While Q2 2026 reported revenue reached $9.2T, the subsequent gross margin of 45.1% collapsing to an 18.3% net margin suggests powerful non-operating headwinds are structurally eroding profitability.
YPF Sociedad Anónima (YPF) annual income statement — 28-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 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 29.35T | 26.53T | 17.9T | 5.48T | 2.53T | 12.4B | 7.93B | 15.95B | 21.5B | 13.74B | 13.23B | 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 % | 196.05% | 48.25% | 226.28% | 117.08% | 20281.91% | 56.26% | -50.26% | -25.82% | 56.46% | 3.86% | -91.53% | 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 | 18.94T | 19.37T | 12.95T | 4.52T | 1.88T | 9.62B | 7.12B | 13.41B | 17.64B | 11.44B | 11.09B | 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 | 10.44T | 7.16T | 4.94T | 969.46B | 650.78B | 2.78B | 809.54M | 2.54B | 3.86B | 2.3B | 2.14B | 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 % | 35.58% | 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% | 23324.42% | 243.19% | -68.14% | -34.24% | 68.09% | 7.55% | -94.12% | 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 | 5.18T | 4.8T | 3.79T | 2.44T | 353.17B | 2.23B | 1.48B | 3.04B | 1.7B | 1.43B | 3.66B | 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 | 4.1T | 2.31T | 1.64T | 1.06T | 1.33B | 970M | 10.15M | 19.93M | 39.22M | 71.12M | 81.25M | 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% | 9.19% | 19.39% | 0.05% | 7.83% | 0.13% | 0.13% | 0.18% | 0.52% | 0.61% | 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 | 15.38M | 32.18M | 40.88B | 18.4B | 4.79B | 18.26M | 24.38M | 29.64M | 76.37M | 24.41M | 25.19M | 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 | 2.1T | 1.36T | 347.05B | 1.24B | 1.44B | 2.99B | 1.59B | 1.33B | 3.56B | 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 | 5.67T | 2.37T | 1.87T | -1.47T | 297.62B | 548.07M | -668.94M | -493.83M | 2.16B | 715.95M | 494.26M | 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 % | 19.32% | 8.91% | 10.43% | -26.79% | 11.78% | 4.42% | -8.43% | -3.1% | 10.05% | 5.21% | 3.74% | 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 % | - | 26.7% | 227.05% | -593.68% | 54202.94% | 181.93% | -35.46% | -122.86% | 201.68% | 44.86% | -97.02% | -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 | 10.28T | 7.01T | 4.17T | -546.68B | 641.89B | 3.12B | 1.33B | 2.99B | 6.57B | 3.67B | 3.36B | 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 % | 35.04% | 26.44% | 23.3% | -9.97% | 25.41% | 25.14% | 16.82% | 18.75% | 30.54% | 26.71% | 25.38% | 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 % | 260.55% | 68.24% | 862.6% | -185.17% | 20501.79% | 133.5% | -55.39% | -54.45% | 78.9% | 9.31% | -92.3% | 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) | 4.61T | 4.65T | 2.3T | 922.59B | 344.27B | 2.57B | 2B | 3.48B | 4.41B | 2.95B | 2.86B | 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 | 5.84T | 2.68T | 1.6T | 157.57B | 287.34B | 894.45M | -776.89M | 514.06M | 1.41B | 656.37M | 656.34M | 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 | -909.76B | -1.24T | -762.68B | -583.73B | -114.16B | -800.22M | -1.02B | -863.8M | -1.72B | -1.01B | -1.33B | -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 | 114.65B | 114.63B | 45.19B | 332.37B | 58.04B | 171.47M | 100.33M | 163.6M | 202.54M | 96.07M | 98.99M | 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 | 971.69M | 1.12B | 1.03B | 1.92B | 1.11B | 1.43B | 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 | -1.16T | -1.04T | -932.17B | 589.98B | 101.56B | 51.17M | 22.55M | 329.08M | 2.29B | -190.36M | -2.51B | 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 | 4.52T | 1.32T | 934.59B | -879.3B | 399.18B | 599.24M | -646.38M | -164.75M | 4.45B | 525.6M | -2.02B | 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 % | 15.39% | 4.98% | 5.22% | -16.03% | 15.8% | 4.83% | -8.15% | -1.03% | 20.68% | 3.82% | -15.24% | 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 | 3.44T | 2.48T | -1.45T | 653.45B | 108.91B | 606.85M | 167.12M | 619.73M | 2.54B | -239.7M | -96.44M | 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 % | 76.11% | 187.8% | -155.5% | -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 | 1.04T | -1.2T | 2.08T | -1.56T | 289.06B | 2.42M | -797.83M | -800.74M | 1.9B | 670.78M | -1.78B | 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 % | 3.54% | -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 % | -4.15% | -157.69% | 233.07% | -640.11% | - | 100.3% | 0.36% | -142.03% | 183.99% | 137.72% | -138.84% | -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) | 1.07T | -1.16T | 2.39T | -1.53T | 290.26B | -7.61M | -813.5M | -784.48M | 1.9B | 765.3M | -1.92B | 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 | 400.76B | 333.73B | 224.54B | 73.19B | 17.27B | 77.5M | 70.62M | 130.44M | 155.75M | 12.94M | -5.92M | 48M | 151M | 224M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.9M | 60M | 150.97M |
| EPS (Diluted) | 2679.12 | -3061.61 | 5298.50 | -2403.42 | 736.04 | 0.01 | -0.03 | -0.03 | 0.13 | 0.09 | -0.28 | 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 % | -6.55% | -157.78% | 320.46% | -426.53% | - | 123.55% | 14.08% | -126.23% | 46.73% | 131.64% | -131.11% | -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 | 5298.50 | -2403.42 | 736.04 | 0.01 | -0.03 | -0.03 | 0.13 | 0.09 | -0.28 | 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 | 387.46M | 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 | 387.46M | 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% |
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.
