W&T OFFSHORE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data W&T OFFSHORE 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	400	487	581	535	347	558	921	533	525	501
General and administrative	59.7	59.7	60.1	55.1	41.7	52.4	73.7	75.5	82.4	80
Operating income	-331	110	247	119	0.8	190	454	29.5	-42.2	-52.8
Interest expense		45.5	48.6	59.6	61.5	70	69.4	44.7
Other non-operating income	-1.37	-5.13	3.87	-0.19	-2.98	6.17	-14.3	-5.62	-18.1	-8.42
Pre-tax income	-292	67.1	249	-1.11	7.64	-49.5	285	33.9	-97.1	-99.1
Income tax	-43.4	-12.6	0.54	-75.2	-30.2	-8.06	53.7	18.3	-9.99	50.9
Net income	-249	79.7	249	74.1	37.8	-41.5	231	15.6	-87.1	-150
EBITDA	-137	248	378	248	98.6	280	561	144	101	63.6
EPS, basic	-2.60	0.56	1.72	0.52	0.26	-0.29	1.61	0.11	-0.59	-1.01
EPS, diluted	-2.60	0.56	1.72	0.52	0.26	-0.29	1.59	0.11	-0.59	-1.01
Shares, basic (weighted)	95.6	138	139	141	142	142	143	146	147	148
Shares, diluted (weighted)	95.6	138	139	144	143	142	145	148	147	148

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	70.2	99.1	33.3	32.4	43.7	246	461	173	109	141
Receivables	43.1	45.4	47.8	57.4	38.8	54.9	66.1	52.1	63.6	59.6
Other current assets	2.88	1.89	0.79	0.89	0.06	0.06	0.03	0.27	0.5	0.58
Total current assets	192	191	226	142	107	358	570	265	218	239
Property, plant and equipment	547	579	515	749	687	665	735	749	778	662
Lease right-of-use assets				7.94	11.5	10.6	10.4	10.5	10	11
Other non-current assets	11.5	60.4	91.5	33.4	22.5	51.2	47.5	38.9	31.2	30.4
Total assets	830	908	849	1,004	941	1,193	1,432	1,114	1,099	956
Accounts payable	81	79.7	82.1	102	41.3	67.4	65.2	78.9	83.6	98.4
Accrued liabilities	9.2	17.9	29.6	30.9	29.9	106	74	32	33.3	39.8
Short-term debt	8.27	22.9				43	582	29.4	27.3	8.46
Total current liabilities	203	168	186	190	115	324	792	217	246	234
Long-term debt	1,012	969	634	720	625	688	111	361	366	342
Lease liabilities					11.4	11.2	10.5	10.8	10.4	11
Other non-current liabilities	17.1	66.9	68.7	9.99	32.9	55.4	59.1	19.4	16.2	15.8
Total liabilities	1,489	1,481	1,174	1,253	1,149	1,440	1,424	1,083	1,152	1,156
Total debt	1,021	992	634	720	625	731	693	391	393	351
Paid-in capital	540	546	546	547	550	553	577	586	595	605
Retained earnings	-1,175	-1,095	-846	-772	-734	-776	-545	-531	-624	-780
Treasury stock	-24.2	-24.2	-24.2	-24.2	-24.2	-24.2	-24.2	-24.2	-24.2	-24.2
Shareholders' equity	-659	-574	-325	-249	-208	-247	7.63	31.2	-52.6	-200
Total equity	-659	-574	-325	-249	-208	-247	7.63	31.2	-52.6	-200
Total liabilities and equity	830	908	849	1,004	941	1,193	1,432	1,114	1,099	956
Shares outstanding	138	139	141	142	142	143	146	147

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-249	79.7	249	74.1	37.8	-41.5	231	15.6	-87.1	-150
Depreciation and amortization	194	139	131	129	97.8	90.5	107	115	143	116
Stock-based compensation	11	7.19	3.54	3.69	3.96	3.36	7.92	10.4	10.2	12.2
Deferred income tax	28.4	0.22	0.5	-64.1	-30.3	-8.19	45.2	18.5	-10.1	50.7
Change in receivables	-7.01	-2.37	-2.36	-9.56	18.5	-16.1	-15.5	12.6	-19.6	5.29
Change in payables	0.94	11.4	40.1	-11	-41.4	46.1	-23.6	7.97	26.4	23.3
Cash from operations	14.2	159	322	232	109	134	340	115	59.5	77.2
Capital expenditures			-16.8
Cash from investing	-82.4	-107	-66.4	-314	-47.6	-27.4	-95.1	-81.6	-118	21.9
Debt issued			625	0	0			275
Debt repaid			0	0	-23.9	0	0	-552
Stock issued					0	0	16.5
Dividends paid								-1.47	-5.9	-6.01
Cash from financing	53	-23.5	-321	80.7	-49.6	100	-28.9	-322	-8.56	-69
Net change in cash	-15.2	28.8	-65.8	-0.86	11.3	206	216	-288	-67.2	30.1
Free cash flow			305
Interest paid	96.5	65.9	61.5	66.7	59.2	64.8	71.1	42.1	40.6	35.9
Income taxes paid	0.31	0.19	0.14	0.05	0.16	0.15	8.2	2.4	-2	0.61

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 $3.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	1.0%	Operating income / revenue.
EBITDA margin	20.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.8%	Pre-tax income / revenue.
Net margin	-19.3%	Net income / revenue.
Operating cash flow margin	15.7%	Cash from operations / revenue.
Return on assets (ROA)	-11.3%	Net income / average total assets.
Return on invested capital (ROIC)	93.6%	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	4.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	19.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-18.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-36.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-51.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	29.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-39.0%	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	-6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-13.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.6%	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	0.3%	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	0.7%	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	0.7%	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	0.7%	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	1.17x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.67x	(Cash + short-term investments) / current liabilities.
Debt / assets	36.6%	Total debt / total assets.
Liabilities / assets	120.4%	Total liabilities / total assets.
Net debt	$200.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.74x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$38.4M	Current assets - current liabilities.
Tangible book value	-$196.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Receivables turnover	8.37x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.69	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	$3.56	Revenue / diluted weighted shares.
Operating cash flow per share	$0.56	Cash from operations / diluted weighted shares.
Book value per share	-$1.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.24	Tangible book value / shares outstanding.
Cash per share	$0.96	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$550.9M	Share price x shares outstanding.
Enterprise value	$751.8M	Market cap + total debt - cash - short-term investments.
P/S	0.98x	Market cap / revenue.
P/OCF	6.24x	Market cap / cash from operations, when positive.
EV/Sales	1.34x	Enterprise value / revenue.
EV/EBIT	135x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.51x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-19.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was W&T OFFSHORE INC's revenue in fiscal 2025?

W&T OFFSHORE INC reported revenue of $501.5M for fiscal 2025, 4.5% lower than the year before.

Was W&T OFFSHORE INC profitable in fiscal 2025?

No. It reported a net loss of $150.1M.

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.

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