Revenue growth has shifted into a decelerating trend with an 11.1% year-over-year decline in 2025Q4, while gross margins have compressed significantly from the 60.9% peak observed in 2022Q4 to 31.1%.
| Metric | 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 | 12.98B | 13.18B | 13.99B | 16.82B | 6.96B | 3.6B | 4.87B | 5.24B | 3.98B | 4.08B | 5.03B | 7.43B | 5.93B | 6.11B | 4.8B | 4.19B | 3.83B | 4.16B | 3.37B | 3.01B | 2.01B | 1.68B | 1.55B | 1.26B | 1.22B | 1.36B | 646.85M | 626.21M | 599.62M | 635.53M |
| Revenue Growth % | -1.48% | -5.82% | -16.79% | 141.55% | 93.39% | -26.12% | -7% | 31.82% | -2.45% | -18.99% | -32.35% | 25.46% | -3.08% | 27.32% | 14.52% | 9.47% | -8.01% | 23.62% | 12.06% | 49.45% | 19.41% | 8.68% | 23.32% | 2.65% | -9.8% | 109.81% | 3.3% | 4.43% | -5.65% | - |
| Cost of Goods Sold | 8.45B | 7.5B | 7.52B | 6.54B | 3.85B | 2.98B | 2.73B | 2.6B | 2.08B | 2.23B | 3.07B | 2.88B | 2.59B | 2.52B | 515M | 459M | 454.54M | 353.12M | 232.1M | 280.27M | 132.6M | 106.7M | 115.44M | 115.12M | 497.87M | 191.84M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 65.06% | 56.92% | 53.73% | 38.89% | 55.23% | 82.92% | 55.96% | 49.69% | 52.4% | 54.82% | 61.09% | 38.78% | 43.77% | 41.24% | 10.72% | 10.95% | 11.87% | 8.48% | 6.89% | 9.32% | 6.59% | 6.33% | 7.45% | 9.16% | 40.67% | 14.14% | - | - | - | - |
| Gross Profit | 4.54B | 5.68B | 6.47B | 10.28B | 3.12B | 615M | 2.15B | 2.64B | 1.89B | 1.84B | 1.96B | 4.55B | 3.33B | 3.59B | 4.29B | 3.73B | 3.38B | 3.81B | 3.14B | 2.73B | 1.88B | 1.58B | 1.43B | 1.14B | 726.34M | 1.17B | 646.85M | 626.21M | 599.62M | 635.53M |
| Gross Margin % | 34.94% | 43.08% | 46.27% | 61.11% | 44.77% | 17.08% | 44.04% | 50.31% | 47.6% | 45.18% | 38.91% | 61.22% | 56.23% | 58.76% | 89.28% | 89.05% | 88.13% | 91.52% | 93.11% | 90.68% | 93.41% | 93.67% | 92.55% | 90.84% | 59.33% | 85.86% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -20.11% | -12.31% | -37% | 229.71% | 406.83% | -71.34% | -18.59% | 39.32% | 2.77% | -5.93% | -57.01% | 36.61% | -7.25% | -16.2% | 14.81% | 10.61% | -11.42% | 21.51% | 15.07% | 45.08% | 19.08% | 9.99% | 25.65% | 57.16% | -37.67% | 80.15% | 3.3% | 4.43% | -5.65% | - |
| Operating Expenses | 666M | 773M | 736M | 1.24B | 321M | 481M | 1.11B | 427M | 218M | 509M | 277M | 880M | 444M | 37.56M | 1.72B | 1.21B | 1.26B | 1.03B | 1.38B | 867.63M | 1.53B | 581.17M | 297.16M | 988.1M | 180.45M | 376.5M | 94.71M | 93.78M | 110.39M | 141.94M |
| OpEx % of Revenue | 5.13% | 5.87% | 5.26% | 7.36% | 4.61% | 13.36% | 22.82% | 8.15% | 5.48% | 12.49% | 5.51% | 11.84% | 7.49% | 0.61% | 35.74% | 28.86% | 32.95% | 24.63% | 40.95% | 28.87% | 76.18% | 34.51% | 19.18% | 78.63% | 14.74% | 27.74% | 14.64% | 14.98% | 18.41% | 22.33% |
