Revenue growth has shifted from triple-digit expansion in early 2024 to a 9.8% contraction in 2025Q4, while gross margins have simultaneously compressed from 52.9% to 26.8% due to rising production costs.
| 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 |
|---|
| Sales/Revenue | 3.69B | 5.07B | 5B | 3.12B | 2.13B | 1.03B | 580.46M | 944.33M | 891.04M | 429.9M | 98.83M | 90.46M | 131.82M | 70.77M | 60.26M |
| Revenue Growth % | -28.15% | 1.29% | 60.23% | 46.43% | 106.94% | 77.43% | -38.53% | 5.98% | 107.27% | 334.98% | 9.26% | -31.38% | 86.27% | 17.45% | - |
| Cost of Goods Sold | 2.48B | 3.41B | 2.65B | 1.47B | 714.46M | 481.44M | 539.14M | 663.05M | 467.4M | 237.22M | 99.19M | 116.99M | 91.57M | 23.35M | 26.86M |
| COGS % of Revenue | - | 67.28% | 52.9% | 47.12% | 33.52% | 46.75% | 92.88% | 70.21% | 52.46% | 55.18% | 100.36% | 129.33% | 69.46% | 32.99% | 44.57% |
| Gross Profit | 1.2B | 1.66B | 2.36B | 1.65B | 1.42B | 548.46M | 41.31M | 281.28M | 423.65M | 192.68M | -355K | -26.53M | 40.25M | 47.42M | 33.4M |
| Gross Margin % | 32.65% | 32.72% | 47.1% | 52.88% | 66.48% | 53.25% | 7.12% | 29.79% | 47.54% | 44.82% | -0.36% | -29.33% | 30.54% | 67.01% | 55.43% |
| Gross Profit Growth % | - | -29.64% | 42.72% | 16.48% | 158.33% | 1227.62% | -85.31% | -33.61% | 119.87% | 54375.77% | 98.66% | -165.91% | -15.12% | 41.98% | - |
| Operating Expenses | 436.43M | 186.47M | 610.75M | 553.75M | 409.27M | 177.84M | 821.43M | 201.85M | 140.46M | 78.6M | 213.41M | 29.32M | 60.69M | 42.22M | 526K |
| OpEx % of Revenue | - | 3.68% | 12.21% | 17.74% | 19.2% | 17.27% | 141.51% | 21.37% | 15.76% | 18.28% | 215.93% | 32.41% | 46.04% | 59.66% | 0.87% |
| Selling, General & Admin | 187.19M | 186.47M | 174.63M | 161.85M | 159.55M | 110.45M | 72.87M | 79.16M | 63.3M | 49.88M | 203.15M | 14.21M | 31.69M | 18M | 8.72M |
| SG&A % of Revenue | - | 3.68% | 3.49% | 5.19% | 7.49% | 10.72% | 12.55% | 8.38% | 7.1% | 11.6% | 205.54% | 15.7% | 24.04% | 25.44% | 14.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 436.12M | 391.9M | 249.72M | 67.38M | 748.56M | 122.69M | 77.15M | 28.72M | 10.27M | 15.11M | 29M | 0 | 0 |
| Operating Income | 1.43B | 1.47B | 1.74B | 1.1B | 1.01B | 370.62M | -780.12M | 79.43M | 283.19M | 114.08M | -213.77M | -55.85M | -20.44M | -11.67M | -2.08M |
| Operating Margin % | 38.72% | 29.04% | 34.89% | 35.13% | 47.27% | 35.99% | -134.4% | 8.41% | 31.78% | 26.54% | -216.29% | -61.74% | -15.5% | -16.5% | -3.46% |
| Operating Income Growth % | - | -15.7% | 59.1% | 8.83% | 171.85% | 147.51% | -1082.16% | -71.95% | 148.25% | 153.36% | -282.78% | -173.26% | -75.06% | -460.17% | - |
| EBITDA | 3.51B | 3.5B | 3.52B | 2.1B | 1.45B | 659.74M | -421.57M | 523.67M | 609.65M | 275.7M | -135.93M | 34.24M | 48.52M | 25.01M | 27.55M |
| EBITDA Margin % | 95.23% | 69.16% | 70.41% | 67.42% | 68.14% | 64.06% | -72.63% | 55.45% | 68.42% | 64.13% | -137.53% | 37.85% | 36.8% | 35.34% | 45.72% |
| EBITDA Growth % | -2.98% | -0.51% | 67.35% | 44.89% | 120.12% | 256.5% | -180.5% | -14.1% | 121.13% | 302.84% | -497% | -29.43% | 93.98% | -9.22% | - |
| D&A (Non-Cash Add-back) | 2.08B | 2.03B | 1.78B | 1.01B | 444.68M | 289.12M | 358.55M | 444.24M | 326.46M | 161.63M | 77.84M | 90.08M | 68.95M | 36.69M | 29.64M |
