10-K · February 25, 2026
VNOM is a Permian-focused mineral and royalty owner that posted royalty income of $1.3 billion for 2025 (up from $854 million in 2024 and $717 million in 2023) and reported average 2025 net production of 95,126 BOE/d…
Earnings analysis · 10-Q
VNOM earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Viper Energy, Inc. reported strong performance in Q1 2026, exceeding revenue and EPS estimates due to higher commodity prices and production efficiency despite production decreases. Management highlighted the…
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Viper Energy, Inc. reported strong performance in Q1 2026, exceeding revenue and EPS estimates due to higher commodity prices and production efficiency despite production decreases. Management highlighted the acquisition of Riverbend Oil & Gas and a successful divestiture contributing positively to liquidity and future growth.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.55
- Segment
- Mineral and royalty interests in the Permian Basin
What stood out
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Strong Revenue Growth
Total revenue increased to $511 million in Q1 2026, up 17% from $435 million in Q4 2025.
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EPS Beat Expectations
Reported EPS of $0.55 exceeded consensus estimates of $0.52.
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Royalty Income Surge
Royalty income rose $74 million sequentially, driven by increased oil prices, averaging $73.16 per barrel.
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Improvement in Operating Income
Income from operations increased to $253 million from a loss of $254 million in the previous quarter.
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Significant Cash Liquidity
Liquidity increased to $1.51 billion, with $28 million in cash and $1.48 billion available under the Revolving Credit Facility.
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Successful Non-Permian Divestiture
Completed divestiture for $610 million, improving financial flexibility.
What to watch
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Animal Farm (loan repayment) Risks
Interest expense decreased by $9 million to $27 million in Q1 2026 due to loan repayment, but high leverage remains a concern.
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Geopolitical Price Volatility
Operational performance is at risk from volatile global oil prices affected by geopolitical tensions.
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Dividends at Management's Discretion
Future cash dividends are not required and contingent upon board decisions, adding uncertainty to shareholder returns.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 2
10-Q · November 5, 2025
Viper reported materially higher top-line activity for the quarter with total operating income of $418 million (Q3 2025) driven by higher oil, NGL and royalty receipts, but the quarter produced an operating loss of $176…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.