| Selling, General & Admin | 666M | 0 | 736M | 1.1B | 215M | 269M | 198M | 103M | 99M | 133M | 28M | 143M | 276M | 185M | 198M | 132M | 106.9M | 164.32M | 147.66M | 127.24M | 141.37M | 111.35M | 97.67M | 76.21M | 62.49M | 80.31M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | 5.13% | - | 5.26% | 6.52% | 3.09% | 7.47% | 4.06% | 1.97% | 2.49% | 3.26% | 0.56% | 1.92% | 4.66% | 3.03% | 4.12% | 3.15% | 2.79% | 3.95% | 4.38% | 4.23% | 7.03% | 6.61% | 6.3% | 6.06% | 5.1% | 5.92% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.87M | 26.27M | 32.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.06% | 1.7% | 2.55% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 773M | 0 | 140M | 106M | 212M | 914M | 324M | 119M | 376M | 249M | 737M | 168M | -147.44M | 1.52B | 1.08B | 1.16B | 861.48M | 1.23B | 740.4M | 1.39B | 451.95M | 173.22M | 879.84M | 117.96M | 296.19M | 94.71M | 93.78M | 110.39M | 141.94M |
| Operating Income | 3.87B | 6.3B | 5.74B | 8.34B | 3.33B | 102M | 1.69B | 2.23B | 1.54B | 1.29B | 364M | 3.64B | 2.44B | 2.84B | 2.57B | 2.52B | 2.03B | 2.79B | 1.76B | 2.35B | 3.85B | 968.56M | 640.62M | 443.12M | 788.54M | 2.2B | -94.71M | -78.5M | -83.12M | -112.5M |
| Operating Margin % | 29.81% | 47.82% | 41.01% | 49.6% | 47.76% | 2.83% | 34.64% | 42.6% | 38.72% | 31.71% | 7.24% | 48.97% | 41.26% | 46.46% | 53.54% | 60.2% | 53.07% | 66.88% | 52.16% | 78.32% | 191.48% | 57.51% | 41.34% | 35.26% | 64.41% | 162.44% | -14.64% | -12.54% | -13.86% | -17.7% |
| Operating Income Growth % | -38.59% | 9.81% | -31.2% | 150.86% | 3159.8% | -93.96% | -24.37% | 45.03% | 19.12% | 254.95% | -90% | 48.92% | -13.92% | 10.48% | 1.86% | 24.16% | -27.01% | 58.51% | -25.36% | -38.87% | 297.62% | 51.19% | 44.57% | -43.81% | -64.23% | 2427.59% | -20.66% | 5.57% | 26.11% | -21.02% |
| EBITDA | 9.41B | 11.06B | 11.22B | 10.41B | 4.12B | 1.83B | 3.35B | 3.82B | 2.8B | 2.69B | 3.12B | 5.54B | 4.1B | 4.29B | 3.23B | 3.3B | 2.94B | 3.45B | 2.41B | 2.85B | 4.08B | 1.18B | 818.27M | 604.5M | 968.99M | 2.49B | -1 | 15.28M | 27.27M | 29.44M |
| EBITDA Margin % | 72.46% | 83.95% | 80.15% | 61.92% | 59.24% | 50.94% | 68.77% | 72.96% | 70.47% | 66.06% | 61.97% | 74.54% | 69.25% | 70.13% | 67.18% | 78.63% | 76.81% | 82.92% | 71.41% | 94.82% | 202.66% | 70.33% | 52.8% | 48.1% | 79.15% | 183.53% | 0% | 2.44% | 4.55% | 4.63% |
| EBITDA Growth % | -14.96% | -1.36% | 7.71% | 152.5% | 124.86% | -45.27% | -12.35% | 36.49% | 4.05% | -13.63% | -43.76% | 35.04% | -4.29% | 32.92% | -2.15% | 12.07% | -14.8% | 43.54% | -15.6% | -30.08% | 244.09% | 44.76% | 35.36% | -37.62% | -61.1% | 99999900% | -100% | -43.96% | -7.37% | 99999900% |
| D&A (Non-Cash Add-back) | 5.54B | 4.76B | 5.48B | 2.07B | 799M | 1.73B | 1.66B | 1.59B | 1.26B | 1.4B | 2.75B | 1.9B | 1.66B | 1.45B | 655M | 773M | 909.08M | 667.79M | 648.43M | 495.94M | 224.74M | 215.98M | 177.65M | 161.38M | 180.45M | 286.3M | 94.71M | 93.78M | 110.39M | 141.94M |
