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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Northern Oil & Gas reported revenue of $2.5B in the fiscal year ended Dec 2025, up 11.2% from the year before. Operating income was $246M, an operating margin of 9.9%, and net income was $39M. Net debt was $2.4B.
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 | 975 | 1,986 | 2,166 | 2,226 | 2,476 |
| Cost of revenue | 171 | 261 | 347 | 430 | 474 |
| Gross profit | 804 | 1,725 | 1,819 | 1,796 | 2,002 |
| Operating income | 78.0 | 853 | 1,122 | 838 | 246 |
| Interest expense | 59.0 | 80.3 | 136 | 158 | 172 |
| Pre-tax income | 6.6 | 776 | 1,001 | 681 | 62.7 |
| Income tax | 0.2 | 3.1 | 77.8 | 161 | 23.9 |
| Net income | 6.4 | 773 | 923 | 520 | 38.8 |
| Diluted EPS | −0.13 | 8.92 | 10.03 | 5.14 | 0.39 |
| Diluted shares | 63.0 | 86.7 | 92.1 | 101 | 99.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 9.5 | 2.5 | 8.2 | 8.9 | 14.3 |
| Receivables | 194 | 271 | 371 | 390 | 350 |
| Current assets | 215 | 320 | 509 | 501 | 586 |
| Net PP&E | 1,253 | 2,483 | 3,932 | 5,082 | 4,746 |
| Total assets | 1,523 | 2,875 | 4,484 | 5,604 | 5,409 |
| Payables | 65.5 | 129 | 193 | 203 | 219 |
| Current liabilities | 328 | 345 | 386 | 544 | 539 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 803 | 1,525 | 1,836 | 2,369 | 2,395 |
| Total liabilities | 1,308 | 2,130 | 2,437 | 3,283 | 3,283 |
| Shareholders' equity | 215 | 745 | 2,048 | 2,320 | 2,126 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 396 | 928 | 1,183 | 1,409 | 1,505 |
| Capital expenditure | 410 | – | – | – | – |
| Free cash flow | −14.0 | – | – | – | – |
| Stock-based compensation | 3.6 | 5.7 | 5.7 | 12.0 | 15.4 |
| Share buybacks | 0.0 | 54.5 | 8.0 | 94.5 | 57.0 |
| Dividends paid | 4.9 | 51.6 | 124 | 162 | 173 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 103.7% | 9.1% | 2.7% | 11.2% |
| Operating income growth (YoY) | – | 994.4% | 31.5% | −25.3% | −70.7% |
| EPS growth (YoY) | – | – | 12.4% | −48.8% | −92.4% |
| Gross margin | 82.5% | 86.9% | 84.0% | 80.7% | 80.9% |
| Operating margin | 8.0% | 43.0% | 51.8% | 37.6% | 9.9% |
| Net margin | 0.7% | 38.9% | 42.6% | 23.4% | 1.6% |
| Return on equityBlank when equity is negative | 3.0% | 103.8% | 45.1% | 22.4% | 1.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.5% | 33.7% | 27.4% | 16.6% | 5.0% |
| Free cash flow margin | −1.4% | – | – | – | – |
| Cash conversion (CFO ÷ net income) | 62.3x | 1.20x | 1.28x | 2.71x | 38.8x |
| Receivable days | 72 | 50 | 62 | 64 | 52 |
| Payable days | 140 | 180 | 203 | 172 | 168 |
| Interest cover | 1.32x | 10.6x | 8.27x | 5.31x | 1.43x |
| Debt ÷ equity | 3.73x | 2.05x | 0.90x | 1.02x | 1.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 794 | 1,523 | 1,827 | 2,360 | 2,381 |
| Current ratio | 0.66x | 0.93x | 1.32x | 0.92x | 1.09x |
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.