35% | 32.46% | 41.24% | 42.92% | 57.53% | 47.69% | -60.98% | 22.91% | 40.38% | 29.55% | -67% | -255.69% | 41.56% | 23.17% | -20.24% | -22.85% | 28.67% | -130.01% |
| Operating Income Growth % | - | -17.28% | 18.64% | -31.26% | 121.83% | 252.08% | -321.46% | -35.18% | 125.86% | 190.78% | 78.08% | -551.33% | 196.33% | 280.82% | -118.37% | -256.84% | 139.43% | - |
| EBITDA | 2.36B | 2.39B | 2.41B | 1.93B | 2.23B | 1.14B | -159.67M | 586.02M | 629.94M | 339.63M | -53.94M | -629.56M | 313.86M | 158.84M | 47.03M | 16.45M | 25.36M | -14.01M |
| EBITDA Margin % | 70.36% | 65.36% | 69.24% | 68.36% | 72.86% | 68.55% | -18.67% | 57.01% | 70.02% | 62.4% | -20.4% | -199.12% | 72.81% | 60.88% | 28.47% | 24.55% | 74.49% | -73.58% |
| EBITDA Growth % | -7.23% | -0.79% | 25.08% | -13.56% | 95.43% | 814.01% | -127.25% | -6.97% | 85.48% | 729.68% | 91.43% | -300.59% | 97.59% | 237.77% | 185.95% | -35.15% | 281% | - |
| D&A (Non-Cash Add-back) | 1.21B | 1.2B | 974.3M | 716.69M | 468.77M | 346.97M | 361.83M | 350.54M | 266.67M | 178.79M | 123.23M | 178.85M | 134.74M | 98.39M | 80.45M | 31.75M | 15.6M | 10.74M |
| EBIT | 1.16B | 1.24B | 1.44B | 1.22B | 1.75B | 790.03M | -522.47M | 232.39M | 333.4M | 164.41M | -69.89M | -805.14M | 180.33M | 60.48M | -33.69M | -15.15M | 9.9M | -24.35M |
| Net Interest Income | -210.56M | -208.52M | -171.69M | -121.52M | -67.16M | -74.69M | -76.69M | -73.87M | -41.33M | -34.56M | -28.2M | -21.75M | -3.99M | -5.46M | -778K | -368K | 361K | 781.07K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 225K | 224K | 314.14K | 364.34K | 781.07K |
| Interest Expense | 210.56M | 208.52M | 171.69M | 121.52M | 67.16M | 74.69M | 76.69M | 73.87M | 41.33M | 34.56M | 28.2M | 21.75M | 5.33M | 5.69M | 1M | 682.75K | 3.23K | 0 |
| Other Income/Expense | -149.12M | -153.34M | -170.99M | -112.94M | -73.6M | -77.73M | -77.66M | -76.97M | -71.2M | -30.99M | 79.07M | -20.23M | -3.99M | -5.65M | -1.26M | -522.42K | 8.58M | 401.76K |
| Pretax Income | 671.77M | 1.03B | 1.26B | 1.1B | 1.69B | 715.35M | -599.16M | 158.51M | 292.07M | 129.85M | -98.09M | -826.89M | 175.13M | 54.79M | -34.69M | -15.83M | 9.9M | -24.35M |
| Pretax Margin % | 19.99% | 28.26% | 36.32% | 38.91% | 55.12% | 43.02% | -70.06% | 15.42% | 32.47% | 23.86% | -37.1% | -261.53% | 40.63% | 21% | -21% | -23.63% | 29.08% | -127.9% |
| Income Tax | 89.07M | 172.68M | 292.36M | 186.03M | 399.36M | 74.71M | -45.6M | 35.53M | -7.69M | -8.16M | -1.04M | -147.37M | 64.38M | 9.7M | -1.43M | -5.52M | 3.52M | -9.93M |
| Effective Tax Rate % | 13.26% | 16.71% | 23.14% | 16.97% | 23.69% | 10.44% | 7.61% | 22.42% | -2.63% | -6.28% | 1.06% | 17.82% | 36.76% | 17.7% | 4.12% | 34.88% | 35.57% | 40.76% |
| Net Income | 483.26M | 759.22M | 885.32M | 846.07M | 1.21B | 584.97M | -593.21M | 87.78M | 274.21M | 125.87M | -97.42M | -679.78M | 110.77M | 45.09M | -33.26M | -10.31M | 6.38M | -14.43M |
| Net Margin % | 14.38% | 20.76% | 25.45% | 30.03% | 39.71% | 35.18% | -69.36% | 8.54% | 30.48% | 23.13% | -36.84% | -215.01% | 25.7% | 17.28% | -20.14% | -15.39% | 18.73% | -75.77% |
| Net Income Growth % | -48.13% | -14.24% | 4.64% | -30.32% | 107.57% | 198.61% | -775.81% | -67.99% | 117.85% | 229.2% | 85.67% | -713.68% | 145.64% | 235.58% | -222.64% | -261.66% | 144.21% | - |
| Net Income (Continuing) | 582.7M | 860.77M | 971.34M | 910.36M | 1.29B | 640.64M | -553.56M | 122.98M | 299.76M | 138.01M | -97.06M | -679.52M | 110.75M | 45.09M | -33.26M | -10.31M | 6.38M | -14.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 328.19M | 338.51M | 368.28M | 216.83M | 206.29M | 220.18M | 226.5M | 135.8M | 90.78M | 100.99M | 1.32M | 956K | 133K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.91 | 6.09 | 7.14 | 7.05 | 10.11 | 4.91 | -4.77 | 1.05 | 2.41 | 1.23 | -1.07 | -8.34 | 1.56 | 0.77 | -0.62 | -0.22 | 0.15 | -0.36 |
| EPS Growth % | -47.79% | -14.71% | 1.28% | -30.27% | 105.91% | 202.94% | -554.29% | -56.43% | 95.94% | 214.95% | 87.17% | -634.62% | 102.6% | 224.19% | -181.82% | -246.67% | 141.67% | - |
