Filing Flows › Granite Ridge Resources (GRNT) › Q2 2025
Granite Ridge Resources (GRNT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Granite Ridge Resources (GRNT) reported revenue of $109M for the second quarter 2025 (Q2 2025), +20% from a year earlier and -11% from the quarter before. Operating margin was 19.0%, net earnings $25.1M (23.0% of revenue).
Granite Ridge Resources, Q2 2025: revenue $109M (+20% year over year), operating margin 19.0%, net earnings $25.1M, operating cash flow $78.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $109M | -11% | +20% |
| Operating profit | $20.7M | -51% | -5% |
| Net earnings | $25.1M | +156% | +392% |
| Operating cash flow | $78.0M | +3% | +22% |
What changed
Revenue was $109.2M in Q2 2025, up 20% year over year and down 11% from the previous quarter. Oil was the largest line at 82% of revenue. Oil added $12.0M year over year (up 15%), 64% of the total change.
Operating profit was $20.7M, a 19.0% margin (down 5.2 points year over year). Operating profit fell $1.2M even though revenue rose $18.6M versus a year earlier, so costs grew faster than sales. Total costs grew 29% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $25.1M, up 392% year over year. The effective tax rate was 23.7%. Non-operating items added $12.1M, 37% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $78.0M (up 22% year over year), 311% of net earnings. Non-cash charges added back $395K of share-based compensation. Working capital and other items added $52.6M. Capital expenditures of $97.8M exceeded it, leaving free cash flow of −$19.8M.
Questions
What was Granite Ridge Resources' revenue in the second quarter 2025?
Granite Ridge Resources (GRNT) reported revenue of $109M for the second quarter 2025 (Q2 2025), +20% from a year earlier and -11% from the quarter before.
Was Granite Ridge Resources profitable in the second quarter 2025?
Operating profit was $20.7M (19.0% of revenue) and net earnings $25.1M.