What is Viper Energy's operating income?

Viper Energy's total operating income in 2024 was $566.40 million, based on the following breakdown: Total Gross Profit: $860.39 million Total Operating Expenses: $293.99 million

Viper Energy (VNOM) Financials

$42.99 +0.36 (+0.84%)

Closing price 10/9/2026 04:00 PM Eastern

Extended Trading

$42.50 -0.49 (-1.14%)

As of 10/9/2026 07:35 PM Eastern

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Annual Income Statements for Viper Energy

This table shows Viper Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	30	24	-11	111	144	46	-192	58	152	200	359
Consolidated Net Income / (Loss)	30	24	-11	111	263	221	-193	257	655	501	604
Net Income / (Loss) Continuing Operations	30	24	-11	111	263	221	-193	257	655	501	604
Total Pre-Tax Income	30	24	-11	111	191	180	-51	258	622	547	504
Total Operating Income	40	24	-9.31	114	203	194	53	362	680	620	566
Total Gross Profit	50	75	79	171	289	298	251	505	866	828	860
Total Revenue	50	75	79	172	289	298	251	505	866	828	860
Operating Revenue	50	75	79	172	289	298	250	504	866	827	860
Other Revenue	-	-	-	0.00	0.13	0.36	1.06	0.62	0.70	0.91	0.64
Total Cost of Revenue	0.00	0.26	0.42	0.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	9.75	50	88	57	86	105	198	143	186	207	294
Selling, General & Admin Expense	4.37	5.84	5.21	6.30	7.96	7.49	8.17	7.80	8.54	11	19
Marketing Expense	5.38	5.53	5.54	11	19	19	20	33	56	50	61
Depletion Expense	-	35	30	41	59	78	101	103	121	146	214
Other Operating Expenses / (Income)	-	-	0.00	-	-	-	-	-	0.00	0.36	0.06
Total Other Income / (Expense), net	-11	0.04	-1.59	-2.34	-12	-14	-104	-103	-58	-73	-62
Interest & Investment Income	-	-	-2.46	-3.16	-14	-16	-42	-34	-40	-47	-74
Other Income / (Expense), net	0.46	1.15	0.87	0.82	1.92	2.33	-62	-69	-18	-26	11
Income Tax Expense	-	-	0.00	0.00	-72	-42	142	1.52	-33	46	-100
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	119	175	-1.11	199	503	301	244
Basic Earnings per Share	$0.29	$0.31	($0.13)	$1.07	$2.01	$0.75	($2.84)	$0.85	$2.00	$2.69	$3.82
Weighted Average Basic Shares Outstanding	78.09M	79.72M	83.08M	104.32M	71.55M	61.74M	67.69M	68.32M	75.61M	74.18M	93.93M
Diluted Earnings per Share	$0.29	$0.31	($0.13)	$1.07	$2.01	$0.75	($2.84)	$0.85	$2.00	$2.69	$3.82
Weighted Average Diluted Shares Outstanding	78.10M	79.73M	83.08M	104.38M	71.63M	61.79M	67.69M	68.39M	75.68M	74.18M	93.93M
Weighted Average Basic & Diluted Shares Outstanding	78.09M	79.72M	83.08M	104.32M	71.55M	61.74M	67.69M	68.32M	75.61M	176.85M	219.14M

This table shows Viper Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	79	57	43	57	49	210	75	37
Consolidated Net Income / (Loss)	207	126	99	123	109	273	153	84
Net Income / (Loss) Continuing Operations	207	126	99	123	109	273	153	84
Total Pre-Tax Income	229	132	112	135	126	130	174	91
Total Operating Income	243	143	139	148	136	143	155	135
Total Gross Profit	293	205	205	216	210	229	245	297
Total Revenue	293	205	205	216	210	229	245	297
Operating Revenue	293	205	205	216	209	229	245	297
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	50	62	66	68	74	85	90	162
Selling, General & Admin Expense	1.88	3.95	5.00	4.00	4.62	4.31	6.00	7.00
Marketing Expense	12	13	14	16	15	16	17	21
Depletion Expense	36	45	47	48	55	65	67	124
Other Operating Expenses / (Income)	0.00	-	-	0.00	-0.24	-	-	10
Total Other Income / (Expense), net	-14	-11	-27	-13	-9.33	-13	19	-44
Interest & Investment Income	-11	-16	-20	-18	-17	-19	-13	-15
Other Income / (Expense), net	-2.73	4.75	-7.00	5.00	7.41	5.86	32	-29
Income Tax Expense	22	6.22	13	12	17	-142	21	7.00
Net Income / (Loss) Attributable to Noncontrolling Interest	129	69	56	66	60	63	78	47
Basic Earnings per Share	$1.11	$0.69	$0.49	$0.62	$0.52	$2.19	$0.62	$0.28
Weighted Average Basic Shares Outstanding	70.93M	74.18M	87.54M	91.42M	93.70M	93.93M	120.93M	131.11M
Diluted Earnings per Share	$1.11	$0.69	$0.49	$0.62	$0.52	$2.19	$0.62	$0.28
Weighted Average Diluted Shares Outstanding	70.93M	74.18M	87.63M	91.42M	93.75M	93.93M	121.03M	131.16M
Weighted Average Basic & Diluted Shares Outstanding	70.93M	176.85M	176.86M	176.88M	188.41M	219.14M	288.54M	288.54M