| EBIT | 3.36B | 4.7B | 3.22B | 8.34B | 3.33B | 102M | 1.69B | 2.23B | 1.54B | 1.29B | 364M | 3.64B | 2.44B | 3.8B | 2.22B | 2.29B | 2.58B | 2.31B | 1.64B | 1.62B | 1.12B | 1.2B | 663.72M | 82.09M | 696.01M | 2.18B | -94.71M | 324.37M | -83.12M | 305.16M |
| Net Interest Income | 248.26M | 148M | -34M | -12M | -174M | -237M | -229M | -183M | -84M | -48M | -85M | -163M | -179M | -137M | -26M | 18M | -14.37M | -16.08M | 7.8M | -20.67M | 15.3M | -16.66M | -19.78M | -25.77M | -35.63M | -100.68M | -58.29M | -31.37M | 7.49M | -52.14M |
| Interest Income | 259.27M | 220M | 224M | 134M | 27M | 58M | 91M | 33M | 10M | 8M | 4M | 15M | 10M | 8M | 10M | 39M | 6.29M | 6.29M | 33.23M | 15.93M | 15.98M | 31.65M | 20.89M | 18.33M | 16.82M | 16.26M | 6.76M | 6.1M | 7.49M | 9.71M |
| Interest Expense | 11.01M | 72M | 258M | 131M | 201M | 295M | 320M | 216M | 94M | 56M | 89M | 178M | 189M | 145M | 36M | 21M | 20.66M | 22.38M | 25.43M | 36.6M | 22.47M | 48.31M | 40.66M | 44.1M | 52.46M | 116.93M | 65.05M | 37.47M | 0 | 61.85M |
| Other Income/Expense | -21M | -1.93B | -2.47B | -6M | 388M | -5.79B | -964M | -220M | -44M | -152M | -1.13B | -145M | -529M | 817.67M | -385M | -250M | 525.51M | -495.07M | -140.82M | -84.4M | -1.3B | 187.94M | -17.56M | -138.62M | -144.98M | 188K | 346.07M | 365.4M | 365.24M | 355.81M |
| Pretax Income | 3.85B | 4.37B | 3.27B | 9.17B | 3.29B | -5.44B | 862M | 2.1B | 1.63B | 1.34B | 356M | 3.51B | 2.36B | 3.52B | 2.19B | 2.27B | 2.56B | 2.29B | 1.62B | 1.58B | 1.09B | 1.16B | 623.06M | 37.99M | 643.55M | 1.41B | 251.35M | 286.91M | 282.12M | 243.31M |
| Pretax Margin % | 29.64% | 33.15% | 23.39% | 54.55% | 47.26% | -151.11% | 17.69% | 39.98% | 41.01% | 32.88% | 7.08% | 47.2% | 39.81% | 57.62% | 45.52% | 54.23% | 66.79% | 55% | 47.98% | 52.73% | 54.33% | 68.66% | 40.2% | 3.02% | 52.57% | 103.69% | 38.86% | 45.82% | 47.05% | 38.29% |
| Income Tax | 1.11B | 723M | 1.55B | 2.6B | 1.25B | -1.47B | 480M | 628M | 465M | 367M | 243M | 993M | 545M | 591.37M | 677M | 697M | 925.25M | 1.04B | 503.4M | 459.34M | 281.76M | 1.16B | 623.06M | 37.99M | 643.55M | 1.41B | 251.35M | 286.91M | 282.12M | 243.31M |
| Effective Tax Rate % | 28.89% | 16.55% | 47.39% | 28.33% | 38.12% | 26.93% | 55.68% | 29.98% | 28.53% | 27.39% | 68.26% | 28.3% | 23.1% | 16.79% | 30.97% | 30.65% | 36.17% | 45.47% | 31.15% | 28.98% | 25.79% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Net Income | 2.72B | 3.57B | 1.66B | 6.5B | 1.98B | -4.03B | 343M | 1.36B | 1.07B | 868M | 26M | 2.41B | 1.75B | 2.87B | 1.51B | 1.57B | 1.64B | 1.25B | 903.33M | 1.13B | 810.89M | 845.5M | 396.36M | -51.59M | 464.28M | 966.64M | 216.7M | 183.05M | 178.82M | 0 |
| Net Margin % | 20.93% | 27.11% | 11.86% | 38.64% | 28.48% | -111.89% | 7.04% | 26.03% | 26.89% | 21.3% | 0.52% | 32.47% | 29.51% | 46.99% | 31.38% | 37.56% | 42.78% | 29.99% | 26.82% | 37.45% | 40.32% | 50.2% | 25.58% | -4.11% | 37.92% | 71.22% | 33.5% | 29.23% | 29.82% | - |
