Fundies.
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NORTHERN OIL AND GAS, INC.

EDGAR
NOG Current report (8-K) · filed 2026-10-13

Annual consolidated revenue for 2025: about USD 2.476B, using the latest reported figures. The previous period, 2024, was about USD 2.226B.

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Watchlist

Latest quarter

Revenue

745 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

47.31%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 352537000 USD Source
  • Revenue: 745235000 USD Source

Operating cash flow

322 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 321617000 USD Source
Cash and cash equivalents
47.6 million USD Source
Exact value

47603000 USD

Long-term debt including current maturities
2.72 billion USD Source
Exact value

2724814000 USD

Shares outstanding
107 million shares Source
Exact value

106549128 shares

Reported share-count change

9.18% · 8.95 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 97594682 shares · 2025-06-30· Source
  • 106549128 shares · 2026-06-30· Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-13.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 4 of 11 periods available· newest 2018-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 11 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +11.2%

    Prior period

    USD 2.23 billion

    –

    Current period

    USD 2.48 billion

    –

    Exact inputs and evidence

    2475723000 − 2225728000 = 249995000 USD

    2225728000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2475723000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    -92.6%

    Prior period

    USD 520.31 million

    –

    Current period

    USD 38.76 million

    –

    Exact inputs and evidence

    38761000 − 520308000 = -481547000 USD

    520308000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    38761000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +6.9%

    Prior period

    USD 1.41 billion

    –

    Current period

    USD 1.51 billion

    –

    Exact inputs and evidence

    1505288000 − 1408663000 = 96625000 USD

    1408663000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1505288000 USD · 2025-01-01 – 2025-12-31

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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 2.48 billion 100% of revenue
  • Operating costs Derived USD 2.23 billion 90% of revenue
  • Operating income USD 245.85 million 9.9% of revenue
  • Tax, interest and other Derived USD 207.09 million 8.4% of revenue
  • Net income USD 38.76 million 1.6% of revenue

Cash

  • Operating cash flow USD 1.51 billion 61% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Operating loss: operating costs were 258% of revenue.
  • 2017 Net loss: net income was −4.4% of revenue.
  • 2018 21%43%36%
  • 2019 Net loss: net income was −16% of revenue.
  • 2020 Operating loss: operating costs were 252% of revenue.
  • 2021 14%84%
  • 2022 49%46%
  • 2023 43%9.2%48%
  • 2024 23%14%62%
  • 2025 90%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-31144903496 374208351 Derived -229304855 64188853 Derived -293493708 101676886 Derived
Source
2017 2017-01-01 – 2017-12-31209320000 148825000 Derived 60495000 69689000 Derived -9194000 72963046 Derived
Source
2018 2018-01-01 – 2018-12-31678924000 246296000 Derived 432628000 288939000 Derived 143689000 244175217 Derived
Source
2019 2019-01-01 – 2019-12-31472402000 416893000 Derived 55509000 131827000 Derived -76318000 Unavailable
Source
2020 2020-01-01 – 2020-12-31552210000 1393453000 Derived -841243000 64798000 Derived -906041000 Unavailable
Source
2021 2021-01-01 – 2021-12-31496899000 418940000 Derived 77959000 71598000 Derived 6361000 Unavailable
Source
2022 2022-01-01 – 2022-12-311570535000 717343000 Derived 853192000 79955000 Derived 773237000 Unavailable
Source
2023 2023-01-01 – 2023-12-312166259000 1044397000 Derived 1121862000 198893000 Derived 922969000 Unavailable
Source
2024 2024-01-01 – 2024-12-312225728000 1387897000 Derived 837831000 317523000 Derived 520308000 Unavailable
Source
2025 2025-01-01 – 2025-12-312475723000 2229876000 Derived 245847000 207086000 Derived 38761000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 2.5B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.7B2.0B1.3B668.4M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue144903496
2017Revenue209320000
2018Revenue678924000
2019Revenue472402000
2020Revenue552210000
2021Revenue496899000
2022Revenue1570535000
2023Revenue2166259000
2024Revenue2225728000
2025Revenue2475723000

Revenue growth

Change in revenue from the same financial period one year earlier.

11.2% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.246%167%89%10%-69%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year-47.3%
2017Year over year44.5%
2018Year over year224.3%
2019Year over year-30.4%
2020Year over year16.9%
2021Year over year-10%
2022Year over year216.1%
2023Year over year37.9%
2024Year over year2.7%
2025Year over year11.2%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 9.9% 2025
Net margin 1.6% 2025
Free cash flow margin 36% 2018
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.92%13%-66%-145%-224%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin-158.2%
2017Operating margin28.9%
2018Operating margin63.7%
2019Operating margin11.8%
2020Operating margin-152.3%
2021Operating margin15.7%
2022Operating margin54.3%
2023Operating margin51.8%
2024Operating margin37.6%
2025Operating margin9.9%
2016Net margin-202.5%
2017Net margin-4.4%
2018Net margin21.2%
2019Net margin-16.2%
2020Net margin-164.1%
2021Net margin1.3%
2022Net margin49.2%
2023Net margin42.6%
2024Net margin23.4%
2025Net margin1.6%
2016Free cash flow margin70.2%
2017Free cash flow margin34.9%
2018Free cash flow margin36%
2019Free cash flow marginNot reported
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 1.5B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.6B1.2B812.9M406.4M0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow101891571
2017Operating cash flow72967000
2018Operating cash flow244262000
2019Operating cash flow339750000
2020Operating cash flow331685000
2021Operating cash flow396467000
2022Operating cash flow928418000
2023Operating cash flow1183321000
2024Operating cash flow1408663000
2025Operating cash flow1505288000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 244.2M 2018
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.263.7M197.8M131.9M65.9M0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow101676886
2017Free cash flow72963046
2018Free cash flow244175217
2019Free cash flowUnavailable
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

60.7% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.230%172%115%57%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets213%
2017Liabilities / assets177.6%
2018Liabilities / assets71.4%
2019Liabilities / assets70.7%
2020Liabilities / assets125.6%
2021Liabilities / assets85.9%
2022Liabilities / assets74.1%
2023Liabilities / assets54.3%
2024Liabilities / assets58.6%
2025Liabilities / assets60.7%

Current assets to current liabilities

Current assets divided by current liabilities.