This table details how cash moves in and out of Viper Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	14	-15	8.67	15	-1.52	-19	16	20	-21	7.69	0.98
Net Cash From Operating Activities	-7.46	15	69	139	244	237	197	307	700	638	620
Net Cash From Continuing Operating Activities	52	64	69	139	244	237	197	307	700	638	620
Net Income / (Loss) Continuing Operations	0.00	0.00	-11	111	263	221	-193	257	655	501	604
Consolidated Net Income / (Loss)	-	-	-11	111	263	221	-193	257	655	501	604
Non-Cash Adjustments To Reconcile Net Income	59	67	81	43	59	73	205	80	108	159	200
Changes in Operating Assets and Liabilities, net	-7.14	-3.69	-1.98	-16	-78	-58	185	-29	-63	-22	-184
Net Cash From Investing Activities	-97	-44	-206	-344	-614	-531	-16	-281	48	-908	-609
Net Cash From Continuing Investing Activities	-97	-44	-206	-344	-614	-531	-16	-281	48	-908	-609
Purchase of Property, Plant & Equipment	-63	-44	-206	-344	-615	-531	-66	-281	-64	-905	-696
Sale of Property, Plant & Equipment	-	-	0.00	0.00	0.57	0.00	39	0.00	112	-3.16	88
Net Cash From Financing Activities	59	-34	146	220	368	275	-165	-5.61	-769	278	-10
Net Cash From Continuing Financing Activities	59	-34	146	220	368	275	-165	-5.61	-769	278	-10
Repayment of Debt	-82	-0.44	-78	-308	-376	-916	-137	-159	-473	-475	-847
Repurchase of Common Equity	-2.35	0.00	-0.55	-0.43	0.00	0.00	-24	-	-151	-95	0.00
Payment of Dividends	-169	-69	-65	-131	-253	-240	-108	-177	-417	-325	-481
Issuance of Debt	78	35	164	279	692	1,091	104	330	272	973	842
Issuance of Common Equity	235	0.00	126	380	306	341	-	0.00	0.00	200	476
Cash Interest Paid	22	0.75	1.95	2.59	12	14	33	31	37	40	74
Cash Income Taxes Paid	-	-	-	-	-	-	0.00	1.05	17	51	56

This table details how cash moves in and out of Viper Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	134	-121	-6.00	15	133	-142	533	-532
Net Cash From Operating Activities	240	146	115	144	203	158	201	172
Net Cash From Continuing Operating Activities	240	146	115	144	203	158	201	172
Net Income / (Loss) Continuing Operations	207	126	99	123	109	273	153	84
Consolidated Net Income / (Loss)	207	126	99	123	109	273	153	84
Non-Cash Adjustments To Reconcile Net Income	35	37	51	44	47	58	44	156
Changes in Operating Assets and Liabilities, net	-2.95	-17	-35	-23	47	-172	4.00	-68
Net Cash From Investing Activities	-52	-732	-20	81	-245	-425	-486	-774
Net Cash From Continuing Investing Activities	-52	-732	-20	81	-245	-425	-486	-774
Purchase of Property, Plant & Equipment	-51	-732	-21	-8.00	-242	-425	-486	-774
Net Cash From Financing Activities	-54	465	-101	-210	175	125	818	70
Net Cash From Continuing Financing Activities	-54	465	-101	-210	175	125	818	70
Repayment of Debt	-48	-307	-80	-101	-552	-114	-556	-173
Payment of Dividends	-66	-113	-111	-114	-124	-133	-153	-192
Issuance of Debt	69	713	90	5.00	375	372	295	445

This table presents Viper Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	537	530	671	1,013	1,654	2,786	2,461	3,034	2,920	3,974	5,069
Total Current Assets	24	11	23	55	65	73	54	111	119	144	238
Cash & Equivalents	15	0.54	9.21	24	23	3.60	19	39	18	26	27
Accounts Receivable	-	7.44	14	26	39	69	32	69	88	112	180
Prepaid Expenses	-	-	-	-	-	-	-	-	2.47	4.47	11
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.73	0.81	2.00
Other Current Assets	8.49	2.40	0.19	5.50	3.75	0.40	2.66	3.13	9.33	0.36	18
Plant, Property, & Equipment, net	478	483	612	914	1,474	2,548	2,405	2,920	2,750	3,768	4,638
Plant, Property & Equipment, gross	-	555	-	1,104	1,722	2,874	2,901	3,519	3,471	4,635	5,719
Accumulated Depreciation	33	72	149	189	248	326	496	599	720	866	1,081
Total Noncurrent Assets	35	36	35	43	115	165	2.33	2.76	51	62	193
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	97	142	-	0.00	50	57	185
Other Noncurrent Operating Assets	35	36	35	43	18	23	2.33	2.76	1.82	5.60	8.00
Total Liabilities & Shareholders' Equity	537	530	671	1,013	1,654	2,786	2,461	3,034	2,920	3,974	5,069
Total Liabilities	2.05	35	123	99	417	600	601	801	599	1,117	1,162
Total Current Liabilities	2.05	0.09	2.15	5.63	6.02	13	45	24	22	33	49
Accounts Payable	0.01	0.01	1.78	2.96	0.00	0.15	0.04	0.07	1.44	1.35	2.00
Accrued Expenses	2.05	0.08	0.37	2.67	6.02	13	18	21	20	27	43
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.47	0.91	1.93	2.00
Other Current Liabilities	-	-	-	-	-	0.00	27	3.42	0.00	2.96	2.00
Total Noncurrent Liabilities	0.00	35	121	94	411	587	556	777	577	1,083	1,113
Long-Term Debt	0.00	35	121	94	411	587	556	777	577	1,083	1,083
Other Noncurrent Operating Liabilities	-	-	-	-	-	-	-	0.00	0.01	0.20	30
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	535	495	548	914	1,237	2,185	1,861	2,233	2,322	2,858	3,907
Total Preferred & Common Equity	535	495	548	914	542	931	635	815	691	1,014	1,687
Total Common Equity	535	495	548	914	542	931	635	815	691	1,014	1,687
Common Stock	535	495	548	914	542	931	635	815	691	1,031	1,569
Retained Earnings	-	-	-	-	-	-	-	-	0.00	-17	118
Noncontrolling Interest	-	-	-	0.00	695	1,254	1,226	1,418	1,631	1,843	2,220

