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How Battalion Oil (BATL) makes money

Battalion Oil (BATL) made $48.1M of revenue in the second quarter 2026 (Q2 2026), +12% from a year earlier. Of every dollar of revenue, 14¢ was left as operating profit, 32¢ was left as net earnings.

Drawing the Sankey…

Battalion Oil: revenue by line, Q4 2024 to Q3 2025Battalion Oil: revenue by line, Q4 2024 to Q3 2025OilNatural gas liquidsNatural gasOther revenuesOil: $38.3M latest$38.3MNatural gas liquids: $4.2M latest$4.2MNatural gas: $853K latestOther revenues: $0 latestQ4 2024Q1 2025Q2 2025Q3 2025
The mix barely moved between Q4 2024 and Q3 2025.
Battalion Oil revenue by quarterBattalion Oil revenue by quarter$49.7MQ4 2024$47.5MQ1 2025$42.8MQ2 2025$43.5MQ3 2025$32.3MQ4 2025$39.2MQ1 2026$48.1MQ2 2026
Battalion Oil: where each dollar of revenue goesBattalion Oil: where each dollar of revenue goesOperating profit14¢Net earnings32¢Operating cash flow18¢Free cash flow10¢

Where each dollar of revenue goes

LineQ2 2026% of revenue
Revenue$48.1M100.0%
Operating profit$6.8M14.1%
Net earnings$15.5M32.2%
Operating cash flow$8.8M18.2%
Free cash flow$4.6M9.5%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 2026$48.1M+12%
Q1 2026$39.2M-18%
Q4 2025$32.3M-35%
Q3 2025$43.5M-4%
Q2 2025$42.8M-13%
Q1 2025$47.5M-5%
Q4 2024$49.7M+5%

From Battalion Oil's 10-Q filed Aug 12, 2026 (on EDGAR).

Questions

How does Battalion Oil make money?

Battalion Oil (BATL) made $48.1M of revenue in the second quarter 2026 (Q2 2026), +12% from a year earlier. Of every dollar of revenue, 14¢ was left as operating profit, 32¢ was left as net earnings.

What is Battalion Oil's profit margin?

Net earnings were $15.5M, 32.2% of revenue, in the second quarter 2026; the operating margin was 14.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.