1.09× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.43×1.07×0.71×0.36×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities0.61×
2017Current assets / current liabilities1.24×
2018Current assets / current liabilities0.99×
2019Current assets / current liabilities0.65×
2020Current assets / current liabilities0.69×
2021Current assets / current liabilities0.66×
2022Current assets / current liabilities0.93×
2023Current assets / current liabilities1.32×
2024Current assets / current liabilities0.92×
2025Current assets / current liabilities1.09×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
−USD 293.49 million
Exact value

Exact value: -293493708 USD

2016-01-01 – 2016-12-31: -293493708 USD Inspect Net Income Open source
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USD 101.89 million
Exact value

Exact value: 101891571 USD

2016-01-01 – 2016-12-31: 101891571 USD Inspect Operating Cash Flow Open source
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USD 214,685
Exact value

Exact value: 214685 USD

2016-01-01 – 2016-12-31: 214685 USD Inspect Capital Expenditure Open source
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USD 101.68 million
Calculation and evidence

101891571 − 214685 USD

Exact free cash flow: 101676886 USD

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2017 2017-01-01 – 2017-12-31
−USD 9.19 million
Exact value

Exact value: -9194000 USD

2017-01-01 – 2017-12-31: -9194000 USD Inspect Net Income Open source
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USD 72.97 million
Exact value

Exact value: 72967000 USD

2017-01-01 – 2017-12-31: 72967000 USD Inspect Operating Cash Flow Open source
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USD 3,954
Exact value

Exact value: 3954 USD

2017-01-01 – 2017-12-31: 3954 USD Inspect Capital Expenditure Open source
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USD 72.96 million
Calculation and evidence

72967000 − 3954 USD

Exact free cash flow: 72963046 USD

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2018 2018-01-01 – 2018-12-31
USD 143.69 million
Exact value

Exact value: 143689000 USD

2018-01-01 – 2018-12-31: 143689000 USD Inspect Net Income Open source
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USD 244.26 million
Exact value

Exact value: 244262000 USD

2018-01-01 – 2018-12-31: 244262000 USD Inspect Operating Cash Flow Open source
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USD 86,783
Exact value

Exact value: 86783 USD

2018-01-01 – 2018-12-31: 86783 USD Inspect Capital Expenditure Open source
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USD 244.18 million
Calculation and evidence

244262000 − 86783 USD

Exact free cash flow: 244175217 USD

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2019 2019-01-01 – 2019-12-31
−USD 76.32 million
Exact value

Exact value: -76318000 USD

2019-01-01 – 2019-12-31: -76318000 USD Inspect Net Income Open source
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USD 339.75 million
Exact value

Exact value: 339750000 USD

2019-01-01 – 2019-12-31: 339750000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2020 2020-01-01 – 2020-12-31
−USD 906.04 million
Exact value

Exact value: -906041000 USD

2020-01-01 – 2020-12-31: -906041000 USD Inspect Net Income Open source
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USD 331.69 million
Exact value

Exact value: 331685000 USD

2020-01-01 – 2020-12-31: 331685000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
USD 6.36 million
Exact value

Exact value: 6361000 USD

2021-01-01 – 2021-12-31: 6361000 USD Inspect Net Income Open source
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USD 396.47 million
Exact value

Exact value: 396467000 USD

2021-01-01 – 2021-12-31: 396467000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
USD 773.24 million
Exact value

Exact value: 773237000 USD

2022-01-01 – 2022-12-31: 773237000 USD Inspect Net Income Open source
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USD 928.42 million
Exact value

Exact value: 928418000 USD

2022-01-01 – 2022-12-31: 928418000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
USD 922.97 million
Exact value

Exact value: 922969000 USD

2023-01-01 – 2023-12-31: 922969000 USD Inspect Net Income Open source
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USD 1.18 billion
Exact value

Exact value: 1183321000 USD

2023-01-01 – 2023-12-31: 1183321000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 520.31 million
Exact value

Exact value: 520308000 USD

2024-01-01 – 2024-12-31: 520308000 USD Inspect Net Income Open source
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USD 1.41 billion
Exact value

Exact value: 1408663000 USD

2024-01-01 – 2024-12-31: 1408663000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
USD 38.76 million
Exact value

Exact value: 38761000 USD

2025-01-01 – 2025-12-31: 38761000 USD Inspect Net Income Open source
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USD 1.51 billion
Exact value

Exact value: 1505288000 USD

2025-01-01 – 2025-12-31: 1505288000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

210 filings · 6,850 latest values · 6,850 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001104485, 1104485, NOG, edgar:1104485

Also known as KENTEX PETROLEUM INC, NORTHERN OIL & GAS, INC., NORTHERN OIL AND GAS, INC.