Key Metrics
Top Statement Risk
Macro Instability Capping Margins
Revenue Surge Masks Inflation-Driven Distortion
YPF's reported revenue growth of 48.3% in Q2 2026 appears to be heavily inflated by Argentina's hyperinflationary environment, as indicated by the use of IAS 29 accounting standards that restate figures in current purchasing power.
The top-line acceleration from 36.1% growth in Q4 2025 to the 48.3% reported in the latest period is not indicative of organic volume expansion but rather a function of domestic price adjustments attempting to keep pace with inflation. This nominal growth is largely academic for international investors; the real test is whether YPF can translate this into real, inflation-adjusted revenue growth, which the data does not confirm. The stark reversal from near-zero growth in early 2025 quarters further suggests the figures are volatile and unreliable as a measure of underlying commercial momentum.
Gross Margin Recovery at Odds with Bottom Line
While YPF's gross margin expanded to a healthy 45.1% in Q2 2026, the subsequent collapse to an 18.3% net margin implies that powerful non-operating headwinds, likely including FX translation losses or massive interest expense, are eroding profitability.
The impressive gross margin recovery suggests the company has achieved some success in passing through cost increases or improving refining economics. However, the severe disconnect between operating income (27.7% margin) and net income (18.3% margin) points to significant leakage below the operating line. This pattern, where a robust gross margin does not flow through to the bottom, has been persistent and warrants investigation into the composition of financial expenses and non-cash items under Argentina's volatile macroeconomic regime.
Significant Negative Leverage Evident
The company's operating leverage appears severely negative, as operating income grew from $651.5B in Q4 2025 to $2.5T in Q2 2026, yet net income remained volatile and negative in several recent quarters, suggesting rising financial costs are consuming operating gains.
A healthy income statement should show operating income growing faster than gross profit, indicating efficiency. YPF displays the opposite: a sharp rise in gross profit is partially offset by SG&A growth and then completely overshadowed by non-operating charges. This implies the capital structure is a primary impediment to value creation; the company's USD-denominated debt and the cost of servicing it in a depreciating local currency appear to be a dominant factor masking operational improvement.
Q2 2026: Operational High-Point Amidst Structural Losses
The Q2 2026 quarter represents a clear operational inflection, with the highest absolute gross profit ($4.1T) and operating income ($2.5T) in the dataset, yet it failed to produce a proportionate earnings outcome.
This quarter likely reflects a temporary optimal mix of production volumes, refining throughput, and domestic pricing before further macroeconomic deterioration. However, the failure to convert this operational peak into consistent, positive net income underscores that the company's core challenge is not operational but financial and political. The inflection is unsustainable if it relies solely on nominal price increases without a structural shift in the regulatory or currency environment, making it a high-water mark rather than a new baseline.
Profitability Remains an Illusory Target
The most compelling bear case focuses on the persistent negative net margin despite robust top-line growth, suggesting that YPF's income statement is a conduit for transferring value to creditors and the state rather than equity holders.
Short sellers would highlight that even in a quarter with record revenue and gross profit, YPF still failed to generate consistent positive earnings for shareholders. The pattern of negative net income in four of the last six quarters, alongside erratic EPS swings, indicates a high-risk equity profile where nominal growth is irrelevant. The structural overhang of government price controls, which cap downstream revenue potential, combined with a cost of capital likely far higher than the return on assets, creates a scenario where increased operational activity may simply increase financial losses.