| EPS (Basic) | - | 6.10 | 7.16 | 7.10 | 10.28 | 5.00 | -4.77 | 1.06 | 2.41 | 1.23 | -1.07 | -8.34 | 1.58 | 0.77 | -0.62 | -0.22 | 0.15 | -0.36 |
| Diluted Shares Outstanding | 123.48M | 124.59M | 124.08M | 119.98M | 120.13M | 119.16M | 116.07M | 117.06M | 113.69M | 102.54M | 91.27M | 81.54M | 70.91M | 58.93M | 53.96M | 46.42M | 42.51M | 40.12M |
| Basic Shares Outstanding | 123.48M | 124.56M | 123.57M | 119.14M | 118.12M | 117M | 116.07M | 116.56M | 113.58M | 102.03M | 91.05M | 81.51M | 70.23M | 58.78M | 53.96M | 46.38M | 42.51M | 40.12M |
| Dividend Payout Ratio | - | 21.48% | 11.85% | 9.12% | 2.9% | 2.49% | - | - | - | - | - | - | - | - | - | - | 4.31% | - |
Commodity price volatility exposure
As reported in recent financial statements, Matador Resources experienced a significant revenue contraction, with top-line figures falling to $671.6 million in 2026Q1, representing a sharp 33.2% year-over-year decline that highlights the company's sensitivity to prevailing energy market conditions and fluctuating production volumes in the Delaware Basin.
The deceleration in revenue growth appears to be driven by a combination of lower realized commodity prices and the inherent volatility of the E&P sector. Investors should monitor whether the recent integration of large-scale acquisitions can provide enough operational density to offset these cyclical pressures in future quarters.
Based on the provided income statement data, Matador's gross margin profile has exhibited extreme variance, swinging from a nominal 2.6% in 2025Q4 to 84.0% in 2026Q1, suggesting that non-recurring accounting adjustments or significant cost fluctuations are currently masking the underlying profitability of the company's core production assets.
While the 84% gross margin in the most recent quarter appears impressive, it likely reflects temporary accounting anomalies rather than a permanent shift in pricing power. The structural integration of midstream assets should theoretically provide a floor for margins, yet the current data suggests that external market factors continue to dominate the bottom line.
According to the company's reported figures, Matador swung to a net loss of $35.9 million in 2026Q1, a stark reversal from the $254.5 million profit recorded in 2023Q4, indicating that the quality of earnings is currently being pressured by both operational costs and non-operating items.
The transition to negative net income warrants further investigation into whether this is a result of successful efforts accounting for dry holes or broader cost inflation. The volatility in EPS, which dropped to -$0.29 in the most recent period, suggests that shareholders should remain cautious regarding the sustainability of earnings during periods of commodity price weakness.
As indicated by the income statement, SG&A expenses have remained relatively contained, fluctuating between $27.9 million and $41.1 million over the last ten quarters, which suggests that management is maintaining strict control over overhead costs even as the company integrates significant new acreage and infrastructure assets.
The ability to keep SG&A growth decoupled from revenue volatility is a positive indicator of management's expense discipline. However, the primary risk remains the potential for rising lease operating expenses as the company expands into more geologically complex areas of the Delaware Basin.
Quick answers to the most common questions about buying MTDR stock.
For fiscal year 2025, Matador Resources Company (MTDR) reported total revenue of $3.66B. This represents a 19105.9% increase compared to $19.0M in 2009.
Matador Resources Company (MTDR) is profitable, generating $759.2M in net income for the fiscal year ending 2025 with a net profit margin of 20.8%.
Matador Resources Company (MTDR) reported an operating income of $1.19B, resulting in an operating profit margin of 32.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Matador Resources Company (MTDR) generated $1.60B in gross profit for the year, representing a gross profit margin of 43.7%. This demonstrates the company's core pricing power and production efficiency.