Revenue growth has accelerated sharply to 48.0% year-over-year in 2026Q2, while operating margin expanded to 50.8%, though this follows a period of extreme gross margin volatility ranging from 30.6% to 73.6%.
SandRidge Energy, Inc. (SD) annual income statement — 21-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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 180.12M | 156.36M | 125.29M | 148.64M | 254.26M | 168.88M | 114.98M | 266.85M | 349.39M | 357.3M | 768.71M | 768.71M | 1.56B | 1.98B | 2.73B | 1.42B | 931.74M | 591.04M | 1.18B | 677.45M | 388.24M | 287.69M |
| Revenue Growth % | 23.23% | 24.8% | -15.71% | -41.54% | 50.55% | 46.88% | -56.91% | -23.63% | -2.21% | -53.52% | 0% | -50.68% | -21.41% | -27.37% | 92.97% | 51.89% | 57.64% | -49.99% | 74.45% | 74.49% | 34.95% | - |
| Cost of Goods Sold | 73.98M | 88.91M | 79.27M | 74.91M | 75.05M | 61.36M | 111.15M | 268.89M | 251.44M | 248.26M | 695.91M | 742.65M | 977.81M | 1.31B | 2.06B | 500.61M | 379.55M | 251.98M | 215.78M | 244.66M | 138.24M | 71.47M |
| COGS % of Revenue | - | 56.86% | 63.27% | 50.39% | 29.52% | 36.33% | 96.67% | 100.77% | 71.96% | 69.48% | 90.53% | 96.61% | 62.73% | 66.18% | 75.34% | 35.37% | 40.74% | 42.63% | 18.26% | 36.11% | 35.61% | 24.84% |
| Gross Profit | 106.13M | 67.45M | 46.02M | 73.73M | 179.21M | 107.52M | 3.83M | -2.04M | 97.96M | 109.04M | 72.8M | 26.06M | 580.95M | 670.69M | 673.55M | 914.61M | 552.19M | 339.06M | 966.03M | 432.8M | 250M | 216.22M |
| Gross Margin % | 58.92% | 43.14% | 36.73% | 49.61% | 70.48% | 63.67% | 3.33% | -0.77% | 28.04% | 30.52% | 9.47% | 3.39% | 37.27% | 33.82% | 24.66% | 64.63% | 59.26% | 57.37% | 81.74% | 63.89% | 64.39% | 75.16% |
| Gross Profit Growth % | - | 46.57% | -37.59% | -58.86% | 66.67% | 2710.25% | 287.09% | -102.09% | -10.16% | 49.79% | 179.34% | -95.51% | -13.38% | -0.42% | -26.36% | 65.63% | 62.86% | -64.9% | 123.21% | 73.12% | 15.63% | - |
| Operating Expenses | 29.95M | 13.2M | 12.79M | 9.56M | 3.76M | -6.57M | 277.33M | 444.72M | 54.35M | 76.5M | 190.42M | 154.64M | 131.96M | 367.2M | 270.68M | 484.81M | 558.97M | 236.94M | 436.68M | 245.94M | 213.02M | 182.16M |
| OpEx % of Revenue | - | 8.44% | 10.21% | 6.43% | 1.48% | -3.89% | 241.21% | 166.66% | 15.56% | 21.41% | 24.77% | 20.12% | 8.47% | 18.51% | 9.91% | 34.26% | 59.99% | 40.09% | 36.95% | 36.3% | 54.87% | 63.32% |
| Selling, General & Admin | 13.08M | 13.2M | 11.7M | 10.73M | 9.45M | 9.68M | 15.33M | 32.06M | 55.35M | 76.02M | 137.72M | 132.72M | 113.99M | 207.92M | 241.68M | 148.64M | 179.56M | 100.26M | 109.37M | 61.78M | 170.71M | 153.28M |
| SG&A % of Revenue | - | 8.44% | 9.33% | 7.22% | 3.72% | 5.73% | 13.33% | 12.01% | 15.84% | 21.28% | 17.92% | 17.26% | 7.31% | 10.48% | 8.85% | 10.5% | 19.27% | 16.96% | 9.25% | 9.12% | 43.97% | 53.28% |
| Research & Development | 0 | 0 | 0 | 0 | 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 | 2.01M | 0 | 1.1M | -1.18M | -5.69M | -16.24M | 262.01M | 412.66M | 2.87M | 0 | 2.04M | 2.04M | 3.49M | 12.45M | 4.74M | 380.24M | 326.11M | 105.78M | 140.65M | 184.16M | 42.31M | 28.89M |
