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Viper Energy (VNOM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Viper Energy (VNOM) Q3 2026 earnings results →
Q3 2026 Revenue up 58% year over year to $661M · 21¢ of every $1 of revenue kept as net profit · operating margin 60.4%
Viper Energy made $661M in Q3 2026 (+58% Y/Y): Oil income $557M, Natural gas liquids income $80.0M, Natural gas income $19.0M. Operating margin 60.4%, net earnings $140M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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 $661.0M in Q3 2026, up 58% year over year and down 2% from the previous quarter. Oil income was the largest line at 84% of revenue. Oil income added $225.0M year over year (up 68%), 93% of the total change.
Operating profit was $399.0M, a 60.4% margin (up 102.5 points year over year). Total costs fell 56% while revenue rose 58%. Net earnings were $140.0M. The effective tax rate was 11.5%.
Operating cash flow was $447.0M (up 59% year over year), 149% of net income including minority interests. Non-cash charges added back $206.0M of depreciation and amortization. Working capital and other items used $59.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $661M | +58% | 60.4% | $140M | $447M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $677M | +128% | 63.2% | $142M | $487M |
| Q1 2026 | 10-Q | May 6, 2026 | $511M | +109% | 49.5% | $97.0M | $328M |
| Q4 2025 | 10-K | Feb 25, 2026 | $435M | +90% | -58.4% | −$246M | $399M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $418M | +98% | -42.1% | −$197M | $281M |
Charts
Interactive views
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💵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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Customers and suppliers named in filings
Sells to
- FANG — 55% of its revenue · Stated in 10-K (XBRL) · source
- XOM — 14% of its revenue · Stated in 10-K (XBRL) · source
About Viper Energy
Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin in West Texas. For more information, please visit www.viperenergy.com.
In its own words, from its 8-K, filed Aug 3, 2026.
Viper Energy against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +58% against the peers' median +52%. Operating margin: 60.4% against the peers' median 33.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VNOM Viper Energy | Q3 2026 | $661M | +58% | 60.4% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Viper Energy 10-Q on SEC EDGAR · CIK 2074176 · Crude Petroleum & Natural Gas
Guidance and outlook
13F: who owns VNOM and who is buying
More on VNOM
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results