Filing Flows › Northern Oil & Gas (NOG) › Q4 2025
Northern Oil & Gas (NOG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Northern Oil & Gas (NOG) reported revenue of $610M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +10% from the quarter before. Operating margin was -5.5%, net loss $70.7M (11.6% of revenue).
Northern Oil & Gas, Q4 2025: revenue $610M (+18% year over year), operating margin -5.5%, net loss $70.7M, operating cash flow $313M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $610M | +10% | +18% |
| Operating profit | −$33.8M | — | — |
| Net earnings | −$70.7M | — | — |
| Operating cash flow | $313M | -26% | +8% |
| Free cash flow | $43.2M | — | -55% |
What changed
Revenue was $610.2M in Q4 2025, up 18% year over year and up 10% from the previous quarter.
Operating costs exceeded revenue by $33.8M, an operating margin of -5.5%. Total costs grew 68% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+103%). The quarter ended with a net loss of $70.7M, narrower than the previous quarter's $129.1M loss. Net interest and other expense of $52.2M was the main reason.
Operating cash flow was $312.6M (up 8% year over year). Non-cash charges added back $3.9M of share-based compensation. Working capital and other items added $379.4M. After capital Expenditures, net ($269.4M), free cash flow as the company reports it was $43.2M.
Questions
What was Northern Oil & Gas' revenue in the fourth quarter 2025?
Northern Oil & Gas (NOG) reported revenue of $610M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +10% from the quarter before.
Was Northern Oil & Gas profitable in the fourth quarter 2025?
Operating loss was $33.8M (-5.5% of revenue) and net loss $70.7M.
Source: Northern Oil & Gas 10-K on SEC EDGAR.