Filing Flows › HighPeak Energy (HPK) › Q3 2025
HighPeak Energy (HPK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
HighPeak Energy (HPK) reported revenue of $189M for the third quarter 2025 (Q3 2025), -30% from a year earlier and -6% from the quarter before. Operating margin was 17.3%, net loss $18.3M (9.7% of revenue).
HighPeak Energy, Q3 2025: revenue $189M (-30% year over year), operating margin 17.3%, net loss $18.3M, operating cash flow $120M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $189M | -6% | -30% |
| Operating profit | $32.6M | -25% | — |
| Net earnings | −$18.3M | -170% | — |
| Operating cash flow | $120M | -15% | -32% |
| Free cash flow | $32.0M | +115% | -13% |
What changed
Revenue was $188.9M in Q3 2025, down 30% year over year and down 6% from the previous quarter.
Operating profit was $32.6M, a 17.3% margin (down 9.8 points year over year). Total costs fell 21% while revenue fell 30%. The fastest-growing cost line was SG&A (+88%). The quarter ended with a net loss of $18.3M, after a profit of $26.2M the previous quarter. Net interest and other expense of $54.5M was the main reason.
Operating cash flow was $120.2M (down 32% year over year). Non-cash charges added back $100.6M of depreciation and amortization and $177K of share-based compensation. Working capital and other items added $37.8M. Capital expenditures of $88.2M left free cash flow of $32.0M.
Questions
What was HighPeak Energy's revenue in the third quarter 2025?
HighPeak Energy (HPK) reported revenue of $189M for the third quarter 2025 (Q3 2025), -30% from a year earlier and -6% from the quarter before.
Was HighPeak Energy profitable in the third quarter 2025?
Operating profit was $32.6M (17.3% of revenue) and net loss $18.3M.
Source: HighPeak Energy 10-Q on SEC EDGAR.