Filing Flows › Northern Oil & Gas (NOG) › Q3 2025
Northern Oil & Gas (NOG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Northern Oil & Gas (NOG) reported revenue of $557M for the third quarter 2025 (Q3 2025), -26% from a year earlier and -21% from the quarter before. Operating margin was -22.6%, net loss $129M (23.2% of revenue).
Northern Oil & Gas, Q3 2025: revenue $557M (-26% year over year), operating margin -22.6%, net loss $129M, operating cash flow $423M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $557M | -21% | -26% |
| Operating profit | −$126M | -171% | — |
| Net earnings | −$129M | -230% | — |
| Operating cash flow | $423M | +17% | +10% |
| Free cash flow | $119M | — | — |
What changed
Revenue was $556.6M in Q3 2025, down 26% year over year and down 21% from the previous quarter.
Operating costs exceeded revenue by $125.8M, an operating margin of -22.6%. Total costs grew 113% against a revenue fall of 26%. The fastest-growing cost line was Other operating costs (+171%). The quarter ended with a net loss of $129.1M, after a profit of $99.6M the previous quarter.
Operating cash flow was $423.1M (up 10% year over year). Non-cash charges added back $4.1M of share-based compensation. Working capital and other items added $548.1M. After capital Expenditures ($273.9M) and exclude: Changes in Working Capital and Other Items ($30.3M), free cash flow as the company reports it was $118.9M.
Questions
What was Northern Oil & Gas' revenue in the third quarter 2025?
Northern Oil & Gas (NOG) reported revenue of $557M for the third quarter 2025 (Q3 2025), -26% from a year earlier and -21% from the quarter before.
Was Northern Oil & Gas profitable in the third quarter 2025?
Operating loss was $126M (-22.6% of revenue) and net loss $129M.
Source: Northern Oil & Gas 10-Q on SEC EDGAR.