Revenue contracted by 16.4% year-over-year in 2026Q1, while gross margins remain highly volatile, fluctuating from a low of 6.6% in 2025Q4 to 25.4% 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.81B | 1.76B | 2.07B | 2.2B | 3.72B | 2.23B | 1.25B | 1.53B | 1.68B | 1.1B | 882.79M | 939.59M | 1.42B | 1.27B | 1.08B | 1.03B | 727.8M | 639.75M | 1B | 707.33M | 618.07M | 529.94M | 354.52M | 315.57M | 287.54M | 274.9M | 234.65M | 108.4M | 55.7M | 53.7M | 9.3M |
| Revenue Growth % | -8.73% | -14.97% | -5.7% | -40.89% | 67.11% | 78.52% | -18.27% | -9.05% | 52.72% | 24.47% | -6.04% | -33.81% | 11.45% | 17.61% | 5% | 41.74% | 13.76% | -36.15% | 41.65% | 14.44% | 16.63% | 49.48% | 12.34% | 9.75% | 4.6% | 17.15% | 116.47% | 94.61% | 3.72% | 477.42% | 342.86% |
| Cost of Goods Sold | 1.16B | 1.47B | 954.03M | 1.08B | 1.13B | 904.9M | 814.87M | 512.52M | 761.22M | 566.16M | 582.29M | 524.68M | 533.69M | 390.32M | 348.03M | 242.16M | 254.8M | 256.18M | 274.37M | 239.96M | 199.21M | 169.99M | 65.78M | 53.49M | 42.98M | 33.21M | 25.2M | 20M | 19.3M | 14.1M | 1.5M |
| COGS % of Revenue | - | 83.51% | 45.99% | 49.16% | 30.31% | 40.64% | 65.33% | 33.58% | 45.36% | 51.52% | 65.96% | 55.84% | 37.59% | 30.64% | 32.13% | 23.47% | 35.01% | 40.04% | 27.38% | 33.92% | 32.23% | 32.08% | 18.55% | 16.95% | 14.95% | 12.08% | 10.74% | 18.45% | 34.65% | 26.26% | 16.13% |
| Gross Profit | 650.41M | 290.9M | 1.12B | 1.12B | 2.59B | 1.32B | 432.53M | 1.01B | 916.89M | 532.68M | 300.5M | 414.91M | 885.93M | 883.51M | 735.08M | 789.41M | 473M | 383.57M | 727.54M | 467.37M | 418.86M | 359.94M | 288.74M | 262.08M | 244.56M | 241.69M | 209.45M | 88.4M | 36.4M | 39.6M | 7.8M |
| Gross Margin % | 35.87% | 16.49% | 54.01% | 50.84% | 69.69% | 59.36% | 34.67% | 66.42% | 54.64% | 48.48% | 34.04% | 44.16% | 62.41% | 69.36% | 67.87% | 76.53% | 64.99% | 59.96% | 72.62% | 66.08% | 67.77% | 67.92% | 81.45% | 83.05% | 85.05% | 87.92% | 89.26% | 81.55% | 65.35% | 73.74% | 83.87% |
| Gross Profit Growth % | - | -74.03% | 0.18% | -56.88% | 96.17% | 205.63% | -57.33% | 10.56% | 72.13% | 77.26% | -27.57% | -53.17% | 0.27% | 20.19% | -6.88% | 66.89% | 23.31% | -47.28% | 55.67% | 11.58% | 16.37% | 24.66% | 10.17% | 7.16% | 1.19% | 15.39% | 136.94% | 142.86% | -8.08% | 407.69% | 387.5% |
| Operating Expenses | 284.68M | 123.52M | 870.82M | 803.9M | 728.17M | 628.17M | 432.53M | 123.21M | 552.79M | 428.64M | 408.54M | 420.32M | 428.11M | 359.29M | 316.47M | 341.85M | 342.57M | 245.67M | 322.24M | 244.11M | 202.48M | 149.34M | 108.69M | 108.09M | 104.98M | 61.08M | 38.41M | 25.4M | 18M | 10.7M | 2.5M |
| OpEx % of Revenue | - | 7% | 41.98% | 36.55% | 19.57% | 28.21% | 34.67% | 8.07% | 32.94% | 39.01% | 46.28% | 44.74% | 30.16% | 28.21% | 29.22% | 33.14% | 47.07% | 38.4% | 32.16% | 34.51% | 32.76% | 28.18% | 30.66% | 34.25% | 36.51% | 22.22% | 16.37% | 23.43% | 32.32% | 19.93% | 26.88% |