This table presents Viper Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	3,143	4,013	3,900	4,206	6,238	9,788
Total Current Assets	262	190	205	320	792	443
Cash & Equivalents	147	20	35	169	560	28
Accounts Receivable	111	165	167	145	187	392
Prepaid Expenses	-	4.70	3.47	3.88	12	6.00
Current Deferred & Refundable Income Taxes	-	0.00	0.00	0.00	2.00	2.00
Other Current Assets	4.08	0.00	0.00	2.80	31	15
Plant, Property, & Equipment, net	2,777	3,742	3,612	3,761	4,955	9,294
Plant, Property & Equipment, gross	3,598	4,655	4,573	4,777	6,103	10,566
Accumulated Depreciation	822	913	962	1,016	1,148	1,272
Total Noncurrent Assets	104	81	83	125	491	51
Noncurrent Deferred & Refundable Income Taxes	49	75	76	75	249	42
Other Noncurrent Operating Assets	56	6.26	7.09	50	242	9.00
Total Liabilities & Shareholders' Equity	3,143	4,013	3,900	4,206	6,238	9,788
Total Liabilities	725	1,148	1,027	871	915	1,177
Total Current Liabilities	47	55	29	44	91	72
Accounts Payable	0.20	0.02	0.02	0.03	2.00	0.00
Accrued Expenses	25	32	22	41	66	66
Current Deferred & Payable Income Tax Liabilities	13	14	2.20	1.82	18	4.00
Other Current Liabilities	9.28	8.47	4.77	0.90	5.00	2.00
Total Noncurrent Liabilities	677	1,094	998	826	824	1,105
Long-Term Debt	676	1,094	998	822	822	1,098
Other Noncurrent Operating Liabilities	1.62	0.00	0.00	4.79	2.00	7.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,419	2,864	2,873	3,336	5,323	8,611
Total Preferred & Common Equity	714	1,080	1,090	1,401	2,674	3,420
Total Common Equity	714	1,080	1,090	1,401	2,674	3,420
Common Stock	714	1,101	1,109	1,430	2,566	3,350
Retained Earnings	-	-22	-19	-29	108	70
Noncontrolling Interest	1,705	1,785	1,784	1,935	2,649	5,191

