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Evolution Petroleum (EPM) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 16, 2026 · Evolution Petroleum (EPM) Q4 FY26 earnings results →

Q4 FY26 Revenue up 15% year over year to $24.2M · 19¢ of every $1 of revenue kept as net profit · operating margin 14.3%

Evolution Petroleum made $24.2M in Q4 FY26 (+15% Y/Y): Crude oil $16.5M, Natural gas $4.4M, Natural gas liquids $3.3M. Operating margin 14.3%, net earnings $4.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 16, 2026.

Revenue$24.2M
Year over year+15%
Operating margin14.3%
Net earnings$4.6M
Operating cash flow$6.8M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $24.2M in Q4 FY26, up 15% year over year and up 20% from the previous quarter. Crude oil was the largest line at 68% of revenue.

Operating profit was $3.5M, a 14.3% margin (up 8.0 points year over year). Of the extra revenue versus Q4 FY25, 69% reached operating profit, above the 6% margin then. Total costs grew 5% against revenue growth of 15%. The fastest-growing cost line was Cost of revenue (+12%). Net earnings were $4.6M, up 35% year over year. The effective tax rate was 10.0%. Non-operating items added $1.7M, 32% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $6.8M (down 35% year over year), 147% of net earnings. Non-cash charges added back $5.6M of depreciation and amortization and $599K of share-based compensation. Working capital and other items used $4.0M. Capital expenditures of $1.7M left free cash flow of $5.1M.

Quarterly history

Evolution Petroleum revenue by quarterEvolution Petroleum revenue by quarter$20.3MQ2 FY25$22.6MQ3 FY25$21.1MQ4 FY25$21.3MQ1 FY26$20.7MQ2 FY26$20.2MQ3 FY26$24.2MQ4 FY26
Evolution Petroleum net earnings by quarterEvolution Petroleum net earnings by quarter−$1.8MQ2 FY25−$2.2MQ3 FY25$3.4MQ4 FY25$824KQ1 FY26$1.1MQ2 FY26−$8.9MQ3 FY26$4.6MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 16, 2026$24.2M+15%14.3%$4.6M$6.8M
Q3 FY2610-QMay 13, 2026$20.2M-11%-2.8%−$8.9M$3.5M
Q2 FY2610-QFeb 11, 2026$20.7M+2%3.2%$1.1M$5.4M
Q1 FY2610-QNov 12, 2025$21.3M-3%-0.4%$824K$7.8M
Q4 FY2510-KSep 17, 2025$21.1M-0.6%6.3%$3.4M$10.5M
Q3 FY2510-QMay 14, 2025$22.6M-2%7.0%−$2.2M$7.3M
Q2 FY2510-QFeb 12, 2025$20.3M-4%-3.0%−$1.8M$7.7M

Charts

Evolution Petroleum: revenue growth, year over year and quarter over quarterEvolution Petroleum: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q2 FY25-2%+11%Q3 FY25-1%-6%Q4 FY25-3%+1%Q1 FY26+2%-3%Q2 FY26-11%-2%Q3 FY26+15%+20%Q4 FY26
Latest (Q4 FY26): Y/Y +15%, Q/Q +20%.
Evolution Petroleum: where the cash came from (+) and went (−), FY26Evolution Petroleum: where the cash came from (+) and went (−), FY26Operating cash flow$23.5MCapital spending−$23.0MNet borrowing (+) / repaid (−)$19.0MDividends−$16.9MShares issued$6.1MOther investing−$4.2MCash drawn (+) / kept (−)−$3.6MOther financing−$615KBuybacks−$225K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Evolution Petroleum: profit against cash, quarter by quarterEvolution Petroleum: profit against cash, quarter by quarterNet incomeOperating cash flow$2.1M$7.6MQ1 FY25−$1.8M$7.7MQ2 FY25−$2.2M$7.3MQ3 FY25$3.4M$10.5MQ4 FY25$824K$7.8MQ1 FY26$1.1M$5.4MQ2 FY26−$8.9M$3.5MQ3 FY26$4.6M$6.8MQ4 FY26
Latest (Q4 FY26): Net income $4.6M, Operating cash flow $6.8M.
Evolution Petroleum: diluted shares by fiscal yearEvolution Petroleum: diluted shares by fiscal year33MFY2133MFY2233MFY2333MFY2433MFY2534MFY26
+4.6% since FY21: more shares outstanding (issuance, stock pay).
Evolution Petroleum in its industry: growth against margin (79 companies, SIC 1311)Evolution Petroleum in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGEXEPARROVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLTPETCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNEPM (+15%, 14%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

Sells to

About Evolution Petroleum

Evolution Petroleum Corporation (“Evolution,” and together with its consolidated subsidiaries, the “Company”, “our”, “we, “us” or similar terms) is an independent energy company focused on acquiring and developing long-lived oil and natural gas properties in the United States. Our diversified portfolio consists primarily of non-operated working interests and mineral and royalty interests across several leading producing basins. Our non-operated model allows us to invest alongside experienced operators, participate in a broad range of development opportunities and maintain flexibility in the timing and allocation of capital. Our mineral and royalty interests provide additional exposure to production and future development, generally without associated lifting expenses or drilling and completions costs.

In its own words, from its 10-K, filed Sep 16, 2026.

Evolution Petroleum against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +15% against the peers' median +46%. Operating margin: 14.3% against the peers' median 19.5%.

CompanyQuarterRevenueY/YOp. margin
EPM Evolution PetroleumQ4 FY26$24.2M+15%14.3%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%

Source: Evolution Petroleum 10-K on SEC EDGAR · CIK 1006655 · Crude Petroleum & Natural Gas

13F: who owns EPM and who is buying

Largest holders of EPM (13F)Largest holders of EPM (13F)BlackRock$8.9MWealthTrust Axiom LLC$8.1MVanguard Group$5.8MDimensional Fund Advisors LP$5.5MVanguard Capital Management LLC$4.7MAmerican Century Companies$4.0MRenaissance Technologies LLC$3.8MRaymond James Financial$3.7MGeode Capital Management, LLC$3.3MCWA Asset Management Group, LLC$3.0M
Funds' net buying of EPM by quarter (13F)Funds' net buying of EPM by quarter (13F)−$618K2024-09−$292K2024-12$925K2025-03$689K2025-06$2.0M2025-09−$3.8M2025-12$2.0M2026-03$836K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on EPM

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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