Revenue growth remains inconsistent, oscillating between an 11.2% increase in 2026Q1 and a 19.0% contraction in 2025Q2, while gross margins have swung wildly from 39.7% to 92.1% over the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 403.4M | 391.98M | 410.18M | 375.05M | 321.74M | 151.04M | 3.04M | 4.91M | 5.87M | 5.26M | 4.67M | 6.16M | 13.79M | 15.7M | 20.56M | 17.09M | 13.22M | 9.73M | 15.6M | 9.37M | 9M | 7.17M | 6.11M | 6.21M | 5.7M | 7M | 5.24M | 3.02M | 2.1M | 0 | 30K |
| Revenue Growth % | -2.3% | -4.44% | 9.37% | 16.57% | 113.02% | 4871.56% | -38.14% | -16.35% | 11.55% | 12.65% | -24.21% | -55.29% | -12.18% | -23.63% | 20.32% | 29.28% | 35.81% | -37.62% | 66.52% | 4.08% | 25.5% | 17.41% | -1.54% | 8.85% | -18.53% | 33.5% | 73.7% | 43.68% | - | -100% | - |
| Cost of Goods Sold | 147.42M | 210.1M | 176.15M | 154.18M | 84.29M | 57.1M | 3.75M | 4.11M | 4.39M | 4.86M | 4.56M | 6.9M | 9.02M | 8.44M | 10.59M | 6.2M | 6.02M | 5.32M | 5.89M | 4.32M | 3.29M | 3.05M | 3.36M | 3.41M | 3.09M | 2.95M | 2.61M | 2.53M | 1.7M | 3.75K | 20K |
| COGS % of Revenue | - | 53.6% | 42.95% | 41.11% | 26.2% | 37.81% | 123.37% | 83.77% | 74.71% | 92.29% | 97.6% | 111.94% | 65.45% | 53.73% | 51.49% | 36.31% | 45.55% | 54.62% | 37.74% | 46.14% | 36.52% | 42.47% | 55.07% | 54.99% | 54.29% | 42.19% | 49.88% | 83.95% | 80.95% | - | 66.67% |
| Gross Profit | 255.98M | 181.88M | 234.03M | 220.87M | 237.45M | 93.93M | -710K | 797K | 1.49M | 406K | 112K | -736K | 4.76M | 7.26M | 9.97M | 10.88M | 7.2M | 4.42M | 9.71M | 5.05M | 5.71M | 4.13M | 2.75M | 2.79M | 2.61M | 4.04M | 2.63M | 484.32K | 400K | -3.75K | 10K |
| Gross Margin % | 63.46% | 46.4% | 57.05% | 58.89% | 73.8% | 62.19% | -23.37% | 16.23% | 25.29% | 7.71% | 2.4% | -11.94% | 34.55% | 46.27% | 48.51% | 63.69% | 54.45% | 45.38% | 62.26% | 53.86% | 63.48% | 57.53% | 44.93% | 45.01% | 45.71% | 57.81% | 50.12% | 16.05% | 19.05% | - | 33.33% |
| Gross Profit Growth % | - | -22.28% | 5.96% | -6.98% | 152.79% | 13330% | -189.08% | -46.33% | 265.76% | 262.5% | 115.22% | -115.45% | -34.42% | -27.16% | -8.35% | 51.21% | 62.95% | -54.53% | 92.49% | -11.7% | 38.48% | 50.32% | -1.72% | 7.19% | -35.58% | 54% | 442.34% | 21.08% | 10772.36% | -137.48% | - |
| Operating Expenses | 89.37M | 40.6M | 80.33M | 33.4M | 33.93M | 34.06M | 3.11M | 1.3M | 1.25M | 1.17M | 1.41M | 2.07M | 2.71M | 2.06M | 2.61M | 5.03M | 4.92M | 4.66M | 4.33M | 3.64M | 3.57M | 3.69M | 6.22M | 4.38M | 5.18M | 5.46M | 3.75M | 2.74M | 2.9M | 2.48M | 1.77M |
| OpEx % of Revenue | - | 10.36% | 19.58% | 8.91% | 10.55% | 22.55% | 102.27% | 26.51% | 21.21% | 22.25% | 30.07% | 33.57% | 19.63% | 13.11% | 12.71% | 29.42% | 37.24% | 47.85% | 27.74% | 38.8% | 39.69% | 51.5% | 101.84% | 70.63% | 90.91% | 77.99% | 71.61% | 90.77% | 138.1% | - | 5900% |