This table displays calculated financial ratios and metrics derived from Viper Energy's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
DEI Shares Outstanding	79,708,888.00	79,726,006.00	87,800,356.00	113,882,045.00	51,653,956.00	62,653,583.00	67,862,281.00	79,120,603.00	164,895,087.00	177,854,219.00	188,408,595.00
DEI Adjusted Shares Outstanding	79,708,888.00	79,726,006.00	87,800,356.00	113,882,045.00	51,653,956.00	62,653,583.00	67,862,281.00	79,120,603.00	164,895,087.00	177,854,219.00	188,408,595.00
DEI Earnings Per Adjusted Shares Outstanding	0.37	0.31	-0.12	0.98	2.79	0.74	-2.83	0.73	0.92	1.13	1.91
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	49.22%	5.73%	117.36%	67.89%	3.28%	-15.98%	101.46%	71.61%	-4.47%	3.95%
EBITDA Growth	0.00%	-36.95%	-131.12%	1,532.69%	77.83%	-4.41%	-104.79%	3,211.94%	126.64%	-10.22%	-2.84%
EBIT Growth	0.00%	-37.55%	-133.08%	1,457.67%	78.74%	-4.41%	-104.79%	3,211.94%	126.64%	-10.22%	-2.84%
NOPAT Growth	0.00%	-39.69%	-126.74%	1,846.34%	146.08%	-14.91%	-84.46%	870.42%	99.25%	-20.67%	19.42%
Net Income Growth	0.00%	-17.60%	-144.63%	1,122.83%	135.81%	-15.85%	-187.43%	232.71%	155.19%	-23.46%	20.41%
EPS Growth	0.00%	6.90%	-141.94%	923.08%	87.85%	-62.69%	-478.67%	129.93%	135.29%	34.50%	42.01%
Operating Cash Flow Growth	0.00%	301.13%	357.70%	102.86%	75.62%	-3.19%	-16.96%	56.25%	127.86%	-8.80%	-2.91%
Free Cash Flow Firm Growth	0.00%	0.00%	-980.65%	-54.25%	-71.83%	-149.92%	145.12%	-152.25%	477.88%	-157.86%	20.64%
Invested Capital Growth	0.00%	1.71%	24.61%	49.27%	65.31%	70.34%	-13.41%	23.89%	-3.03%	35.92%	26.79%
Revenue Q/Q Growth	0.00%	52.04%	11.25%	31.26%	1.68%	6.82%	-6.14%	21.53%	4.57%	0.13%	2.87%
EBITDA Q/Q Growth	0.00%	-14.05%	59.63%	29.12%	3.10%	4.27%	-110.07%	143.30%	5.17%	-2.09%	-0.01%
EBIT Q/Q Growth	0.00%	-14.27%	58.39%	29.27%	3.45%	4.27%	-110.07%	143.30%	5.17%	-2.09%	-0.01%
NOPAT Q/Q Growth	0.00%	-18.15%	55.87%	29.48%	42.69%	2.42%	114.62%	75.83%	4.04%	-3.03%	32.70%
Net Income Q/Q Growth	0.00%	-2.00%	50.94%	30.14%	-0.52%	3.67%	-109.79%	195.06%	4.51%	-3.71%	32.15%
EPS Q/Q Growth	0.00%	-18.42%	53.57%	17.58%	-6.94%	-25.74%	-15.45%	753.85%	-12.66%	17.98%	64.66%
Operating Cash Flow Q/Q Growth	0.00%	97.73%	-36.95%	125.19%	10.34%	1.89%	-8.86%	21.38%	12.75%	-6.00%	1.99%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-67.89%	18.23%	11.74%	-349.14%	150.07%	-157.75%	582.42%	-179.40%	30.12%
Invested Capital Q/Q Growth	0.00%	-0.02%	10.64%	4.49%	5.04%	39.71%	-5.75%	24.86%	-2.33%	32.82%	24.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	99.65%	99.48%	99.54%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	81.70%	34.52%	-10.16%	66.98%	70.95%	65.67%	-3.75%	57.88%	76.44%	71.85%	67.15%
Operating Margin	80.57%	32.56%	-11.76%	66.16%	70.28%	64.88%	21.11%	71.61%	78.54%	74.93%	65.83%
EBIT Margin	81.48%	34.10%	-10.67%	66.64%	70.95%	65.67%	-3.75%	57.88%	76.44%	71.85%	67.15%
Profit (Net Income) Margin	59.07%	32.62%	-13.77%	64.80%	91.02%	74.16%	-77.17%	50.84%	75.59%	60.57%	70.16%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	137.98%	123.15%	379.64%	99.41%	105.25%	91.60%	119.79%
Interest Burden Percent	72.50%	95.65%	129.07%	97.24%	92.97%	91.71%	542.51%	88.35%	93.96%	92.03%	87.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	-37.98%	-23.15%	0.00%	0.59%	-5.25%	8.40%	-19.79%
Return on Invested Capital (ROIC)	7.78%	4.65%	-1.10%	13.86%	21.47%	10.85%	1.43%	13.39%	24.48%	16.72%	15.28%
ROIC Less NNEP Spread (ROIC-NNEP)	76.85%	5.14%	-7.17%	11.26%	13.95%	7.32%	-39.73%	-2.74%	15.04%	8.45%	8.20%
Return on Net Nonoperating Assets (RNNOA)	-2.24%	0.09%	-0.99%	1.39%	2.97%	2.08%	-10.99%	-0.85%	4.28%	2.64%	2.56%
Return on Equity (ROE)	5.54%	4.74%	-2.09%	15.25%	24.44%	12.93%	-9.56%	12.54%	28.76%	19.36%	17.85%
Cash Return on Invested Capital (CROIC)	0.00%	2.96%	-23.01%	-25.67%	-27.76%	-41.19%	15.81%	-7.95%	27.56%	-13.73%	-8.34%
Operating Return on Assets (OROA)	8.25%	4.78%	-1.41%	13.62%	15.37%	8.82%	-0.36%	10.64%	22.25%	17.25%	12.78%
Return on Assets (ROA)	5.98%	4.58%	-1.82%	13.24%	19.71%	9.97%	-7.37%	9.34%	22.00%	14.54%	13.35%
Return on Common Equity (ROCE)	5.54%	4.74%	-2.09%	15.25%	16.55%	5.56%	-3.70%	4.44%	9.51%	6.37%	7.13%
Return on Equity Simple (ROE_SIMPLE)	5.54%	4.93%	-1.99%	12.20%	48.49%	23.76%	-30.45%	31.50%	94.84%	49.43%	35.78%
Net Operating Profit after Tax (NOPAT)	40	24	-6.52	114	280	238	37	359	716	568	678
NOPAT Margin	80.57%	32.56%	-8.24%	66.16%	96.98%	79.90%	14.78%	71.19%	82.66%	68.64%	78.86%
Net Nonoperating Expense Percent (NNEP)	-69.08%	-0.49%	6.07%	2.60%	7.52%	3.53%	41.16%	16.14%	9.44%	8.27%	7.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	24.71%	14.42%	13.60%
Cost of Revenue to Revenue	0.00%	0.35%	0.52%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	8.72%	7.79%	6.58%	3.66%	2.75%	2.51%	3.26%	1.54%	0.99%	1.28%	2.17%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.43%	67.09%	111.24%	33.38%	29.72%	35.12%	78.89%	28.39%	21.46%	25.07%	34.17%
Earnings before Interest and Taxes (EBIT)	41	26	-8.44	115	205	196	-9.39	292	662	595	578
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	26	-8.04	115	205	196	-9.39	292	662	595	578
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.20	5.48
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.20	5.48
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.37	10.75
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.36	25.74
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.91%	4.34%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.79%	3.89%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.09	2.52
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.88	14.55
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.75	21.67
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.75	21.67
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.39	18.46
