Revenue growth reached 1492.7% in 2026Q1, though this figure appears heavily distorted by inflationary adjustments rather than organic volume expansion.
| 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 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 20.1T | 26.53T | 17.9T | 5.48T | 2.53T | 1.32T | 692.51B | 678.6B | 435.82B | 252.81B | 210.1B | 156.14B | 141.94B | 13.82B | 13.68B | 13.06B | 11.13B | 9.03B | 10.1B | 9.24B | 8.36B | 7.56B | 6.76B | 6B | 5.83B | 8.15B | 8.67B | 6.6B | 5.5B |
| Revenue Growth % | 40.56% | 48.25% | 226.28% | 117.08% | 92.03% | 89.98% | 2.05% | 55.71% | 72.39% | 20.33% | 34.56% | 10% | 927.3% | 1.01% | 4.78% | 17.35% | 23.15% | -10.53% | 9.32% | 10.52% | 10.59% | 11.84% | 12.64% | 2.85% | -28.47% | -5.98% | 31.46% | 19.94% | - |
| Cost of Goods Sold | 13.86T | 19.37T | 12.95T | 4.52T | 1.88T | 1.02T | 621.84B | 570.47B | 357.49B | 210.52B | 176.16B | 119.78B | 107.02B | 10.44B | 10.24B | 9.56B | 7.53B | 6.1B | 6.95B | 6.03B | 5.36B | 3.81B | 3.25B | 2.66B | 3.29B | 4.86B | 4.99B | 3.37B | 2.68B |
| COGS % of Revenue | - | 73% | 72.37% | 82.32% | 74.24% | 77.59% | 89.8% | 84.07% | 82.03% | 83.27% | 83.84% | 76.72% | 75.4% | 75.57% | 74.83% | 73.19% | 67.7% | 67.53% | 68.85% | 65.28% | 64.09% | 50.38% | 48.13% | 44.27% | 56.42% | 59.64% | 57.56% | 51.12% | 48.74% |
| Gross Profit | 6.23T | 7.16T | 4.94T | 969.46B | 650.78B | 294.87B | 70.67B | 108.13B | 78.33B | 42.29B | 33.94B | 36.35B | 34.92B | 3.38B | 3.44B | 3.5B | 3.59B | 2.93B | 3.34B | 3.37B | 3B | 3.75B | 3.5B | 3.34B | 2.54B | 3.29B | 3.68B | 3.23B | 2.82B |
| Gross Margin % | 31.02% | 27% | 27.63% | 17.68% | 25.76% | 22.41% | 10.21% | 15.93% | 17.97% | 16.73% | 16.16% | 23.28% | 24.6% | 24.43% | 25.17% | 26.81% | 32.3% | 32.47% | 33.11% | 36.51% | 35.91% | 49.62% | 51.87% | 55.73% | 43.58% | 40.36% | 42.44% | 48.88% | 51.26% |
| Gross Profit Growth % | - | 44.85% | 410.04% | 48.97% | 120.7% | 317.25% | -34.64% | 38.04% | 85.2% | 24.6% | -6.63% | 4.11% | 934.28% | -1.94% | -1.62% | -2.6% | 22.51% | -12.25% | -0.87% | 12.37% | -19.97% | 6.99% | 4.85% | 31.51% | -22.76% | -10.59% | 14.14% | 14.36% | - |
| Operating Expenses | 3.57T | 4.8T | 3.79T | 2.44T | 353.17B | 236.7B | 129.07B | 129.14B | 34.55B | 26.22B | 58.19B | 19.77B | 15.18B | 1.67B | 1.83B | 1.83B | 1.21B | 1.09B | 1.22B | 1.09B | 757M | 727M | 633M | 618M | 512M | 1.09B | 905M | 1.98B | 1.67B |
| OpEx % of Revenue | - | 18.08% | 21.16% | 44.47% | 13.98% | 17.99% | 18.64% | 19.03% | 7.93% | 10.37% | 27.7% | 12.66% | 10.69% | 12.05% | 13.4% | 14.02% | 10.84% | 12.07% | 12.03% | 11.84% | 9.06% | 9.62% | 9.37% | 10.3% | 8.78% | 13.35% | 10.43% | 30.01% | 30.43% |
| Selling, General & Admin | 2.2T | 2.31T | 1.95T | 584.83B | 218.06B | 135.88B | 103.48B | 74.77B | 42.13B | 25.41B | 22.32B | 16.64B | 16.19B | 1.57B | 1.61B | 1.69B | 1.12B | 945.51M | 1.02B | 928.28M | 636M | 727M | 633M | 618M | 512M | 1.09B | 904M | 680M | 599M |
