Viper Energy Partners LP (VNOM) Income Statement
VNOM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVNOM revenue and net income
Where VNOM's revenue goes
2025Each bar shows an amount and its share of revenue. VNOM kept −5.1% of revenue as net income.
VNOM profit margins
VNOM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +56.6% | +15.8% | +40.1% | +33.5% |
| Gross profit | +10.4% | — | +37.9% | +34.3% |
| Operating income | +2.2% | +838.7% | +61.4% | +37.3% |
| Net income | −118.9% | — | — | — |
| EPS (diluted) | −53.2% | −4.7% | +41.8% | +17.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VNOM quarterly EPS vs estimates
Viper Energy Partners beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.58).
VNOM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $859.7M | $826.8M | $865.8M | $504.3M | $249.6M | $297.9M | $288.7M | $172.0M | $79.1M |
| Cost of revenue | $701.0M | $275.3M | $196.5M | $56.4M | $135.5M | $120.3M | $97.3M | $77.9M | $51.1M | $35.4M |
| Gross profit | $645.0M | $584.5M | $630.3M | −$56.4M | $368.8M | $129.2M | $200.7M | $210.8M | $120.9M | $43.8M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $35.0M | $18.6M | $10.6M | $8.5M | $7.8M | $8.2M | $7.5M | $8.0M | $7.1M | $5.6M |
| Total operating expenses | $66.0M | $18.1M | $10.1M | $129.6M | $7.2M | $76.3M | $7.1M | $7.8M | $7.1M | $5.6M |
| Operating income | $579.0M | $566.4M | $620.2M | $700,000 | $361.6M | $52.9M | $193.5M | $203.0M | $113.8M | −$9.3M |
| Interest income | $10.0M | $2.0M | $2.0M | — | — | — | $16.2M | $14.4M | $3.2M | $2.5M |
| Interest expense | $96.0M | $73.8M | $47.4M | $40.4M | $34.0M | $33.0M | $21.1M | $13.8M | $3.2M | $2.5M |
| Income before taxes | −$225.0M | $503.9M | $547.3M | $622.4M | $258.2M | −$50.9M | $179.6M | $190.5M | $111.5M | −$10.9M |
| Income taxes | −$19.0M | −$99.7M | $46.0M | −$32.7M | $1.5M | $142.5M | −$41.6M | −$72.4M | −$36.5M | −$26.5M |
| Net income | −$68.0M | $359.2M | $200.1M | $655.0M | $57.9M | −$192.3M | $46.3M | $144.0M | $111.5M | −$10.9M |
| EBITDA | $478.0M | $791.8M | $740.8M | $122.2M | $395.2M | $82.6M | $278.9M | $261.8M | $154.3M | $21.4M |
| EPS (diluted) | $1.66 | $3.55 | $2.77 | $1.92 | $0.58 | $0.29 | $0.81 | $1.12 | $1.06 | $0.43 |
| Gross margin | 47.9% | 68.0% | 76.2% | −6.5% | 73.1% | 51.8% | 67.4% | 73.0% | 70.3% | 55.3% |
| Operating margin | 43.0% | 65.9% | 75.0% | 0.1% | 71.7% | 21.2% | 65.0% | 70.3% | 66.2% | −11.8% |
| Net margin | −5.1% | 41.8% | 24.2% | 75.7% | 11.5% | −77.1% | 15.5% | 49.9% | 64.8% | −13.8% |
| 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 | $658.0M | $496.0M | $422.0M | $418.0M | $393.0M | $245.0M | $228.5M | $209.4M | $216.0M | $205.0M | $204.6M | $293.0M |
| Cost of revenue | $238.0M | $241.0M | $263.0M | $209.0M | $209.0M | $84.0M | $80.8M | $69.6M | $64.0M | $61.0M | $57.4M | $48.6M |
| Gross profit | $420.0M | $255.0M | $159.0M | $209.0M | $184.0M | $161.0M | $147.8M | $139.8M | $152.0M | $144.0M | $147.2M | $244.5M |
| Sales, general & admin | $11.0M | $13.0M | $12.0M | $10.0M | $1.0M | $6.0M | $4.5M | $4.6M | $4.0M | $5.0M | $4.0M | $1.9M |