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.81	20.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.07	0.22	0.10	0.33	0.27	0.30	0.35	0.25	0.38	0.28
Long-Term Debt to Equity	0.00	0.07	0.22	0.10	0.33	0.27	0.30	0.35	0.25	0.38	0.28
Financial Leverage	-0.03	0.02	0.14	0.12	0.21	0.28	0.28	0.31	0.28	0.31	0.31
Leverage Ratio	1.84	1.04	1.15	1.15	1.24	1.30	1.30	1.34	1.31	1.33	1.34
Compound Leverage Factor	1.33	0.99	1.49	1.12	1.15	1.19	7.04	1.19	1.23	1.23	1.17
Debt to Total Capital	0.00%	6.51%	18.03%	9.28%	24.94%	21.17%	22.99%	25.81%	19.90%	27.49%	21.70%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	6.51%	18.03%	9.28%	24.94%	21.17%	22.99%	25.81%	19.90%	27.49%	21.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	42.17%	45.25%	50.72%	47.12%	56.27%	46.78%	44.49%
Common Equity to Total Capital	100.00%	93.49%	81.97%	90.72%	32.89%	33.59%	26.29%	27.07%	23.83%	25.74%	33.81%
Debt to EBITDA	0.00	1.34	-14.98	0.81	2.01	3.00	-59.17	2.66	0.87	1.82	1.87
Net Debt to EBITDA	0.00	1.29	-13.77	0.60	1.90	2.98	-57.13	2.52	0.84	1.78	1.83
Long-Term Debt to EBITDA	0.00	1.34	-14.98	0.81	2.01	3.00	-59.17	2.66	0.87	1.82	1.87
Debt to NOPAT	0.00	1.42	-18.49	0.82	1.47	2.46	15.00	2.16	0.81	1.91	1.60
Net Debt to NOPAT	0.00	1.37	-17.00	0.61	1.39	2.45	14.49	2.05	0.78	1.86	1.56
Long-Term Debt to NOPAT	0.00	1.42	-18.49	0.82	1.47	2.46	15.00	2.16	0.81	1.91	1.60
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.56	5.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	32.31%	56.95%	61.29%	64.58%	66.94%	67.08%	60.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	11.75	125.10	10.88	9.85	10.83	5.41	1.20	4.54	5.41	4.32	4.89
Quick Ratio	7.37	91.72	10.57	8.87	10.21	5.38	1.14	4.41	4.83	4.15	4.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	16	-137	-211	-362	-905	408	-213	806	-466	-370
Operating Cash Flow to CapEx	-11.84%	34.15%	33.36%	40.46%	39.80%	44.61%	725.73%	109.22%	0.00%	70.26%	101.81%
Free Cash Flow to Firm to Interest Expense	0.00	13.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-0.66	13.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-6.26	-26.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.14	0.13	0.20	0.22	0.13	0.10	0.18	0.29	0.24	0.19
Accounts Receivable Turnover	0.00	0.00	7.55	8.76	8.95	5.55	4.97	10.02	11.07	8.28	5.89
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.11	0.16	0.14	0.23	0.24	0.15	0.10	0.19	0.31	0.25	0.20
Accounts Payable Turnover	0.00	47.09	0.47	0.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	48.32	41.66	40.81	65.76	73.45	36.43	32.96	44.08	61.98
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	7.75	784.97	1,096.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	-7.75	-736.65	-1,054.73	40.81	65.76	73.45	36.43	32.96	44.08	61.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	520	529	659	983	1,625	2,769	2,397	2,970	2,880	3,915	4,963
Invested Capital Turnover	0.10	0.14	0.13	0.21	0.22	0.14	0.10	0.19	0.30	0.24	0.19
Increase / (Decrease) in Invested Capital	0.00	8.86	130	325	642	1,143	-371	573	-90	1,035	1,049
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8,174	12,522
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5,274	9,245
Book Value per Share	$6.72	$6.21	$6.24	$8.03	$10.49	$14.86	$9.36	$10.30	$4.19	$5.70	$8.95
Tangible Book Value per Share	$6.72	$6.21	$6.24	$8.03	$10.49	$14.86	$9.36	$10.30	$4.19	$5.70	$8.95
Total Capital	535	530	668	1,007	1,648	2,772	2,416	3,010	2,898	3,941	4,990
Total Debt	0.00	35	121	94	411	587	556	777	577	1,083	1,083
Total Long-Term Debt	0.00	35	121	94	411	587	556	777	577	1,083	1,083
Net Debt	-16	33	111	69	388	583	537	737	559	1,057	1,056
Capital Expenditures (CapEx)	63	44	206	344	614	531	27	281	-48	908	609
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6.44	9.76	12	26	37	56	-10	47	78	84	162
Debt-free Net Working Capital (DFNWC)	22	11	21	50	59	59	9.10	87	97	110	189
Net Working Capital (NWC)	22	11	21	50	59	59	9.10	87	97	110	189
Net Nonoperating Expense (NNE)	11	-0.04	4.38	2.34	17	17	230	103	61	67	75
Net Nonoperating Obligations (NNO)	-16	33	111	69	388	583	537	737	559	1,057	1,056
Total Depreciation and Amortization (D&A)	0.11	0.31	0.40	0.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	12.84%	13.04%	14.59%	14.89%	12.65%	18.65%	-4.00%	9.36%	9.06%	10.20%	18.89%
Debt-free Net Working Capital to Revenue	43.96%	14.42%	26.86%	28.96%	20.51%	19.86%	3.63%	17.17%	11.16%	13.32%	22.01%
Net Working Capital to Revenue	43.96%	14.42%	26.86%	28.96%	20.51%	19.86%	3.63%	17.17%	11.16%	13.32%	22.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.31	($0.13)	$1.07	$2.01	$0.75	($2.84)	$0.85	$2.00	$2.69	$3.82
Adjusted Weighted Average Basic Shares Outstanding	79.71M	79.72M	83.08M	104.32M	71.55M	61.74M	67.69M	68.32M	75.61M	74.18M	93.93M
Adjusted Diluted Earnings per Share	$0.00	$0.31	($0.13)	$1.07	$2.01	$0.75	($2.84)	$0.85	$2.00	$2.69	$3.82
Adjusted Weighted Average Diluted Shares Outstanding	79.71M	79.73M	83.08M	104.38M	71.63M	61.79M	67.69M	68.39M	75.68M	74.18M	93.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	79.71M	79.72M	83.08M	104.32M	71.55M	61.74M	67.69M	68.32M	75.61M	176.85M	219.14M
Normalized Net Operating Profit after Tax (NOPAT)	28	19	27	80	142	135	85	359	476	568	396
Normalized NOPAT Margin	56.40%	25.99%	33.75%	46.31%	49.20%	45.42%	34.11%	71.19%	54.97%	68.64%	46.08%
Pre Tax Income Margin	59.07%	32.62%	-13.77%	64.80%	65.96%	60.22%	-20.33%	51.14%	71.83%	66.12%	58.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.64	23.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	3.60	21.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-1.96	-16.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.01	-17.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	569.23%	280.74%	-594.77%	117.40%	96.41%	108.62%	-55.82%	68.81%	63.65%	64.78%	79.69%
Augmented Payout Ratio	577.15%	280.74%	-599.78%	117.79%	96.41%	108.62%	-68.24%	68.81%	86.65%	83.77%	79.69%

