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Viper EnergyVNOM

Legal name
Viper Energy, Inc.
Sector
Energy
Industry
Crude Petroleum & Natural Gas

Stock Price $VNOM

Latest filings

You are here#26 of 33 in Energy by market cap

Filing record · 2025–202610-K110-Q48-K17

VNOM filed 1 annual reports (10-K), 4 quarterly reports (10-Q) and 17 current reports (8-K) between 2025 and 2026.

  1. Material agreement8-K · Dec ’25Dec ’25
  2. Leadership change8-K · Sep ’26Sep ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  3. $1.40B
YoY changeLargest recent move+4.0%in FY24Latest +62.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All VNOM Financial Metrics43 metrics

Income Statement9

Balance Sheet19

Cash Flow11

Per Share4

02—Overview

Viper Energy Financial Overview 2025–2025

Updated Nov 5, 2026

Viper Energy lifted production 91% in FY2025, to 95,126 BOE/d, yet it reported a $68 milliona net loss. That gap is the story. A $768 million non-cash ceiling test impairment wiped out earnings while the royalty business roughly doubled in size. The core thesis: Viper is now a far larger, acquisition-built royalty platform, and its cash generation tells you more than its accounting loss.

Royalty income grew from $854 million in FY2024 to $1,346 millionb in FY2025. Total operating income rose from $861 million to $1,395 million, and cash from operations reached $1,053 million. Proved reserves stood at 406,035 MBOE, about 48% oil. Growth was bought, not organic, and mostly came from the roughly $4.0 billion all-equity Sitio deal and the Diamondback drop down. The costs showed up on the balance sheet: depletion climbed to $607 million, and long-term debt reached $2.19 billion from $1.08 billion a year earlier.

Capital returns kept pace. The board raised the buyback authorization to $1.75 billion and lifted the annual base dividend to $1.52c per share. At the close of FY2025 (December 30, 2025), the stock traded at $38.63 against EPS of -$0.48, so a P/E ratio was not meaningful. The market was pricing reserves and cash flow, not reported earnings.

Recent Developments (Q2 and Q3 2026)

Viper Energy posted strong momentum through Q2 2026 and Q3 2026, driven by strategic portfolio expansion. Total operating income reached $677 milliond in Q2 2026 and $661 million in Q3 2026, while net income attributable to the company hit $142 million and $140 million, respectively. Production surged to an average of 134,363 BOE/d in Q2 2026 and 141,152 BOE/d in Q3 2026. Management advanced several major transactions, including the Riverbend, McElroy Ranch, and pending Buckhorn acquisitions, while selling non-Permian assets for $610 million to fully repay the $500 million Term Loan. Concurrently, the board raised the annual base dividend to $2.00 per share and removed the strict 75% cash return policy.

The bull case highlights robust free cash flow margins and continuous bolt-on acreage growth in the Permian, whereas the bear case points to execution and integration risks from aggressive deal-making. The stock traded at $41.06e with trailing EPS of -$0.48 as of the Q3 2026 filing, leaving a P/E ratio that remains not meaningful due to prior accounting impairments.

What to watch: Integration of the McElroy Ranch and Buckhorn acquisitions; trajectory of production volumes and debt leverage.

