Viper Energy, Inc. Class A Common Stock (VNOM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.8	$0.76	-5.0%	—	$673M	—
Q1 26	$0.53	$0.55	+3.8%	—	$511M	—
Q4 25	$0.31	$0.31	0.0%	—	$434M	—
Q3 25	$0.39	$0.4	+2.6%	—	$418M	—
Q2 25	$0.39	$0.41	+5.1%	—	$297M	—
Q1 25	$0.47	$0.54	+14.9%	—	$245M	—
Q4 24	$0.44	$1.93	+338.6%	—	$228.5M	—
Q3 24	$0.47	$0.49	+4.3%	—	$209.4M	—
Q2 24	$0.55	$0.61	+10.9%	—	$216.6M	—
Q1 24	$0.48	$0.52	+8.3%	—	$205.2M	—
Q4 23	$0.48	$0.67	+39.6%	—	$204.6M	—
Q3 23	$0.44	$1.1	+150.0%	—	$293M	—
Q2 23	$0.29	$0.47	+62.1%	—	$160.6M	—
Q1 23	$0.41	$0.53	+29.3%	—	$168.6M	—
Q4 22	$0.41	$0.28	-31.7%	—	$203.4M	—
Q3 22	$0.57	$0.98	+71.9%	—	$221.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.48	—	—	$1.4B	—
FY24	—	$3.82	—	—	$859.7M	—
FY23	—	$2.69	—	—	$826.8M	—
FY22	—	$2	—	—	$865.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$79.1M	$172M	$288.7M	$297.9M	$249.6M	$504.3M	$865.8M	$826.8M	$859.7M	$1.4B
YoY change	+5.73%	+117.4%	+67.8%	+3.2%	-16.2%	+102.1%	+71.7%	-4.5%	+3.99%	+62.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	79.1M	172M	288.7M	297.9M	249.6M	504.3M	865.8M	826.8M	859.7M	1.4B
Cost of revenue	35.4M	51.1M	77.9M	97.3M	120.3M	135.5M	177.4M	196.5M	275.3M	701M
Gross profit	43.8M	120.9M	210.8M	200.7M	129.2M	368.8M	688.3M	630.3M	584.5M	693M
Gross margin	55.3%	70.3%	73%	67.4%	51.8%	73.1%	79.5%	76.2%	68%	49.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.6M	7.1M	8M	7.5M	8.2M	7.8M	8.5M	10.6M	18.6M	35M
Operating expenses	5.6M	7.1M	7.8M	7.1M	7.1M	7.2M	7.8M	10.1M	18.1M	65M
Operating income	38.2M	113.8M	203M	193.5M	122.1M	361.6M	680.5M	620.2M	566.4M	628M
Operating margin	48.2%	66.2%	70.3%	65%	48.9%	71.7%	78.6%	75%	65.9%	45.1%
Non-operating income, net	-46.6M	821K	1.4M	7.2M	-140.1M	-69.3M	-17.7M	-24M	11.4M	-757M
Pretax income	-10.9M	111.5M	190.5M	179.6M	-50.9M	258.2M	622.4M	547.3M	503.9M	-225M
Income tax	0	0	-72.4M	-41.6M	142.5M	1.5M	-32.7M	46M	-99.7M	-19M
Net income	-10.9M	111.5M	262.9M	221.2M	-193.4M	256.7M	655M	501.3M	603.6M	-206M
Net margin	-13.8%	64.8%	91.1%	74.2%	-77.5%	50.9%	75.7%	60.6%	70.2%	-14.8%
EBITDA	68.8M	155.2M	263.7M	274.1M	223.9M	464.6M	802M	768.1M	780.8M	1.2B
EPS	-0.13	1.07	2.01	0.75	-2.84	0.85	2	2.69	3.82	-0.48
Diluted EPS	-0.13	1.07	2.01	0.75	-2.84	0.85	2	2.69	3.82	-0.48

