Northern Oil and Gas, Inc. (NOG) Income Statement
NOG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNOG revenue and net income
Where NOG's revenue goes
2025Each bar shows an amount and its share of revenue. NOG kept 1.9% of revenue as net income.
NOG profit margins
NOG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −3.2% | +1.8% | +45.2% | +26.3% |
| Gross profit | −19.2% | −19.9% | +111.8% | — |
| Operating income | −26.7% | −10.4% | — | — |
| Net income | −92.6% | −63.1% | — | — |
| EPS (diluted) | −13.1% | −11.3% | +21.1% | −5.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NOG quarterly EPS vs estimates
Northern Oil and Gas beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.93).
NOG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.10B | $2.16B | $1.91B | $1.99B | $975.1M | $324.1M | $601.2M | $493.9M | $224.0M | $159.7M |
| Cost of revenue | $1.42B | $1.33B | $993.1M | $670.1M | $388.6M | $308.2M | $386.9M | $231.7M | $129.8M | $122.4M |
| Gross profit | $675.2M | $836.0M | $913.9M | $1.32B | $586.5M | $15.8M | $214.4M | $262.2M | $94.1M | $37.3M |
| Sales, general & admin | $61.3M | $50.5M | $46.8M | $47.2M | $30.3M | $18.5M | $23.6M | $14.6M | $19.0M | $14.8M |
| Total operating expenses | $61.3M | $60.1M | $51.2M | $462.5M | $508.5M | $857.1M | $158.9M | $14.6M | $19.0M | $327.8M |
| Operating income | $613.9M | $837.8M | $1.12B | $853.2M | $78.0M | −$841.2M | $55.5M | $432.6M | $60.5M | −$229.3M |
| Interest income | $172.9M | $157.5M | $136.7M | $79.3M | $58.0M | $59.5M | $79.3M | $87.5M | $70.3M | $64.5M |
| Interest expense | $172.4M | $157.7M | $135.7M | $80.3M | $59.0M | $58.5M | $80.7M | $86.9M | $70.3M | $64.5M |
| Income before taxes | $62.7M | $680.8M | $1.00B | $776.3M | $6.6M | −$906.2M | −$76.3M | $143.6M | −$10.8M | −$294.9M |
| Income taxes | $23.9M | $160.5M | $77.8M | $3.1M | $233,000 | −$166,000 | −$129.4M | −$55,000 | −$1.6M | −$1.4M |
| Net income | $38.8M | $520.3M | $923.0M | $773.2M | $6.4M | −$906.0M | −$76.3M | $143.7M | −$9.2M | −$293.5M |
| EBITDA | $1.05B | $1.58B | $1.62B | $1.11B | $206.4M | −$685.6M | $214.6M | $350.3M | $119.0M | −$169.2M |
| EPS (diluted) | $4.56 | $5.25 | $6.59 | $6.53 | $3.44 | $1.75 | $3.30 | $6.20 | $4.08 | $1.90 |
| Gross margin | 32.2% | 38.6% | 47.9% | 66.3% | 60.1% | 4.9% | 35.7% | 53.1% | 42.0% | 23.3% |
| Operating margin | 29.3% | 38.7% | 58.8% | 43.0% | 8.0% | −259.6% | 9.2% | 87.6% | 27.0% | −143.6% |
| Net margin | 1.9% | 24.0% | 48.4% | 38.9% | 0.7% | −279.6% | −12.7% | 29.1% | −4.1% | −183.8% |
| 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 | $745.2M | $544.1M | $450.9M | $485.9M | $578.0M | $580.3M | $549.2M | $515.5M | $564.2M | $534.9M | $546.1M | $513.5M |
| Cost of revenue | $392.7M | $365.2M | $354.9M | $346.4M | $362.8M | $355.8M | $363.9M | $307.2M | $326.1M | $330.6M | $299.2M | $258.5M |
| Gross profit | $352.5M | $178.9M | $95.9M | $139.5M | $215.2M | $224.5M | $185.3M | $208.3M | $238.1M | $204.3M | $247.0M | $255.1M |
| Sales, general & admin | $24.5M | $23.2M | $17.1M | $14.1M | $15.6M | $14.5M | $15.5M | $10.0M | $13.6M | $12.2M | $9.6M | $11.8M |
