Revenue recovered to $167.1M in 2026Q3 (up 31.0% YoY), but volatile gross margins ranging from 3.9% to 70.3% over the ten-quarter window and a -8.2% net margin indicate that the recovery has not yet produced sustainable earnings.
W&T Offshore, Inc. (WTI) annual income statement — 26-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 | 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 |
|---|
| Sales/Revenue | 601.43M | 501.46M | 525.26M | 532.66M | 921M | 558.01M | 346.63M | 534.9M | 580.71M | 487.1M | 399.99M | 507.26M | 948.71M | 984.09M | 874.49M | 971.05M | 705.78M | 611M | 1.22B | 1.11B | 800.47M | 585.14M | 508.71M | 422.59M | 191.34M | 169.59M | 104.05M |
| Revenue Growth % | 20.26% | -4.53% | -1.39% | -42.17% | 65.05% | 60.98% | -35.2% | -7.89% | 19.22% | 21.78% | -21.15% | -46.53% | -3.6% | 12.53% | -9.94% | 37.58% | 15.51% | -49.74% | 9.15% | 39.14% | 36.8% | 15.02% | 20.38% | 120.86% | 12.82% | 62.99% | - |
| Cost of Goods Sold | 348.85M | 142.15M | 171.2M | 140.93M | 142.25M | 118.44M | 118.71M | 157.51M | 174.07M | 177.86M | 236.43M | 414.23M | 538.86M | 476.17M | 376.95M | 21.2M | 17.68M | 219.09M | 24.78M | 250.28M | 127.35M | 84.46M | 96.37M | 75.86M | 3.75M | 92.44M | 45.25M |
| COGS % of Revenue | - | 28.35% | 32.59% | 26.46% | 15.45% | 21.23% | 34.25% | 29.45% | 29.98% | 36.52% | 59.11% | 81.66% | 56.8% | 48.39% | 43.11% | 2.18% | 2.5% | 35.86% | 2.04% | 22.47% | 15.91% | 14.43% | 18.94% | 17.95% | 1.96% | 54.51% | 43.49% |
| Gross Profit | 252.58M | 359.31M | 354.06M | 391.73M | 778.75M | 439.57M | 227.92M | 377.38M | 406.64M | 309.23M | 163.56M | 93.03M | 409.85M | 507.91M | 497.54M | 949.85M | 688.11M | 391.91M | 1.19B | 863.47M | 673.12M | 500.68M | 412.35M | 346.73M | 187.59M | 77.15M | 58.8M |
| Gross Margin % | 42% | 71.65% | 67.41% | 73.54% | 84.55% | 78.77% | 65.75% | 70.55% | 70.02% | 63.48% | 40.89% | 18.34% | 43.2% | 51.61% | 56.89% | 97.82% | 97.5% | 64.14% | 97.96% | 77.53% | 84.09% | 85.57% | 81.06% | 82.05% | 98.04% | 45.49% | 56.51% |
| Gross Profit Growth % | - | 1.48% | -9.62% | -49.7% | 77.16% | 92.86% | -39.6% | -7.19% | 31.5% | 89.06% | 75.8% | -77.3% | -19.31% | 2.08% | -47.62% | 38.04% | 75.58% | -67.09% | 37.91% | 28.28% | 34.44% | 21.42% | 18.92% | 84.84% | 143.15% | 31.2% | - |
| Operating Expenses | 222.59M | 412.12M | 396.25M | 362.24M | 324.67M | 249.91M | 227.12M | 258.85M | 213.41M | 203.48M | 212.14M | 265.88M | 351.75M | 352.71M | 314.28M | 620.39M | 521.32M | 392.9M | 2.02B | 592.21M | 343.01M | 203.19M | 181.02M | 166.91M | 130.13M | 9.68M | 6.4M |
