Revenue growth accelerated to 102.3% YoY in 2026Q2, with gross margin expanding to 57.4% from 47.4% in 2025Q4, reflecting strong operational leverage and cost control.
Vista Energy, S.A.B. de C.V. (VIST) annual income statement — 9-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 |
|---|
| Sales/Revenue | 3.53B | 2.47B | 1.65B | 1.17B | 1.14B | 652.19M | 273.94M | 415.98M | 331.34M | 198.07M |
| Revenue Growth % | 77.79% | 50.15% | 40.98% | 2.18% | 75.38% | 138.08% | -34.15% | 25.55% | 67.28% | - |
| Cost of Goods Sold | 1.79B | 1.3B | 392.11M | 577.52M | 513.58M | 385.58M | 271.5M | 328.13M | 212.58M | 174.4M |
| COGS % of Revenue | - | 52.51% | 23.8% | 49.41% | 44.9% | 59.12% | 99.11% | 78.88% | 64.16% | 88.05% |
| Gross Profit | 1.74B | 1.18B | 1.26B | 591.25M | 630.24M | 266.61M | 2.43M | 87.85M | 118.75M | 23.67M |
| Gross Margin % | 49.28% | 47.49% | 76.2% | 50.59% | 55.1% | 40.88% | 0.89% | 21.12% | 35.84% | 11.95% |
| Gross Profit Growth % | - | -6.42% | 112.37% | -6.19% | 136.39% | 10857.87% | -97.23% | -26.03% | 401.63% | - |
| Operating Expenses | 225.5M | 346.6M | 630.27M | -40.24M | 100.56M | 56.05M | 72.44M | 73.23M | 50.16M | 7.08M |
| OpEx % of Revenue | - | 14.01% | 38.25% | -3.44% | 8.79% | 8.59% | 26.44% | 17.6% | 15.14% | 3.58% |
| Selling, General & Admin | 432.79M | 305.7M | 203M | 112.09M | 95.79M | 87.3M | 48.18M | 67.82M | 47.21M | 8.84M |
| SG&A % of Revenue | - | 12.36% | 12.32% | 9.59% | 8.37% | 13.38% | 17.59% | 16.3% | 14.25% | 4.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 40.9M | 427.26M | -152.33M | 4.77M | -31.24M | 24.27M | 5.41M | 2.94M | -1.71M |
| Operating Income | 1.51B | 828.43M | 625.39M | 631.49M | 529.15M | 210.55M | -70.01M | 14.62M | 54.2M | 20.55M |
| Operating Margin % | 42.89% | 33.48% | 37.95% | 54.03% | 46.26% | 32.28% | -25.56% | 3.51% | 16.36% | 10.38% |
| Operating Income Growth % | - | 32.47% | -0.97% | 19.34% | 151.31% | 400.76% | -578.95% | -73.03% | 163.69% | - |
| EBITDA | 2.45B | 1.57B | 1.06B | 907.92M | 768.59M | 405.44M | 77.67M | 167.62M | 131.04M | 83.83M |
| EBITDA Margin % | 69.52% | 63.35% | 64.62% | 77.68% | 67.19% | 62.17% | 28.35% | 40.3% | 39.55% | 42.32% |
| EBITDA Growth % | 77.85% | 47.2% | 17.27% | 18.13% | 89.57% | 422.03% | -53.66% | 27.91% | 56.32% | - |
| D&A (Non-Cash Add-back) | 938.89M | 738.9M | 439.37M | 276.43M | 239.44M | 194.89M | 147.67M | 153M | 76.84M | 63.28M |
| EBIT | 1.45B | 1.23B | 658.07M | 571.94M | 466.69M | 208.67M | -60.49M | 19.23M | 33.68M | 20.28M |
| Net Interest Income | -262.09M | -219.06M | -48.23M | -25.35M | -32.37M | -46.79M | -51.55M | -34.03M | -13.58M | 148K |
| Interest Income | 17.45M | 10.59M | 19.01M | 1.24M | 809K | 9.12M | 822K | 3.77M | 2.53M | 166K |
| Interest Expense | 279.53M | 229.66M | 67.24M | 26.58M | 33.18M | 55.9M | 52.38M | 37.8M | 16.11M | 18K |
| Other Income/Expense | -339.46M | 176.24M | -34.56M | -86.13M | -95.63M | -57.79M | -42.85M | -31.11M | -36.63M | -288K |
| Pretax Income | 1.17B | 1B | 590.83M | 545.36M | 433.51M | 152.76M | -112.86M | -16.49M | 17.57M | 20.27M |
| Pretax Margin % | 33.26% | 40.61% | 35.86% | 46.66% | 37.9% | 23.42% | -41.2% | -3.96% | 5.3% | 10.23% |
| Income Tax | 330.67M | 285.61M | 113.31M | 148.4M | 163.98M | 102.11M | -10.11M | 16.23M | 47.42M | 6.36M |
| Effective Tax Rate % | 28.21% | 28.43% | 19.18% | 27.21% | 37.83% | 66.84% | 8.96% | -98.43% | 269.9% | 31.39% |
| Net Income | 841.68M | 719.06M | 477.52M | 396.95M | 269.54M | 50.65M | -102.75M | -32.72M | -29.85M | 13.9M |
| Net Margin % | 23.88% | 29.06% | 28.98% | 33.96% | 23.56% | 7.77% | -37.51% | -7.87% | -9.01% | 7.02% |
| Net Income Growth % | 45.79% | 50.58% | 20.3% | 47.27% | 432.15% | 149.29% | -214% | -9.62% | -314.67% | - |
| Net Income (Continuing) | 841.68M | 719.06M | 477.52M | 396.95M | 269.54M | 50.65M | -102.75M | -32.72M | -29.85M | 13.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 189.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.35 | 6.71 | 4.63 | 4.00 | 2.76 | 0.54 | -1.17 | -0.41 | -0.53 | 0.15 |
| EPS Growth % | 36.4% | 44.92% | 15.75% | 44.93% | 411.11% | 146.15% | -185.37% | 22.64% | -453.33% | - |
| EPS (Basic) | - | 7.02 | 4.98 | 4.24 | 3.07 | 0.57 | -1.17 | -0.41 | -0.53 | 0.15 |
| Diluted Shares Outstanding | 114.5M | 107.21M | 103.08M | 99.23M | 97.83M | 93.27M | 87.47M | 80.07M | 56.61M | 95.44M |
| Basic Shares Outstanding | 108.91M | 102.5M | 95.91M | 93.68M | 87.86M | 88.24M | 87.47M | 80.07M | 56.61M | 95.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 48.42% |
Quick answers to the most common questions about buying VIST stock.