| Selling, General & Admin | 110.34M | 123.52M | 129.43M | 123.47M | 102.07M | 171.6M | 171.46M | 123.21M | 164.56M | 159.4M | 161.57M | 170.48M | 171.89M | 139.68M | 114.99M | 83.25M | 71.01M | 49.39M | 66.77M | 32.71M | 40.22M | 27.24M | 13.41M | 11.93M | 9.39M | 7.29M | 6.62M | 5.1M | 4.5M | 3.3M | 700K |
| SG&A % of Revenue | - | 7% | 6.24% | 5.61% | 2.74% | 7.71% | 13.75% | 8.07% | 9.81% | 14.51% | 18.3% | 18.14% | 12.11% | 10.97% | 10.62% | 8.07% | 9.76% | 7.72% | 6.66% | 4.62% | 6.51% | 5.14% | 3.78% | 3.78% | 3.27% | 2.65% | 2.82% | 4.7% | 8.08% | 6.15% | 7.53% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 1000K | 0 | 741.39M | 680.42M | 626.1M | 456.56M | 261.07M | 0 | 82K | 37K | 3.9M | 31.66M | -760K | -457K | -8.75M | -21.89M | 0 | 0 | -49.89M | 5.63M | -12.65M | -19.87M | -129.89M | 0 | 0 | -64.7M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 365.73M | 167.38M | 249.4M | 314.35M | 1.87B | 693.78M | 0 | 890.46M | 364.1M | 104.04M | -108.04M | -5.42M | 457.82M | 548.79M | 418.6M | 447.56M | 130.44M | 137.9M | 405.3M | 223.26M | 216.39M | 210.61M | 180.05M | 153.99M | 139.58M | 180.61M | 171.04M | 63M | 18.4M | 28.9M | 5.3M |
| Operating Margin % | 20.17% | 9.49% | 12.02% | 14.29% | 50.12% | 31.16% | - | 58.35% | 21.7% | 9.47% | -12.24% | -0.58% | 32.25% | 43.08% | 38.65% | 43.39% | 17.92% | 21.56% | 40.45% | 31.56% | 35.01% | 39.74% | 50.79% | 48.8% | 48.54% | 65.7% | 72.89% | 58.12% | 33.03% | 53.82% | 56.99% |
| Operating Income Growth % | - | -32.89% | -20.66% | -83.15% | 168.83% | - | -100% | 144.57% | 249.96% | 196.3% | -1894.42% | -101.18% | -16.58% | 31.1% | -6.47% | 243.13% | -5.41% | -65.98% | 81.53% | 3.18% | 2.75% | 16.97% | 16.93% | 10.32% | -22.71% | 5.59% | 171.49% | 242.39% | -36.33% | 445.28% | 657.14% |
| EBITDA | 1.15B | 935.84M | 932.64M | 1.03B | 2.44B | 1.27B | -1.22B | 1.6B | 1B | 622.7M | 444.75M | 453.34M | 883.52M | 871.18M | 714.55M | 684.27M | 401.99M | 386.63M | 660.77M | 434.66M | 378.64M | 337.42M | 285.04M | 249.98M | 235.03M | 234.54M | 202.84M | 83.3M | 31.9M | 36.3M | 7.1M |
| EBITDA Margin % | 63.68% | 53.06% | 44.96% | 46.69% | 65.63% | 56.83% | -97.95% | 104.72% | 59.85% | 56.67% | 50.38% | 48.25% | 62.24% | 68.39% | 65.97% | 66.33% | 55.23% | 60.43% | 65.95% | 61.45% | 61.26% | 63.67% | 80.4% | 79.21% | 81.74% | 85.32% | 86.44% | 76.84% | 57.27% | 67.6% | 76.34% |
| EBITDA Growth % | 21.73% | 0.34% | -9.19% | -57.95% | 92.99% | 203.57% | -176.45% | 59.13% | 61.29% | 40.01% | -1.9% | -48.69% | 1.42% | 21.92% | 4.42% | 70.22% | 3.97% | -41.49% | 52.02% | 14.79% | 12.22% | 18.38% | 14.03% | 6.36% | 0.21% | 15.63% | 143.5% | 161.13% | -12.12% | 411.27% | 446.15% |
| D&A (Non-Cash Add-back) | 788.95M | 768.46M | 683.24M | 712.62M | 577.13M | 571.69M | 580.46M | 707.84M | 640.27M | 518.65M | 552.78M | 458.76M | 425.69M | 322.39M | 295.94M | 236.71M | 271.56M | 248.73M | 255.47M | 211.4M | 162.25M | 126.82M | 104.99M | 95.99M | 95.45M | 53.93M | 31.8M | 20.3M | 13.5M | 7.4M | 1.8M |
