Baytex Energy Corp. (BTE) Income Statement
BTE 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsBTE revenue and net income
Where BTE's revenue goes
2025Each bar shows an amount and its share of revenue. BTE kept −40.8% of revenue as net income.
BTE profit margins
BTE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.2% | −13.7% | +12.7% | +5.3% |
| Gross profit | −25.5% | −32.3% | — | — |
| Operating income | −36.6% | −37.9% | — | — |
| Net income | −355.2% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BTE income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$1.48B | C$1.61B | C$2.71B | C$2.31B | C$1.54B | C$813.6M | C$1.53B | C$1.11B | C$870.5M | C$606.4M |
| Cost of revenue | C$1.16B | C$1.18B | C$1.96B | C$1.28B | C$960.4M | C$919.6M | C$1.30B | C$1.01B | C$874.1M | C$804.9M |
| Gross profit | C$318.0M | C$427.0M | C$750.7M | C$1.02B | C$580.3M | −C$106.0M | C$224.0M | C$106.2M | −C$3.6M | −C$198.5M |
| Research & development | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Sales, general & admin | C$91.9M | C$99.6M | C$107.5M | C$79.3M | C$51.9M | C$43.7M | C$61.4M | C$65.4M | C$62.9M | C$64.7M |
| Total operating expenses | C$91.9M | C$70.2M | C$107.5M | C$78.6M | C$52.3M | C$43.8M | C$63.0M | C$65.2M | C$63.8M | C$65.2M |
| Operating income | C$226.1M | C$356.8M | C$643.2M | C$944.7M | C$528.0M | −C$149.9M | C$161.0M | C$41.0M | −C$67.4M | −C$263.7M |
| Interest income | — | — | — | — | — | — | C$52.8M | C$169.1M | C$8.2M | C$104.2M |
| Interest expense | C$217.4M | C$206.1M | C$171.8M | C$63.9M | C$76.6M | C$88.8M | C$86.5M | C$108.2M | C$105.0M | C$103.7M |
| Income before taxes | −C$153.0M | −C$16.7M | −C$516.6M | C$883.1M | C$1.71B | −C$2.61B | −C$81.1M | −C$425.7M | −C$70.3M | −C$763.4M |
| Income taxes | C$123.6M | C$80.7M | −C$283.2M | C$35.0M | C$81.9M | −C$160.8M | −C$68.3M | −C$101.4M | −C$158.7M | −C$274.6M |
| Net income | −C$603.3M | C$236.4M | −C$233.4M | C$848.1M | C$1.63B | −C$2.44B | −C$12.8M | −C$324.3M | C$88.4M | −C$488.8M |
| EBITDA | C$1.33B | C$663.6M | C$703.0M | C$1.53B | C$2.25B | C$336.5M | C$892.7M | C$599.7M | C$414.6M | C$244.6M |
| Gross margin | 21.5% | 26.5% | 27.7% | 44.4% | 37.7% | −13.0% | 14.7% | 9.6% | −0.4% | −32.7% |
| Operating margin | 15.3% | 22.1% | 23.7% | 41.0% | 34.3% | −18.4% | 10.5% | 3.7% | −7.7% | −43.5% |
| Net margin | −40.8% | 14.7% | −8.6% | 36.8% | 105.5% | −300.5% | −0.8% | −29.2% | 10.2% | −80.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$549.8M | C$402.4M | C$0 | C$747.5M | C$712.7M | C$786.6M | C$809.8M | C$849.4M | C$892.1M | C$775.0M | C$837.0M | C$920.1M |
| Cost of revenue | C$325.9M | C$310.5M | −C$869.0M | C$581.4M | C$587.5M | C$573.4M | C$596.2M | C$616.9M | C$627.5M | C$616.6M | C$657.1M | C$575.3M |
| Gross profit | C$223.9M | C$91.9M | −C$464.7M | C$166.1M | C$125.2M | C$213.2M | C$213.6M | C$232.5M | C$264.6M | C$158.5M | C$179.9M | C$344.8M |
| Sales, general & admin | C$20.8M | C$45.2M | C$10.3M | C$31.5M | C$23.8M | C$26.4M | C$20.9M | C$20.2M | C$26.6M | C$31.9M | C$18.5M | C$35.2M |