| Selling, General & Admin | 32.01M | 0 | 34.69M | 33.4M | 21.93M | 20.76M | 2.19M | 1.3M | 1.25M | 1.17M | 1.41M | 2.07M | 2.71M | 2.06M | 2.61M | 2.32M | 2.29M | 2.08M | 2.17M | 1.67M | 1.49M | 1.62M | 1.99M | 2.07M | 2.77M | 3.61M | 3.38M | 2.47M | 2.4M | 1.54M | 1.49M |
| SG&A % of Revenue | - | - | 8.46% | 8.91% | 6.82% | 13.74% | 71.99% | 26.51% | 21.21% | 22.25% | 30.07% | 33.57% | 19.63% | 13.11% | 12.71% | 13.6% | 17.36% | 21.43% | 13.9% | 17.83% | 16.59% | 22.54% | 32.6% | 33.31% | 48.57% | 51.55% | 64.53% | 81.96% | 114.29% | - | 4966.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.09M | 40.6M | 45.64M | 0 | 11.99M | 13.3M | 920K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M | 2.63M | 2.57M | 2.16M | 1.96M | 2.08M | 2.08M | 4.23M | 2.32M | 2.41M | 1.85M | 371.25K | 265.81K | 500K | 945.53K | 280K |
| Operating Income | 129.51M | 141.28M | 153.69M | 187.47M | 203.52M | 59.88M | -3.82M | -505K | 240K | -765K | -4.1M | -17.33M | -739K | 5.21M | 7.36M | 5.85M | -2.68M | -240K | -6.83M | 1.41M | 2.14M | 432.28K | -2.79M | -2.08M | -2.58M | -1.41M | -1.13M | -2.25M | -2.5M | -2.49M | -1.76M |
| Operating Margin % | 32.1% | 36.04% | 37.47% | 49.99% | 63.26% | 39.64% | -125.64% | -10.28% | 4.09% | -14.54% | -87.71% | -281.16% | -5.36% | 33.15% | 35.8% | 34.26% | -20.29% | -2.47% | -43.79% | 15.05% | 23.79% | 6.03% | -45.65% | -33.6% | -45.2% | -20.18% | -21.49% | -74.72% | -119.05% | - | -5866.67% |
| Operating Income Growth % | - | -8.08% | -18.02% | -7.89% | 239.9% | 1668.67% | -655.84% | -310.42% | 131.37% | 81.33% | 76.35% | -2245.2% | -114.2% | -29.27% | 25.71% | 318.27% | -1017.5% | 96.49% | -584.37% | -34.14% | 395.36% | 115.5% | -33.79% | 19.09% | -82.5% | -25.33% | 50.03% | 9.82% | -0.6% | -41.2% | - |
| EBITDA | 229.47M | 234.46M | 228.59M | 252.53M | 235.63M | 85.89M | -3.17M | 211K | 1.03M | 159K | -2.96M | -14.65M | 2.29M | 8.12M | 10.76M | 8.56M | -55K | 2.33M | -4.67M | 3.04M | 4.05M | 2.04M | -613.63K | 231.08K | -162.92K | 438.14K | -755.26K | -1.99M | -2M | -2.41M | -1.63M |
| EBITDA Margin % | 56.88% | 59.81% | 55.73% | 67.33% | 73.24% | 56.87% | -104.44% | 4.3% | 17.63% | 3.02% | -63.33% | -237.75% | 16.62% | 51.7% | 52.35% | 50.08% | -0.42% | 23.95% | -29.95% | 32.47% | 45.02% | 28.4% | -10.04% | 3.72% | -2.86% | 6.26% | -14.41% | -65.91% | -95.24% | - | -5433.33% |
| EBITDA Growth % | -0.04% | 2.57% | -9.48% | 7.17% | 174.34% | 2806.93% | -1603.79% | -79.61% | 550.94% | 105.37% | 79.81% | -739.68% | -71.78% | -24.58% | 25.77% | 15658.18% | -102.36% | 149.9% | -253.58% | -24.95% | 98.93% | 432.01% | -365.55% | 241.84% | -137.18% | 158.01% | 62.02% | 0.57% | 16.87% | -47.6% | - |
| D&A (Non-Cash Add-back) | 99.97M | 93.18M | 74.9M | 65.06M | 32.11M | 26.02M | 644K | 716K | 795K | 924K | 1.14M | 2.68M | 3.03M | 2.91M | 3.4M | 2.7M | 2.63M | 2.57M | 2.16M | 1.63M | 1.91M | 1.61M | 2.18M | 2.32M | 2.41M | 1.85M | 371.25K | 265.81K | 500K | 79.27K | 130K |