| Total operating expenses | $392.7M | $23.2M | $17.1M | $14.1M | $39.0M | −$4.7M | $52.7M | −$225.7M | $19.2M | $151.9M | −$237.1M | $212.6M |
| Operating income | $352.5M | $155.7M | $78.8M | $125.4M | $176.2M | $229.3M | $132.6M | $433.9M | $218.9M | $52.3M | $484.0M | $42.4M |
| Interest income | — | — | $41.4M | $43.1M | $44.4M | $44.0M | $45.0M | $36.9M | — | — | — | $37.0M |
| Interest expense | $41.4M | $42.6M | $41.1M | $43.0M | $44.4M | $43.9M | $45.3M | $36.8M | $37.7M | $37.9M | $36.5M | $37.0M |
| Income before taxes | $310.6M | −$695.9M | −$86.1M | −$168.8M | $131.8M | $185.8M | $87.8M | $397.2M | $181.3M | $14.5M | $447.6M | $5.4M |
| Income taxes | $74.0M | −$173.1M | −$15.3M | −$39.7M | $32.2M | $46.8M | $16.1M | $98.8M | $42.7M | $2.8M | $58.8M | −$20.7M |
| Net income | $236.6M | −$522.8M | −$70.7M | −$129.1M | $99.6M | $139.0M | $71.7M | $298.4M | $138.6M | $11.6M | $388.9M | $26.1M |
| EBITDA | $544.9M | −$456.2M | $159.1M | $73.5M | $382.0M | $435.3M | $337.8M | $619.7M | $395.6M | $226.3M | $635.3M | $176.2M |
| EPS (diluted) | $1.13 | $0.74 | $0.83 | $1.03 | $1.37 | $1.33 | $1.11 | $1.40 | $1.46 | $1.28 | $1.61 | $1.73 |
| Gross margin | 47.3% | 32.9% | 21.3% | 28.7% | 37.2% | 38.7% | 33.7% | 40.4% | 42.2% | 38.2% | 45.2% | 49.7% |
| Operating margin | 47.3% | 28.6% | 17.5% | 25.8% | 30.5% | 39.5% | 24.2% | 84.2% | 38.8% | 9.8% | 88.6% | 8.3% |
| Net margin | 31.8% | −96.1% | −15.7% | −26.6% | 17.2% | 23.9% | 13.1% | 57.9% | 24.6% | 2.2% | 71.2% | 5.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NOG's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NOG financial results
In fiscal year 2025 (ended December 31, 2025), Northern Oil and Gas reported revenue of $2.1 billion, down 3.2% from the year before. It had net income of $38.8 million (down 92.6%), a net profit margin of 1.9%. Diluted earnings per share came to $4.56. Over five years revenue grew at an average rate of 45.2% a year.
See the NOG stock overview for the latest quote and news, or the NOG chart for price history and technical indicators.
NOG income statement FAQ
What is Northern Oil and Gas's annual revenue?
Northern Oil and Gas reported total revenue of $2.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 3.2% from $2.2 billion the previous year.
Is Northern Oil and Gas profitable?
Yes. Northern Oil and Gas reported net income of $38.8 million in fiscal 2025, a net profit margin of 1.9%; its operating margin was 29.3%.
What is Northern Oil and Gas's gross margin?
Northern Oil and Gas's gross margin was 32.2% in fiscal 2025: for every $100 of revenue, Northern Oil and Gas kept $32 after the direct cost of its products and services.
How fast is Northern Oil and Gas growing?
Revenue grew 45.2% a year on average over the last five fiscal years, from $324.1 million to $2.1 billion.
What are Northern Oil and Gas's earnings per share?
Northern Oil and Gas earned $4.56 per diluted share in fiscal 2025, compared with $5.25 a year earlier.
When will Northern Oil and Gas report its next earnings?
Northern Oil and Gas is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Northern Oil and Gas's fiscal year end?
Northern Oil and Gas's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.