Filing Flows › Granite Ridge Resources (GRNT) › Q3 2025
Granite Ridge Resources (GRNT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Granite Ridge Resources (GRNT) reported revenue of $113M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +3% from the quarter before. Operating margin was 17.4%, net earnings $14.5M (12.9% of revenue).
Granite Ridge Resources, Q3 2025: revenue $113M (+20% year over year), operating margin 17.4%, net earnings $14.5M, operating cash flow $77.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $113M | +3% | +20% |
| Operating profit | $19.6M | -6% | -21% |
| Net earnings | $14.5M | -42% | +60% |
| Operating cash flow | $77.8M | -0.3% | +4% |
| Free cash flow | $9.2M | — | -47% |
What changed
Revenue was $112.7M in Q3 2025, up 20% year over year and up 3% from the previous quarter. Oil was the largest line at 82% of revenue. Natural gas added $12.1M year over year (up 142%), 65% of the total change.
Operating profit was $19.6M, a 17.4% margin (down 8.9 points year over year). Operating profit fell $5.1M even though revenue rose $18.6M versus a year earlier, so costs grew faster than sales. Total costs grew 34% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+35%). Net earnings were $14.5M, up 60% year over year. The effective tax rate was 24.7%.
Operating cash flow was $77.8M (up 4% year over year), 536% of net earnings. Non-cash charges added back $1.3M of share-based compensation. Working capital and other items added $61.9M. Capital expenditures of $68.6M left free cash flow of $9.2M.
Questions
What was Granite Ridge Resources' revenue in the third quarter 2025?
Granite Ridge Resources (GRNT) reported revenue of $113M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +3% from the quarter before.
Was Granite Ridge Resources profitable in the third quarter 2025?
Operating profit was $19.6M (17.4% of revenue) and net earnings $14.5M.