Viper Energy
VNOM · NasdaqCrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Viper Energy reported revenue of $1.3B in the fiscal year ended Dec 2025, up 57.6% from the year before. Operating income was −$140M, an operating margin of −10.4%, and net income was −$68M. Net debt was $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $717M | $854M | $1.3B |
| Operating income | $620M | $567M | −$140M |
| Pre-tax income | $547M | $504M | −$225M |
| Income tax | $46M | −$100M | −$19M |
| Net income | $200M | $359M | −$68M |
| Diluted EPS | 2.69 | 3.82 | −0.48 |
| Diluted shares | 74M | 94M | 143M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $26M | $27M | $13M |
| Current assets | – | $238M | $413M |
| Net PP&E | – | $4.6B | $12.2B |
| Total assets | – | $5.1B | $12.7B |
| Payables | – | $2M | – |
| Current liabilities | – | $49M | $111M |
| Short-term debt | – | $0 | – |
| Long-term debt | – | $1.1B | $2.2B |
| Total liabilities | – | $1.2B | $2.3B |
| Shareholders' equity | $2.9B | $1.7B | $4.4B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $638M | $620M | $1.1B |
| Dividends paid | $129M | $219M | $328M |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 19.1% | 57.6% |
| Operating income growth (YoY) | – | −8.5% | −124.7% |
| EPS growth (YoY) | – | 42.0% | −112.6% |
| Operating margin | 86.5% | 66.4% | −10.4% |
| Net margin | 27.9% | 42.0% | −5.1% |
| Return on equityBlank when equity is negative | 7.0% | 21.3% | −1.5% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 11.3% | −1.1% |
| Cash conversion (CFO ÷ net income) | 3.19x | 1.73x | −15.5x |
| Debt ÷ equity | – | 0.64x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $1.1B | $2.2B |
| Current ratio | – | 4.86x | 3.72x |
Recent filings
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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.