Filing Flows › Northern Oil & Gas (NOG) › Q2 2025
Northern Oil & Gas (NOG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Northern Oil & Gas (NOG) reported revenue of $707M for the second quarter 2025 (Q2 2025), +26% from a year earlier and +17% from the quarter before. Operating margin was 24.9%, net earnings $99.6M (14.1% of revenue).
Northern Oil & Gas, Q2 2025: revenue $707M (+26% year over year), operating margin 24.9%, net earnings $99.6M, operating cash flow $362M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $707M | +17% | +26% |
| Operating profit | $176M | -23% | -20% |
| Net earnings | $99.6M | -28% | -28% |
| Operating cash flow | $362M | -11% | +6% |
| Free cash flow | $126M | — | — |
What changed
Revenue was $706.8M in Q2 2025, up 26% year over year and up 17% from the previous quarter.
Operating profit was $176.2M, a 24.9% margin (down 14.1 points year over year). Operating profit fell $42.8M even though revenue rose $146.0M versus a year earlier, so costs grew faster than sales. Total costs grew 55% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+73%). Net earnings were $99.6M, down 28% year over year. The effective tax rate was 24.4%.
Operating cash flow was $362.1M (up 6% year over year), 364% of net earnings. Non-cash charges added back $3.8M of share-based compensation. Working capital and other items added $258.8M. After capital Expenditures ($212.2M) and exclude: Changes in Working Capital and Other Items ($23.7M), free cash flow as the company reports it was $126.2M.
Questions
What was Northern Oil & Gas' revenue in the second quarter 2025?
Northern Oil & Gas (NOG) reported revenue of $707M for the second quarter 2025 (Q2 2025), +26% from a year earlier and +17% from the quarter before.
Was Northern Oil & Gas profitable in the second quarter 2025?
Operating profit was $176M (24.9% of revenue) and net earnings $99.6M.
Source: Northern Oil & Gas 10-Q on SEC EDGAR.