| OpEx % of Revenue | - | 82.18% | 75.44% | 68.01% | 35.25% | 44.79% | 65.52% | 48.39% | 36.75% | 41.77% | 53.04% | 52.41% | 37.08% | 35.84% | 35.94% | 63.89% | 73.86% | 64.3% | 166.4% | 53.17% | 42.85% | 34.73% | 35.58% | 39.5% | 68.01% | 5.71% | 6.15% |
| Selling, General & Admin | 179.27M | 378.74M | 363.88M | 333.22M | 298.16M | 226.98M | 204.6M | 239.39M | 60.15M | 59.74M | 59.74M | 73.11M | 87M | 81.87M | 314.28M | 74.3M | 53.29M | 42.99M | 47.23M | 38.85M | 42.12M | 28.42M | 25M | 30.36M | 10.06M | 9.68M | 6.4M |
| SG&A % of Revenue | - | 75.53% | 69.28% | 62.56% | 32.37% | 40.68% | 59.03% | 44.75% | 10.36% | 12.27% | 14.94% | 14.41% | 9.17% | 8.32% | 35.94% | 7.65% | 7.55% | 7.04% | 3.88% | 3.49% | 5.26% | 4.86% | 4.91% | 7.18% | 5.26% | 5.71% | 6.15% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.65M | 33.38M | 32.37M | 29.02M | 26.51M | 22.93M | 22.52M | 19.46M | 3.87M | -4.81M | 6.52M | -4.66M | 208K | 9.07M | 215K | 547.99M | 464.96M | 553.83M | 767.99M | 553.36M | 300.89M | 174.77M | 181.02M | 166.91M | 130.13M | 0 | 0 |
| Operating Income | 29.99M | -52.8M | -42.19M | 29.49M | 454.08M | 189.66M | 801K | 118.54M | 247.03M | 109.95M | -330.57M | -1.15B | 62.07M | 146.73M | 169.31M | 329.46M | 166.79M | -219.86M | -807.14M | 249.25M | 317.62M | 288.43M | 231.33M | 179.82M | 57.46M | 67.47M | 52.4M |
| Operating Margin % | 4.99% | -10.53% | -8.03% | 5.54% | 49.3% | 33.99% | 0.23% | 22.16% | 42.54% | 22.57% | -82.64% | -225.86% | 6.54% | 14.91% | 19.36% | 33.93% | 23.63% | -35.98% | -66.4% | 22.38% | 39.68% | 49.29% | 45.47% | 42.55% | 30.03% | 39.79% | 50.36% |
| Operating Income Growth % | - | -25.14% | -243.06% | -93.5% | 139.41% | 23578.15% | -99.32% | -52.02% | 124.67% | 133.26% | 71.15% | -1945.88% | -57.7% | -13.34% | -48.61% | 97.53% | 175.86% | 72.76% | -423.83% | -21.52% | 10.12% | 24.68% | 28.64% | 212.96% | -14.84% | 28.76% | - |
| EBITDA | 173.79M | 96.98M | 133.21M | 173.19M | 587.71M | 303.11M | 121.08M | 267.03M | 396.88M | 265.63M | -118.96M | -751.63M | 573.17M | 598.26M | 525.54M | 658.25M | 460.89M | 125.78M | -285.37M | 788.63M | 656.66M | 472.6M | 396.6M | 323.96M | 147.4M | 67.47M | 52.4M |
| EBITDA Margin % | 28.9% | 19.34% | 25.36% | 32.51% | 63.81% | 54.32% | 34.93% | 49.92% | 68.34% | 54.53% | -29.74% | -148.17% | 60.42% | 60.79% | 60.1% | 67.79% | 65.3% | 20.59% | -23.48% | 70.81% | 82.03% | 80.77% | 77.96% | 76.66% | 77.04% | 39.79% | 50.36% |
| EBITDA Growth % | 59.94% | -27.19% | -23.09% | -70.53% | 93.89% | 150.33% | -54.66% | -32.72% | 49.41% | 323.3% | 84.17% | -231.14% | -4.19% | 13.84% | -20.16% | 42.82% | 266.43% | 144.08% | -136.19% | 20.1% | 38.95% | 19.16% | 22.42% | 119.78% | 118.46% | 28.76% | - |
