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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Magnolia Oil & Gas reported revenue of $1.3B in the fiscal year ended Dec 2025, down 0.3% from the year before. Operating income was $439M, an operating margin of 33.5%, and net income was $325M. Operating cash flow of $879M less capital expenditure of $469M left free cash flow of $409M. Net debt was $126M.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,078 | 1,694 | 1,227 | 1,316 | 1,312 |
| Operating income | 603 | 1,074 | 534 | 512 | 439 |
| Net interest incomeBanks | −31.0 | −23.4 | −0.0 | – | – |
| Pre-tax income | 569 | 1,057 | 550 | 493 | 417 |
| Income tax | 8.9 | 6.6 | 107 | 95.8 | 80.1 |
| Net income | 417 | 894 | 388 | 366 | 325 |
| Diluted shares | 175 | 188 | 188 | 186 | 186 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 367 | 675 | 401 | 260 | 267 |
| Receivables | 150 | 171 | 190 | 124 | 117 |
| Current assets | 518 | 851 | 591 | 411 | 442 |
| Total assets | 1,747 | 2,573 | 2,756 | 2,821 | 2,903 |
| Payables | 128 | 203 | 193 | 181 | 178 |
| Current liabilities | 219 | 340 | 315 | 290 | 288 |
| Long-term debt | 388 | 390 | 393 | 393 | 393 |
| Total liabilities | 701 | 832 | 874 | 854 | 904 |
| Shareholders' equity | 1,045 | 1,740 | 1,883 | 1,967 | 1,999 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 788 | 1,297 | 856 | 921 | 879 |
| Capital expenditure | 236 | 465 | 425 | 487 | 469 |
| Free cash flow | 552 | 832 | 431 | 434 | 409 |
| Depreciation & amortisation | 188 | 243 | 325 | 414 | 438 |
| Stock-based compensation | 11.7 | 13.3 | 16.2 | 18.7 | 27.3 |
| Acquisitions | 0.0 | 90.1 | 355 | 165 | 66.6 |
| Dividends paid | 14.1 | 75.2 | 88.1 | 97.6 | 113 |
| Dividend per share | 0.08 | 0.40 | 0.46 | 0.52 | 0.60 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 57.1% | −27.6% | 7.2% | −0.3% |
| Operating income growth (YoY) | – | 78.2% | −50.2% | −4.2% | −14.2% |
| Operating margin | 55.9% | 63.4% | 43.6% | 38.9% | 33.5% |
| Net margin | 38.7% | 52.7% | 31.6% | 27.8% | 24.8% |
| Return on equityBlank when equity is negative | 39.9% | 51.4% | 20.6% | 18.6% | 16.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 39.4% | 48.1% | 21.9% | 20.2% | 16.8% |
| Free cash flow margin | 51.2% | 49.1% | 35.1% | 33.0% | 31.2% |
| Cash conversion (CFO ÷ net income) | 1.89x | 1.45x | 2.20x | 2.52x | 2.70x |
| Receivable days | 51 | 37 | 56 | 34 | 32 |
| Debt ÷ equity | 0.37x | 0.22x | 0.21x | 0.20x | 0.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 21.1 | −285 | −8.3 | 132 | 126 |
| Current ratio | 2.37x | 2.50x | 1.88x | 1.42x | 1.54x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.