| Total operating expenses | C$20.8M | C$45.3M | −C$267.5M | C$31.5M | C$23.9M | C$26.2M | C$20.9M | C$20.2M | C$26.6M | C$31.9M | C$18.5M | C$35.1M |
| Operating income | C$203.1M | C$46.6M | −C$197.2M | C$134.6M | C$101.3M | C$187.0M | C$192.7M | C$212.4M | C$238.0M | C$126.5M | C$161.4M | C$309.6M |
| Interest income | C$4.6M | C$6.5M | — | — | C$42,000 | C$350,000 | — | — | — | — | — | — |
| Interest expense | C$4.0M | C$4.2M | C$94.2M | C$43.9M | C$44.9M | C$34.5M | C$18.8M | C$53.2M | C$61.8M | C$56.3M | C$59.7M | C$46.4M |
| Income before taxes | C$223.7M | −C$104.2M | −C$464.4M | C$47.1M | C$174.9M | C$89.8M | C$21.6M | C$214.7M | C$133.1M | C$3.4M | −C$797.6M | C$175.7M |
| Income taxes | C$55.1M | −C$24.3M | C$65.4M | C$15.1M | C$22.6M | C$20.6M | C$60.1M | C$29.8M | C$29.3M | C$17.5M | −C$171.7M | C$48.7M |
| Net income | C$174.9M | −C$67.5M | −C$856.4M | C$32.0M | C$152.3M | C$69.2M | −C$38.5M | C$184.9M | C$103.8M | −C$14.0M | −C$625.9M | C$127.0M |
| EBITDA | C$337.3M | C$23.7M | C$72.7M | C$420.0M | C$541.9M | C$444.2M | C$372.7M | C$624.3M | C$548.0M | C$400.9M | −C$351.8M | C$541.8M |
| Gross margin | 40.7% | 22.8% | — | 22.2% | 17.6% | 27.1% | 26.4% | 27.4% | 29.7% | 20.4% | 21.5% | 37.5% |
| Operating margin | 36.9% | 11.6% | — | 18.0% | 14.2% | 23.8% | 23.8% | 25.0% | 26.7% | 16.3% | 19.3% | 33.7% |
| Net margin | 31.8% | −16.8% | — | 4.3% | 21.4% | 8.8% | −4.7% | 21.8% | 11.6% | −1.8% | −74.8% | 13.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in BTE's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BTE financial results
In fiscal year 2025 (ended December 31, 2025), Baytex Energy reported revenue of C$1.5 billion, down 8.2% from the year before. It had a net loss of C$603.3 million, a net profit margin of −40.8%. Over five years revenue grew at an average rate of 12.7% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the BTE stock overview for the latest quote and news, or the BTE chart for price history and technical indicators.
BTE income statement FAQ
What is Baytex Energy's annual revenue?
Baytex Energy reported total revenue of C$1.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 8.2% from C$1.6 billion the previous year.
Is Baytex Energy profitable?
No. Baytex Energy reported a net loss of C$603.3 million in fiscal 2025, a net profit margin of −40.8%; its operating margin was 15.3%.
What is Baytex Energy's gross margin?
Baytex Energy's gross margin was 21.5% in fiscal 2025: for every $100 of revenue, Baytex Energy kept $21 after the direct cost of its products and services.
How fast is Baytex Energy growing?
Revenue grew 12.7% a year on average over the last five fiscal years, from C$813.6 million to C$1.5 billion.
When will Baytex Energy report its next earnings?
Baytex Energy is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Baytex Energy's fiscal year end?
Baytex Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.