| Net Income Growth % | -23.93% | 115.24% | -74.45% | 227.69% | 149.23% | -1274.34% | -74.85% | 27.6% | 23.16% | 3238.46% | -98.92% | 38.02% | -39.12% | 90.65% | -4.32% | -3.88% | 31.2% | 38.25% | -19.75% | 38.82% | -4.09% | 113.32% | 868.23% | -111.11% | -51.97% | 346.07% | 18.38% | 2.36% | - | - |
| Net Income (Continuing) | 2.74B | 3.65B | 1.72B | 6.58B | 2.04B | -3.98B | 382M | 1.47B | 1.17B | 973M | 113M | 2.52B | 1.81B | 3.04B | 1.51B | 1.58B | 1.63B | 1.25B | 1.11B | 1.13B | 810.89M | 845.5M | 396.36M | -51.59M | 464.28M | 966.64M | 216.7M | 183.05M | 178.82M | 0 |
| Discontinued Operations | 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 |
| Minority Interest | 3.93B | 754M | 771M | 791M | 786M | 800M | 792M | 833M | 830M | 823M | 799M | 783M | 733M | 679M | 611M | 595M | 0 | 158.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.42 | 1.87 | 0.87 | 4.26 | 2.04 | -4.24 | 0.37 | 1.48 | 1.23 | 1.04 | 0.03 | 2.93 | 2.13 | 3.53 | 1.88 | 2.01 | 2.30 | 1.79 | 1.31 | 1.68 | 1.21 | 1.24 | 0.58 | -0.03 | 0.68 | 0.51 | 0.11 | 0.10 | 0.09 | 0.00 |
| EPS Growth % | -24.06% | 114.94% | -79.58% | 108.82% | 148.11% | -1245.95% | -75% | 20.33% | 18.27% | 3191.14% | -98.92% | 37.56% | -39.66% | 87.77% | -6.47% | -12.61% | 28.49% | 36.64% | -22.02% | 38.84% | -2.42% | 113.79% | 2248.15% | -103.97% | 33.33% | 363.64% | 14.82% | 2.35% | - | - |
| EPS (Basic) | 1.43 | 1.88 | 0.88 | 4.30 | 2.06 | -4.24 | 0.37 | 1.48 | 1.23 | 1.04 | 0.03 | 2.93 | 2.13 | 3.53 | 1.88 | 2.01 | 2.30 | 1.79 | 1.31 | 1.68 | 1.21 | 1.24 | 0.58 | -0.03 | 0.68 | 0.51 | 0.11 | 0.10 | 0.09 | 0.00 |
| Diluted Shares Outstanding | 1.91B | 1.91B | 1.91B | 1.52B | 971.63M | 951.11M | 935.83M | 921.17M | 866.2M | 835.01M | 822.94M | 822.77M | 822.98M | 814.75M | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B | 1.91B |
| Basic Shares Outstanding | 1.9B | 1.9B | 1.9B | 1.52B | 971.58M | 951.11M | 935.83M | 921.17M | 866.2M | 835.01M | 822.97M | 822.77M | 822.98M | 814.75M | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B | 1.9B |
| Dividend Payout Ratio | 74.02% | 68.54% | 256.2% | 39.37% | 14.57% | - | 309.62% | 66.64% | 77.27% | 64.52% | 6653.85% | 72.62% | 70.33% | 29.06% | - | - | 20.18% | 35.39% | - | 49.99% | 40.33% | 31.99% | 78.48% | - | 61.57% | 14.6% | 48.3% | 46.64% | 43.65% | - |
Commodity Price Volatility Exposure
According to recent financial disclosures, Woodside's revenue growth has shifted into a decelerating trend, with the most recent quarter showing an 11.1% year-over-year decline, reflecting the inherent sensitivity of the company's LNG-heavy portfolio to fluctuating global commodity prices and shifting market demand across key Asian economies.