This table displays calculated financial ratios and metrics derived from Viper Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
DEI Shares Outstanding	161,614,003.00	177,854,219.00	177,854,219.00	176,855,283.00	176,878,461.00	188,408,595.00	219,144,892.00	288,542,094.00
DEI Adjusted Shares Outstanding	161,614,003.00	177,854,219.00	177,854,219.00	176,855,283.00	176,878,461.00	188,408,595.00	219,144,892.00	288,542,094.00
DEI Earnings Per Adjusted Shares Outstanding	0.49	0.32	0.24	0.32	0.28	1.12	0.34	0.13
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	32.32%	0.53%	21.33%	34.34%	-28.53%	11.72%	19.51%	37.50%
EBITDA Growth	37.63%	-7.66%	22.95%	53.77%	-40.44%	0.98%	41.67%	-30.72%
EBIT Growth	37.63%	-7.66%	22.95%	53.77%	-40.44%	0.98%	41.67%	-30.72%
NOPAT Growth	-1.32%	-11.37%	11.15%	33.01%	-46.68%	120.12%	10.93%	-7.59%
Net Income Growth	-1.38%	-13.30%	12.16%	53.88%	-47.38%	116.63%	54.55%	-31.71%
EPS Growth	4.72%	146.43%	4.26%	47.62%	-53.15%	217.39%	26.53%	-54.84%
Operating Cash Flow Growth	11.91%	-21.85%	7.23%	-0.98%	-15.33%	8.31%	74.78%	19.44%
Free Cash Flow Firm Growth	163.59%	-468.70%	-1,427.95%	-750.60%	-517.83%	16.66%	-80.67%	-634.53%
Invested Capital Growth	-0.05%	35.92%	32.20%	31.26%	35.32%	26.79%	41.83%	152.36%
Revenue Q/Q Growth	82.38%	-30.19%	0.14%	5.37%	-3.29%	9.12%	7.13%	21.22%
EBITDA Q/Q Growth	141.27%	-38.45%	-10.67%	15.91%	-7.10%	4.36%	25.32%	-43.32%
EBIT Q/Q Growth	141.27%	-38.45%	-10.67%	15.91%	-7.10%	4.36%	25.32%	-43.32%
NOPAT Q/Q Growth	116.62%	-37.94%	-9.84%	9.75%	-12.78%	156.17%	-54.57%	-8.57%
Net Income Q/Q Growth	159.24%	-39.23%	-21.39%	24.24%	-10.78%	150.17%	-43.92%	-45.10%
EPS Q/Q Growth	164.29%	-37.84%	-28.99%	26.53%	-16.13%	321.15%	-71.69%	-54.84%
Operating Cash Flow Q/Q Growth	64.85%	-39.18%	-21.12%	25.22%	41.66%	-22.20%	27.29%	-14.43%
Free Cash Flow Firm Q/Q Growth	84.71%	-506.26%	6.89%	6.88%	-18.54%	18.97%	-101.85%	-278.57%
Invested Capital Q/Q Growth	0.85%	32.82%	0.59%	-2.58%	3.97%	24.45%	12.52%	73.34%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	81.87%	72.18%	64.39%	70.83%	68.22%	65.24%	76.33%	35.69%
Operating Margin	82.80%	69.86%	67.80%	68.52%	64.68%	62.68%	63.27%	45.45%
EBIT Margin	81.87%	72.18%	64.39%	70.83%	68.22%	65.24%	76.33%	35.69%
Profit (Net Income) Margin	70.66%	61.52%	48.29%	56.94%	52.03%	119.28%	62.45%	28.28%
Tax Burden Percent	90.45%	95.30%	88.39%	91.11%	86.38%	209.27%	87.93%	92.31%
Interest Burden Percent	95.43%	89.43%	84.85%	88.24%	88.29%	87.36%	93.05%	85.85%
Effective Tax Rate	9.55%	4.70%	11.61%	8.89%	13.62%	-109.27%	12.07%	7.69%
Return on Invested Capital (ROIC)	21.00%	16.22%	14.97%	16.98%	13.48%	25.42%	10.52%	6.09%
ROIC Less NNEP Spread (ROIC-NNEP)	18.91%	14.94%	12.26%	15.50%	12.11%	22.85%	13.02%	2.10%
Return on Net Nonoperating Assets (RNNOA)	4.77%	4.66%	4.18%	4.80%	2.49%	7.14%	2.12%	0.37%
Return on Equity (ROE)	25.76%	20.88%	19.15%	21.78%	15.96%	32.56%	12.64%	6.46%
Cash Return on Invested Capital (CROIC)	19.92%	-13.73%	-10.95%	-8.86%	-15.27%	-8.34%	-20.38%	-76.50%
Operating Return on Assets (OROA)	22.08%	17.33%	15.82%	18.96%	15.53%	12.42%	13.41%	5.12%
Return on Assets (ROA)	19.06%	14.77%	11.86%	15.24%	11.84%	22.70%	10.97%	4.06%
Return on Common Equity (ROCE)	7.87%	6.87%	6.49%	7.42%	5.87%	13.00%	5.80%	2.54%
Return on Equity Simple (ROE_SIMPLE)	72.91%	0.00%	47.43%	0.00%	32.60%	0.00%	24.59%	0.00%
Net Operating Profit after Tax (NOPAT)	220	136	123	135	117	300	136	125
NOPAT Margin	74.89%	66.57%	59.93%	62.43%	55.87%	131.17%	55.63%	41.96%
Net Nonoperating Expense Percent (NNEP)	2.09%	1.28%	2.71%	1.48%	1.36%	2.57%	-2.50%	4.00%
Return On Investment Capital (ROIC_SIMPLE)	-	3.46%	3.10%	3.48%	-	6.01%	2.22%	1.28%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.64%	1.93%	2.44%	1.85%	2.20%	1.88%	2.45%	2.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.20%	30.14%	32.20%	31.48%	35.32%	37.32%	36.73%	54.55%
Earnings before Interest and Taxes (EBIT)	240	148	132	153	143	149	187	106
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	240	148	132	153	143	149	187	106
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	5.20	5.99	5.77	5.70	5.48	3.70	3.22
Price to Tangible Book Value (P/TBV)	0.00	5.20	5.99	5.77	5.70	5.48	3.70	3.22
Price to Revenue (P/Rev)	0.00	6.37	7.48	6.84	9.54	10.75	10.99	11.21
Price to Earnings (P/E)	0.00	26.36	30.91	26.70	38.70	25.74	25.29	29.64
Dividend Yield	0.00%	0.91%	1.54%	3.23%	3.97%	4.34%	5.52%	6.48%
Earnings Yield	0.00%	3.79%	3.23%	3.75%	2.58%	3.89%	3.95%	3.37%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.09	2.37	2.36	2.65	2.52	2.29	1.78
Enterprise Value to Revenue (EV/Rev)	0.00	9.88	10.79	9.83	12.63	14.55	14.22	17.59
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.75	15.05	13.43	18.29	21.67	20.24	29.47
