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Trio Petroleum (TPET) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 9, 2026 · Trio Petroleum (TPET) Q3 FY26 earnings results →

Q3 FY26 Revenue up 81% year over year to $349K · 566¢ of every $1 of revenue lost · operating margin -605.5%

Trio Petroleum made $349K in Q3 FY26 (+81% Y/Y). Operating margin -605.5%, net loss $2.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 9, 2026.

Revenue$349K
Year over year+81%
Operating margin-605.5%
Net earnings−$2.0M
Operating cash flow−$397K

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 $349K in Q3 FY26, up 81% year over year and up 67% from the previous quarter.

Gross margin was 31.0%, down 17.8 points from Q3 FY25. Operating costs exceeded revenue by $2.1M, an operating margin of -605.5%. Operating expenses grew 189% against revenue growth of 81%. The quarter ended with a net loss of $2.0M, wider than the previous quarter's $1.3M loss.

Operating cash flow was −$397K. Non-cash charges added back $1.3M of share-based compensation. Working capital and other items added $321K.

Quarterly history

Trio Petroleum revenue by quarterTrio Petroleum revenue by quarter$77KQ4 FY24$23KQ2 FY25$192KQ3 FY25$172KQ4 FY25$122KQ1 FY26$208KQ2 FY26$349KQ3 FY26
Trio Petroleum net earnings by quarterTrio Petroleum net earnings by quarter−$1.7MQ4 FY24−$1.6MQ2 FY25−$1.4MQ3 FY25−$2.7MQ4 FY25−$1.0MQ1 FY26−$1.4MQ2 FY26−$2.0MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QSep 9, 2026$349K+81%-605.5%−$2.0M−$397K
Q2 FY2610-QJun 11, 2026$208K+795%-674.5%−$1.4M−$1.6M
Q1 FY2610-QMar 17, 2026$122K11×-658.3%−$1.0M−$534K
Q4 FY2510-KJan 20, 2026$172K+123%n/m−$2.7M−$589K
Q3 FY2510-QSep 12, 2025$192K+205%-350.9%−$1.4M−$355K
Q2 FY2510-QJun 10, 2025$23K-68%n/m−$1.6M−$740K
Q4 FY2410-KJan 17, 2025$77K—n/m−$1.7M−$4.0M

Charts

Trio Petroleum: revenue growth, year over year and quarter over quarterTrio Petroleum: revenue growth, year over year and quarter over quarterY/YQ/Q-68%-70%Q2 FY25+205%+400%Q3 FY25+123%-10%Q4 FY25+400%-29%Q1 FY26+400%+70%Q2 FY26+81%+67%Q3 FY26
Latest (Q3 FY26): Y/Y +81%, Q/Q +67%.
Trio Petroleum: where the cash came from (+) and went (−), TTM to Q3 FY26Trio Petroleum: where the cash came from (+) and went (−), TTM to Q3 FY26Shares issued$26.0MCash drawn (+) / kept (−)−$23.7MOperating cash flow−$3.1MOther financing$929KCapital spending−$96KExchange rates$18KOther investing−$8K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Trio Petroleum: profit against cash, quarter by quarterTrio Petroleum: profit against cash, quarter by quarterNet incomeOperating cash flow−$1.7M−$4.0MQ4 FY24−$1.6M−$920KQ1 FY25−$1.6M−$740KQ2 FY25−$1.4M−$355KQ3 FY25−$2.7M−$589KQ4 FY25−$1.0M−$534KQ1 FY26−$1.3M−$1.6MQ2 FY26−$2.0M−$397KQ3 FY26
Latest (Q3 FY26): Net income −$2.0M, Operating cash flow −$397K.
Trio Petroleum: diluted shares by fiscal year (split-adjusted)Trio Petroleum: diluted shares by fiscal year (split-adjusted)118MFY229MFY239MFY249MFY25
-92.3% since FY22: buybacks shrank the count; earlier years scaled for the 4-for-1 split before FY25, 2-for-1 split before FY24.
Trio Petroleum in its industry: growth against margin (79 companies, SIC 1311)Trio Petroleum in its industry: growth against margin (79 companies, SIC 1311)revenue growth, year over year →↑ operating marginmedian +24%median 20%EOGOXYDVNFANGEXEPARROVVSMPREQTCHRDARContinental Resources, IncCRGYMTDRMURRRCVNOMTALOCNXMGYCRCHESMKOSPHXE-PBKVCRKGPORNOGMNRAESIREPXGRNTINRGTETTIWTIBDCOEGYDECREIBSMPROPKRPVTSTXOSDAMPYDMLPBATLPEDPNRGWHKEPMEPSNEnergy 11, L.P.ANNAEPEnergy Resources 12, L.P.EONRRSRVBRNAGIGEverflow Eastern Partners LPBSINMXCSPNDRKDAROYLCJAXCKXNRISBRLLGBRNUAIALTXNext Bridge Hydrocarbons, Inc.OKMNTPET (+81%, -100%)
Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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 Trio Petroleum

We are a California-based oil and gas exploration and development company headquartered in Malibu, California, with our principal executive offices located at 23823 Malibu Road, Suite 304, Malibu, California 90265, with operations in Monterey County, California, Uintah County, Utah and Lloydminster, Saskatchewan. We have had revenue-generating operations since the McCool Ranch Oil Field (defined hereafter) was restarted on February 22, 2024, and recognized our first revenues in our fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024. During the period ended April 30, 2025 we began generating revenue from our newly acquired properties in Saskatchewan, Canada.

In its own words, from its 10-K, filed Jan 20, 2026.

Trio Petroleum against its Crude Petroleum & Natural Gas peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +81% against the peers' median +52%. Operating margin: -605.5% against the peers' median 19.5%.

CompanyQuarterRevenueY/YOp. margin
TPET Trio PetroleumQ3 FY26$349K+81%-605.5%
EOG EOG ResourcesQ3 2026$8.5B+46%41.9%
OXY Occidental PetroleumQ2 2026$8.1B+53%48.5%
DVN Devon EnergyQ3 2026$6.9B+58%18.3%
FANG Diamondback EnergyQ3 2026$5.4B+38%46.0%
EXE Expand EnergyQ3 2026$3.3B+11%19.5%
PARR PAR Pacific HoldingsQ3 2026$3.1B+52%15.5%
OVV OvintivQ3 2026$2.6B+26%33.7%
SM SM EnergyQ3 2026$2.2B+167%10.9%

Source: Trio Petroleum 10-Q on SEC EDGAR · CIK 1898766 · Crude Petroleum & Natural Gas

More on TPET

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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