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	293M	204.6M	205.2M	216.6M	209.4M	228.5M	245M	297M	418M	434M	511M	673M
Cost of revenue	48.6M	57.4M	61.3M	63.6M	69.6M	80.8M	84M	145M	209M	263M	241M	238M
Gross profit	244.5M	147.2M	143.9M	153M	139.8M	147.8M	161M	152M	209M	171M	270M	435M
Gross margin	83.4%	71.9%	70.1%	70.7%	66.7%	64.7%	65.7%	51.2%	50%	39.4%	52.8%	64.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.9M	4M	5M	4.5M	4.6M	4.5M	6M	7M	10M	12M	13M	11M
Operating expenses	1.7M	4.2M	5M	4.5M	4.2M	4.4M	6M	7M	10M	12M	17M	7M
Operating income	242.8M	143M	138.9M	148.6M	135.6M	143.3M	155M	145M	199M	129M	253M	428M
Operating margin	82.9%	69.9%	67.7%	68.6%	64.7%	62.7%	63.3%	48.8%	47.6%	29.7%	49.5%	63.6%
Non-operating income, net	-2.7M	5.9M	-7.2M	5.3M	7.4M	6.1M	32M	-39M	-390M	-360M	17M	-1M
Pretax income	229.1M	132.1M	112.1M	135.2M	126.2M	130.4M	174M	91M	-223M	-267M	243M	403M
Income tax	21.9M	6.2M	12.5M	13M	17.2M	-142.4M	21M	7M	-26M	-21M	28M	72M
Net income	207.2M	125.9M	99.6M	122.2M	109M	272.8M	153M	84M	-197M	-246M	215M	331M
Net margin	70.7%	61.6%	48.5%	56.4%	52.1%	119.4%	62.4%	28.3%	-47.1%	-56.7%	42.1%	49.2%
EBITDA	279.3M	188.8M	186.1M	196.8M	190.4M	207.9M	222M	269M	380M	370M	459M	622M
EPS	1.11	0.7	0.49	0.62	0.52	2.04	0.62	0.28	-0.52	-0.61	0.54	0.73
Diluted EPS	1.11	0.7	0.49	0.62	0.52	2.04	0.62	0.28	-0.52	-0.61	0.53	0.73

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.3B	—	—	—	786.5M	1.5B	—	2.3B	—	—	14.6B
Enterprise value	1.4B	—	—	—	1.3B	2.2B	—	3.4B	—	—	14.8B
Shares outstanding	83.1M	104.3M	71.5M	61.7M	67.7M	68.3M	75.6M	74.2M	93.9M	142.5M	142.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	5.67	—	4.64	—	—	18.7
P/S	16.8	—	—	—	3.15	2.89	—	2.82	—	—	7.6
P/B	2.43	—	—	—	0.42	0.65	—	0.81	—	—	1.56
EV/EBITDA	20.9	—	—	—	5.91	4.72	—	4.41	—	—	7.81
EV/Sales	18.2	—	—	—	5.3	4.35	—	4.09	—	—	7.66
Earnings yield	—	—	—	—	—	17.6%	—	21.5%	—	—	5.34%
FCF yield	-10.3%	—	—	—	16.6%	1.78%	—	-11.6%	—	—	0.32%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.3%	70.3%	73%	67.4%	51.8%	73.1%	79.5%	76.2%	68%	49.7%	64.6%
Operating margin	48.2%	66.2%	70.3%	65%	48.9%	71.7%	78.6%	75%	65.9%	45.1%	67%
Net margin	-13.8%	64.8%	91.1%	74.2%	-77.5%	50.9%	75.7%	60.6%	70.2%	-14.8%	3.05%
ROE	-1.99%	12.2%	21.3%	10.1%	-10.4%	11.5%	28.2%	17.5%	15.4%	-1.99%	1.09%
ROA	-1.63%	11%	15.9%	7.94%	-7.86%	8.46%	22.4%	12.6%	11.9%	-1.63%	6.17%
ROIC	5.79%	11.6%	12.5%	6.99%	5.09%	12.1%	23.6%	14.5%	11.4%	5.01%	5.61%
Return on tangible assets	-1.63%	11%	15.9%	7.94%	-7.86%	8.46%	22.4%	12.6%	11.9%	-1.63%	0.85%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	10.9	9.85	10.8	5.41	1.2	4.54	5.41	4.32	4.89	3.72	6.37
Quick ratio	10.9	9.85	10.8	5.41	1.2	4.54	5.41	4.32	4.89	3.72	6.37
Debt / equity	0.22	0.1	0.33	0.27	0.3	0.35	0.25	0.38	0.28	0.21	0.16
Debt / assets	0.18	0.09	0.25	0.21	0.23	0.26	0.2	0.27	0.21	0.17	0.14
Net debt / EBITDA	1.62	0.45	1.47	2.13	2.4	1.59	0.7	1.38	1.35	1.75	0.87
Interest coverage	-3.44	36.2	14.8	9.52	-0.54	8.58	16.4	12.2	7.82	-1.18	2.24
Effective tax rate	0%	0%	0%	0%	0%	0.59%	0%	8.4%	0%	0%	34%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.95	1.65	4.04	4.83	3.69	7.38	11.5	11.1	9.15	9.78	11.2
EPS (basic)	-0.13	1.07	2.01	0.75	-2.84	0.85	2	2.69	3.82	-0.48	-0.48
EPS (diluted)	-0.13	1.07	2.01	0.75	-2.84	0.85	2	2.69	3.82	-0.48	-0.1
Book value per share	6.59	8.76	17.3	35.4	27.5	32.7	30.7	38.5	41.6	72.7	26.3
FCF per share	-1.65	-1.96	-5.18	-4.76	1.93	0.38	8.41	-3.64	-0.82	-9.62	1.02
Cash per share	0.11	0.23	0.32	0.06	0.28	0.58	0.24	0.35	0.29	0.09	0.4
Capex per share	2.48	3.3	8.59	8.59	0.97	4.12	0.63	12.2	6.48	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	259.9%	200%	213%	178.1%	26.3%	55.8%	5.49%	109.9%	70.8%	—	—
Capex / operating cash flow	972.3%	247.1%	249.2%	211.9%	119%	118.3%	6.98%	148.6%	96.5%	—	—
Payout ratio	-594.8%	117.4%	96.4%	108.6%	-55.8%	68.8%	63.7%	64.8%	78.5%	-334.5%	97.1%
Dividend yield	4.88%	—	—	—	13.7%	12.1%	—	14%	—	—	6.61%