| D&A (Non-Cash Add-back) | 143.8M | 149.79M | 175.4M | 143.69M | 133.63M | 113.45M | 120.28M | 148.5M | 149.85M | 155.68M | 211.61M | 394.07M | 511.1M | 451.53M | 356.23M | 328.79M | 294.1M | 345.64M | 521.78M | 539.38M | 339.04M | 184.18M | 165.27M | 144.13M | 89.94M | 0 | 0 |
| EBIT | 9.75M | -62.64M | -56.68M | 78.63M | 354.25M | 20.51M | 69.1M | 58.46M | 298.01M | 112.63M | -208.01M | -1.15B | 62.07M | 146.73M | 169.53M | 306.85M | 167.5M | -221.94M | -793.77M | 252.85M | 330.11M | 297.49M | 231.61M | 179.82M | 57.46M | 67.47M | 52.4M |
| Net Interest Income | -36.37M | -36.49M | -40.45M | -44.69M | -69.44M | -70.05M | -61.46M | -59.57M | -48.65M | -45.52M | -84.38M | -97.34M | -78.4M | -75.58M | -49.99M | -42.52M | -37M | -39.24M | -34.71M | -37.09M | -17.18M | 1.6M | -1.84M | -2.23M | -3M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 315K | 7.89M | 0 | 0 | 0 | 0 | 0 | 710K | 842K | 0 | 0 | 0 | 2.75M | 276K | 279K | 49K | 0 | 0 |
| Interest Expense | 36.37M | 36.49M | 40.45M | 44.69M | 69.44M | 70.05M | 61.46M | 59.57M | 48.65M | 45.84M | 92.27M | 97.34M | 78.4M | 75.58M | 49.99M | 42.52M | 37.71M | 40.09M | 34.71M | 37.09M | 17.18M | 1.15M | 2.12M | 2.51M | 3.05M | 0 | 0 |
| Other Income/Expense | -77.03M | -46.33M | -54.94M | 4.45M | -169.27M | -239.2M | 6.84M | -119.64M | 2.33M | -42.84M | 38.17M | -102M | -78.19M | -66.64M | -49.78M | -65.13M | -37M | -42.17M | -21.34M | -33.49M | -11.26M | 1.6M | -1.84M | -2.23M | -3M | -3.9M | -4.2M |
| Pretax Income | -47.05M | -99.14M | -97.13M | 33.94M | 284.81M | -49.53M | 7.64M | -1.11M | 249.36M | 67.11M | -292.4M | -1.25B | -16.12M | 80.1M | 119.53M | 264.33M | 129.79M | -262.03M | -828.48M | 215.76M | 306.35M | 290.03M | 229.49M | 177.59M | 54.46M | 63.57M | 48.2M |
| Pretax Margin % | -7.82% | -19.77% | -18.49% | 6.37% | 30.92% | -8.88% | 2.2% | -0.21% | 42.94% | 13.78% | -73.1% | -245.97% | -1.7% | 8.14% | 13.67% | 27.22% | 18.39% | -42.89% | -68.15% | 19.37% | 38.27% | 49.57% | 45.11% | 42.03% | 28.46% | 37.48% | 46.33% |
| Income Tax | 3.7M | 50.93M | -9.98M | 18.34M | 53.66M | -8.06M | -30.15M | -75.19M | 535K | -12.57M | -43.38M | -202.98M | -4.46M | 28.77M | 47.55M | 91.52M | 11.9M | -74.11M | -269.66M | 71.46M | 107.25M | 101M | 80.01M | 61.16M | 52.41M | 0 | 0 |
| Effective Tax Rate % | -7.86% | -51.37% | 10.28% | 54.05% | 18.84% | 16.27% | -394.83% | 6786.46% | 0.21% | -18.73% | 14.83% | 16.27% | 27.66% | 35.92% | 39.78% | 34.62% | 9.17% | 28.28% | 32.55% | 33.12% | 35.01% | 34.83% | 34.86% | 34.44% | 96.24% | 0% | 0% |
