Revenue growth has accelerated to 102.4% year-over-year as of 2026Q1, though structural margin compression is evident with gross margins declining from 71.9% in 2023Q4 to 51.4% in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 1.6B | 1.35B | 859.75M | 826.79M | 865.77M | 504.3M | 249.57M | 297.93M | 288.69M | 172.03M | 79.15M | 74.86M | 77.77M | 59.95M |
| Revenue Growth % | 77.77% | 56.56% | 3.99% | -4.5% | 71.68% | 102.07% | -16.23% | 3.2% | 67.81% | 117.36% | 5.73% | -3.74% | 29.72% | - |
| Cost of Goods Sold | 858M | 701M | 275.29M | 196.52M | 177.44M | 135.54M | 120.34M | 97.25M | 77.88M | 51.13M | 35.36M | 40.97M | 32.98M | 3.89M |
| COGS % of Revenue | - | 52.08% | 32.02% | 23.77% | 20.5% | 26.88% | 48.22% | 32.64% | 26.98% | 29.72% | 44.68% | 54.73% | 42.41% | 6.49% |
| Gross Profit | 740M | 645M | 584.45M | 630.27M | 688.32M | 368.75M | 129.22M | 200.67M | 210.81M | 120.91M | 43.78M | 33.89M | 44.79M | 56.06M |
| Gross Margin % | 46.31% | 47.92% | 67.98% | 76.23% | 79.5% | 73.12% | 51.78% | 67.36% | 73.02% | 70.28% | 55.32% | 45.27% | 57.59% | 93.51% |
| Gross Profit Growth % | - | 10.36% | -7.27% | -8.43% | 86.66% | 185.37% | -35.61% | -4.81% | 74.36% | 176.15% | 29.18% | -24.33% | -20.11% | - |
| Operating Expenses | 52M | 66M | 18.06M | 10.05M | 7.84M | 7.18M | 76.31M | 7.13M | 7.83M | 7.08M | 5.62M | 6.09M | 4.37M | 21.14M |
| OpEx % of Revenue | - | 4.9% | 2.1% | 1.22% | 0.91% | 1.42% | 30.58% | 2.39% | 2.71% | 4.12% | 7.11% | 8.14% | 5.62% | 35.27% |
| Selling, General & Admin | 36M | 35M | 18.64M | 10.6M | 8.54M | 7.8M | 8.16M | 7.49M | 7.96M | 7.08M | 5.62M | 6.09M | 4.37M | 348K |
| SG&A % of Revenue | - | 2.6% | 2.17% | 1.28% | 0.99% | 1.55% | 3.27% | 2.51% | 2.76% | 4.12% | 7.11% | 8.14% | 5.62% | 0.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 31M | -585K | -553K | -700K | -620K | 68.14M | -355K | 1.92M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 688M | 579M | 566.4M | 620.22M | 680.48M | 361.57M | 52.91M | 193.54M | 202.99M | 113.82M | -9.31M | 24.38M | 40.42M | 34.92M |
| Operating Margin % | 43.05% | 43.02% | 65.88% | 75.02% | 78.6% | 71.7% | 21.2% | 64.96% | 70.31% | 66.16% | -11.76% | 32.56% | 51.97% | 58.24% |
| Operating Income Growth % | - | 2.23% | -8.68% | -8.86% | 88.2% | 583.32% | -72.66% | -4.65% | 78.34% | 1322.44% | -138.2% | -39.69% | 15.75% | - |
| EBITDA | 1.43B | 1.19B | 780.81M | 766.34M | 801.55M | 464.56M | 153.41M | 271.72M | 261.82M | 154.34M | 20.51M | 59.81M | 68.02M | 55.71M |
| EBITDA Margin % | 89.74% | 88.11% | 90.82% | 92.69% | 92.58% | 92.12% | 61.47% | 91.2% | 90.69% | 89.72% | 25.91% | 79.9% | 87.46% | 92.93% |
| EBITDA Growth % | 72.08% | 51.89% | 1.89% | -4.39% | 72.54% | 202.81% | -43.54% | 3.78% | 69.64% | 652.55% | -65.71% | -12.07% | 22.09% | - |
| D&A (Non-Cash Add-back) | 746M | 607M | 214.41M | 146.12M | 121.07M | 102.99M | 100.5M | 78.18M | 58.83M | 40.52M | 29.82M | 35.44M | 27.6M | 20.8M |
| EBIT | 294M | 579M | 577.78M | 594.68M | 662.35M | 292.24M | -17.95M | 200.7M | 202.99M | 113.82M | -8.44M | 27.8M | 40.42M | 34.92M |
| Net Interest Income | -110M | -96M | -73.85M | -47.39M | -39.99M | -34.04M | -33M | -21.08M | -13.85M | -3.16M | -2.46M | -1.11M | -11.24M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 110M | 96M | 73.85M | 47.39M | 39.99M | 34.04M | 33M | 21.08M | 13.85M | 3.16M | 2.46M | 1.11M | 11.24M | 0 |
| Other Income/Expense | -844M | -804M | -62.46M | -72.93M | -58.13M | -103.37M | -103.86M | -13.91M | -12.47M | -2.34M | -1.59M | 44K | -10.78M | -22.96M |
| Pretax Income | -156M | -225M | 503.94M | 547.29M | 622.35M | 258.2M | -50.95M | 179.63M | 190.51M | 111.48M | -10.9M | 24.42M | 29.63M | 11.95M |
| Pretax Margin % | -9.76% | -16.72% | 58.61% | 66.2% | 71.88% | 51.2% | -20.41% | 60.29% | 65.99% | 64.8% | -13.77% | 32.62% | 38.11% | 19.94% |
| Income Tax | -12M | -19M | -99.71M | 45.95M | -32.65M | 1.52M | 142.47M | -41.58M | -72.36M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 7.69% | 8.44% | -19.79% | 8.4% | -5.25% | 0.59% | -279.64% | -23.15% | -37.98% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -46M | -68M | 359.25M | 200.09M | 151.67M | 57.94M | -192.3M | 46.28M | 143.96M | 111.48M | -10.9M | 24.42M | 22.61M | 11.95M |
| Net Margin % | -2.88% | -5.05% | 41.78% | 24.2% | 17.52% | 11.49% | -77.06% | 15.53% | 49.87% | 64.8% | -13.77% | 32.62% | 29.08% | 19.94% |
| Net Income Growth % | -111.77% | -118.93% | 79.54% | 31.92% | 161.78% | 130.13% | -515.51% | -67.85% | 29.14% | 1122.83% | -144.63% | 7.99% | 89.2% | - |
| Net Income (Continuing) | -144M | -206M | 603.65M | 501.34M | 655M | 256.68M | -193.41M | 221.21M | 262.88M | 111.48M | -10.9M | 24.42M | 29.63M | 11.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.25B | 5.92B | 2.22B | 1.84B | 1.63B | 1.42B | 1.23B | 1.26B | 695.94M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -0.48 | 3.82 | 2.69 | 2.00 | 0.85 | -2.84 | 0.75 | 2.01 | 1.07 | -0.13 | 0.31 | 0.29 | 0.16 |