| EBIT | 105.83M | 141.28M | 148.6M | 187.47M | 150.7M | -30.17M | -3.64M | -454K | 430K | -765K | 0 | 0 | 0 | 5.21M | 7.36M | 5.85M | 0 | -240K | 0 | 1.41M | 2.14M | 0 | 0 | 0 | -2.58M | -1.41M | -1.13M | -2.25M | -2.5M | -2.49M | -1.76M |
| Net Interest Income | -18.35M | -31.36M | -34.34M | -28.93M | 1.09M | -3.69M | -10K | -10K | -5K | -53K | -102K | -80K | -88K | -357K | -743K | -642K | -659K | -633K | -589.13K | -316.21K | -150.77K | -471.48K | -1.36M | -1.36M | -574.96K | -807.37K | -415.38K | 0 | -600K | 0 | 0 |
| Interest Income | 546K | 676K | 866K | 0 | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 18.97K | 16.99K | 17.82K | 1.18K | 3.5K | 985 | 3.08K | 43.6K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18.89M | 32.04M | 35.2M | 28.93M | 0 | 3.69M | 10K | 10K | 5K | 53K | 102K | 80K | 88K | 357K | 743K | 642K | 659K | 634K | 608.1K | 333.2K | 168.59K | 472.65K | 1.37M | 1.36M | 578.04K | 850.97K | 415.38K | 0 | 600K | 0 | 0 |
| Other Income/Expense | -50.14M | 67.69M | -36.72M | -41.42M | -52.66M | -93.73M | 169K | 41K | 185K | 2K | -2.8M | -14.48M | -2.76M | 118K | -59K | -370K | -4.45M | -1.31M | -11.61M | 316.21K | 0 | 655.75K | 1.37M | -990K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 79.37M | 208.96M | 116.97M | 146.05M | 150.85M | -33.85M | -3.65M | -464K | 425K | -816K | -4.2M | -17.37M | -794K | 4.97M | 6.56M | 4.84M | -2.83M | -2.19M | 7.17M | 1.41M | 0 | 432.28K | -2.1M | -1.59M | 0 | 0 | 0 | 0 | 0 | 0 | -1.76M |
| Pretax Margin % | 19.67% | 53.31% | 28.52% | 38.94% | 46.89% | -22.41% | -120.08% | -9.45% | 7.24% | -15.5% | -89.88% | -281.8% | -5.76% | 31.63% | 31.9% | 28.34% | -21.44% | -22.47% | 45.96% | 15.05% | - | 6.03% | -34.4% | -25.62% | - | - | - | - | - | - | -5866.67% |
| Income Tax | 62.17M | 48.12M | 28.07M | 34.46M | 32.84M | 13.02M | 0 | -28K | -17K | -242K | 2.8M | 7.35M | -6K | 2.01M | 2.31M | 162K | -1.09M | -169K | 7M | -2.1M | -168.59K | -1.78M | -4.22M | 589.08K | 578.04K | 850.97K | 415.38K | 417.5K | 600K | 1.69M | 0 |
| Effective Tax Rate % | 78.33% | 23.03% | 24% | 23.6% | 21.77% | -38.45% | 0% | 6.03% | -4% | 29.66% | -66.78% | -42.32% | 0.76% | 40.48% | 35.28% | 3.35% | 38.43% | 7.73% | 97.63% | -148.9% | - | -412.73% | 201% | -37.06% | - | - | - | - | - | - | 0% |
| Net Income | 61.77M | 160.84M | 88.9M | 111.59M | 118.01M | -65.67M | -3.65M | -436K | 1.57M | -574K | -4.2M | -24.72M | -788K | 2.82M | -67K | 4.68M | -1.75M | -2.02M | 169.66K | 3.51M | 2.14M | 1.09M | -1.99M | -2.55M | -3.15M | -2.26M | -1.54M | -2.67M | -3.1M | -4.18M | -1.76M |
| Net Margin % | 15.31% | 41.03% | 21.67% | 29.75% | 36.68% | -43.48% | -120.08% | -8.88% | 26.72% | -10.91% | -89.88% | -401.05% | -5.72% | 17.96% | -0.33% | 27.39% | -13.2% | -20.74% | 1.09% | 37.47% | 23.79% | 15.17% | -32.64% | -41.04% | -55.34% | -32.34% | -29.42% | -88.55% | -147.62% | - | -5866.67% |