Enterprise Value to EBIT (EV/EBIT)	0.00	13.75	15.05	13.43	18.29	21.67	20.24	29.47
Enterprise Value to NOPAT (EV/NOPAT)	0.00	14.39	16.05	14.71	20.67	18.46	18.92	25.58
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	12.81	14.43	14.02	17.39	20.21	18.15	23.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.38	0.38	0.35	0.25	0.28	0.15	0.13
Long-Term Debt to Equity	0.28	0.38	0.38	0.35	0.25	0.28	0.15	0.13
Financial Leverage	0.25	0.31	0.34	0.31	0.21	0.31	0.16	0.18
Leverage Ratio	1.30	1.33	1.36	1.33	1.28	1.34	1.25	1.19
Compound Leverage Factor	1.24	1.19	1.16	1.17	1.13	1.17	1.17	1.02
Debt to Total Capital	21.84%	27.49%	27.63%	25.78%	19.76%	21.70%	13.38%	11.31%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.84%	27.49%	27.63%	25.78%	19.76%	21.70%	13.38%	11.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	55.09%	46.78%	45.09%	46.07%	46.54%	44.49%	43.11%	53.47%
Common Equity to Total Capital	23.08%	25.74%	27.28%	28.15%	33.70%	33.81%	43.52%	35.23%
Debt to EBITDA	1.11	1.82	1.77	1.48	1.42	1.87	1.30	1.87
Net Debt to EBITDA	0.87	1.78	1.73	1.43	1.13	1.83	0.41	1.83
Long-Term Debt to EBITDA	1.11	1.82	1.77	1.48	1.42	1.87	1.30	1.87
Debt to NOPAT	1.15	1.91	1.88	1.63	1.61	1.60	1.21	1.63
Net Debt to NOPAT	0.90	1.86	1.85	1.57	1.28	1.56	0.39	1.59
Long-Term Debt to NOPAT	1.15	1.91	1.88	1.63	1.61	1.60	1.21	1.63
Altman Z-Score	0.00	3.19	3.73	4.09	5.88	5.12	6.89	5.80
Noncontrolling Interest Sharing Ratio	69.47%	67.08%	66.12%	65.95%	63.24%	60.07%	54.15%	60.73%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	5.52	4.32	3.46	7.06	7.24	4.89	8.70	6.15
Quick Ratio	5.43	4.15	3.37	6.94	7.09	4.25	8.21	5.83
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	221	-898	-836	-779	-924	-749	-1,511	-5,720
Operating Cash Flow to CapEx	458.44%	19.93%	575.00%	1,800.00%	82.90%	37.14%	41.36%	22.22%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.24	0.25	0.27	0.23	0.19	0.18	0.14
Accounts Receivable Turnover	8.05	8.28	6.96	7.30	6.53	5.89	5.11	3.51
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.30	0.25	0.26	0.29	0.26	0.20	0.21	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	45.36	44.08	52.43	50.02	55.88	61.98	71.37	103.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	45.36	44.08	52.43	50.02	55.88	61.98	71.37	103.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	2,947	3,915	3,938	3,836	3,988	4,963	5,585	9,681
Invested Capital Turnover	0.28	0.24	0.25	0.27	0.24	0.19	0.19	0.15
Increase / (Decrease) in Invested Capital	-1.49	1,035	959	914	1,041	1,049	1,647	5,845
Enterprise Value (EV)	0.00	8,174	9,323	9,035	10,566	12,522	12,805	17,263
Market Capitalization	0.00	5,274	6,465	6,289	7,979	9,245	9,894	11,002
Book Value per Share	$4.42	$5.70	$12.33	$6.16	$7.92	$8.95	$12.20	$11.85
Tangible Book Value per Share	$4.42	$5.70	$12.33	$6.16	$7.92	$8.95	$12.20	$11.85
Total Capital	3,094	3,941	3,958	3,871	4,157	4,990	6,145	9,709
Total Debt	676	1,083	1,094	998	822	1,083	822	1,098
Total Long-Term Debt	676	1,083	1,094	998	822	1,083	822	1,098
Net Debt	529	1,057	1,074	963	653	1,056	262	1,070
Capital Expenditures (CapEx)	52	732	20	8.00	245	425	486	774
Debt-free, Cash-free Net Working Capital (DFCFNWC)	68	84	115	141	107	162	141	343
Debt-free Net Working Capital (DFNWC)	215	110	135	176	276	189	701	371
Net Working Capital (NWC)	215	110	135	176	276	189	701	371
Net Nonoperating Expense (NNE)	12	10	24	12	8.06	27	-17	41
Net Nonoperating Obligations (NNO)	529	1,057	1,074	963	653	1,056	262	1,070
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	8.21%	10.20%	13.31%	15.35%	12.83%	18.89%	15.66%	34.95%
Debt-free Net Working Capital to Revenue	25.97%	13.32%	15.62%	19.18%	33.00%	22.01%	77.86%	37.80%
Net Working Capital to Revenue	25.97%	13.32%	15.62%	19.18%	33.00%	22.01%	77.86%	37.80%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.11	$0.69	$0.49	$0.62	$0.52	$2.19	$0.62	$0.28
Adjusted Weighted Average Basic Shares Outstanding	70.93M	74.18M	87.54M	91.42M	93.70M	93.93M	120.93M	131.11M
Adjusted Diluted Earnings per Share	$1.11	$0.69	$0.49	$0.62	$0.52	$2.19	$0.62	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	70.93M	74.18M	87.63M	91.42M	93.75M	93.93M	121.03M	131.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	70.93M	176.85M	176.86M	176.88M	188.41M	219.14M	288.54M	288.54M
Normalized Net Operating Profit after Tax (NOPAT)	220	136	123	135	117	100	136	125
Normalized NOPAT Margin	74.89%	66.57%	59.93%	62.43%	55.87%	43.88%	55.63%	41.96%
Pre Tax Income Margin	78.12%	64.55%	54.63%	62.50%	60.23%	57.00%	71.02%	30.64%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	56.73%	64.78%	68.56%	72.62%	100.93%	79.69%	79.53%	97.16%
Augmented Payout Ratio	56.73%	83.77%	68.56%	79.41%	100.93%	79.69%	79.53%	98.77%