The transition from the high-growth environment of 2022 to the current contractionary phase highlights the company's reliance on spot market pricing and oil-linked contract structures. Investors should monitor whether the commissioning of new projects can offset the natural decline rates of legacy assets in a lower-price environment.
As reported in quarterly filings, Woodside's gross margin has contracted significantly from the 60.9% peak observed in 2022 to 31.1% in 2025Q4, suggesting that the company's cost base is struggling to maintain historical profitability levels amidst rising operational expenses and softening realized energy prices.
The erosion of gross margins indicates that the company's fixed-cost infrastructure is becoming less efficient as revenue scales back from previous highs. This trend warrants further investigation into whether inflationary pressures in subsea engineering and specialized labor are permanently resetting the company's cost floor.
Based on the provided income statement data, Woodside's operating margin has compressed to 26.1% in the most recent period, demonstrating that operating income is failing to scale proportionally with gross profit as SG&A expenses remain sticky despite the broader revenue downturn observed in recent fiscal quarters.
The lack of operating leverage suggests that management's ability to control overhead is being tested by the complexity of integrating large-scale assets. If SG&A does not align with lower revenue levels, the company may face continued pressure on its bottom-line profitability in the coming periods.
Analysis of recent SEC-style filings reveals that Woodside's net income has experienced significant volatility, including a negative net margin in 2023Q4, which appears to be driven by non-operating items and potential adjustments to long-term decommissioning provisions that obscure the underlying cash-generating capability of the core business.
The disconnect between statutory net income and operational performance suggests that investors should focus on cash flow metrics rather than headline EPS. The presence of stock-based compensation, while relatively modest, adds a layer of dilution that warrants careful monitoring alongside the company's capital allocation strategy.
Based on reported figures, the sharp decline in EPS from 2.54 in 2022Q4 to 0.73 in 2025Q4 raises questions regarding the long-term sustainability of the company's historical dividend payout ratio, particularly if commodity prices remain suppressed and capital expenditure requirements for major projects like Scarborough continue to escalate.
Short-sellers may focus on the potential for a dividend reset if free cash flow fails to cover the current payout levels. The combination of high capital intensity and cyclical revenue creates a risk profile where dividend commitments could eventually compete with necessary reinvestment for growth.
Quick answers to the most common questions about buying WDS stock.
For fiscal year 2025, Woodside Energy Group Ltd (WDS) reported total revenue of $12.98B. This represents a 1943.0% increase compared to $635.5M in 1996.
Woodside Energy Group Ltd (WDS) is profitable, generating $2.72B in net income for the fiscal year ending 2025 with a net profit margin of 20.9%.
Woodside Energy Group Ltd (WDS) reported an operating income of $3.87B, resulting in an operating profit margin of 29.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Woodside Energy Group Ltd (WDS) generated $4.54B in gross profit for the year, representing a gross profit margin of 34.9%. This demonstrates the company's core pricing power and production efficiency.