| Net Income Growth % | -37.46% | 80.93% | -20.34% | -5.44% | 279.71% | -1700.05% | -736.7% | -127.79% | 373.34% | 86.33% | 83.01% | -3037.18% | -127.95% | 4307.46% | -101.43% | 368.19% | 13.53% | -1289.42% | -95.17% | 63.93% | 96.81% | 154.56% | 21.7% | 19.27% | -39.41% | -46.75% | 42.29% | 13.81% | 25.78% | -137.32% | - |
| Net Income (Continuing) | 61.77M | 160.84M | 88.9M | 111.59M | 118.01M | -46.87M | -3.65M | -436K | 442K | -574K | - | -24.72M | -788K | - | - | 4.68M | -1.75M | -2.02M | 169.66K | 3.51M | - | - | - | - | - | - | - | - | - | - | -1.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -18.8M | 0 | 0 | 1.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.96 | 7.59 | 4.26 | 5.58 | 5.99 | -4.19 | -0.49 | -0.49 | 1.77 | -0.68 | -8.27 | -48.76 | -1.55 | 5.64 | -0.13 | 9.60 | -3.45 | -4.08 | 0.33 | 7.20 | 4.80 | 2.40 | -6.00 | -25.56 | -26.88 | -26.53 | -19.54 | -36.39 | -3.90 | -5.92 | -3.09 |
| EPS Growth % | -39.1% | 78.17% | -23.66% | -6.84% | 242.96% | -755.1% | 0.25% | -127.73% | 360.52% | 91.78% | 83.04% | -3045.81% | -127.48% | 4438.46% | -101.35% | 378.26% | 15.44% | -1336.36% | -95.42% | 50% | 100% | 140% | 76.53% | 4.91% | -1.32% | -35.77% | 46.3% | -833.08% | 34.12% | -91.59% | - |
| EPS (Basic) | - | 7.61 | 4.29 | 5.66 | 6.04 | -4.19 | -0.49 | -0.49 | 1.77 | -0.68 | -8.27 | -48.76 | -1.55 | 5.64 | -0.13 | 9.60 | -3.47 | -4.08 | 0.34 | 7.20 | 4.80 | 2.40 | -6.00 | -25.56 | -26.88 | -26.53 | -19.54 | -39.34 | -3.90 | -5.92 | -3.09 |
| Diluted Shares Outstanding | 20.87M | 21.19M | 20.88M | 20M | 19.7M | 16.02M | 887.61K | 887.61K | 885.68K | 840.1K | 507.58K | 507.02K | 507.08K | 507.66K | 509.62K | 509.07K | 505.47K | 495.07K | 512.43K | 506.89K | 503.04K | 433.49K | 332.34K | 99.63K | 117.35K | 85.29K | 78.92K | 73.42K | 795K | 705K | 570K |
| Basic Shares Outstanding | 20.87M | 21.13M | 20.71M | 19.7M | 19.69M | 16.02M | 887.61K | 887.61K | 885.68K | 840.1K | 507.58K | 507.02K | 507.02K | 507.02K | 506.48K | 505.85K | 503.46K | 495.07K | 493.74K | 492.64K | 490.43K | 433.49K | 332.34K | 99.63K | 117.35K | 85.29K | 78.92K | 67.92K | 795K | 705K | 570K |
| Dividend Payout Ratio | - | 20.72% | 34.68% | 24.83% | 21.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price realization volatility
As reported in recent quarterly filings, REPX has experienced significant revenue volatility, with growth rates oscillating between 11.2% in 2026Q1 and a contraction of 19.0% in 2025Q2, suggesting that production volumes and commodity price realizations remain highly sensitive to external market conditions rather than internal scaling.
The lack of a consistent growth trajectory indicates that the company's production profile may be struggling to offset the inherent cyclicality of the Permian Basin. Investors should monitor whether future revenue stability can be achieved through more predictable drilling cadences or if the current fluctuations are a permanent feature of their asset base.
