YPF SOCIEDAD ANONIMA financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data YPF SOCIEDAD ANONIMA 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

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	9,690	13,682	18,757	17,311	19,293	18,448
Cost of revenue	8,663	10,629	13,684	13,853	13,910	13,348
Gross profit	1,027	3,053	5,073	3,458	5,383	5,100
Research and development	22	19	27	23	40	28
General and administrative	467	470	657	705	836	830
Operating income	-804	699	2,482	-1,248	1,480	1,740
Interest expense	1,966	1,408	988	1,149	1,169	1,087
Interest income	1,492	904	320	334	134	105
Pre-tax income	-837	715	3,056	-1,658	1,020	910
Income tax	184	699	822	-381	-1,373	1,709
Net income to minority interests	-17	-10	6	35	45	27
Net income	-1,004	26	2,228	-1,312	2,348	-826
EPS, basic		0.07	5.67	-3.35	5.99	-2.11
EPS, diluted		0.07	5.67	-3.35	5.99	-2.11

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	650	611	773	1,123	1,118	933
Inventory	1,191	1,500	1,738	1,683	1,546	1,447
Total current assets	3,897	4,543	5,143	4,434	6,793	6,477
Property, plant and equipment	16,413	16,003	17,510	17,712	18,736	19,085
Lease right-of-use assets	524	519	541	631	743	537
Intangible assets	465	419	384	367	491	1,068
Total assets	22,882	23,290	25,912	25,035	29,391	29,439
Accounts payable	1,717	1,963	2,564	2,319	2,879	2,238
Short-term debt	1,793	845	1,140	1,508	1,907	2,355
Total current liabilities	4,410	3,811	4,783	4,920	8,676	7,443
Lease liabilities	288	276	272	325	406	273
Total liabilities	14,751	15,026	15,360	15,984	17,521	18,395
Total debt	8,070	7,379	7,088	8,190	8,942	10,581
Paid-in capital				640	640	640
Retained earnings	3,525	3,649	5,947	4,445	7,146
Shareholders' equity	8,057	8,184	10,454	8,949	11,652	10,814
Minority interests	74	80	98	102	218	230
Total equity	8,130	8,264	10,552	9,051	11,870	11,044
Total liabilities and equity	22,882	23,290	25,912	25,035	29,391	29,439

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-1,021	16	2,234	-1,277	2,393	-799
Cash from operations	2,915	4,201	5,693	5,913	5,869	4,959
Cash from investing	-1,517	-2,547	-4,016	-5,332	-5,511	-5,527
Debt issued	1,803	963	402	2,667	2,967	4,481
Debt repaid	-2,283	-1,653	-780	-1,396	-2,102	-2,871
Share buybacks	-6	0	-28	0	0	-10
Cash from financing	-1,698	-1,600	-1,227	278	-293	517
Exchange rate effect	-156	-93	-288	-509	-70	-134
Net change in cash	-456	-39	162	350	-5	-185
Income taxes paid	-27	33	-112	-74	-141	-15

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $52.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.6%	Gross profit / revenue.
Operating margin	9.4%	Operating income / revenue.
Pre-tax margin	4.9%	Pre-tax income / revenue.
Net margin	-4.5%	Net income / revenue.
Operating cash flow margin	26.9%	Cash from operations / revenue.
Effective tax rate	187.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-7.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.8%	Net income / average total assets.
Return on invested capital (ROIC)	6.9%	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%.
R&D / revenue	0.2%	Research and development expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.2%	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	37.8%	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	17.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-11.2%	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	-135.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-135.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-15.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.5%	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	11.2%	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	-7.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	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	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.98x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.9%	Total debt / total assets.
Liabilities / assets	62.5%	Total liabilities / total assets.
Net debt	$9.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.60x	Operating income / interest expense.
Working capital	-$966.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$9.75B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	0.98x	Revenue / average property, plant and equipment.
Inventory turnover	8.92x	Cost of revenue / average inventory.
Days inventory	41 days	365 x average inventory / cost of revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.11	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.
EPS, basic	-$2.11	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$20.49B	Share price x shares outstanding.
Enterprise value	$30.14B	Market cap + total debt - cash - short-term investments.
P/S	1.11x	Market cap / revenue.
P/B	1.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.10x	Market cap / tangible book value, when positive.
P/OCF	4.13x	Market cap / cash from operations, when positive.
EV/Sales	1.63x	Enterprise value / revenue.
EV/EBIT	17.3x	Enterprise value / operating income, when both are positive.
Earnings yield	-4.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was YPF SOCIEDAD ANONIMA's revenue in fiscal 2025?

YPF SOCIEDAD ANONIMA reported revenue of $18.45B for fiscal 2025, 4.4% lower than the year before.

Was YPF SOCIEDAD ANONIMA profitable in fiscal 2025?

No. It reported a net loss of $826.0M.

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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