| EBIT | 319.9M | 167.38M | 78.02M | -193.07M | 2.13B | 1.45B | -1.8B | 209.41M | 427.46M | 107.7M | -166.27M | -154.06M | 502.73M | 619.36M | 380.83M | 340.67M | 169.41M | 137.9M | 355.4M | 223.26M | 216.39M | 210.61M | 107.5M | 150.3M | 139.58M | 180.61M | 171.04M | 63.04M | 18.3M | 29M | 5.3M |
| Net Interest Income | -126.51M | -132.64M | -84.61M | -85.21M | -82.86M | -73.08M | -75.08M | -81.38M | -72.76M | -57.31M | -56.96M | -59.85M | -49.66M | -38.18M | -27.59M | -24.97M | -13.37M | -13.27M | -16.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 126.51M | 132.64M | 84.61M | 85.21M | 82.86M | 73.08M | 75.08M | 81.38M | 72.76M | 57.31M | 56.96M | 59.85M | 49.66M | 38.18M | 27.59M | 24.97M | 13.37M | 13.27M | 16.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -945.93M | -491.93M | -255.98M | -592.63M | 186.02M | 688.11M | -1.88B | -749.34M | -9.4M | 20.44M | -115.19M | -208.5M | -4.75M | -290M | -65.36M | -131.86M | 6.39M | 39.17M | -16.33M | -16.7M | -28.08M | -26.2M | -40.4M | -125.82M | -67.02M | -70.26M | -63.33M | -29.44M | -13.1M | -9.6M | -1.9M |
| Pretax Income | -580.2M | -324.55M | -6.59M | -278.28M | 2.05B | 1.38B | -1.88B | 141.13M | 354.7M | 124.48M | -223.23M | -213.91M | 453.07M | 581.18M | 353.24M | 315.7M | 136.82M | 124.63M | 339.07M | 206.56M | 188.31M | 184.41M | 47.07M | 38.31M | 72.57M | 110.34M | 107.71M | 33.6M | 5.2M | 19.3M | 3.4M |
| Pretax Margin % | -32% | -18.4% | -0.32% | -12.65% | 55.12% | 62.06% | -150.51% | 9.25% | 21.14% | 11.33% | -25.29% | -22.77% | 31.91% | 45.62% | 32.61% | 30.6% | 18.8% | 19.48% | 33.84% | 29.2% | 30.47% | 34.8% | 13.28% | 12.14% | 25.24% | 40.14% | 45.9% | 31% | 9.34% | 35.94% | 36.56% |
| Income Tax | -70.48M | 39.96M | 40.15M | -40.7M | 738.04M | 233.2M | -359.97M | 108.33M | 83.05M | 62.22M | -63.18M | 3.39M | 183.75M | 253.54M | 162.62M | 172.88M | 17.32M | -1.53M | 87.81M | 24.71M | 26.53M | 12.96M | -3.92M | -18.43M | 31.25M | 44.14M | 46.26M | 13.6M | 1.8M | 7.9M | 1.5M |
| Effective Tax Rate % | 12.15% | -12.31% | -609.67% | 14.62% | 35.98% | 16.88% | 19.17% | 76.76% | 23.41% | 49.99% | 28.3% | -1.58% | 40.56% | 43.62% | 46.04% | 54.76% | 12.66% | -1.23% | 25.9% | 11.96% | 14.09% | 7.03% | -8.34% | -48.12% | 43.06% | 40% | 42.95% | 40.48% | 34.62% | 40.93% | 44.12% |
| Net Income | -814.11M | -653.07M | -46.74M | -237.59M | 1.31B | 1.15B | -1.52B | 32.8M | 271.65M | 62.26M | -160.05M | -217.3M | 269.33M | 327.64M | 190.62M | 142.82M | 111.26M | 185.5M | 229.19M | 164.29M | 146.92M | 158.47M | 113.7M | 56.74M | 41.32M | 65.74M | 61.45M | 20M | 3.4M | 11.4M | 1.9M |
| Net Margin % | -44.9% | -37.03% | -2.25% | -10.8% | 35.29% | 51.58% | -121.65% | 2.15% | 16.19% | 5.67% | -18.13% | -23.13% | 18.97% | 25.72% | 17.6% | 13.84% | 15.29% | 29% | 22.88% | 23.23% | 23.77% | 29.9% | 32.07% | 17.98% | 14.37% | 23.92% | 26.19% | 18.45% | 6.1% | 21.23% | 20.43% |