| Total operating expenses | $11.0M | $17.0M | $18.0M | $219.0M | $10.0M | $6.0M | $4.4M | $4.2M | $4.0M | $5.0M | $4.2M | $1.7M |
| Operating income | $409.0M | $238.0M | $141.0M | $199.0M | $174.0M | $155.0M | $143.3M | $135.6M | $148.0M | $139.0M | $143.0M | $242.8M |
| Interest expense | $24.0M | $27.0M | $36.0M | $32.0M | $32.0M | $13.0M | $19.1M | $16.7M | $18.0M | $20.0M | $16.7M | $11.0M |
| Income before taxes | $403.0M | $243.0M | −$267.0M | −$223.0M | −$223.0M | $174.0M | $130.4M | $126.2M | $135.0M | $112.0M | $132.1M | $229.1M |
| Income taxes | $72.0M | $28.0M | −$21.0M | — | −$26.0M | $21.0M | −$142.4M | $17.2M | $12.0M | $13.0M | $6.2M | $21.9M |
| Net income | $142.0M | $97.0M | −$103.0M | −$77.0M | −$77.0M | $75.0M | $210.1M | $48.9M | $57.0M | $43.0M | $57.0M | $78.6M |
| EBITDA | $604.0M | $476.0M | $3.0M | −$9.0M | −$9.0M | $254.0M | $214.1M | $198.0M | $201.0M | $179.0M | $193.7M | $276.3M |
| EPS (diluted) | $0.76 | $0.55 | $0.31 | $0.40 | $0.41 | $0.54 | $1.93 | $0.49 | $0.61 | $0.52 | $0.67 | $1.10 |
| Gross margin | 63.8% | 51.4% | 37.7% | 50.0% | 46.8% | 65.7% | 64.7% | 66.7% | 70.4% | 70.2% | 71.9% | 83.4% |
| Operating margin | 62.2% | 48.0% | 33.4% | 47.6% | 44.3% | 63.3% | 62.7% | 64.7% | 68.5% | 67.8% | 69.9% | 82.9% |
| Net margin | 21.6% | 19.6% | −24.4% | −18.4% | −19.6% | 30.6% | 91.9% | 23.4% | 26.4% | 21.0% | 27.8% | 26.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VNOM's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VNOM financial results
In fiscal year 2025 (ended December 31, 2025), Viper Energy Partners reported revenue of $1.3 billion, up 56.6% from the year before. It had a net loss of $68.0 million, a net profit margin of −5.1%. Diluted earnings per share came to $1.66. Over five years revenue grew at an average rate of 40.1% a year.
See the VNOM stock overview for the latest quote and news, or the VNOM chart for price history and technical indicators.
VNOM income statement FAQ
What is Viper Energy Partners's annual revenue?
Viper Energy Partners reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 56.6% from $859.7 million the previous year.
Is Viper Energy Partners profitable?
No. Viper Energy Partners reported a net loss of $68.0 million in fiscal 2025, a net profit margin of −5.1%; its operating margin was 43.0%.
What is Viper Energy Partners's gross margin?
Viper Energy Partners's gross margin was 47.9% in fiscal 2025: for every $100 of revenue, Viper Energy Partners kept $48 after the direct cost of its products and services.
How fast is Viper Energy Partners growing?
Revenue grew 40.1% a year on average over the last five fiscal years, from $249.6 million to $1.3 billion.
What are Viper Energy Partners's earnings per share?
Viper Energy Partners earned $1.66 per diluted share in fiscal 2025, compared with $3.55 a year earlier.
When will Viper Energy Partners report its next earnings?
Viper Energy Partners is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Viper Energy Partners's fiscal year end?
Viper Energy Partners's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.