What is Granite Ridge Resources' operating income?

Granite Ridge Resources' total operating income in 2025 was $46.42 million, based on the following breakdown: Total Gross Profit: $365.40 million Total Operating Expenses: $318.98 million

Granite Ridge Resources (GRNT) Financials

$5.11 -0.07 (-1.35%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for Granite Ridge Resources

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-24	108	262	81	19	24
Consolidated Net Income / (Loss)	-24	108	262	81	19	24
Net Income / (Loss) Continuing Operations	-24	108	262	81	19	24
Total Pre-Tax Income	-24	108	275	106	25	32
Total Operating Income	-35	143	302	91	59	46
Total Gross Profit	87	264	453	334	323	365
Total Revenue	87	290	497	394	380	450
Operating Revenue	87	290	497	394	380	450
Total Cost of Revenue	0.00	26	45	61	57	85
Operating Cost of Revenue	-	26	45	61	57	85
Total Operating Expenses	122	121	151	243	263	319
Selling, General & Admin Expense	10	10	14	28	25	31
Marketing Expense	6.66	18	31	28	26	28
Other Operating Expenses / (Income)	100	95	106	161	176	216
Impairment Charge	5.73	0.00	0.00	26	36	45
Total Other Income / (Expense), net	11	-35	-27	15	-34	-14
Interest Expense	1.84	2.39	1.99	5.32	18	26
Interest & Investment Income	-	0.00	-	0.51	-15	-16
Other Income / (Expense), net	13	-32	-25	20	-0.64	27
Income Tax Expense	0.00	0.00	13	24	6.21	7.76
Basic Earnings per Share	($0.18)	$0.82	$1.97	$0.61	$0.14	$0.18
Weighted Average Basic Shares Outstanding	132.92M	132.92M	132.92M	133.09M	130.19M	130.44M
Diluted Earnings per Share	($0.18)	$0.82	$1.97	$0.61	$0.14	$0.18
Weighted Average Diluted Shares Outstanding	132.92M	132.92M	133.07M	133.11M	130.23M	130.50M
Weighted Average Basic & Diluted Shares Outstanding	-	-	133.21M	130.45M	130.81M	131.46M
Cash Dividends to Common per Share	-	-	$0.08	$0.44	$0.44	$0.44

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	18	16	5.10	9.05	-12	9.81	25	15	-25	-47	30
Consolidated Net Income / (Loss)	18	16	5.10	9.05	-12	9.81	25	15	-25	-47	30
Net Income / (Loss) Continuing Operations	18	16	5.10	9.05	-12	9.81	25	15	-25	-47	30
Total Pre-Tax Income	22	21	6.78	13	-16	13	33	19	-33	-61	39
Total Operating Income	4.73	20	22	25	-6.92	43	21	20	-36	15	39
Total Gross Profit	78	74	77	81	148	107	89	89	81	99	119
Total Revenue	107	89	91	94	106	123	109	113	105	128	149
Operating Revenue	107	89	91	94	106	123	109	113	105	128	149
Total Cost of Revenue	29	15	14	13	-42	16	20	24	25	30	30
Operating Cost of Revenue	-	15	14	13	-	16	20	24	25	30	30
Total Operating Expenses	73	54	55	56	155	64	68	69	117	84	80
Selling, General & Admin Expense	6.08	6.49	6.62	5.59	5.94	7.46	8.52	6.99	8.04	9.08	9.15
Marketing Expense	7.90	5.75	6.88	6.35	7.03	8.37	6.44	6.55	6.20	8.24	9.28
Other Operating Expenses / (Income)	34	41	42	44	107	48	53	56	58	55	53
Impairment Charge	26	0.73	0.00	0.00	36	0.00	0.00	0.00	45	11	9.15
Total Other Income / (Expense), net	17	1.46	-15	-11	-9.35	-30	12	-0.30	3.71	-76	-0.15
Interest Expense	2.41	3.16	5.82	4.82	4.67	5.02	5.91	6.07	8.50	10	11
Interest & Investment Income	-	7.78	-8.77	-	3.86	-9.97	-5.80	-	-	6.68	-2.22
Other Income / (Expense), net	19	-3.16	-0.52	-6.48	-8.53	-15	24	5.77	12	-72	13
Income Tax Expense	4.42	4.84	1.68	4.33	-4.64	2.88	7.78	4.77	-7.67	-14	8.87
Basic Earnings per Share	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07	$0.19	$0.11	($0.19)	($0.36)	$0.23
Weighted Average Basic Shares Outstanding	133.09M	130.14M	130.20M	130.20M	130.19M	130.34M	130.47M	130.47M	130.44M	130.62M	130.81M
Diluted Earnings per Share	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07	$0.19	$0.11	($0.19)	($0.36)	$0.23
Weighted Average Diluted Shares Outstanding	133.11M	130.16M	130.25M	130.24M	130.23M	130.40M	130.59M	130.51M	130.50M	130.62M	130.82M
Weighted Average Basic & Diluted Shares Outstanding	130.45M	130.74M	130.74M	130.74M	130.81M	131.11M	131.25M	131.25M	131.46M	131.90M	131.90M

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

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	2.13	3.65	39	-40	-1.31	5.43
Net Cash From Operating Activities	67	181	346	303	276	296
Net Cash From Continuing Operating Activities	67	181	346	303	276	296
Net Income / (Loss) Continuing Operations	-24	108	262	81	19	24
Consolidated Net Income / (Loss)	-24	108	262	81	19	24
Amortization Expense	0.11	0.05	0.16	1.26	3.54	2.21
Non-Cash Adjustments To Reconcile Net Income	84	100	88	192	247	257
Changes in Operating Assets and Liabilities, net	6.70	-27	-4.39	29	6.82	13
Net Cash From Investing Activities	-117	-186	-231	-357	-311	-410
Net Cash From Continuing Investing Activities	-117	-186	-231	-357	-311	-410
Purchase of Property, Plant & Equipment	-99	-136	-185	-282	-286	-301
Acquisitions	-18	-83	-51	-77	-61	-118
Divestitures	0.65	29	4.85	0.06	14	0.18
Sale and/or Maturity of Investments	-	-	0.00	0.00	3.46	4.99
Other Investing Activities, net	0.00	3.82	1.18	2.46	19	4.29
Net Cash From Financing Activities	52	8.49	-77	13	34	119
Net Cash From Continuing Financing Activities	52	8.49	-77	13	34	119
Repayment of Debt	-55	-49	-75	-55	-18	-349
Repurchase of Common Equity	0.00	0.00	-0.22	-35	-0.44	-0.02
Payment of Dividends	-13	-51	-11	-59	-57	-58
Issuance of Debt	37	62	21	163	110	526
Issuance of Common Equity	0.00	0.00	6.83	0.01	0.00	0.00
Other Financing Activities, net	83	47	-18	-0.04	0.00	0.00
Cash Interest Paid	1.26	1.64	2.29	4.83	14	25
Cash Income Taxes Paid	0.07	0.08	0.10	0.74	0.20	0.55

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	4.31	10	-7.24	9.26	-14	6.69	-12	8.09	3.01	15	14
Net Cash From Operating Activities	90	69	64	75	68	76	78	78	65	58	56
Net Cash From Continuing Operating Activities	90	69	64	75	68	76	78	78	65	58	56
Net Income / (Loss) Continuing Operations	18	16	5.10	9.05	-12	9.81	25	15	-25	-47	30
Consolidated Net Income / (Loss)	18	16	5.10	9.05	-12	9.81	25	15	-25	-47	30
Amortization Expense	0.77	0.30	2.52	0.35	0.38	0.38	0.42	0.42	0.99	1.32	1.33
Non-Cash Adjustments To Reconcile Net Income	57	40	56	57	94	74	37	53	93	121	29
Changes in Operating Assets and Liabilities, net	15	12	0.94	8.32	-14	-7.75	16	9.56	-4.87	-17	-5.18
Net Cash From Investing Activities	-70	-71	-82	-81	-77	-100	-101	-80	-129	-69	-62
Net Cash From Continuing Investing Activities	-70	-71	-82	-81	-77	-100	-101	-80	-129	-69	-62
Purchase of Property, Plant & Equipment	-45	-70	-66	-58	-92	-67	-98	-69	-68	-60	-62
Acquisitions	-27	-2.63	-18	-31	-10	-35	-10	-12	-61	-9.50	-17
Divestitures	-	0.00	-	0.18	11	0.12	0.06	-	-	1.23	0.32
Other Investing Activities, net	2.46	1.28	-	4.03	14	1.30	2.39	0.54	0.06	0.00	1.14
Net Cash From Financing Activities	-16	13	10	16	-4.74	31	10	11	68	26	20
Net Cash From Continuing Financing Activities	-16	13	10	16	-4.74	31	10	11	68	26	20
Payment of Dividends	-15	-14	-14	-14	-14	-14	-14	-14	-14	-14	-15
Issuance of Debt	45	28	28	30	25	45	50	40	391	40	65

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	547	795	927	1,036	1,168
Total Current Assets	98	146	152	135	119
Cash & Equivalents	12	51	10	9.42	15
Short-Term Investments	-	0.00	50	32	11
Prepaid Expenses	0.68	4.20	1.72	3.83	2.25
Other Current Assets	86	91	89	90	91
Plant, Property, & Equipment, net	449	645	770	897	1,040
Plant, Property & Equipment, gross	728	1,029	1,237	1,540	1,897
Accumulated Depreciation	279	384	467	643	858
Total Noncurrent Assets	0.39	3.47	6.01	4.29	9.63
Other Noncurrent Operating Assets	0.39	3.47	6.01	4.29	9.63
Total Liabilities & Shareholders' Equity	547	795	927	1,036	1,168
Total Liabilities	72	131	255	401	562
Total Current Liabilities	68	64	62	102	95
Short-Term Debt	50	-	-	0.00	18
Accounts Payable	-	-	61	99	77
Other Current Liabilities	7.28	1.95	1.20	2.37	0.83
Total Noncurrent Liabilities	4.72	66	193	299	467
Long-Term Debt	1.10	0.00	110	205	368
Asset Retirement Reserve & Litigation Obligation	2.96	4.75	9.39	11	12
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	50	74	80	87
Other Noncurrent Operating Liabilities	0.66	12	0.00	3.68	0.00
Total Equity & Noncontrolling Interests	475	664	672	635	606
Total Preferred & Common Equity	475	664	672	635	606
Total Common Equity	475	664	672	635	606
Common Stock	475	632	653	655	659
Retained Earnings	0.00	32	55	16	-17
Treasury Stock	0.00	-0.23	-36	-36	-36

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	856	873	921	967	990	1,036	1,087	1,105	1,129	1,194	1,238
Total Current Assets	115	104	102	169	151	132	128	109	109	144	155
Cash & Equivalents	11	14	6.12	21	14	23	16	3.74	12	30	44
Short-Term Investments	-	-	-	58	49	28	22	11	12	18	0.00
Prepaid Expenses	2.24	1.35	0.45	2.74	2.48	2.59	4.72	2.30	1.13	1.40	4.84
Other Current Assets	17	89	96	87	85	79	86	92	84	95	106
Plant, Property, & Equipment, net	737	766	815	793	835	899	955	989	1,015	1,041	1,075
Plant, Property & Equipment, gross	1,155	1,218	1,312	1,301	1,384	1,493	1,646	1,734	1,815	1,954	2,039
Accumulated Depreciation	417	452	496	508	549	593	691	744	800	913	965
Total Noncurrent Assets	3.31	3.14	2.98	4.79	4.98	4.33	4.09	6.78	4.89	8.73	8.21
Other Noncurrent Operating Assets	3.31	3.14	2.98	4.79	4.98	4.33	4.09	6.78	4.89	8.73	8.21
Total Liabilities & Shareholders' Equity	856	873	921	967	990	1,036	1,087	1,105	1,129	1,194	1,238
Total Liabilities	211	221	270	293	325	375	456	462	485	648	675
Total Current Liabilities	72	53	70	66	67	84	107	82	77	156	151
Short-Term Debt	-	-	-	-	-	-	-	-	-	26	35
Accounts Payable	-	-	-	-	-	83	91	78	75	80	100
Other Current Liabilities	2.36	1.39	7.85	4.08	5.00	1.23	16	4.07	1.55	49	16
Total Noncurrent Liabilities	139	167	201	227	258	291	349	380	408	493	524
Long-Term Debt	25	55	85	138	165	195	250	275	300	400	427
Asset Retirement Reserve & Litigation Obligation	5.92	6.05	6.50	9.59	9.96	10	11	11	12	12	12
Noncurrent Deferred & Payable Income Tax Liabilities	102	106	109	79	80	85	83	90	95	74	82
Other Noncurrent Operating Liabilities	6.62	0.16	0.48	0.66	2.48	0.68	4.94	3.47	1.06	6.49	1.96
Total Equity & Noncontrolling Interests	645	652	650	674	665	661	631	642	644	546	562
Total Preferred & Common Equity	645	652	650	674	665	661	631	642	644	546	562
Total Common Equity	645	652	650	674	665	661	631	642	644	546	562
Common Stock	593	610	611	654	654	655	656	657	658	661	662
Retained Earnings	54	49	52	57	47	42	11	22	22	-79	-63
Treasury Stock	-2.03	-6.21	-13	-36	-36	-36	-36	-36	-36	-36	-36

This table displays calculated financial ratios and metrics derived from Granite Ridge Resources' official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	131,251,278.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	131,251,278.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.19
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-25	143	288	70	45	35
Return On Investment Capital (ROIC_SIMPLE)	-	-	43.36%	8.90%	5.30%	3.55%
Earnings before Interest and Taxes (EBIT)	-22	111	277	110	59	73
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-22	111	277	112	62	76
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-371	189	-38	-34	-131
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	514	613	721	799	965
Increase / (Decrease) in Invested Capital	0.00	514	99	107	78	166
Book Value per Share	$0.00	$3.57	$5.00	$5.05	$4.86	$4.62
Tangible Book Value per Share	$0.00	$3.57	$5.00	$5.05	$4.86	$4.62
Total Capital	0.00	526	664	782	840	991
Total Debt	0.00	51	0.00	110	205	385
Total Long-Term Debt	0.00	1.10	0.00	110	205	368
Net Debt	0.00	39	-51	49	164	360
Capital Expenditures (CapEx)	99	136	185	282	286	301
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	69	31	29	-7.79	15
Debt-free Net Working Capital (DFNWC)	0.00	80	82	89	33	41
Net Working Capital (NWC)	0.00	30	82	89	33	24
Net Nonoperating Expense (NNE)	-0.64	35	26	-12	26	11
Net Nonoperating Obligations (NNO)	0.00	39	-51	49	164	360
Total Depreciation and Amortization (D&A)	0.11	0.05	0.16	1.26	3.54	2.21
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.97	$0.61	$0.14	$0.18
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	132.92M	133.09M	130.19M	130.44M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.97	$0.61	$0.14	$0.18
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	133.07M	133.11M	130.23M	130.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	133.21M	130.45M	130.81M	131.46M
Normalized Net Operating Profit after Tax (NOPAT)	-21	99	288	90	72	69
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Granite Ridge Resources' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	131,251,278.00	131,464,915.00	131,895,990.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	131,251,278.00	131,464,915.00	131,895,990.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.19	-0.36	0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.20%	-2.53%	3.53%	-13.22%	-0.46%	38.13%	20.48%	19.77%	-	4.34%	36.67%
EBITDA Growth	-64.75%	-65.24%	65.84%	49.72%	-161.21%	67.61%	88.35%	38.95%	-	-298.52%	18.92%
EBIT Growth	-65.80%	-65.74%	49.90%	49.28%	-164.77%	68.32%	108.55%	39.32%	-	-306.01%	17.05%
NOPAT Growth	-92.75%	-33.58%	1.61%	-34.09%	-228.22%	117.75%	-3.90%	-11.68%	-	-68.39%	90.24%
Net Income Growth	-69.03%	-55.98%	-41.62%	-49.58%	-166.27%	-39.53%	391.69%	60.40%	-	-579.32%	19.60%
EPS Growth	-69.77%	-57.14%	-42.86%	-46.15%	-169.23%	-41.67%	375.00%	57.14%	-	-614.29%	21.05%
Operating Cash Flow Growth	-5.11%	-15.73%	-13.48%	30.97%	-24.37%	10.83%	21.59%	4.13%	-	-23.32%	-28.78%
Free Cash Flow Firm Growth	0.00%	73.88%	91.53%	91.61%	19.69%	45.72%	-108.36%	-70.84%	-	9.93%	60.19%
Invested Capital Growth	17.50%	27.71%	10.65%	10.39%	10.87%	15.15%	17.64%	14.37%	-	9.57%	8.61%
Revenue Q/Q Growth	-1.48%	-16.67%	1.86%	3.78%	13.00%	15.64%	-11.15%	3.16%	-	21.59%	16.38%
EBITDA Q/Q Growth	-0.02%	-32.02%	41.09%	56.14%	-140.87%	286.15%	60.35%	-42.69%	-	-140.35%	196.06%
EBIT Q/Q Growth	-2.50%	-31.07%	28.32%	73.09%	-142.30%	279.15%	61.02%	-43.09%	-	-136.02%	191.49%
NOPAT Q/Q Growth	-85.10%	299.98%	9.06%	1.38%	-128.99%	779.24%	-51.87%	-6.83%	-	140.75%	189.68%
Net Income Q/Q Growth	-2.33%	-7.48%	-68.56%	77.49%	-228.37%	184.42%	155.62%	-42.10%	-	-87.65%	163.78%
EPS Q/Q Growth	0.00%	-7.69%	-66.67%	75.00%	-228.57%	177.78%	171.43%	-42.11%	-	-89.47%	163.89%
Operating Cash Flow Q/Q Growth	58.11%	-23.86%	-6.51%	16.37%	-8.70%	11.58%	2.57%	-0.34%	-	-9.54%	-4.74%
Free Cash Flow Firm Q/Q Growth	85.28%	-38.86%	60.12%	-2.97%	-40.86%	6.16%	-53.08%	15.57%	-	63.30%	32.34%
Invested Capital Q/Q Growth	-1.14%	1.63%	4.75%	4.88%	-0.71%	5.55%	7.02%	1.97%	-	-4.25%	6.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.68%	82.61%	84.92%	86.15%	139.67%	86.79%	81.58%	79.06%	-	76.86%	79.93%
EBITDA Margin	23.06%	18.81%	26.05%	39.20%	-14.18%	22.82%	41.19%	22.88%	-	-43.42%	35.84%
Operating Margin	4.43%	22.03%	24.14%	26.24%	-6.51%	34.60%	18.98%	17.39%	-	11.58%	26.14%
EBIT Margin	22.34%	18.48%	23.28%	38.82%	-14.53%	22.52%	40.81%	22.51%	-	-44.46%	34.95%
Profit (Net Income) Margin	16.42%	18.23%	5.63%	9.62%	-10.93%	7.98%	22.96%	12.89%	-	-36.67%	20.09%
Tax Burden Percent	79.89%	77.04%	75.25%	67.65%	71.48%	77.31%	76.33%	75.28%	-	77.53%	77.17%
Interest Burden Percent	92.03%	128.10%	32.13%	36.64%	105.25%	45.86%	73.73%	76.07%	-	106.39%	74.51%
Effective Tax Rate	20.11%	22.96%	24.75%	32.35%	0.00%	22.69%	23.67%	24.72%	-	0.00%	22.83%
Return on Invested Capital (ROIC)	2.09%	10.18%	9.82%	8.81%	-2.28%	14.05%	7.51%	6.84%	-	4.18%	10.62%
ROIC Less NNEP Spread (ROIC-NNEP)	-1,626.72%	-7.17%	-6.06%	1.96%	-8.65%	-3.00%	12.62%	6.74%	-	-15.27%	10.59%
Return on Net Nonoperating Assets (RNNOA)	2.06%	0.07%	-0.66%	0.33%	-1.41%	-0.62%	3.49%	2.17%	-	-7.66%	5.96%
Return on Equity (ROE)	4.15%	10.25%	9.16%	9.14%	-3.69%	13.43%	11.00%	9.02%	-	-3.48%	16.58%
Cash Return on Invested Capital (CROIC)	-5.67%	-14.87%	-1.70%	-2.87%	-4.45%	-6.32%	-8.86%	-6.56%	-	-7.65%	-5.50%
Operating Return on Assets (OROA)	10.22%	7.94%	9.86%	15.10%	-5.63%	9.07%	16.85%	9.38%	-	-17.76%	14.79%
Return on Assets (ROA)	7.52%	7.84%	2.38%	3.74%	-4.23%	3.22%	9.48%	5.37%	-	-14.65%	8.50%
Return on Common Equity (ROCE)	4.15%	10.25%	9.16%	9.14%	-3.69%	13.43%	11.00%	9.02%	-	-3.48%	16.58%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.97%	8.54%	7.25%	0.00%	1.96%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.78	15	16	17	-4.84	33	16	15	-26	10	30
NOPAT Margin	3.54%	16.97%	18.17%	17.75%	-4.55%	26.75%	14.49%	13.09%	-	8.10%	20.17%
Net Nonoperating Expense Percent (NNEP)	1,628.81%	17.35%	15.88%	6.85%	6.37%	17.05%	-5.11%	0.11%	-	19.44%	0.03%
Return On Investment Capital (ROIC_SIMPLE)	0.48%	-	-	-	-0.58%	3.73%	1.73%	1.56%	-2.57%	1.07%	2.94%
Cost of Revenue to Revenue	27.32%	17.39%	15.08%	13.85%	-39.67%	13.21%	18.42%	20.94%	-	23.14%	20.07%
SG&A Expenses to Revenue	5.69%	7.29%	7.31%	5.94%	5.59%	6.07%	7.80%	6.20%	-	7.08%	6.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	68.09%	60.58%	60.78%	59.92%	146.18%	52.19%	62.60%	61.67%	-	65.28%	53.79%
Earnings before Interest and Taxes (EBIT)	24	16	21	37	-15	28	45	25	-24	-57	52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	17	24	37	-15	28	45	26	-23	-56	54
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.10	1.29	1.27	1.20	1.33	1.28	1.32	1.12	-	1.43	1.05
Price to Tangible Book Value (P/TBV)	1.10	1.29	1.27	1.20	1.33	1.28	1.32	1.12	-	1.43	1.05
Price to Revenue (P/Rev)	1.87	2.21	2.14	2.08	2.22	1.96	1.96	1.60	-	1.72	1.19
Price to Earnings (P/E)	9.07	14.33	14.85	16.52	45.05	65.65	26.27	19.08	-	0.00	0.00
Dividend Yield	7.97%	6.77%	6.95%	7.41%	6.94%	7.24%	6.91%	8.13%	-	7.50%	9.98%
Earnings Yield	11.03%	6.98%	6.73%	6.05%	2.22%	1.52%	3.81%	5.24%	-	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.09	1.26	1.23	1.16	1.26	1.21	1.23	1.08	-	1.26	1.03
Enterprise Value to Revenue (EV/Rev)	1.99	2.36	2.40	2.46	2.66	2.47	2.56	2.21	-	2.55	2.03
Enterprise Value to EBITDA (EV/EBITDA)	7.03	11.53	10.55	9.19	16.23	13.92	11.73	9.80	-	0.00	2,429.58
Enterprise Value to EBIT (EV/EBIT)	7.11	11.73	11.01	9.56	17.21	14.64	11.92	9.96	-	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	11.28	14.96	15.40	17.41	22.66	16.72	18.07	16.89	-	88.53	38.82
Enterprise Value to Operating Cash Flow (EV/OCF)	2.59	3.19	3.38	3.14	3.66	3.61	3.73	3.32	-	4.17	3.93
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
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.16	0.20	0.25	0.30	0.32	0.40	0.43	0.47	-	0.78	0.82
Long-Term Debt to Equity	0.16	0.20	0.25	0.30	0.32	0.40	0.43	0.47	-	0.73	0.76
Financial Leverage	0.00	-0.01	0.11	0.17	0.16	0.21	0.28	0.32	-	0.50	0.56
Leverage Ratio	1.29	1.38	1.41	1.49	1.50	1.57	1.60	1.66	-	1.94	1.94
Compound Leverage Factor	1.19	1.77	0.45	0.55	1.58	0.72	1.18	1.26	-	2.06	1.45
Debt to Total Capital	14.07%	16.94%	19.87%	22.79%	24.39%	28.36%	29.97%	31.78%	-	43.86%	45.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	2.70%	3.42%
Long-Term Debt to Total Capital	14.07%	16.94%	19.87%	22.79%	24.39%	28.36%	29.97%	31.78%	-	41.16%	41.69%
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%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	85.93%	83.06%	80.13%	77.21%	75.61%	71.64%	70.03%	68.22%	-	56.14%	54.89%
Debt to EBITDA	0.99	1.71	1.84	1.91	3.30	3.40	2.91	2.95	-	-52.65	1,116.20
Net Debt to EBITDA	0.44	0.73	1.14	1.42	2.64	2.89	2.75	2.72	-	-46.76	1,009.70
Long-Term Debt to EBITDA	0.99	1.71	1.84	1.91	3.30	3.40	2.91	2.95	-	-49.40	1,031.66
Debt to NOPAT	1.58	2.22	2.69	3.63	4.60	4.09	4.48	5.08	-	32.51	17.83
Net Debt to NOPAT	0.71	0.95	1.66	2.68	3.68	3.47	4.24	4.68	-	28.87	16.13
Long-Term Debt to NOPAT	1.58	2.22	2.69	3.63	4.60	4.09	4.48	5.08	-	30.50	16.48
Altman Z-Score	2.44	2.45	2.19	1.86	1.64	1.57	1.68	1.43	-	0.84	0.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.44	2.55	2.24	1.56	1.33	1.20	1.32	1.41	-	0.93	1.02
Quick Ratio	0.98	1.19	0.94	0.60	0.40	0.35	0.18	0.30	-	0.31	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-104	-144	-57	-59	-83	-78	-120	-101	-192	-70	-48
Operating Cash Flow to CapEx	199.27%	98.56%	96.94%	129.90%	73.79%	114.03%	79.79%	113.38%	-	96.64%	89.34%
Free Cash Flow to Firm to Interest Expense	-43.00	-45.54	-9.86	-12.25	-17.80	-15.57	-20.21	-16.63	-	-6.82	-4.30
Operating Cash Flow to Interest Expense	37.43	21.73	11.03	15.50	14.59	15.17	13.20	12.82	-	5.65	5.02
Operating Cash Flow Less CapEx to Interest Expense	18.65	-0.32	-0.35	3.57	-5.18	1.87	-3.34	1.51	-	-0.20	-0.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.43	0.42	0.39	0.39	0.40	0.41	0.42	-	0.40	0.42
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Fixed Asset Turnover	0.56	0.51	0.49	0.44	0.46	0.47	0.47	0.47	-	0.46	0.48
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.22	-	1.15	1.21
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Inventory Outstanding (DIO)	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	0.00	0.00	0.00	0.00	0.00	0.00	1,628.38	-	317.24	301.09
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,628.38	-	-317.24	-301.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	721	733	767	805	799	843	903	920	965	924	980
Invested Capital Turnover	0.59	0.60	0.54	0.50	0.50	0.53	0.52	0.52	-	0.52	0.53
Increase / (Decrease) in Invested Capital	107	159	74	76	78	111	135	116	166	81	78
Enterprise Value (EV)	785	925	946	936	1,009	1,023	1,109	998	-	1,161	1,006
Market Capitalization	735	866	844	792	845	810	849	721	-	782	588
Book Value per Share	$5.05	$5.17	$5.09	$5.05	$4.86	$4.83	$4.90	$4.91	$4.62	$4.15	$4.26
Tangible Book Value per Share	$5.05	$5.17	$5.09	$5.05	$4.86	$4.83	$4.90	$4.91	$4.62	$4.15	$4.26
Total Capital	782	812	830	856	840	881	917	944	991	972	1,024
Total Debt	110	138	165	195	205	250	275	300	385	426	462
Total Long-Term Debt	110	138	165	195	205	250	275	300	368	400	427
Net Debt	49	59	102	144	164	212	260	277	360	379	418
Capital Expenditures (CapEx)	45	70	66	58	92	67	98	69	68	60	62
Debt-free, Cash-free Net Working Capital (DFCFNWC)	29	24	20	-3.12	-7.79	-17	12	8.43	15	-33	-5.50
Debt-free Net Working Capital (DFNWC)	89	103	83	48	33	21	26	32	41	15	39
Net Working Capital (NWC)	89	103	83	48	33	21	26	32	24	-12	3.59
Net Nonoperating Expense (NNE)	-14	-1.13	11	7.64	6.78	23	-9.25	0.22	-0.44	57	0.11
Net Nonoperating Obligations (NNO)	49	59	102	144	164	212	260	277	360	379	418
Total Depreciation and Amortization (D&A)	0.77	0.30	2.52	0.35	0.38	0.38	0.42	0.42	0.99	1.32	1.33
Debt-free, Cash-free Net Working Capital to Revenue	7.26%	6.07%	5.14%	-0.82%	-2.05%	-4.06%	2.71%	1.87%	-	-7.26%	-1.11%
Debt-free Net Working Capital to Revenue	22.70%	26.23%	21.09%	12.52%	8.79%	5.10%	6.12%	7.06%	-	3.21%	7.79%
Net Working Capital to Revenue	22.70%	26.23%	21.09%	12.52%	8.79%	5.10%	6.12%	7.06%	-	-2.55%	0.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07	$0.19	$0.11	($0.19)	($0.36)	$0.23
Adjusted Weighted Average Basic Shares Outstanding	133.09M	130.14M	130.20M	130.20M	130.19M	130.34M	130.47M	130.47M	130.44M	130.62M	130.81M
Adjusted Diluted Earnings per Share	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07	$0.19	$0.11	($0.19)	($0.36)	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	133.11M	130.16M	130.25M	130.24M	130.23M	130.40M	130.59M	130.51M	130.50M	130.62M	130.82M
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	130.45M	130.74M	130.74M	130.74M	130.81M	131.11M	131.25M	131.25M	131.46M	131.90M	131.90M
Normalized Net Operating Profit after Tax (NOPAT)	25	16	16	17	20	33	16	15	5.75	18	37
Normalized NOPAT Margin	23.36%	17.60%	18.17%	17.75%	18.91%	26.75%	14.49%	13.09%	-	14.20%	24.90%
Pre Tax Income Margin	20.56%	23.67%	7.48%	14.23%	-15.30%	10.32%	30.08%	17.12%	-	-47.30%	26.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.90	5.21	3.63	7.58	-3.31	5.52	7.54	4.18	-	-5.53	4.71
NOPAT to Interest Expense	1.57	4.78	2.83	3.46	-1.04	6.56	2.68	2.43	-	1.01	2.72
EBIT Less CapEx to Interest Expense	-8.88	-16.85	-7.76	-4.35	-23.08	-7.79	-9.00	-7.12	-	-11.38	-0.91
NOPAT Less CapEx to Interest Expense	-17.22	-17.27	-8.55	-8.47	-20.81	-6.75	-13.86	-8.87	-	-4.84	-2.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	72.24%	96.42%	102.16%	120.25%	306.49%	466.09%	178.12%	152.49%	-	-177.77%	-209.77%
Augmented Payout Ratio	115.83%	96.42%	154.81%	170.35%	308.84%	466.41%	178.25%	152.59%	-	-177.86%	-209.88%

