Northern Oil & Gas, Inc. (NOG) Financial Statements
Industry: Crude Petroleum & Natural Gas
In fiscal 2025, Northern Oil & Gas reported revenue of $2.48B, up 11.2% from $2.23B the year before. Net income was $38.8M (a 1.6% net margin), or $0.39 per diluted share. Gross margin was 80.9% and operating margin was 9.9%. Operating activities generated $1.51B of cash. At fiscal year end, Northern Oil & Gas held $5.41B in total assets against $3.28B in total liabilities, including $14.3M of cash and equivalents.
Open the full interactive Northern Oil & Gas financials → Quarterly statements, key ratios, valuation history and price charts.
Northern Oil & Gas Key Stats
| Share Price | $26.39 |
|---|---|
| Market Cap | $2.85B |
| P/E Ratio | 67.7 |
| Revenue YoY Growth | +11.2% |
| 52-Week Range | $17.03 – $29.08 |
| Shares Outstanding | 105.9 million (basic, 2026 Q2) |
Northern Oil & Gas Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $552.2M | $496.9M | $1.57B | $2.17B | $2.23B | $2.48B |
| Cost of Goods Sold | $116.3M | $170.8M | $260.7M | $347.0M | $429.8M | $473.7M |
| Gross Profit | $435.9M | $326.1M | $1.31B | $1.82B | $1.80B | $2.00B |
| Operating Income | -$841.2M | $78.0M | $853.2M | $1.12B | $837.8M | $245.8M |
| Pre-Tax Income | -$906.2M | $6.6M | $776.3M | $1.00B | $680.8M | $62.7M |
| Income Tax | -$166,000 | $233,000 | $3.1M | $77.8M | $160.5M | $23.9M |
| Net Income | -$906.0M | $6.4M | $773.2M | $923.0M | $520.3M | $38.8M |
| Diluted EPS | -$21.55 | -$0.13 | $8.92 | $10.03 | $5.14 | $0.39 |
Northern Oil & Gas Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $556.6M | $610.2M | $5.0M | $745.2M |
| Net Income | -$129.1M | -$70.7M | -$522.8M | $236.6M |
| Diluted EPS | -$1.33 | -$0.71 | -$5.31 | $2.19 |
Northern Oil & Gas Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.4M | $9.5M | $2.5M | $8.2M | $8.9M | $14.3M |
| Current Assets | $125.6M | $215.3M | $320.5M | $509.4M | $500.7M | $586.0M |
| Total Assets | $872.1M | $1.52B | $2.88B | $4.48B | $5.60B | $5.41B |
| Current Liabilities | $182.5M | $327.6M | $345.0M | $385.8M | $544.3M | $539.3M |
| Total Long-Term Debt | $944.8M | $803.4M | $1.53B | $1.84B | $2.37B | $2.40B |
| Total Liabilities | $1.10B | $1.31B | $2.13B | $2.44B | $3.28B | $3.28B |
| Shareholders' Equity | -$223.3M | $215.1M | $745.3M | $2.05B | $2.32B | $2.13B |
Northern Oil & Gas Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $331.7M | $396.5M | $928.4M | $1.18B | $1.41B | $1.51B |
| Cash From Investing | -$283.9M | -$634.4M | -$1.40B | -$1.86B | -$1.67B | -$1.25B |
| Cash From Financing | -$62.4M | $246.1M | $467.4M | $684.7M | $266.8M | -$247.5M |
Figures from Northern Oil & Gas' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Northern Oil & Gas financials page for every line item.
Northern Oil & Gas Company Profile
| Ticker | NOG |
|---|---|
| Exchange | NYSE |
| Industry | Crude Petroleum & Natural Gas |
| Headquarters | Minnetonka, Minnesota |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001104485 |
Frequently Asked Questions
What was Northern Oil & Gas' revenue in fiscal 2025?
Northern Oil & Gas (NOG) reported revenue of $2.48B for fiscal 2025.
What is Northern Oil & Gas' annual revenue history?
Northern Oil & Gas' annual revenue by fiscal year: 2020: $552.2M; 2021: $496.9M; 2022: $1.57B; 2023: $2.17B; 2024: $2.23B; 2025: $2.48B.
What was Northern Oil & Gas' net income in fiscal 2025?
Northern Oil & Gas reported net income of $38.8M for fiscal 2025.
What was Northern Oil & Gas' earnings per share (EPS) in fiscal 2025?
Northern Oil & Gas' diluted EPS was $0.39 for fiscal 2025 (adjusted for any later stock splits).
What was Northern Oil & Gas' revenue last quarter?
In its most recent reported quarter (2026 Q2), Northern Oil & Gas reported revenue of $745.2M.
How much debt does Northern Oil & Gas have?
Northern Oil & Gas reported $2.40B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Northern Oil & Gas are outstanding?
Northern Oil & Gas reported a weighted average of 105.9 million basic shares outstanding in 2026 Q2.
What is Northern Oil & Gas' market cap?
Based on its latest closing price, Northern Oil & Gas (NOG) has a market capitalization of about $2.85B.
When does Northern Oil & Gas' fiscal year end?
Northern Oil & Gas' fiscal year end, as registered with the SEC, is December 31.
Where is Northern Oil & Gas headquartered?
Northern Oil & Gas lists its business address in Minnetonka, Minnesota in its SEC filings.