Financials Breakdown Chart

Key Financial Trends

Viper Energy’s Q2 2025 results show significant asset growth and strong operating cash flow, but also rising capital requirements, lower earnings available to common shareholders and greater reliance on financing. The company’s results reflect both ongoing expansion and the effects of a much larger asset base.

Revenue growth accelerated. Q2 2025 revenue increased to $297 million from $216 million in Q2 2024, a gain of approximately 38%. Revenue was also up from $245 million in Q1 2025.
Operating cash flow remained strong. Cash flow from operations was $172 million in Q2 2025, up from $144 million in Q2 2024. This indicates that the business continues to generate substantial cash before investment and financing outlays.
The asset base expanded substantially. Total assets reached $9.8 billion at June 30, 2025, compared with $3.9 billion a year earlier. Net property, plant and equipment increased to $9.3 billion from $3.6 billion, suggesting a major expansion of Viper’s mineral and royalty interests.
Long-term debt has declined from early 2024 levels. Debt was $1.10 billion in Q2 2025, compared with $1.09 billion in Q1 2024 and $1.00 billion in Q2 2024. While debt increased sequentially from $822 million in Q1 2025, the company has continued to repay significant amounts of borrowings in recent quarters.
Q2 2025 investment spending was unusually high. Purchases of property, plant and equipment totaled $774 million, compared with $486 million in Q1 2025 and only $8 million in Q2 2024. This spending may support future production and cash flow, but its return will depend on commodity prices and the performance of the acquired assets.
Liquidity remains adequate on a balance-sheet basis, but cash declined sharply. Current assets of $443 million exceeded current liabilities of $72 million, producing a current ratio above 6. However, cash fell to just $28 million from $560 million at the end of Q1 2025 after heavy capital spending, dividends and debt activity. Accounts receivable also rose to $392 million, making working-capital conversion important.
Earnings attributable to common shareholders weakened despite higher revenue. Q2 2025 net income available to common shareholders was $37 million, down from $57 million in Q2 2024 and $75 million in Q1 2025. Diluted EPS fell to $0.28 from $0.62 in both comparison quarters.
Operating profitability compressed. Operating income declined to $135 million from $148 million in Q2 2024, even as revenue rose. Operating expenses increased to $162 million, including $124 million of depletion expense, $21 million of marketing expense and $10 million of other operating expenses. The reported operating margin was approximately 45%, versus roughly 69% a year earlier.
Noncontrolling interests absorb a large portion of consolidated earnings. Of Q2 2025 consolidated net income of $84 million, $47 million was attributable to noncontrolling interests, leaving only $37 million for common shareholders. Noncontrolling interests also totaled $5.2 billion at quarter-end, compared with $1.8 billion in Q2 2024.
Share dilution and financing needs are increasing. Weighted average diluted shares rose to 131.2 million in Q2 2025 from 91.4 million in Q2 2024. The company issued $1.23 billion of common equity in Q1 2025, while Q2 financing included $445 million of new debt. These actions helped fund expansion but can reduce per-share value and increase financial obligations.

Overall, Viper Energy is growing rapidly and continues to produce substantial operating cash flow. However, the latest quarter also shows a more capital-intensive business, higher depletion and other operating costs, a sharp cash drawdown and lower earnings per share. Investors should monitor whether the expanded asset base generates enough additional cash flow to offset the dilution, dividends, capital spending and financing costs.

10/10/26 04:48 PM ETAI Generated. May Contain Errors.

Viper Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Viper Energy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Viper Energy's net income appears to be on an upward trend, with a most recent value of $603.65 million in 2024, rising from $29.63 million in 2014. The previous period was $501.34 million in 2023. Check out Viper Energy's forecast to explore projected trends and price targets.

Viper Energy's total operating income in 2024 was $566.40 million, based on the following breakdown:

Total Gross Profit: $860.39 million
Total Operating Expenses: $293.99 million

Over the last 10 years, Viper Energy's total revenue changed from $50.17 million in 2014 to $860.39 million in 2024, a change of 1,615.1%.

In the past 7 quarters, Viper Energy's cash and equivalents has ranged from $20.01 million in Q1 2024 to $560 million in Q1 2025, and is currently $28 million as of their latest financial filing in Q2 2025.

Viper Energy had total debt of $1.08 billion at the end of 2024, a 0.0% decrease from 2023, and none in 2014.

Over the last 10 years, Viper Energy's book value per share changed from 6.72 in 2014 to 8.95 in 2024, a change of 33.3%.

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Financial statements for NASDAQ:VNOM last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Viper Energy (VNOM) Financials

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Viper Energy (VNOM) Financials

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Financials Breakdown Chart

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Viper Energy Financials - Frequently Asked Questions

When does Viper Energy's financial year end?

How has Viper Energy's net income changed over the last 10 years?

What is Viper Energy's operating income?

How has Viper Energy's revenue changed over the last 10 years?

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How has Viper Energy's book value per share changed over the last 10 years?

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