| SG&A % of Revenue | - | 8.7% | 10.89% | 10.66% | 8.63% | 10.33% | 14.94% | 11.02% | 9.67% | 10.05% | 10.62% | 10.66% | 11.4% | 11.38% | 11.75% | 12.92% | 10.06% | 10.47% | 10.07% | 10.05% | 7.61% | 9.62% | 9.37% | 10.3% | 8.78% | 13.35% | 10.42% | 10.31% | 10.89% |
| Research & Development | 31.9M | 32.18M | 40.88B | 18.4B | 4.79B | 1.94B | 2.13B | 1.26B | 1.55B | 449M | 400M | 270M | 0 | 0 | 582M | 133.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0% | 0.23% | 0.34% | 0.19% | 0.15% | 0.31% | 0.19% | 0.36% | 0.18% | 0.19% | 0.17% | - | - | 4.25% | 1.02% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 2.49T | 1.8T | 1.84T | 130.32B | 98.88B | 23.46B | 53.11B | -9.13B | 363M | 35.47B | 2.86B | -1.01B | 92.3M | -355.96M | 10.68M | 86.66M | 145.3M | 198.03M | 165.66M | 121M | 0 | 0 | 0 | 0 | 0 | 1M | 1.3B | 1.07B |
| Operating Income | 2.66T | 2.37T | 1.16T | -1.47T | 297.62B | 58.17B | -58.4B | -21.01B | 43.78B | 16.07B | -24.25B | 16.59B | 19.74B | 1.71B | 1.61B | 1.67B | 2.39B | 1.84B | 1.93B | 2.11B | 2.24B | 3.02B | 2.87B | 2.73B | 2.03B | 2.2B | 2.78B | 1.25B | 1.15B |
| Operating Margin % | 13.24% | 8.91% | 6.47% | -26.79% | 11.78% | 4.42% | -8.43% | -3.1% | 10.05% | 6.36% | -11.54% | 10.62% | 13.91% | 12.38% | 11.77% | 12.79% | 21.46% | 20.39% | 19.11% | 22.87% | 26.85% | 40% | 42.5% | 45.42% | 34.8% | 27% | 32% | 18.87% | 20.83% |
| Operating Income Growth % | - | 104.38% | 178.76% | -593.68% | 411.63% | 199.61% | -177.92% | -147.99% | 172.38% | 166.29% | -246.17% | -15.98% | 1053.72% | 6.33% | -3.6% | -30.06% | 29.57% | -4.53% | -8.66% | -5.85% | -25.77% | 5.26% | 5.39% | 34.24% | -7.81% | -20.68% | 122.97% | 8.64% | - |
| EBITDA | 6.01T | 7.01T | 3.46T | -546.68B | 641.89B | 330.69B | 116.48B | 127.26B | 133.1B | 70.42B | 21.22B | 43.6B | 40.15B | 3.46B | 3.3B | 3.18B | 3.72B | 3.11B | 3.31B | 3.43B | 3.46B | 3.92B | 3.71B | 3.52B | 2.64B | 3.21B | 3.71B | 2.25B | 2.22B |
| EBITDA Margin % | 29.91% | 26.44% | 19.33% | -9.97% | 25.41% | 25.14% | 16.82% | 18.75% | 30.54% | 27.86% | 10.1% | 27.92% | 28.28% | 25.07% | 24.09% | 24.35% | 33.4% | 34.47% | 32.8% | 37.09% | 41.35% | 51.82% | 54.89% | 58.59% | 45.24% | 39.3% | 42.76% | 34.18% | 40.37% |
| EBITDA Growth % | 146.25% | 102.75% | 732.82% | -185.17% | 94.11% | 183.89% | -8.47% | -4.39% | 89% | 231.82% | -51.32% | 8.59% | 1058.92% | 5.11% | 3.67% | -14.44% | 19.31% | -5.97% | -3.33% | -0.86% | -11.75% | 5.58% | 5.52% | 33.19% | -17.66% | -13.59% | 64.48% | 1.53% | - |
| D&A (Non-Cash Add-back) | 3.35T | 4.65T | 2.3T | 922.59B | 344.27B | 272.52B | 174.88B | 148.27B | 89.32B | 54.35B | 45.47B | 27.01B | 20.41B | 1.75B | 1.69B | 1.51B | 1.33B | 1.27B | 1.38B | 1.31B | 1.21B | 893M | 837M | 790M | 609M | 1B | 933M | 1.01B | 1.07B |
