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Northern Oil and Gas NOG Q3 2025 earnings

Reported November 6, 2025 · After market close

Revenue$485.9MMiss by $43.1M
EPS$1.03Beat by $0.21
Revenue estimate$529.0M
EPS estimate$0.82

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$594.1M
EPS estimate$1.12

Financials

Q3 2025

Income statement

See full
Revenue$556.6M-26.1%
Gross profit$438.3M-32.2%
Operating income-$125.8M-129%
Net income-$129.1M-143%
EPS (diluted)-$1.33-145%

Balance sheet

See full
Cash & equivalents$31.6M-7.9%
Total debt$2.3B+20.1%
Total equity$2.2B-3.0%
Total assets$5.5B+8.7%

Cash flow

See full
Operating cash flow$423.1M+9.7%
CapEx$238.0K+543%
Free cash flow$422.9M+9.6%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$2.42B-31.8%
Enterprise value$4.73B-13.4%
P/E13.4×+9.1×
P/S1×-0.4×

Profitability

See full
Gross margin80.2%-3.2pp
Operating margin17.3%-30.2pp
Net margin7.6%-25.8pp
FCF margin62.3%+4.0pp

Returns & leverage

See full
Return on equity8%-37.1pp
Debt / equity1×+0.2×
Current ratio1.1×-0.1×

Segments

By product

See full
Crude Oil, Condensate, and Natural Gas Liquids (NGL)$400.5M-14.5%
Natural Gas and NGL Sales$81.7M+81.6%

Versus estimates

Revenue

Q1 2026$5.0MMiss by $506.3MQ4 2025$610.2MBeat by $89.7M
Q3 2025$485.9MMiss by $43.1M
Q2 2025$578.0MBeat by $49.6MQ1 2025$580.3MBeat by $34.6MQ4 2024$549.2MMiss by $3.1M

Diluted EPS

Q1 2026$0.74Beat by $0.03Q4 2025$0.83Beat by $0.06
Q3 2025$1.03Beat by $0.21
Q2 2025$1.37Beat by $0.50Q1 2025$1.33Beat by $0.21Q4 2024$1.11Miss by $0.16

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Questions, answered.

When did Northern Oil and Gas report Q3 2025 earnings?
Northern Oil and Gas (NOG) reported Q3 2025 earnings on November 6, 2025 after market close.
What were Northern Oil and Gas's Q3 2025 revenue and EPS?
Northern Oil and Gas reported revenue of $485.9M and eps of $1.03 for Q3 2025.
Did Northern Oil and Gas beat estimates in Q3 2025?
Revenue missed the consensus estimate of $529.0M by $43.1M. EPS beat the consensus estimate of $0.82 by $0.21.
How did Northern Oil and Gas's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 5.7% from $515.5M a year earlier and eps declined 26.4% from $1.40.
Where can I find Northern Oil and Gas's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001104485-25-000156) and the 10-Q periodic report (0001104485-25-000159) directly on SEC EDGAR. The filing index links above go to sec.gov.