For fiscal year 2025, Vista Energy, S.A.B. de C.V. (VIST) reported total revenue of $2.47B. This represents a 1149.1% increase compared to $198.1M in 2017.
Vista Energy, S.A.B. de C.V. (VIST) is profitable, generating $719.1M in net income for the fiscal year ending 2025 with a net profit margin of 29.1%.
Vista Energy, S.A.B. de C.V. (VIST) reported an operating income of $828.4M, resulting in an operating profit margin of 33.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Vista Energy, S.A.B. de C.V. (VIST) generated $1.18B in gross profit for the year, representing a gross profit margin of 47.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration in Mexico
Revenue Growth Accelerates Sharply
Vista Energy's revenue surged 102.3% year-over-year in 2026Q2 to $1.2B, according to the latest income statement, marking a significant acceleration from the 52.6% growth in 2025Q4.
The sequential acceleration from 52.6% in 2025Q4 to 102.3% in 2026Q2 indicates a robust demand environment and successful production ramp-up. This growth is likely driven by increased volumes and favorable pricing, as the company operates in the Vaca Muerta shale play. The sustainability of this pace will depend on commodity prices and the company's ability to maintain production growth.
Gross Margin Expansion Reflects Operational Efficiency
Gross margin improved to 57.4% in 2026Q2 from 47.4% in 2025Q4, as reported in the financial statements, indicating strong cost control and pricing power.
The gross margin expansion of 10 percentage points over two quarters suggests that the company is benefiting from lower unit costs and higher realized prices. This outperformance relative to peers like YPF (27.0% gross margin) highlights Vista's operational efficiency. However, investors should monitor whether this margin is sustainable given potential cost inflation in the oilfield services sector.
Operating Leverage Drives Margin Expansion
Operating income grew 155% year-over-year in 2026Q2, outpacing revenue growth of 102%, as per the income statement, demonstrating significant operating leverage.
The operating margin expanded to 44.2% in 2026Q2 from 29.7% in 2025Q4, indicating that SG&A costs are growing slower than revenue. This leverage is a result of fixed cost absorption over a larger revenue base. The company's ability to maintain this leverage will be key to sustaining profitability as it scales.
Earnings Quality Supported by Low SBC
Stock-based compensation was only $19.1M in 2026Q2, representing 1.6% of revenue, based on the income statement, suggesting minimal dilution to shareholders.
The low SBC relative to revenue indicates that reported earnings are not significantly inflated by non-cash charges. However, the negative SBC in 2025Q4 (-$37.9M) is unusual and may indicate a reversal or adjustment, which warrants further investigation. Overall, the earnings quality appears high, with net income closely tracking operating income.
COGS Efficiency Drives Profitability
COGS as a percentage of revenue fell to 42.6% in 2026Q2 from 52.6% in 2025Q4, as per the income statement, reflecting improved cost management.
The reduction in COGS ratio suggests that the company is achieving economies of scale and possibly benefiting from lower input costs. SG&A also declined as a percentage of revenue, from 15.3% in 2025Q4 to 11.6% in 2026Q2, indicating disciplined overhead control. This cost efficiency is a competitive advantage in the cyclical oil and gas industry.
2025Q3 Marks Operational Inflection
In 2025Q3, operating margin spiked to 75.8% from 32.4% in the prior quarter, as reported in the income statement, signaling a major inflection in profitability.
The dramatic jump in operating margin in 2025Q3 was driven by a surge in operating income to $535.4M despite a relatively modest revenue increase, likely due to one-time gains or exceptional pricing. This inflection point highlights the company's potential for high profitability, but the subsequent normalization to 44.2% in 2026Q2 suggests that the 75.8% margin was not sustainable. Investors should focus on the underlying trend rather than the outlier quarter.
What Could Invalidate the Base Case
Despite strong growth, the 75.8% operating margin in 2025Q3 appears unsustainable, and the negative SBC in 2025Q4 raises questions about earnings quality, as per the income statement.
The extreme margin volatility, with operating margin swinging from 75.8% to 44.2% within three quarters, suggests that reported profitability may be influenced by non-recurring items. Additionally, the negative stock-based compensation in 2025Q4 could indicate a reversal that may not recur, potentially inflating future earnings. Investors should scrutinize the sustainability of revenue growth and margin expansion, especially if commodity prices decline or production costs rise.