| EBIT | 2.98T | 2.68T | 1.6T | 157.57B | 287.34B | 94.93B | -67.82B | 21.87B | 28.53B | 12.07B | 10.42B | 19.15B | 19.73B | 2.79B | 2.06B | 2B | 2.51B | 1.81B | 1.94B | 2.26B | 2.07B | 2.93B | 2.74B | 2.73B | 2.18B | 2.33B | 2.97B | 1.53B | 1.15B |
| Net Interest Income | -902.96B | -1.24T | -762.68B | -583.73B | -114.16B | -84.93B | -88.97B | -36.75B | -34.76B | -18.57B | -21.14B | -9.77B | -5.48B | -2.86B | -1.44B | -888.86M | -825.26M | -865.33M | -368.78M | -14.13M | 306.88M | -206.47M | -55.46M | -23.46M | -420.66M | -311.28M | -174.72M | 0 | -204.96M |
| Interest Income | 113.8B | 114.63B | 45.19B | 332.37B | 58.04B | 18.2B | 8.76B | 6.96B | 4.11B | 1.77B | 1.57B | 2.29B | 1.21B | 907.14M | 209.83M | 184.97M | 119.78M | 111.1M | 138.04M | 280.65M | 519.1M | 269.76M | 167.39M | 231.67M | 255.76M | 4M | 80.87M | 0 | 41.99M |
| Interest Expense | 1.02T | 1.36T | 807.87B | 916.09B | 172.2B | 103.13B | 97.73B | 43.72B | 38.87B | 20.33B | 22.71B | 12.06B | 6.69B | 3.76B | 1.65B | 1.07B | 945.04M | 976.42M | 506.82M | 294.78M | 212.22M | 476.24M | 222.85M | 255.13M | 676.43M | 315.28M | 255.59M | 0 | 246.95M |
| Other Income/Expense | -699.93B | -1.04T | -186.79B | 589.98B | 101.56B | 5.43B | 1.97B | 14B | 46.36B | -7.37B | -5.56B | 12.47B | 2.33B | 488.82M | 134.81M | 92.44M | -114.63M | -287.44M | -135.21M | 59.35M | 122M | -128M | -234M | -18M | -911M | -679M | -628M | -382M | -293M |
| Pretax Income | 1.96T | 1.32T | 970.45B | -879.3B | 399.18B | 63.6B | -56.43B | -7.01B | 90.14B | 8.7B | -29.8B | 29.06B | 22.07B | 2.2B | 1.74B | 1.76B | 2.27B | 1.55B | 1.79B | 2.17B | 2.37B | 2.9B | 2.64B | 2.71B | 1.12B | 1.52B | 2.15B | 863M | 853M |
| Pretax Margin % | 9.76% | 4.98% | 5.42% | -16.03% | 15.8% | 4.83% | -8.15% | -1.03% | 20.68% | 3.44% | -14.19% | 18.61% | 15.55% | 15.92% | 12.75% | 13.5% | 20.42% | 17.21% | 17.77% | 23.52% | 28.31% | 38.31% | 39.04% | 45.12% | 19.18% | 18.68% | 24.76% | 13.08% | 15.51% |
| Income Tax | 2.62T | 2.48T | 1.15T | 653.45B | 108.91B | 64.41B | 14.59B | 26.37B | 51.54B | 3.97B | 1.43B | 24.64B | 13.22B | 1.42B | 949.57M | 729.53M | 813.73M | 583.84M | 740.59M | 875.28M | 913M | 1.13B | 1.02B | 1.13B | 124M | 705M | 917M | 382M | 264M |
| Effective Tax Rate % | 133.45% | 187.8% | 118.75% | -74.32% | 27.28% | 101.27% | -25.85% | -376.16% | 57.17% | 45.6% | -4.78% | 84.77% | 59.91% | 64.6% | 54.44% | 41.41% | 35.81% | 37.55% | 41.27% | 40.3% | 38.59% | 38.86% | 38.78% | 41.63% | 11.08% | 46.29% | 42.69% | 44.26% | 30.95% |
| Net Income | -681.4B | -1.2T | 2.08T | -1.56T | 289.06B | 257M | -69.65B | -34.07B | 38.61B | 12.34B | -28.24B | 4.58B | 9B | 785.82M | 794.6M | 1.03B | 1.46B | 971.05M | 1.05B | 1.3B | 1.45B | 1.77B | 1.66B | 1.58B | 995M | 818M | 1.23B | 481M | 589M |
| Net Margin % | -3.39% | -4.52% | 11.61% | -28.47% | 11.44% | 0.02% | -10.06% | -5.02% | 8.86% | 4.88% | -13.44% | 2.93% | 6.34% | 5.69% | 5.81% | 7.91% | 13.11% | 10.75% | 10.44% | 14.04% | 17.39% | 23.41% | 24.61% | 26.42% | 17.06% | 10.03% | 14.19% | 7.29% | 10.71% |