| Net Income | -50.74M | -150.06M | -87.14M | 15.6M | 231.15M | -41.48M | 37.79M | 74.09M | 248.83M | 79.68M | -249.02M | -1.04B | -11.66M | 51.32M | 71.98M | 172.82M | 117.89M | -187.92M | -558.82M | 144.3M | 199.1M | 189.02M | 149.48M | 116.58M | 2.05M | 63.57M | 48.2M |
| Net Margin % | -8.44% | -29.92% | -16.59% | 2.93% | 25.1% | -7.43% | 10.9% | 13.85% | 42.85% | 16.36% | -62.26% | -205.95% | -1.23% | 5.22% | 8.23% | 17.8% | 16.7% | -30.76% | -45.97% | 12.96% | 24.87% | 32.3% | 29.38% | 27.59% | 1.07% | 37.48% | 46.33% |
| Net Income Growth % | 65.31% | -72.2% | -658.69% | -93.25% | 657.28% | -209.76% | -48.99% | -70.23% | 212.27% | 132% | 76.16% | -8859.08% | -122.72% | -28.7% | -58.35% | 46.59% | 162.74% | 66.37% | -487.26% | -27.53% | 5.33% | 26.45% | 28.22% | 5589.7% | -96.78% | 31.87% | - |
| Net Income (Continuing) | -50.74M | -150.06M | -87.14M | 15.6M | 231.15M | -41.48M | 37.79M | 74.09M | 248.83M | 79.68M | -249.02M | -1.04B | -11.66M | 51.32M | 71.98M | 172.82M | 117.89M | -187.92M | -558.82M | 144.3M | 199.1M | 189.02M | 149.48M | 116.44M | 2.05M | 63.57M | 48.2M |
| 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 |
| Minority Interest | 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 |
| EPS (Diluted) | -0.33 | -1.01 | -0.59 | 0.11 | 1.59 | -0.29 | 0.26 | 0.52 | 1.79 | 0.56 | -2.60 | -13.76 | -0.15 | 0.68 | 0.95 | 2.29 | 1.58 | -2.51 | -7.36 | 1.90 | 2.84 | 2.87 | 2.27 | 1.79 | 0.03 | 0.97 | 0.74 |
| EPS Growth % | 65.66% | -71.19% | -636.36% | -93.08% | 648.28% | -211.54% | -50% | -70.95% | 219.64% | 121.54% | 81.1% | -9073.33% | -122.06% | -28.42% | -58.52% | 44.94% | 162.95% | 65.9% | -487.37% | -33.1% | -1.05% | 26.43% | 26.82% | 5618.85% | -96.77% | 31.08% | - |
| EPS (Basic) | - | -1.01 | -0.59 | 0.11 | 1.61 | -0.29 | 0.26 | 0.52 | 1.79 | 0.56 | -2.60 | -13.76 | -0.15 | 0.68 | 0.95 | 2.29 | 1.58 | -2.51 | -7.36 | 1.90 | 2.84 | 2.91 | 2.82 | 2.14 | 0.04 | 1.21 | 0.91 |
| Diluted Shares Outstanding | 151.85M | 148.21M | 147.13M | 148.3M | 145.09M | 142.27M | 141.62M | 140.58M | 139M | 137.62M | 95.64M | 75.93M | 75.61M | 75.24M | 74.35M | 74.03M | 73.69M | 74.85M | 75.92M | 75.94M | 70.11M | 65.86M | 65.45M | 61.85M | 65.45M | 65.45M | 65.45M |
| Basic Shares Outstanding | 151.85M | 148.21M | 147.13M | 146.48M | 143.14M | 142.27M | 141.62M | 140.58M | 139M | 137.62M | 95.64M | 75.93M | 75.61M | 75.24M | 74.35M | 74.03M | 73.69M | 74.85M | 75.92M | 75.79M | 70.11M | 64.96M | 52.69M | 51.73M | 52.69M | 52.69M | 52.69M |
| Dividend Payout Ratio | - | - | - | 9.4% | - | - | - | - | - | - | - | - | - | 114.66% | 115.07% | 34% | 50.56% | - | - | 6.33% | 4.13% | 2.09% | 2.37% | 35.17% | 677.55% | - | - |
Quick answers to the most common questions about buying WTI stock.