Yield

6.61%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.67

ex-dividend Aug 13, 2026

Payout ratio

97%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.67
May 14, 2026	$0.68
Mar 5, 2026	$0.52
Nov 13, 2025	$0.58
Aug 14, 2025	$0.53
May 15, 2025	$0.57

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$293M	$204.6M	$205.2M	$216.6M	$209.4M	$228.5M	$245M	$297M	$418M	$434M	$511M	$673M
YoY change	+32.4%	+0.56%	+21.8%	+34.9%	-28.5%	+11.7%	+19.4%	+37.1%	+99.6%	+89.9%	+108.6%	+126.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	9.2M	24.2M	22.7M	3.6M	19.1M	39.4M	18.2M	25.9M	26.9M	13M
Receivables	13.5M	30.9M	42.3M	68.7M	34.2M	70.7M	87.9M	112M	180.2M	350M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	23.4M	55.4M	65.2M	72.7M	54M	111.1M	118.6M	143.5M	238M	413M
Property, plant & equipment	611.9M	914.4M	1.5B	2.5B	2.4B	-593.5M	-714.5M	-860.7M	-1.1B	-2.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	670.5M	1B	1.7B	2.8B	2.5B	3B	2.9B	4B	5.1B	12.7B
Accounts payable	1.8M	3M	0	0	43K	69K	1.1M	19K	85K	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	2.2M	5.6M	6M	13.4M	44.9M	24.5M	21.9M	33.3M	48.7M	111M
Long-term debt	120.5M	93.5M	411M	586.8M	555.6M	776.7M	576.9M	1.1B	1.1B	2.2B
Total liabilities	122.7M	99.1M	417M	600.2M	600.5M	801.2M	598.8M	1.1B	1.2B	2.3B
Shareholders' equity	547.9M	913.9M	1.2B	2.2B	1.9B	2.2B	2.3B	2.9B	3.9B	10.4B
Total debt	120.5M	93.5M	411M	586.8M	555.6M	776.7M	576.9M	1.1B	1.1B	2.2B
Net debt	111.3M	69.3M	388.3M	583.2M	536.5M	737.3M	558.7M	1.1B	1.1B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	146.8M	25.9M	20M	35.2M	168.6M	26.9M	560M	28M	53M	13M	28M	77M
Receivables	111.2M	112M	165.1M	166.7M	144.9M	180.2M	187M	392M	384M	350M	400M	488M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	262.1M	143.5M	189.8M	205.4M	320.2M	238M	792M	443M	887M	413M	469M	580M
Property, plant & equipment	-815.9M	-860.7M	-907.6M	-956M	-1B	-1.1B	-1.1B	-1.3B	-1.8B	-2.4B	-2.7B	-2.8B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	3.1B	4B	4B	3.9B	4.2B	5.1B	6.2B	9.8B	13.7B	12.7B	12B	12.1B
Accounts payable	197K	19K	17K	19K	26K	85K	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	380M	—	—	—
Total current liabilities	47.5M	33.3M	54.9M	29.1M	44.2M	48.7M	91M	72M	472M	111M	76M	91M
Long-term debt	675.7M	1.1B	1.1B	998M	821.5M	1.1B	822M	1.1B	2.2B	2.2B	1.6B	1.7B
Total liabilities	724.8M	1.1B	1.1B	1B	870.5M	1.2B	915M	1.2B	2.7B	2.3B	1.7B	1.8B