| EPS Growth % | -108.42% | -112.57% | 42.01% | 34.5% | 135.29% | 129.93% | -478.67% | -62.69% | 87.85% | 923.08% | -141.94% | 6.9% | 81.25% | - |
| EPS (Basic) | - | -0.48 | 3.82 | 2.69 | 2.00 | 0.85 | -2.84 | 0.75 | 2.01 | 1.07 | -0.13 | 0.31 | 0.29 | 0.16 |
| Diluted Shares Outstanding | 181.3M | 142.53M | 93.93M | 74.18M | 75.68M | 68.39M | 67.69M | 61.79M | 71.63M | 104.38M | 83.08M | 79.73M | 78.1M | 76.2M |
| Basic Shares Outstanding | 181.3M | 142.53M | 93.93M | 74.18M | 75.61M | 68.32M | 67.69M | 61.74M | 71.55M | 104.32M | 83.08M | 79.72M | 78.09M | 76.2M |
| Dividend Payout Ratio | - | - | 61.09% | 162.31% | 274.89% | 304.85% | - | 519.19% | 176.08% | 117.4% | - | 280.74% | 745.97% | - |
Permian Basin concentration risk
According to the provided quarterly data, Viper Energy experienced a significant revenue surge, reaching $496.0 million in 2026Q1, which represents a 102.4% year-over-year growth rate, signaling that the company's inorganic acquisition strategy and parent-operator development activity are successfully driving top-line expansion across its Permian mineral interests.
The rapid acceleration in revenue suggests that recent acreage acquisitions are effectively contributing to production volumes. Investors should monitor whether this growth trajectory remains sustainable or if it is heavily dependent on the timing of specific well completions by Diamondback Energy.
As reported in financial statements, Viper Energy's gross margin has experienced notable volatility, contracting from 71.9% in 2023Q4 to 51.4% in 2026Q1, which suggests that rising production-related costs or shifts in the commodity mix are beginning to weigh on the company's historically high-margin royalty business model.
The decline in gross margin warrants further investigation into whether this is a permanent shift in the cost structure or a temporary impact from recent asset integrations. The compression appears to indicate that the company is facing higher ad valorem or production tax burdens relative to its revenue growth.
Based on the company's reported figures, net income has fluctuated wildly, including a net loss of $103.0 million in 2025Q4, which implies that non-operating items such as derivative mark-to-market adjustments or asset impairments are significantly distorting the underlying profitability of the core royalty business.
The disconnect between strong operating income and negative net income suggests that investors should focus on cash-based metrics rather than GAAP earnings. These non-cash charges appear to be the primary driver of the reported net margin instability, rather than operational inefficiency.
Data from recent filings indicates that Viper Energy maintains a lean operating structure, with SG&A expenses remaining minimal at $13.0 million against $496.0 million in revenue, demonstrating that the company successfully scales its royalty collection without incurring significant overhead costs as its production base expands.
The ability to keep SG&A as a low percentage of revenue confirms the scalability of the mineral interest model. This operating leverage suggests that incremental revenue growth should flow efficiently to the bottom line, provided that gross margins stabilize.
Analysis of the company's geographic footprint suggests that its extreme concentration in the Permian Basin, while currently beneficial, creates a singular point of failure, as evidenced by the potential for regional midstream bottlenecks or regulatory shifts to disproportionately impact the company's future cash flow generation.
While the relationship with Diamondback Energy provides a clear operational advantage, it also creates a dependency that could be problematic if the parent company alters its drilling pace. Investors should consider whether the current valuation adequately prices the risk of being tethered to a single basin and operator.
Quick answers to the most common questions about buying VNOM stock.
For fiscal year 2025, Viper Energy, Inc. (VNOM) reported total revenue of $1.35B. This represents a 2145.3% increase compared to $59.9M in 2013.
Viper Energy, Inc. (VNOM) reported a net loss of $68.0M for the fiscal year ending 2025.
Viper Energy, Inc. (VNOM) reported an operating income of $579.0M, resulting in an operating profit margin of 43.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Viper Energy, Inc. (VNOM) generated $645.0M in gross profit for the year, representing a gross profit margin of 47.9%. This demonstrates the company's core pricing power and production efficiency.