Revenue rose to $661.0M in 2026Q3 with a 60.4% gross margin, but net margin swung from -24.4% in 2025Q4 to 21.2% in the latest quarter, indicating that operating strength has not consistently reached the bottom line.
Viper Energy, Inc. (VNOM) annual income statement — 13-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 |
|---|
| Sales/Revenue | 2.24B | 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 % | 93.93% | 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 | 1B | 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 | 1.23B | 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 % | 55.12% | 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 | 46M | 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 | 2M | 31M | -585K | -553K | -700K | -620K | 68.14M | -355K | 1.92M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.19B | 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 % | 53.06% | 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 | 2.03B | 1.19B | 780.4M | 766.34M | 801.55M | 464.56M | 153.41M | 271.72M | 261.82M | 154.34M | 20.51M | 59.81M | 68.02M | 55.71M |
| EBITDA Margin % | 90.66% | 88.11% | 90.77% | 92.69% | 92.58% | 92.12% | 61.47% | 91.2% | 90.69% | 89.72% | 25.91% | 79.9% | 87.46% | 92.93% |
| EBITDA Growth % | 94.08% | 51.97% | 1.83% | -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) | 841M | 607M | 214M | 146.12M | 121.07M | 102.99M | 100.5M | 78.18M | 58.83M | 40.52M | 29.82M | 35.44M | 27.6M | 20.8M |
| EBIT | 817M | -129M | 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 | -117M | -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 | 117M | 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 | -469M | -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 | 718M | -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 % | 32.1% | -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 | 118M | -19M | -99.71M | 45.95M | -32.65M | 1.52M | 142.47M | -41.58M | -72.36M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 16.43% | 8.44% | -19.79% | 8.4% | -5.25% | 0.59% | -279.64% | -23.15% | -37.98% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 276M | -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 % | 12.34% | -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 % | 12.62% | -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) | 600M | -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 | 5.35B | 5.92B | 2.22B | 1.84B | 1.63B | 1.42B | 1.23B | 1.26B | 695.94M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.42 | -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 % | -43.39% | -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 | 193.99M | 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 | 193.99M | 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% | - |
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.
Key Metrics
Top Statement Risk
Persistent negative net margin volatility
Metrics are mathematically derived from official filings.
Acquisition-Driven Revenue Step-Up Persists
Based on reported quarterly figures, VNOM's revenue climbed from $245.0M in 2025Q1 to $661.0M in 2026Q3, though year-over-year growth has moderated from triple-digit rates toward a 68.2% pace in the latest quarter. This pattern points to acquisition-led expansion rather than organic volume gains alone.
The sequential jump between 2026Q1 and 2026Q2 coincides with a shift in the revenue base that appears to reflect inorganic additions, which the figures alone cannot fully attribute. The deceleration from 129.3% to 68.2% year-over-year suggests the acquisition effect is annualizing, so investors should monitor whether sequential growth in 2026Q3 flattened near $661.0M as a sign of organic durability.
High Structural Margins Within Royalty Model
As reported in the quarterly income statements, VNOM's gross margin has ranged from 37.7% to 70.4%, with the most recent quarter at 60.4%, reflecting a royalty cost base with minimal variable operating expense. The wide swing tracks commodity price and production-tax timing more than structural cost change.
The compression from 63.8% in 2026Q2 to 60.4% in 2026Q3 is modest and may reflect higher production and ad valorem taxes scaling with revenue. Compared with BSM's reported 74.9% gross margin, VNOM's lower figure suggests a less favorable mix or a higher tax or cost burden per dollar of royalty revenue, which warrants further investigation.
Net Income Diverges From Operating Strength
Based on VNOM's reported figures, operating margin in 2025Q4 was 33.4% while net income swung to a loss of $103.0M, leaving a net margin of -24.4%. This gap between operating and bottom-line results is the central question for earnings quality.
The absence of a visible operating expense line explaining the divergence suggests the gap likely stems from non-operating items such as derivative mark-to-market adjustments or impairments, though the supplied data does not confirm this. Investors should treat reported EPS with caution until the non-operating components are reconciled, given that net income has alternated sharply between profit and loss across recent quarters.
Operating Income Scales With Revenue
According to reported quarterly results, VNOM's operating income rose from $155.0M in 2025Q1 to $399.0M in 2026Q3, tracking revenue growth closely with operating margin holding in a 33% to 62% band. This suggests operating income is scaling broadly in line with the top line rather than faster.
Because SG&A is reported as minimal and largely stable, the operating line appears driven almost entirely by royalty revenue minus production taxes, implying limited operating leverage beyond the volume effect. The strong margin in the latest quarter may therefore depend more on commodity pricing than on any cost discipline, which investors should monitor.
Negative Net Margins Challenge Growth Narrative
Based on reported figures, VNOM posted net losses in two of the last four quarters despite revenue growth above 68% year-over-year, which questions how much of the expansion reaches shareholders. Short-sellers would likely focus on this divergence between top-line momentum and bottom-line results.
Repeated net losses alongside operating profitability may indicate recurring non-cash charges that management has not fully explained in the supplied data, and the inferred cause should not be treated as proven. If acquisition-driven revenue growth is partly offset by impairments or hedging losses, the reported growth may overstate durable earnings power until the pattern clarifies.