| Operating Income | 76.19M | 54.25M | 33.23M | 64.18M | 175.45M | 114.09M | -273.51M | -446.77M | -10.38M | 39.63M | -4.64B | -4.64B | 590.22M | -169M | 325.2M | 429.01M | -6.79M | -1.61B | -1.34B | 186.86M | 36.98M | 34.05M |
| Operating Margin % | 42.3% | 34.69% | 26.52% | 43.18% | 69.01% | 67.55% | -237.88% | -167.43% | -2.97% | 11.09% | -603.96% | -603.96% | 37.87% | -8.52% | 11.91% | 30.31% | -0.73% | -271.56% | -113.23% | 27.58% | 9.53% | 11.84% |
| Operating Income Growth % | - | 63.27% | -48.23% | -63.42% | 53.79% | 141.71% | 38.78% | -4206.19% | -126.18% | 100.85% | 0% | -886.6% | 449.24% | -151.97% | -24.2% | 6422.03% | 99.58% | -19.94% | -816.13% | 405.28% | 8.6% | - |
| EBITDA | 122.7M | 97.12M | 65.7M | 86.35M | 193.34M | 129.53M | -215.42M | -288.21M | 128.89M | 171.52M | -4.49B | -4.28B | 1.08B | 460.87M | 954.03M | 809.26M | 319.32M | -1.37B | -976.78M | 429.97M | 92.61M | 58.26M |
| EBITDA Margin % | 68.12% | 62.11% | 52.44% | 58.1% | 76.04% | 76.7% | -187.36% | -108.01% | 36.89% | 48% | -584.15% | -556.18% | 69.55% | 23.24% | 34.93% | 57.18% | 34.27% | -231.74% | -82.65% | 63.47% | 23.85% | 20.25% |
| EBITDA Growth % | 36.42% | 47.81% | -23.91% | -55.33% | 49.26% | 160.13% | 25.25% | -323.61% | -24.85% | 103.82% | -5.03% | -494.35% | 135.24% | -51.69% | 17.89% | 153.43% | 123.31% | -40.22% | -327.18% | 364.29% | 58.96% | - |
| D&A (Non-Cash Add-back) | 46.51M | 42.87M | 32.48M | 22.18M | 17.88M | 15.45M | 58.09M | 158.56M | 139.26M | 131.89M | 152.28M | 367.3M | 493.93M | 629.87M | 628.83M | 380.24M | 326.11M | 235.36M | 361.37M | 243.11M | 55.63M | 24.21M |
| EBIT | 86.04M | 65.13M | 40.88M | 74.92M | 169.86M | 98.23M | -276.25M | -446.33M | -6.42M | 43.1M | -4.03B | -4.02B | 584.36M | -238.57M | 421.98M | 390.98M | -33.93M | -1.6B | -1.33B | 186.86M | 36.98M | 34.05M |
| Net Interest Income | 633K | 3.69M | 7.74M | 10.55M | 1.81M | -230K | -1.73M | -2.97M | -2.79M | -3.87M | -303.94M | -303.94M | -244.11M | -270.22M | -302.16M | -234.16M | -230.9M | -185.32M | -143.46M | -111.76M | -15.79M | -5.07M |
| Interest Income | 1.55M | 4.15M | 7.88M | 10.66M | 2.03M | 3K | 19K | 91K | 361K | 1.02M | 1.08M | 1.08M | 0 | 0 | 1.19M | 240K | 296K | 375K | 3.57M | 5.42M | 1.11M | 206K |
| Interest Expense | 916K | 462K | 131K | 104K | 216K | 233K | 1.75M | 3.06M | 3.15M | 4.89M | 290M | 305.02M | 244.11M | 270.23M | 303.35M | 237.57M | 247.74M | 185.69M | 147.03M | 117.19M | 16.9M | 5.28M |
| Other Income/Expense | 1.24M | 10.42M | 7.53M | 10.64M | 2.19M | 2.65M | -4.49M | -2.54M | 1.23M | -1.32M | 321.75M | 321.75M | -240.62M | -339.79M | -178.99M | -272.44M | -244.88M | -177.02M | -140.61M | -107.11M | -15.12M | -6.19M |
| Pretax Income | 77.42M | 64.67M | 40.75M | 74.82M | 177.64M | 116.74M | -278M | -449.31M | -9.15M | 38.31M | -4.32B | -4.32B | 349.61M | -508.8M | 146.21M | 156.57M | -251.67M | -1.78B | -1.48B | 79.75M | 21.86M | 27.86M |