For fiscal year 2025, W&T Offshore, Inc. (WTI) reported total revenue of $501.5M. This represents a 382.0% increase compared to $104.0M in 2000.
W&T Offshore, Inc. (WTI) reported a net loss of $150.1M for the fiscal year ending 2025.
W&T Offshore, Inc. (WTI) reported an operating income of $-52.8M, resulting in an operating profit margin of -10.5%. This margin reflects the operational efficiency of the business before interest and taxes.
W&T Offshore, Inc. (WTI) generated $359.3M in gross profit for the year, representing a gross profit margin of 71.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile upstream pricing exposure
Metrics are mathematically derived from official filings.
Revenue Recovering Amid Persistent Losses
Based on reported quarterly figures, WTI's revenue reached $167.1M in 2026Q3, up 31.0% year over year, yet net income remained negative at -$13.6M, indicating top-line recovery has not yet translated into bottom-line profit.
The 31.0% and 32.9% year-over-year revenue gains in 2026Q2 and 2026Q3 suggest volume or pricing recovery from the 2025 trough near $122M to $130M per quarter. However, the reported net losses in the most recent quarter imply that revenue growth alone is insufficient to cover non-operating and interest costs. Investors should monitor whether the 2026Q2 profit spike was durable or primarily a timing effect given the subsequent reversal.
Gross Margin Swings Signal Cost Volatility
As reported in the quarterly income statements, WTI's gross margin oscillated between 26.4% and 52.0% across 2026, ranging from 3.9% to 70.3% over the ten-quarter window, which points to highly cyclical and unstable cost recognition.
Such wide gross margin swings are consistent with upstream oil and gas producers whose cost of revenue is heavily affected by production timing, lease operating costs, and hedging or realized price effects. The absence of stable margin behavior limits confidence in normalized earnings power. Analysts should treat the 2026Q2 peak margin as a potential outlier rather than a run-rate.
Operating Leverage Remains Inconsistent
Based on EDBL-style quarterly reporting for WTI, operating income swung from -$19.1M in 2025Q4 to $22.6M in 2026Q2, while SG&A stayed between $21.5M and $95.2M, showing that overhead absorption has not been stable.
The spike in SG&A to $95.2M in 2025Q4 and $91.2M in 2025Q1 appears to reflect non-recurring or irregular charges rather than a steady cost base, which distorts operating leverage analysis. When revenue grew in 2026, operating margin improved to 13.9%, suggesting positive operating leverage at higher volumes. This pattern warrants further investigation into the composition of SG&A before concluding on structural efficiency.
Net Income Diverges From Operating Results
According to reported figures, WTI posted a 2026Q2 net profit of $12.6M on $22.6M operating income, but reported a 2026Q3 net loss of -$13.6M despite positive operating income of $11.8M, indicating meaningful non-operating or tax-related items.
The gap between operating income and net income in both 2026Q2 and 2026Q3 suggests material below-the-line items such as interest expense, derivative effects, or tax adjustments that are not visible in the supplied data. Stock-based compensation of $10.4M in 2026Q3 represents a meaningful share of revenue-scale operating costs and merits attention. Investors should monitor the reconciliation between operating and net results before relying on reported EPS.
Fragile Recovery Could Reverse Quickly
Based on reported quarterly figures, WTI's 2026 improvement rests on two quarters of profit against a backdrop of eight loss-making quarters in the ten-quarter window, which may indicate the recovery is not yet durable.
A bearish reading would emphasize that the 2026Q2 profit reversed to a loss in 2026Q3, and that the broader window shows persistent operating losses through 2025. If commodity prices soften or cost recognition normalizes upward, the gross margin could compress back toward single digits, as seen in 2025Q2 and 2025Q3. Analytically, the recent revenue growth may not justify a durable re-rating until profitability is sustained across multiple quarters.