NORTHERN OIL & GAS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NORTHERN OIL & GAS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	145	209	679	472	552	975	1,986	2,166	2,226	2,476
Cost of revenue	45.7	49.7	66.6	119	116	171	261	347	430	474
Gross profit	99.2	160	612	354	436	804	1,725	1,819	1,796	2,002
General and administrative	14.8	19	14.6	23.6	18.5	30.3	47.2	46.8	50.5	61.3
Operating expenses	374	149	246
Operating income	-229	60.5	433	55.5	-841	78	853	1,122	838	246
Interest expense	64.5	70.3	86	79.2	58.5	59	80.3	136	158	172
Other non-operating income	-65.6	-71.3	-289	-132	-65	-71.4	-76.9	-121	-157	-183
Pre-tax income	-295	-10.8	144	-76.3	-906	6.59	776	1,001	681	62.7
Income tax	-1.4	-1.57	-0.06	0	-0.17	0.23	3.1	77.8	161	23.9
Net income	-293	-9.19	144	-76.3	-906	6.36	773	923	520	38.8
EBITDA	-229	60.7	433
EPS, basic	-47.76	-1.49	6.08	-2.00	-21.55	-0.13	9.26	10.09	5.21	0.40
EPS, diluted	-47.76	-1.49	6.07	-2.00	-21.55	-0.13	8.92	10.03	5.14	0.39
Shares, basic (weighted)	6.15	6.27	23.6	38.7	42.7	63	78.6	91.5	99.9	97.7
Shares, diluted (weighted)	6.15	6.27	23.7	38.7	42.7	63	86.7	92.1	101	99.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.49	102	2.36	16.1	1.43	9.52	2.53	8.2	8.93	14.3
Receivables	35.8	46.9	96.4	108	71	194	271	371	390	350
Other current assets										37.1
Total current assets	46.9	153	228	133	126	215	320	509	501	586
Property, plant and equipment	376	473	1,203	1,749	735	1,253	2,483	3,932	5,082	4,746
Other non-current assets	8.43	5.49	10.2	15.1	11.1	11.7	16.2	15.5	11.1	73.9
Total assets	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604	5,409
Accounts payable	56.1	93.2	55	69.4	35.8	65.5	129	193	203	219
Accrued liabilities	6.09	6.34	83.2	110	68.7	106	122	148	291	321
Short-term debt	0			0	65	0
Total current liabilities	77.4	124	232	203	182	328	345	386	544	539
Long-term debt	833			1,118	880	803
Other non-current liabilities	0.16	0.14	0.11	0.35	0.05	3.11	2.05	2.74	2.27	1.77
Total liabilities	919	1,123	1,074	1,347	1,095	1,308	2,130	2,437	3,283	3,283
Total debt	833	979	830	1,118	945	803	1,525	1,836	2,369	2,395
Paid-in capital	444	450	1,226	1,431	1,557	1,989	1,746	2,125	1,877	1,645
Retained earnings	-931	-941	-797	-873	-1,780	-1,774	-1,001	-77.8	443	481
Other comprehensive income										0
Shareholders' equity	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Total equity	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Total liabilities and equity	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604	5,409
Shares outstanding	6.36	6.71	378	40.6	45.9	77.3	85.2	101	99.1	97.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-293	-9.19	144	-76.3	-906	6.36	773	923	520	38.8
Depreciation and amortization	0.2	0.2	0.1
Stock-based compensation	3.46	3.29	4	7.96	4.12	3.62	5.66	5.66	12	15.4
Deferred income tax	0	-0.79	0.37	0.21	0.21	0.23	-0.57	76.9	160	23.6
Change in receivables	15.6	-9.72	-49.1	-11.5	37.6	-122	-74.9	-101	-17.4	39.7
Change in payables	-0.37	3.23	-2.7	-16.9	-1.09	14.1	-0.34	-6.08	3.76	14.9
Cash from operations	102	73	244	340	332	396	928	1,183	1,409	1,505
Capital expenditures	-0.21	-0	-0.09
Cash from investing	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675	-1,252
Debt issued	0	300	60	0	0
Debt repaid	0	0	-104	0	0	-130	0	0
Stock issued	0	0	142	0	0	438	0	515	0	0
Share buybacks	0	0	-22.2	-15.1	0	0	-54.5	-8	-94.5	-57
Dividends paid				0	0	-4.94	-51.6	-124	-162	-173
Cash from financing	-7.83	142	130	243	-62.4	246	467	685	267	-247
Net change in cash	3.1	95.7	-99.8	13.7	-14.6	8.09	-6.99	5.67	0.74	5.37
Free cash flow	102	73	244
Interest paid	50.7	65.6	78.9	78.6	55.1	47	74.9	129	152	171
Income taxes paid	0	0	0		0	0	3.67	3.83	0.33	-1.17

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.2%	Gross profit / revenue.
Operating margin	-24.1%	Operating income / revenue.
Pre-tax margin	-33.4%	Pre-tax income / revenue.
Net margin	-25.4%	Net income / revenue.
Operating cash flow margin	72.0%	Cash from operations / revenue.
Return on equity (ROE)	-24.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.3%	Net income / average total assets.
Return on invested capital (ROIC)	-7.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	35.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	35.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-70.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-34.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-92.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-63.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-92.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-64.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	35.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	41.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	44.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	18.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.8%	Total debt / total assets.
Liabilities / assets	65.8%	Total liabilities / total assets.
Net debt	$2.68B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.75x	Operating income / interest expense.
Working capital	-$128.4M	Current assets - current liabilities.
Tangible book value	$2.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	0.36x	Revenue / average property, plant and equipment.
Receivables turnover	5.07x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	152 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$4.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$17.74	Revenue / diluted weighted shares.
Operating cash flow per share	$12.78	Cash from operations / diluted weighted shares.
Book value per share	$18.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.73	Tangible book value / shares outstanding.
Cash per share	$0.45	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.48B	Share price x shares outstanding.
Enterprise value	$5.16B	Market cap + total debt - cash - short-term investments.
P/S	1.29x	Market cap / revenue.
P/B	1.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.24x	Market cap / tangible book value, when positive.
P/OCF	1.80x	Market cap / cash from operations, when positive.
EV/Sales	2.69x	Enterprise value / revenue.
Earnings yield	-19.6%	Net income / market cap (the inverse of P/E).
Dividend yield	7.2%	Dividends paid over the period / market cap.
Shareholder yield	9.5%	(Dividends paid + share buybacks) / market cap.

What was NORTHERN OIL & GAS, INC.'s revenue in fiscal 2025?

NORTHERN OIL & GAS, INC. reported revenue of $2.48B for fiscal 2025, 11.2% higher than the year before.

Was NORTHERN OIL & GAS, INC. profitable in fiscal 2025?

Yes. Net income was $38.8M, a net margin of 1.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to NORTHERN OIL & GAS, INC.