| Pretax Margin % | 42.99% | 41.36% | 32.53% | 50.33% | 69.87% | 69.12% | -241.79% | -168.38% | -2.62% | 10.72% | -562.1% | -562.1% | 22.43% | -25.65% | 5.35% | 11.06% | -27.01% | -301.51% | -125.2% | 11.77% | 5.63% | 9.68% |
| Income Tax | -5.54M | -5.54M | -22.23M | 13.96M | -64.53M | 0 | -646K | 0 | -71K | -8.75M | 123K | 123K | -2.29M | 5.68M | -100.36M | -5.82M | -446.68M | -8.72M | -38.33M | 29.52M | 6.24M | 9.97M |
| Effective Tax Rate % | -7.15% | -8.56% | -54.55% | 18.66% | -36.33% | 0% | 0.23% | 0% | 0.78% | -22.84% | -0% | -0% | -0.66% | -1.12% | -68.64% | -3.72% | 177.49% | 0.49% | 2.59% | 37.02% | 28.53% | 35.78% |
| Net Income | 82.96M | 70.2M | 62.99M | 60.86M | 242.17M | 116.74M | -277.35M | -449.31M | -9.07M | 47.06M | -3.7B | -3.7B | 253.28M | -553.89M | 141.57M | 108.06M | 190.56M | -1.78B | -1.44B | 50.22M | 15.62M | 18.12M |
| Net Margin % | 46.06% | 44.9% | 50.27% | 40.94% | 95.25% | 69.12% | -241.23% | -168.38% | -2.6% | 13.17% | -481.01% | -481.01% | 16.25% | -27.93% | 5.18% | 7.64% | 20.45% | -300.42% | -121.95% | 7.41% | 4.02% | 6.3% |
| Net Income Growth % | 9.63% | 11.46% | 3.5% | -74.87% | 107.45% | 142.09% | 38.27% | -4851.02% | -119.28% | 101.27% | 0% | -1559.84% | 145.73% | -491.24% | 31.01% | -43.29% | 110.73% | -23.2% | -2969.88% | 221.5% | -13.8% | - |
| Net Income (Continuing) | 82.96M | 70.2M | 62.99M | 60.86M | 242.17M | 116.74M | -277.35M | -449.31M | -9.07M | 47.06M | -4.32B | -4.32B | 351.9M | -514.48M | 246.57M | 162.39M | 195.01M | -1.77B | -1.44B | 50.22M | 15.62M | 17.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 510.18M | 1.27B | 1.35B | 1.49B | 922.94M | 11.29M | 10.05M | 30K | 4.67M | 5.09M | 8.18M |
| EPS (Diluted) | 2.24 | 1.90 | 1.69 | 1.64 | 6.52 | 3.13 | -7.77 | -12.78 | -0.26 | 1.44 | -7.08 | -7.08 | 0.51 | -1.15 | 0.31 | 0.27 | 0.60 | -10.15 | -9.26 | 0.46 | 0.21 | 0.32 |
| EPS Growth % | 9.8% | 12.43% | 3.05% | -74.85% | 108.31% | 140.28% | 39.2% | -4815.38% | -118.06% | 120.34% | 0% | -1488.24% | 144.35% | -470.97% | 14.81% | -55% | 105.91% | -9.61% | -2113.04% | 119.05% | -34.38% | - |
| EPS (Basic) | - | 1.91 | 1.70 | 1.65 | 6.59 | 3.21 | -7.77 | -12.78 | -0.26 | 1.45 | -7.08 | -7.09 | 0.53 | -1.15 | 0.31 | 0.27 | 0.65 | -10.15 | -9.26 | 0.46 | 0.21 | 0.32 |
| Diluted Shares Outstanding | 37.08M | 36.91M | 37.19M | 37.13M | 37.15M | 37.27M | 35.69M | 35.43M | 35.06M | 32.66M | 521.94M | 521.94M | 499.74M | 481.15M | 456.01M | 406.64M | 315.35M | 175M | 155.62M | 110.04M | 74.66M | 56.74M |
| Basic Shares Outstanding | 36.91M | 36.77M | 37.11M | 36.94M | 36.74M | 36.39M | 35.69M | 35.43M | 34.9M | 32.44M | 521.94M | 521.72M | 479.64M | 479.85M | 453.6M | 398.85M | 291.87M | 175M | 155.62M | 108.83M | 73.73M | 56.56M |
| Dividend Payout Ratio | - | 22.6% | 114.84% | 12.68% | - | - | - | - | - | - | - | - | - | - | 39.22% | - | - | - | - | - | - | 0.01% |
Quick answers to the most common questions about buying SD stock.