| Net Income Growth % | -2288.05% | -1297.27% | 80.33% | -118.09% | 14.31% | 175.7% | -4726.44% | -87.93% | 336.33% | 138.9% | 26.35% | -180.68% | -17.8% | 71.88% | 33.47% | 28.36% | -40.02% | -19.06% | 39.51% | 11.82% | -7.29% | 39.38% | 100.38% | 37.32% | -37.15% | 6.99% | 207.25% | 488.24% | -70.18% | 500% | 850% |
| Net Income (Continuing) | -509.72M | -364.51M | -46.74M | -237.59M | 1.31B | 1.15B | -1.52B | 32.8M | 271.65M | 62.26M | -160.05M | -217.3M | 269.33M | 327.64M | 190.62M | 142.82M | 44.4M | 185.5M | 251.72M | 164.29M | 146.92M | 158.47M | 66.01M | 42.7M | 41.32M | 65.74M | 61.45M | 20M | 3.4M | 11.4M | 1.9M |
| Discontinued Operations | -534.38K | -288.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 100.82M | 84.52M | 68.58M | 51.78M | 38.76M | 39.33M | 29.6M | 21.32M | 11.33M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.33 | -4.24 | -0.30 | -1.45 | 7.80 | 6.97 | -9.61 | 0.21 | 1.91 | 0.51 | -1.38 | -1.98 | 2.51 | 3.20 | 1.92 | 1.55 | 0.53 | 2.53 | 3.23 | 2.39 | 2.22 | 2.49 | 2.07 | 0.77 | 0.73 | 1.17 | 1.17 | 0.37 | 0.07 | 0.29 | 0.08 |
| EPS Growth % | -2536.01% | -1313.33% | 79.31% | -118.59% | 11.91% | 172.53% | -4676.19% | -89.01% | 274.51% | 136.96% | 30.3% | -178.88% | -21.56% | 66.67% | 23.87% | 192.45% | -79.05% | -21.67% | 35.15% | 7.66% | -10.84% | 20.29% | 168.83% | 5.48% | -37.61% | 0% | 216.22% | 428.57% | -75.86% | 262.5% | 700% |
| EPS (Basic) | - | -4.24 | -0.30 | -1.45 | 8.03 | 7.13 | -9.61 | 0.21 | 1.93 | 0.52 | -1.38 | -1.98 | 2.55 | 3.24 | 1.94 | 1.57 | 0.53 | 2.56 | 3.30 | 2.48 | 2.30 | 2.57 | 2.12 | 0.78 | 0.74 | 1.21 | 1.17 | 0.40 | 0.07 | 0.30 | 0.09 |
| Diluted Shares Outstanding | 152.73M | 153.86M | 158.07M | 163.72M | 168.43M | 164.76M | 157.91M | 156.09M | 142.34M | 122.41M | 115.69M | 109.64M | 107.19M | 102.47M | 99.29M | 92.27M | 83.16M | 80.57M | 78.02M | 75.78M | 73.06M | 69.4M | 66.38M | 59.09M | 56.85M | 56M | 53M | 54.05M | 48.57M | 39.31M | 23.75M |
| Basic Shares Outstanding | 152.73M | 153.86M | 158.07M | 163.72M | 163.49M | 161.17M | 157.91M | 154.74M | 140.62M | 120.58M | 115.69M | 109.64M | 105.45M | 100.97M | 98.02M | 90.88M | 83.16M | 72.41M | 69.55M | 66.12M | 63.98M | 61.76M | 60.17M | 53.11M | 55.79M | 54M | 53M | 50M | 48.57M | 38M | 21.11M |
| Dividend Payout Ratio | - | - | - | - | 2.49% | - | - | 1193.78% | 121.55% | 321.36% | - | - | 70.79% | 51.5% | 98.35% | 144.54% | 168.92% | 88.74% | 68.99% | 81.93% | 88.66% | 79.44% | 107.62% | 156.61% | - | - | - | - | - | - | - |
European Regulatory Tax Exposure
As reported in recent financial statements, Vermilion Energy experienced a 16.4% year-over-year revenue decline in 2026Q1, reflecting the ongoing normalization of commodity prices and production volume challenges that suggest a period of sustained top-line pressure for the company's international and domestic asset portfolio.
