Vermilion Energy Inc. (VET) Income Statement
VET 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsVET revenue and net income
Where VET's revenue goes
2025Each bar shows an amount and its share of revenue. VET kept −37.0% of revenue as net income.
VET profit margins
VET growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −15.0% | −22.0% | +7.2% | +6.5% |
| Gross profit | −74.0% | −51.8% | −7.6% | −3.5% |
| Operating income | −32.9% | −55.2% | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VET income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$1.76B | C$2.07B | C$2.20B | C$3.72B | C$2.23B | C$1.25B | C$1.53B | C$1.68B | C$1.10B | C$882.8M |
| Cost of revenue | C$1.47B | C$954.0M | C$1.08B | C$1.13B | C$904.9M | C$814.9M | C$512.5M | C$761.2M | C$566.2M | C$582.3M |
| Gross profit | C$290.9M | C$1.12B | C$1.12B | C$2.59B | C$1.32B | C$432.5M | C$1.01B | C$916.9M | C$532.7M | C$300.5M |
| Research & development | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Sales, general & admin | C$123.6M | C$129.4M | C$166.2M | C$102.1M | C$171.6M | C$171.5M | C$123.2M | C$164.6M | C$159.4M | C$161.6M |
| Total operating expenses | C$123.5M | C$870.8M | C$803.9M | C$728.2M | C$628.2M | C$432.5M | C$123.2M | C$552.8M | C$428.6M | C$408.5M |
| Operating income | C$167.4M | C$249.4M | C$314.3M | C$1.87B | C$693.8M | −C$188.2M | C$890.5M | C$364.1M | C$104.0M | −C$108.0M |
| Interest income | — | — | — | — | C$653.1M | C$6.8M | C$2.3M | C$137.7M | C$20.4M | C$126.3M |
| Interest expense | C$132.6M | C$84.6M | C$85.2M | C$82.9M | C$73.1M | C$75.1M | C$81.4M | C$72.8M | C$57.3M | C$57.0M |
| Income before taxes | −C$324.6M | −C$6.6M | −C$278.3M | C$2.05B | C$1.38B | −C$1.88B | C$141.1M | C$354.7M | C$124.5M | −C$223.2M |
| Income taxes | C$40.0M | C$40.2M | −C$40.7M | C$738.0M | C$233.2M | −C$360.0M | C$108.3M | C$83.0M | C$62.2M | −C$63.2M |
| Net income | −C$653.1M | −C$46.7M | −C$237.6M | C$1.31B | C$1.15B | −C$1.52B | C$32.8M | C$271.6M | C$62.3M | −C$160.1M |
| EBITDA | C$576.6M | C$761.3M | C$519.5M | C$2.71B | C$2.03B | −C$1.15B | C$922.9M | C$1.05B | C$647.2M | C$366.8M |
| Gross margin | 16.5% | 54.0% | 50.8% | 69.7% | 59.4% | 34.7% | 66.4% | 54.6% | 48.5% | 34.0% |
| Operating margin | 9.5% | 12.0% | 14.3% | 50.1% | 31.2% | −15.1% | 58.3% | 21.7% | 9.5% | −12.2% |
| Net margin | −37.0% | −2.3% | −10.8% | 35.3% | 51.6% | −121.6% | 2.1% | 16.2% | 5.7% | −18.1% |
| 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$519.1M | C$489.1M | C$429.7M | C$422.1M | C$472.3M | C$585.1M | C$515.7M | C$504.6M | C$381.3M | C$546.4M | C$561.4M | C$526.8M |
| Cost of revenue | C$353.8M | C$364.7M | C$401.3M | C$173.3M | C$223.5M | C$242.0M | C$214.9M | C$237.4M | C$182.2M | C$265.4M | C$342.6M | C$234.5M |
| Gross profit | C$165.3M | C$124.4M | C$28.4M | C$248.8M | C$248.8M | C$343.2M | C$300.8M | C$267.2M | C$199.1M | C$281.0M | C$218.8M | C$292.2M |
| Sales, general & admin | C$30.7M | C$22.4M | C$32.0M | C$25.0M | C$30.9M | C$40.6M | C$35.0M | C$28.2M | C$41.3M | C$39.7M | C$27.7M | C$27.3M |