For fiscal year 2025, SandRidge Energy, Inc. (SD) reported total revenue of $156.4M. This represents a 45.7% decline compared to $287.7M in 2005.
SandRidge Energy, Inc. (SD) is profitable, generating $70.2M in net income for the fiscal year ending 2025 with a net profit margin of 44.9%.
SandRidge Energy, Inc. (SD) reported an operating income of $54.2M, resulting in an operating profit margin of 34.7%. This margin reflects the operational efficiency of the business before interest and taxes.
SandRidge Energy, Inc. (SD) generated $67.4M in gross profit for the year, representing a gross profit margin of 43.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Extreme margin volatility
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates Sharply
SandRidge Energy's revenue growth has accelerated dramatically, reaching 48.0% year-over-year in 2026Q2, a significant acceleration from the 16.8% growth in the prior quarter, suggesting a potential inflection in operational scale.
The company's revenue trajectory shows a clear acceleration, moving from negative growth in early 2024 to a robust 48.0% year-over-year increase in the most recent quarter. This acceleration appears driven by a combination of volume and potentially favorable pricing, as the company has moved from a period of contraction to one of significant expansion. The durability of this growth will be a key focus, as the prior quarters showed high volatility, including a -21.2% decline in 2024Q3.
Gross Margin Volatility Masks Underlying Strength
SandRidge's gross margin has exhibited extreme volatility, swinging from a low of 30.6% in 2024Q3 to a high of 73.6% in 2026Q2, indicating significant exposure to commodity price swings or operational variability.
The gross margin profile is highly cyclical and volatile, ranging from 30.6% to 73.6% over the past ten quarters. This volatility suggests the company's profitability is heavily tied to external factors like commodity prices rather than structural pricing power. The recent surge to 73.6% in 2026Q2 is a positive development, but its sustainability is questionable given the historical pattern of sharp swings, which warrants close monitoring of the underlying cost of goods sold.
Operating Leverage Amplifies Profitability
Operating income has scaled faster than gross profit, with operating margin expanding to 50.8% in 2026Q2 from 25.9% a year earlier, demonstrating strong operating leverage as overhead costs remain relatively fixed.
The company is demonstrating significant operating leverage, as operating income has grown at a faster pace than gross profit. This is evidenced by the operating margin expanding from 25.9% in 2024Q4 to 50.8% in 2026Q2. The primary driver appears to be disciplined control of SG&A expenses, which have remained relatively stable in absolute dollar terms despite the substantial revenue growth, allowing a greater portion of gross profit to flow to the bottom line.
Net Income Volatility from Non-Operating Items
Net income has shown significant volatility independent of operating performance, such as the 84.8% net margin in 2024Q3, suggesting material non-operating items or tax effects are distorting the underlying earnings trend.
The quality of reported net income is questionable due to periods where net margin significantly exceeds operating margin, as seen in 2024Q3 (84.8% vs. 28.3%). This discrepancy implies the presence of substantial non-operating income, tax benefits, or other one-time items that are not reflective of core operational performance. Investors should focus on operating income as a more reliable indicator of the company's fundamental earnings power.
SG&A Discipline Supports Margin Expansion
SG&A expenses have remained tightly controlled, averaging approximately $3.2M per quarter over the last ten periods, which has been a key enabler of the company's expanding operating margins.
Management has demonstrated strong expense discipline, with SG&A costs remaining relatively flat in absolute terms despite significant revenue fluctuations. This cost control has been a critical factor in the company's ability to translate top-line growth into operating profit. The stability of this cost base suggests an efficient overhead structure, though the lack of R&D investment may raise questions about long-term growth initiatives.
Margin Sustainability is the Key Risk
The primary analytical challenge is the extreme volatility in gross margins, which have swung by over 40 percentage points in the last two years, suggesting the current high profitability may be unsustainable.
A skeptical view would focus on the historical pattern of sharp margin compression following periods of high profitability. The gross margin has repeatedly reverted to the 30-45% range after spikes, and the current 73.6% level appears to be an outlier. This volatility implies that the company's earnings are highly sensitive to commodity price movements, and the recent strong performance may not be indicative of a new, sustainable baseline.