| Net Income Growth % | -144.24% | -157.69% | 233.07% | -640.11% | 112373.54% | 100.37% | -104.42% | -188.24% | 212.91% | 143.7% | -716.66% | -49.13% | 1045.56% | -1.11% | -23.03% | -29.22% | 50.22% | -7.86% | -18.73% | -10.75% | -17.86% | 6.37% | 4.92% | 59.3% | 21.64% | -33.55% | 155.93% | -18.34% | - |
| Net Income (Continuing) | -655.76B | -1.16T | 2.12T | -1.53T | 290.26B | -808M | -71.02B | -33.38B | 38.61B | 12.67B | -28.38B | 4.43B | 8.85B | 778.76M | 794.6M | 1.03B | 1.46B | 971.05M | 1.05B | 1.3B | 1.45B | 1.77B | 1.61B | 1.58B | 995M | 818M | 1.23B | 481M | 589M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48M | 5M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 373.92B | 333.73B | 224.54B | 73.19B | 17.27B | 8.23B | 6.17B | 5.55B | 3.16B | 238M | -94M | 48M | 151M | 224M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.9M | 60M | 150.97M |
| EPS (Diluted) | -1737.90 | -3061.61 | 6169.70 | -2403.42 | 5.67 | 6.79 | -2.56 | -1.45 | 2.61 | 1.63 | -4.49 | 0.90 | 2.71 | 2.00 | 2.02 | 3.13 | 3.71 | 2.47 | 2.68 | 3.30 | 3.70 | 4.50 | 4.20 | 4.01 | 2.53 | 2.08 | 3.49 | 1.35 | 1.64 |
| EPS Growth % | -139.32% | -149.62% | 356.7% | -42488.36% | -16.49% | 365.23% | -76.55% | -155.56% | 60.12% | 136.3% | -598.89% | -66.79% | 35.5% | -0.99% | -35.46% | -15.63% | 50.2% | -7.84% | -18.79% | -10.81% | -17.78% | 7.14% | 4.74% | 58.5% | 21.63% | -40.4% | 158.52% | -17.68% | - |
| EPS (Basic) | - | -3061.61 | 6169.70 | -2403.42 | 5.67 | 6.79 | -2.56 | -1.45 | 2.61 | 1.63 | -4.49 | 0.90 | 2.71 | 2.00 | 2.02 | 3.13 | 3.71 | 2.47 | 2.68 | 3.30 | 3.70 | 4.50 | 4.20 | 4.01 | 2.53 | 2.08 | 3.49 | 1.35 | 1.64 |
| Diluted Shares Outstanding | 392.08M | 391.95M | 392.09M | 391.72M | 392.72M | 392.79M | 392.52M | 392.31M | 392.3M | 392.63M | 391.5M | 392.04M | 392.24M | 392.79M | 393.31M | 393.17M | 393.34M | 393.31M | 393.31M | 393.31M | 393.31M | 393.31M | 396.1M | 394.9M | 393.9M | 393.31M | 353M | 353M | 353.34M |
| Basic Shares Outstanding | 392.08M | 391.95M | 392.09M | 391.72M | 392.72M | 392.79M | 392.52M | 392.31M | 392.3M | 392.63M | 391.5M | 392.04M | 392.24M | 392.79M | 393.31M | 393.17M | 393.34M | 393.31M | 393.31M | 393.31M | 393.23M | 392.77M | 396.1M | 394.9M | 393.9M | 393.31M | 353M | 353M | 353.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 0.08% | 0.3% | - | 0.85% | 0.61% | 6.36% | 7.77% | 125.2% | 76.75% | 132.75% | 255.14% | 57.76% | 162.42% | 275.75% | 319.3% | 64.61% | 1.11% | 201.83% | 25.79% | 67.57% | 55.35% |
Macroeconomic and regulatory volatility
As reported in recent financial statements, YPF's revenue growth exhibits extreme fluctuations, reaching 1492.7% in 2026Q1, which likely reflects the distortive impact of hyperinflationary accounting adjustments rather than underlying organic volume expansion within the company's core integrated energy operations across the Argentine domestic market.