| Total operating expenses | C$30.7M | C$22.5M | C$32.0M | C$25.0M | C$205.2M | C$231.4M | C$217.8M | C$212.8M | C$180.9M | C$219.4M | C$186.5M | C$292.2M |
| Operating income | C$134.6M | C$101.9M | −C$3.6M | C$223.8M | C$43.6M | C$111.7M | C$83.1M | C$54.4M | C$18.2M | C$61.6M | C$32.3M | C$90.0M |
| Interest expense | C$26.1M | C$26.8M | C$27.6M | C$34.4M | C$37.7M | C$33.0M | C$24.0M | C$21.2M | C$21.1M | C$18.4M | C$22.9M | C$20.2M |
| Income before taxes | C$212.7M | −C$243.0M | −C$486.7M | C$21.8M | C$127.6M | C$28.0M | −C$85.6M | C$69.6M | −C$78.9M | C$55.4M | −C$915.1M | C$68.1M |
| Income taxes | C$78.0M | −C$101.4M | −C$48.9M | C$26.6M | C$53.2M | C$13.1M | −C$67.2M | C$17.9M | C$29.9M | C$53.1M | −C$112.0M | C$10.8M |
| Net income | C$134.3M | −C$145.9M | −C$437.3M | C$2.6M | −C$233.5M | C$15.0M | −C$18.3M | C$51.7M | −C$82.4M | C$2.3M | −C$803.1M | C$57.3M |
| EBITDA | C$319.8M | −C$32.8M | −C$230.6M | C$247.6M | C$349.5M | C$237.4M | C$101.9M | C$271.0M | C$103.4M | C$252.2M | −C$604.1M | C$258.8M |
| Gross margin | 31.8% | 25.4% | 6.6% | 58.9% | 52.7% | 58.6% | 58.3% | 53.0% | 52.2% | 51.4% | 39.0% | 55.5% |
| Operating margin | 25.9% | 20.8% | −0.8% | 53.0% | 9.2% | 19.1% | 16.1% | 10.8% | 4.8% | 11.3% | 5.7% | 17.1% |
| Net margin | 25.9% | −29.8% | −101.8% | 0.6% | −49.4% | 2.6% | −3.6% | 10.2% | −21.6% | 0.4% | −143.1% | 10.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in VET's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VET financial results
In fiscal year 2025 (ended December 31, 2025), Vermilion Energy reported revenue of C$1.8 billion, down 15.0% from the year before. It had a net loss of C$653.1 million, a net profit margin of −37.0%. Over five years revenue grew at an average rate of 7.2% a year. Figures are in Canadian dollars, the currency of its financial statements.
See the VET stock overview for the latest quote and news, or the VET chart for price history and technical indicators.
VET income statement FAQ
What is Vermilion Energy's annual revenue?
Vermilion Energy reported total revenue of C$1.8 billion for fiscal year 2025, which ended on December 31, 2025. That was down 15.0% from C$2.1 billion the previous year.
Is Vermilion Energy profitable?
No. Vermilion Energy reported a net loss of C$653.1 million in fiscal 2025, a net profit margin of −37.0%; its operating margin was 9.5%.
What is Vermilion Energy's gross margin?
Vermilion Energy's gross margin was 16.5% in fiscal 2025: for every $100 of revenue, Vermilion Energy kept $16 after the direct cost of its products and services.
How fast is Vermilion Energy growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from C$1.2 billion to C$1.8 billion.
When will Vermilion Energy report its next earnings?
Vermilion Energy is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Vermilion Energy's fiscal year end?
Vermilion Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.