| EBIT | 1.1B | 1.67B | 1.84B | 1.2B | 965.78M | 200.03M | -701.13M | 78.2M | 298.53M | 119.21M | -222.17M | -32.63M | 21.79M | -11.67M | -2.08M |
| Net Interest Income | -142.2M | -283.06M | -304.76M | -177.21M | -95.64M | -61.29M | -69.19M | -55.99M | -26.36M | -5.73M | -6M | -6.27M | -2.48M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 513K | 1.08M |
| Interest Expense | 142.2M | 283.06M | 304.76M | 177.21M | 95.64M | 61.29M | 69.19M | 55.99M | 26.36M | 5.73M | 6M | 6.27M | 2.48M | 0 | 0 |
| Other Income/Expense | -68.68M | -87.6M | -193.68M | -60.86M | -137.4M | -231.87M | 9.8M | -57.22M | -11.01M | -591K | -14.35M | 16.95M | 39.75M | -4.8M | 34.93M |
| Pretax Income | 956.1M | 1.38B | 1.55B | 1.04B | 870.13M | 138.74M | -770.32M | 22.21M | 272.18M | 113.48M | -228.12M | -38.9M | 19.31M | 4.69M | 32.84M |
| Pretax Margin % | 25.92% | 27.31% | 31.01% | 33.18% | 40.83% | 13.47% | -132.71% | 2.35% | 30.55% | 26.4% | -230.81% | -43% | 14.65% | 6.63% | 54.51% |
| Income Tax | 170.36M | 284.18M | 300.34M | 155.94M | 120.29M | 569K | -85.12M | 5.8M | 59.44M | 29.93M | -406K | -572K | 1.52M | 1.08M | 563K |
| Effective Tax Rate % | 17.82% | 20.55% | 19.37% | 15.06% | 13.82% | 0.41% | 11.05% | 26.1% | 21.84% | 26.37% | 0.18% | 1.47% | 7.89% | 23% | 1.71% |
| Net Income | 649.5M | 935.17M | 984.7M | 476.31M | 515.04M | 138.18M | -682.84M | 15.8M | 199.9M | 75.57M | -226.81M | -38.33M | 17.79M | 3.62M | 32.28M |
| Net Margin % | 17.61% | 18.46% | 19.69% | 15.26% | 24.17% | 13.42% | -117.64% | 1.67% | 22.43% | 17.58% | -229.48% | -42.37% | 13.5% | 5.11% | 53.57% |
| Net Income Growth % | -44.37% | -5.03% | 106.74% | -7.52% | 272.74% | 120.24% | -4422.3% | -92.1% | 164.53% | 133.32% | -491.79% | -315.43% | 391.71% | -88.79% | - |
| Net Income (Continuing) | 751.99M | 1.1B | 1.25B | 879.7M | 749.84M | 138.18M | -685.2M | 16.41M | 212.74M | 83.56M | -227.71M | -38.33M | 17.79M | 3.61M | 32.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 1.26B | 1.38B | 2.89B | 2.72B | 0 | 0 | 12.58M | 143.69M | 169.75M | 197.79M | 0 | 0 | 688K | 0 |
| EPS (Diluted) | 0.78 | 1.28 | 1.45 | 1.24 | 1.61 | 0.46 | -2.46 | 0.06 | 0.75 | 0.32 | -3.55 | -2.96 | 0.61 | 0.13 | 1.11 |
| EPS Growth % | -46.83% | -11.72% | 16.94% | -22.98% | 250% | 118.7% | -4200% | -92% | 134.38% | 109.01% | -19.93% | -585.25% | 369.23% | -88.29% | - |
| EPS (Basic) | - | 1.31 | 1.54 | 1.36 | 1.80 | 0.49 | -2.46 | 0.06 | 0.76 | 0.32 | -3.55 | -2.96 | 0.61 | 0.13 | 1.11 |
| Diluted Shares Outstanding | 827.96M | 730.98M | 684.49M | 389.1M | 322.82M | 300.38M | 277.58M | 263.3M | 266.53M | 239.75M | 201.09M | 12.94M | 29.02M | 29.02M | 29.02M |
| Basic Shares Outstanding | 812.21M | 715.77M | 640.66M | 349.21M | 286.16M | 281.99M | 277.58M | 263.3M | 263.02M | 235.45M | 201.09M | 12.94M | 29.02M | 29.02M | 29.02M |
| Dividend Payout Ratio | - | 47.87% | 47.42% | 29.8% | 2.8% | - | - | - | - | - | - | - | 17.15% | - | - |
Commodity price volatility exposure
As reported in recent financial statements, Permian Resources experienced a significant revenue contraction of 9.8% in 2025Q4 compared to the prior year, signaling a shift from the rapid expansion observed in early 2024 when year-over-year growth rates frequently exceeded 100% due to aggressive asset integration.