The consistent negative revenue growth trends across multiple quarters indicate that the company is struggling to offset the natural decline rates of its mature assets. Investors should monitor whether the current production levels can stabilize without significant capital reinvestment, as the reliance on volatile European gas pricing creates an unpredictable revenue trajectory.
Based on the provided income statement data, gross margins have demonstrated extreme volatility, plummeting to 6.6% in 2025Q4 before recovering to 25.4% in 2026Q1, which highlights the sensitivity of the company's cost structure to external commodity price fluctuations and regional regulatory tax levies.
The significant variance in gross margins suggests that Vermilion lacks the pricing power to fully insulate its bottom line from the impact of European windfall taxes and fluctuating energy benchmarks. This instability implies that profitability remains highly contingent on external market conditions rather than internal operational efficiencies.
According to the company's quarterly filings, net income has been frequently negative, including a substantial loss of $437.3 million in 2025Q4, which appears to be driven by non-cash impairment charges and tax-related adjustments rather than purely operational cash flow deficits during those specific periods.
The disconnect between operating income and net income warrants further investigation into the nature of these recurring charges, as they obscure the underlying cash-generative capacity of the business. Analysts should be cautious in using headline EPS as a proxy for performance, given the heavy influence of non-operating items.
While the company maintains a conservative debt-to-equity profile, the persistent negative net margins and the potential for permanent European production caps suggest that the market may be underestimating the long-term regulatory risks that could fundamentally impair the value of its most profitable international assets.
Short-term cash flow generation from European gas may be masking the long-term liability of decommissioning aging offshore infrastructure. If regulatory environments in the Netherlands or Ireland tighten further, the company may face a structural decline in profitability that current valuation models might fail to adequately capture.
Quick answers to the most common questions about buying VET stock.
For fiscal year 2025, Vermilion Energy Inc. (VET) reported total revenue of $1.76B. This represents a 18864.5% increase compared to $9.3M in 1996.
Vermilion Energy Inc. (VET) reported a net loss of $653.1M for the fiscal year ending 2025.
Vermilion Energy Inc. (VET) reported an operating income of $167.4M, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Vermilion Energy Inc. (VET) generated $290.9M in gross profit for the year, representing a gross profit margin of 16.5%. This demonstrates the company's core pricing power and production efficiency.