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Northern Oil & Gas (NOG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Northern Oil & Gas (NOG) Q3 2026 earnings results →
Q3 2026 Revenue down 38% year over year to $346M · 32¢ of every $1 of revenue lost · operating margin -22.2%
Northern Oil & Gas made $346M in Q3 2026 (-38% Y/Y). Operating margin -22.2%, net loss $112M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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 $345.9M in Q3 2026, down 38% year over year and down 54% from the previous quarter.
Operating costs exceeded revenue by $76.9M, an operating margin of -22.2%. Total costs fell 38% while revenue fell 38%. The fastest-growing cost line was General & admin (+28%). The quarter ended with a net loss of $111.8M, after a profit of $236.6M the previous quarter.
Operating cash flow was $397.7M (down 6% year over year). Non-cash charges added back $4.5M of share-based compensation. Working capital and other items added $505.0M. After capital Expenditures, net ($249.1M), free cash flow as the company reports it was $148.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $346M | -38% | -22.2% | −$112M | $398M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $745M | +5% | 47.3% | $237M | $322M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $5.0M | -99% | n/m | −$523M | $324M |
| Q4 2025 | 10-K | Feb 26, 2026 | $610M | +18% | -5.5% | −$70.7M | $313M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $557M | -26% | -22.6% | −$129M | $423M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $707M | +26% | 24.9% | $99.6M | $362M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $602M | +52% | 38.1% | $139M | $407M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Northern Oil & Gas
We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin. We believe the location, size and concentration of our acreage positions in some of North America’s leading unconventional oil and gas resource plays provide us with drilling and development opportunities that will result in significant long-term value. We currently report a single reportable segment. See “Financial Statements” and the notes to our financial statements for financial information about this reportable segment.
In its own words, from its 10-K, filed Feb 26, 2026.
Northern Oil & Gas against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -38% against the peers' median +46%. Operating margin: -22.2% against the peers' median 19.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NOG Northern Oil & Gas | Q3 2026 | $346M | -38% | -22.2% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Northern Oil & Gas 10-Q on SEC EDGAR · CIK 1104485 · Crude Petroleum & Natural Gas
Guidance and outlook
13F: who owns NOG and who is buying
More on NOG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results