The massive swings in top-line figures suggest that investors should exercise caution when interpreting growth trends, as these numbers are heavily influenced by currency translation and local price adjustments. The lack of consistent, predictable revenue growth warrants further investigation into whether the company can achieve sustainable, inflation-adjusted expansion.
Based on reported figures, YPF's gross margin reached 35.5% in 2026Q1, yet the company continues to struggle with net profitability, as evidenced by a net margin of -14.4% in 2025Q4, suggesting that operational gains are frequently offset by non-operating expenses and currency-related charges.
While the gross margin indicates a degree of pricing power in the downstream segment, the inability to translate this into consistent net income appears to be a structural weakness. Investors should monitor whether the company can decouple its profitability from the volatile macroeconomic environment that currently plagues its bottom line.
According to recent SEC filings, YPF's operating income has shown significant volatility, with margins swinging from -63.7% in 2023Q4 to 17.7% in 2026Q1, indicating that the company's high fixed-cost structure prevents consistent scaling of operating profit relative to its gross profit generation.
The erratic nature of operating margins suggests that management faces difficulty in controlling SG&A and other overheads during periods of economic instability. This lack of operating leverage may imply that the company remains highly sensitive to cost inflation, which could continue to pressure margins in the near term.
As indicated by the data, YPF's net income has experienced wild swings, including a net loss of $949.0B in 2025Q4 followed by a profit of $561.6B in 2026Q1, which suggests that reported earnings are heavily impacted by non-operating items and accounting adjustments.
The frequent divergence between operating income and net income warrants further investigation into the nature of these non-operating charges, which may include currency translation losses or legal provisions. Such volatility makes it difficult to assess the true underlying earnings power of the business for long-term valuation purposes.
Quick answers to the most common questions about buying YPF stock.
For fiscal year 2025, YPF Sociedad Anónima (YPF) reported total revenue of $26.53T. This represents a 482177.5% increase compared to $5.50B in 1998.
YPF Sociedad Anónima (YPF) reported a net loss of $1.20T for the fiscal year ending 2025.
YPF Sociedad Anónima (YPF) reported an operating income of $2.37T, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
YPF Sociedad Anónima (YPF) generated $7.16T in gross profit for the year, representing a gross profit margin of 27.0%. This demonstrates the company's core pricing power and production efficiency.