Shareholders' equity	2.4B	2.9B	2.9B	2.9B	3.3B	3.9B	5.3B	8.6B	10.9B	10.4B	10.4B	10.3B
Total debt	675.7M	1.1B	1.1B	998M	821.5M	1.1B	822M	1.1B	2.6B	2.2B	1.6B	1.7B
Net debt	528.9M	1.1B	1.1B	962.8M	652.9M	1.1B	262M	1.1B	2.6B	2.2B	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-10.9M	111.5M	262.9M	221.2M	-193.4M	256.7M	655M	501.3M	603.6M	-206M
Depreciation & amortization	29.8M	40.5M	58.8M	78.2M	100.5M	103M	121.1M	146.1M	214.4M	607M
Stock-based compensation	3.8M	2.4M	2.8M	1.8M	—	—	—	—	—	—
Change in working capital	-2M	-15.8M	-8.8M	-12M	39.1M	-34.1M	-19M	-19.2M	-41.3M	-64M
Operating cash flow	21.2M	139.2M	246.7M	250.4M	55.2M	237.7M	681.2M	611.4M	630.9M	1.1B
Capital expenditure	-205.7M	-344.1M	-614.8M	-530.6M	-65.7M	-281.2M	47.6M	-908.4M	-608.6M	—
Investing cash flow	-205.7M	-344.1M	-614.3M	-530.6M	-16.3M	-281.2M	46.4M	-908.4M	-608.6M	—
Dividends paid	-64.8M	-130.9M	-253.4M	-240.3M	-108M	-176.6M	-416.9M	-324.8M	-473.7M	-689M
Share repurchases	—	0	0	0	-24M	-46M	-150.6M	-95.2M	0	-194M
Financing cash flow	231.8M	192.8M	685.7M	-39.7M	-177.3M	214.4M	-920.6M	277.9M	-10.1M	1.4B
Net change in cash	47.2M	-12M	318.2M	-319.8M	-138.3M	170.9M	-193M	-19.1M	12.3M	2.4B
Free cash flow	-137.1M	-204.9M	-370.3M	-293.9M	130.9M	25.9M	635.7M	-270.2M	-76.6M	-1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	207.2M	125.9M	99.6M	122.8M	108.8M	272.8M	153M	84M	-197M	-246M	215M	331M
Depreciation & amortization	36.3M	44.8M	46.9M	48.3M	54.8M	64.6M	67M	124M	182M	234M	206M	195M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-15.9M	1.2M	-48.6M	-11.4M	43.5M	-25.8M	-11M	-60M	-58M	56M	-121M	-58M
Operating cash flow	225M	162.1M	95.8M	157.3M	208.1M	163.8M	209M	172M	281M	399M	328M	487M
Capital expenditure	-52.3M	-731.6M	-20.3M	81.5M	-244.4M	-425.2M	-486M	—	—	—	—	—
Investing cash flow	-52.3M	-731.6M	-20.3M	81.5M	-244.4M	-425.2M	-486M	—	—	—	—	—
Dividends paid	-65.5M	-112.6M	-110.9M	-113.8M	-123.4M	-125.3M	-144M	-184M	-159M	-202M	-193M	-255M
Share repurchases	-9.7M	-28M	0	0	0	0	—	-10M	-90M	-94M	-96M	-132M
Financing cash flow	-27.7M	264.9M	-101M	-209.8M	175.5M	125.5M	818M	70M	1.2B	-762M	-894M	-335M
Net change in cash	145M	-304.7M	-25.5M	29M	139.2M	-135.9M	541M	242M	1.5B	-363M	-566M	152M
Free cash flow	187.4M	-585.8M	94.7M	135.6M	-39.4M	-267.3M	-285M	-602M	-816M	332M	298M	384M

Viper Energy, Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement