Filing Flows › Talos Energy (TALO) › Q2 2025
Talos Energy (TALO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Talos Energy (TALO) reported revenue of $425M for the second quarter 2025 (Q2 2025), -23% from a year earlier and -17% from the quarter before. Operating margin was -64.4%, net loss $186M (43.8% of revenue).
Talos Energy, Q2 2025: revenue $425M (-23% year over year), operating margin -64.4%, net loss $186M, operating cash flow $352M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $425M | -17% | -23% |
| Operating profit | −$274M | -730% | — |
| Net earnings | −$186M | — | — |
| Operating cash flow | $352M | +31% | +22% |
| Free cash flow | $204M | +47% | +23% |
What changed
Revenue was $424.7M in Q2 2025, down 23% year over year and down 17% from the previous quarter. Oil and Condensate was the largest line at 88% of revenue. Oil and Condensate lost $134.2M year over year (down 26%), 108% of the total change.
Operating costs exceeded revenue by $273.6M, an operating margin of -64.4%. Total costs grew 41% against a revenue fall of 23%. The fastest-growing cost line was Other operating costs (+48%). The quarter ended with a net loss of $185.9M, wider than the previous quarter's $9.9M loss. Non-operating items added $51.2M, -23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $351.6M (up 22% year over year). Non-cash charges added back $269.7M of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items added $263.5M. Capital expenditures of $147.1M left free cash flow of $204.5M.
Questions
What was Talos Energy's revenue in the second quarter 2025?
Talos Energy (TALO) reported revenue of $425M for the second quarter 2025 (Q2 2025), -23% from a year earlier and -17% from the quarter before.
Was Talos Energy profitable in the second quarter 2025?
Operating loss was $274M (-64.4% of revenue) and net loss $186M.
Source: Talos Energy 10-Q on SEC EDGAR.