Based on the provided financial data, REPX's gross margin has fluctuated wildly from a high of 92.1% in 2026Q1 to a low of 39.7% in 2025Q4, highlighting a lack of structural cost predictability that warrants further investigation into the company's operational efficiency and hedging strategies.
The extreme variance in gross margins suggests that the company's cost of goods sold is highly susceptible to operational disruptions or accounting adjustments. This instability makes it difficult to forecast long-term profitability and may imply that the company lacks the pricing power or cost control necessary to maintain consistent margins across different commodity price environments.
According to the income statement history, the company's net income has shown erratic behavior, including a significant loss of $70.4M in 2026Q1 despite strong gross margins, which suggests that non-operating items or derivative impacts are significantly distorting the reported bottom-line performance for shareholders.
The disconnect between operating income and net income indicates that investors should be cautious when relying on headline EPS figures. The presence of large, non-recurring items suggests that the company's core operational earning power may be masked by financial engineering or market-to-market adjustments that do not reflect sustainable cash generation.
As indicated by the recent financial statements, the company's inability to maintain consistent profitability during periods of revenue growth suggests that the underlying business model may be more fragile than the asset-heavy narrative implies, potentially exposing investors to significant downside risk during commodity price downturns.
Short-sellers may focus on the company's inconsistent operating margins and the potential for margin compression as wells mature and water-handling costs rise. The reliance on non-operating gains to bolster net income warrants skepticism regarding the company's ability to sustain its current valuation without a more stable operational foundation.
Quick answers to the most common questions about buying REPX stock.
For fiscal year 2025, Riley Exploration Permian, Inc. (REPX) reported total revenue of $392.0M. This represents a 1306500.0% increase compared to $0.0M in 1996.
Riley Exploration Permian, Inc. (REPX) is profitable, generating $160.8M in net income for the fiscal year ending 2025 with a net profit margin of 41.0%.
Riley Exploration Permian, Inc. (REPX) reported an operating income of $141.3M, resulting in an operating profit margin of 36.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Riley Exploration Permian, Inc. (REPX) generated $181.9M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.