Financials Breakdown Chart

Key Financial Trends

Granite Ridge Resources delivered a mixed start to 2026, with strong operating cash flow and revenue growth, but earnings were dragged down by heavy non-operating losses and continued reliance on debt.

In Q1 2026, revenue rose to $128.3 million from $105.5 million in Q4 2025 and $122.9 million in Q1 2025. Gross profit also improved to $98.6 million, showing the core business is still generating healthy margins. However, the quarter ended with a $47.0 million net loss, largely because of $71.9 million in other expense and $10.3 million of interest expense.

Cash generation remains one of the company’s key strengths. Granite Ridge produced $58.3 million in operating cash flow in Q1 2026, down from $64.5 million in Q4 2025 but still solid. At the same time, the company spent $68.6 million on investing activities, including $60.4 million for property and equipment and $9.5 million for acquisitions. Financing provided a net $25.5 million, helped by $40 million of debt issuance.

The balance sheet also shows meaningful leverage. Total debt stood at about $426.3 million at the end of Q1 2026, compared with $314.4 million in Q1 2025 and $275.0 million in Q2 2025. Total liabilities were $648.2 million, while shareholders’ equity was $545.6 million. Cash and short-term investments totaled about $47.7 million, so liquidity is adequate but not especially large relative to debt.

Looking back over the last four years, Granite Ridge has shown a clear pattern: revenue can be strong, operating cash flow is usually positive, and asset growth has continued, but earnings are highly volatile and often pressured by impairments, other operating expenses, and financing costs. The company also continues to pay a quarterly dividend of $0.11 per share, which is a positive for income investors, but it adds to cash outflows.

Revenue increased to $128.3 million in Q1 2026, up from $105.5 million in Q4 2025.
Gross profit improved to $98.6 million, showing the core operating model still produces attractive margins.
Operating cash flow was strong at $58.3 million in Q1 2026.
The company continued generating positive free cash flow from operations before heavy capital spending.
Granite Ridge maintained its quarterly dividend of $0.11 per share.
Total assets were $1.19 billion at quarter-end, up from $1.09 billion a year earlier.
Property, plant and equipment continued to rise, reaching $1.04 billion net, signaling ongoing investment in the asset base.
Shares outstanding have stayed fairly stable around 130 million to 132 million, limiting dilution risk for now.
Q1 2026 ended with a $47.0 million net loss after a $71.9 million other expense hit.
Debt increased again, with long-term debt reaching $400.0 million and short-term debt at $26.3 million.

Bottom line: Granite Ridge looks like a cash-generating energy producer with a growing asset base, but earnings quality is uneven and leverage remains a key risk. Investors will likely want to watch whether revenue growth and operating cash flow can keep outrunning the company’s interest burden, acquisition spending, and periodic impairment charges.

08/23/26 11:14 PM ETAI Generated. May Contain Errors.

Granite Ridge Resources Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Granite Ridge Resources' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Granite Ridge Resources' net income appears to be on a downward trend, with a most recent value of $24.35 million in 2025, falling from -$23.93 million in 2020. The previous period was $18.76 million in 2024. See Granite Ridge Resources' forecast for analyst expectations on what's next for the company.

Granite Ridge Resources' total operating income in 2025 was $46.42 million, based on the following breakdown:

Total Gross Profit: $365.40 million
Total Operating Expenses: $318.98 million

Over the last 5 years, Granite Ridge Resources' total revenue changed from $87.10 million in 2020 to $450.31 million in 2025, a change of 417.0%.

Granite Ridge Resources' total liabilities were at $562.31 million at the end of 2025, a 40.2% increase from 2024, and a 677.6% increase since 2021.

In the past 4 years, Granite Ridge Resources' cash and equivalents has ranged from $9.42 million in 2024 to $50.83 million in 2022, and is currently $14.85 million as of their latest financial filing in 2025.

Over the last 5 years, Granite Ridge Resources' book value per share changed from 0.00 in 2020 to 4.62 in 2025, a change of 461.5%.

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Financial statements for NYSE:GRNT last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Granite Ridge Resources (GRNT) Financials

Financials Breakdown Chart

Key Financial Trends

Granite Ridge Resources Financials - Frequently Asked Questions

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Granite Ridge Resources (GRNT) Financials

Annual Income Statements for Granite Ridge Resources

Quarterly Income Statements for Granite Ridge Resources

Annual Cash Flow Statements for Granite Ridge Resources

Quarterly Cash Flow Statements for Granite Ridge Resources

Annual Balance Sheets for Granite Ridge Resources

Quarterly Balance Sheets for Granite Ridge Resources

Annual Metrics And Ratios for Granite Ridge Resources

Quarterly Metrics And Ratios for Granite Ridge Resources

Financials Breakdown Chart

Key Financial Trends

Granite Ridge Resources Financials - Frequently Asked Questions

When does Granite Ridge Resources' fiscal year end?

How has Granite Ridge Resources' net income changed over the last 5 years?

What is Granite Ridge Resources' operating income?

How has Granite Ridge Resources' revenue changed over the last 5 years?

How much debt does Granite Ridge Resources have?

How much cash does Granite Ridge Resources have?

How has Granite Ridge Resources' book value per share changed over the last 5 years?

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