The deceleration in top-line performance appears to reflect the transition from an acquisition-heavy growth phase to a more mature operational cycle. Investors should monitor whether this trend indicates a structural plateau in production volumes or merely the impact of lower realized commodity prices on the company's spot-market-dependent revenue model.
Based on the provided income statement data, gross margins have trended downward from a peak of 52.9% in 2023Q4 to 26.8% by 2025Q4, suggesting that rising production costs or unfavorable pricing dynamics are increasingly eroding the profitability of each barrel produced in the Delaware Basin.
This margin contraction warrants further investigation into whether the company is encountering higher-cost extraction environments or if service cost inflation is outpacing revenue gains. The decline in operating efficiency implies that the company's ability to maintain historical profitability levels may be compromised without a recovery in commodity pricing.
According to the quarterly income statement, net income has exhibited extreme volatility, swinging from $386.4M in 2024Q3 to $59.2M in 2025Q3, which suggests that non-operating items or hedging activities are significantly distorting the underlying quality of reported earnings for Permian Resources shareholders.
The inconsistency in net margins, which fluctuated between 4.5% and 31.8% over the last five quarters, indicates that investors should look past headline EPS to understand the cash-generating capacity of the core business. The reliance on non-cash adjustments appears to obscure the true operational performance of the company's assets.
Analysis of the company's cost structure reveals that SG&A expenses have remained relatively contained, hovering near $43M to $50M per quarter, even as the company integrated large-scale assets, suggesting that management has maintained a disciplined approach to corporate overhead during its recent expansion phase.
While SG&A remains stable, the significant rise in COGS relative to revenue suggests that the primary cost burden is operational rather than administrative. This cost structure implies that the company's profitability is highly sensitive to field-level efficiency and the ability to manage gathering and transportation expenses effectively.
Quick answers to the most common questions about buying PR stock.
For fiscal year 2025, Permian Resources Corporation (PR) reported total revenue of $5.07B. This represents a 8305.9% increase compared to $60.3M in 2012.
Permian Resources Corporation (PR) is profitable, generating $935.2M in net income for the fiscal year ending 2025 with a net profit margin of 18.5%.
Permian Resources Corporation (PR) reported an operating income of $1.47B, resulting in an operating profit margin of 29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Permian Resources Corporation (PR) generated $1.66B in gross profit for the year, representing a gross profit margin of 32.7%. This demonstrates the company's core pricing power and production efficiency.