03—Filings

Recent SEC Filings

  1. 8-KViper Energy 8-K Report, Unregistered Securities Sale (Nov 10, 2026)Viper Energy, Inc. (VNOM) announced the adoption of a Distribution Reinvestment Plan (DRIP) for its subsidiary, VNOM Holding Company LLC (the "Operating Company"), effective November 5, 2026. This plan allows holders of Operating Company Units ("OpCo Units") to reinvest their cash distributions into newly issued OpCo Units. Crucially, for every OpCo Unit issued under the DRIP, Viper Energy will simultaneously issue an equal number of its Class B common stock or enhance existing stock options. This mechanism could lead to an increase in both the outstanding OpCo Units and Viper Energy's Class B common stock.
  2. 8-KViper Energy 8-K Report, Financial Results (Nov 2, 2026)Viper Energy, Inc., a subsidiary of Diamondback Energy, Inc., reported third quarter 2026 results for the period ended September 30, 2026. Net income was $300 million, a 45% net income margin, and Adjusted EBITDA was $596 million, a 90% margin. Cash flow from operating activities was $447 million and Free Cash Flow was $520 million, a 79% margin. Average daily production was 69,076 bo/d (141,152 boe/d), and total operating income was $661 million. Total debt and net debt were each $2.4 billion at September 30, 2026. The company declared a base dividend of $0.50 per Class A share, payable November 19, 2026, and repurchased approximately 2.1 million Class A shares for approximately $90 million during the quarter. The company also announced two acquisitions. The McElroy Ranch Acquisition, completed in September 2026 for an aggregate purchase price of approximately $529 million including $49 million of deferred consideration, added approximately 7,359 net royalty acres in Upton and Crane Counties. The Pending Buckhorn Acquisition, agreed on September 14, 2026, is expected to close in the fourth quarter of 2026 for $280 million in cash and approximately 1.8 million Class A shares. It adds 1,552 net royalty acres, mostly in the Midland Basin, and is expected to lift pro forma net debt to approximately $2.4 billion at year-end 2026, or about 1.0x pro forma leverage based on last twelve months Adjusted EBITDA. Viper raised its full year 2026 production guidance to 67.25 to 67.75 Mbo/d (137.0 to 138.0 Mboe/d) and initiated fourth quarter 2026 guidance of 70.00 to 71.00 Mbo/d (141.50 to 143.50 Mboe/d), both including the Pending Buckhorn Acquisition. Guidance also covers unit costs, including depreciation, depletion and amortization of $14.75 to $17.25 per boe, and a cash tax rate of 27% to 30%. The company will hold a conference call on November 3, 2026.
  3. 8-KViper Energy 8-K Report, Executive Changes (Sep 16, 2026)Viper Energy, Inc. (VNOM) filed a Form 8-K on September 16, 2026 under Item 5.02 to report a board change. On September 15, 2026, the Board of Directors increased its size by one director, bringing the full Board to nine directors, and appointed John Grotzinger as a director. Dr. Grotzinger will serve until the 2027 annual meeting of stockholders and until his successor is elected and qualified, or until his earlier death, resignation, retirement, disqualification or removal. He has not been appointed to any Board committee. The filing describes Dr. Grotzinger as a geology and planetary science expert with over 40 years of experience. He is a member of the National Academy of Sciences and the Harold Brown Professor of Geology at the California Institute of Technology, a role he has held since 2021. He previously served as Division Chair of Geological and Planetary Sciences at Caltech from 2014 to 2024 and as Chief Scientist of NASA's Mars Science Laboratory Curiosity rover mission from 2007 to 2014. He has also served on the Halliburton Labs advisory board since 2020 and on the Shell Science Advisory Board from 2014 to 2019. As a non-employee director, Dr. Grotzinger will be compensated under the company's non-employee director compensation program, as disclosed in the proxy statement filed April 8, 2026, and will receive a pro-rated annual restricted stock unit award for his partial year of service. The company has also entered into an indemnification agreement with him, in the same form used with the other directors. The filing states there are no arrangements under which he was selected as a director and no related-person transactions requiring disclosure under Item 404(a) of Regulation S-K.
  4. 8-KViper Energy 8-K Report, Unregistered Securities Sale (Sep 8, 2026)Viper Energy, Inc. (VNOM) reported in a Form 8-K dated September 8, 2026 that it completed a previously disclosed acquisition of mineral and royalty interests from Diamondback Energy, Inc. and related subsidiaries (the "2026 Drop Down"). The purchase agreement was entered into on August 3, 2026, and the transaction closed on September 1, 2026. Viper Energy Partners LP, an indirect wholly owned subsidiary, acted as buyer. Under the 2026 Drop Down, the Company acquired the mineral and royalty interests in exchange for 3,815,459 units representing limited liability company membership interests in VNOM Holding Company LLC, a consolidated subsidiary, along with an equivalent number of shares of Class B common stock, par value $0.000001 per share. The Class B shares were issued in reliance on the Section 4(a)(2) private placement exemption under the Securities Act of 1933. For investors, the filing is primarily a disclosure of an unregistered equity issuance tied to an asset acquisition. It does not state the value of the acquired interests, the financial effects of the transaction, or any cash consideration.
  5. 8-KViper Energy 8-K Report, Financial Results (Aug 3, 2026)Viper Energy, Inc., a subsidiary of Diamondback Energy, Inc., reported second quarter 2026 results on August 3, 2026, with total operating income of $677 million, consolidated net income of $331 million, and net income attributable to Viper of $142 million, or $0.73 per Class A common share. Average daily production was 134,363 boe/d (65,077 bo/d) in the quarter. Cash available for distribution to Class A stockholders was $262 million, or $1.37 per share. The company declared a base dividend of $0.38 and a variable dividend of $0.29 per Class A share, both payable August 20, 2026. Total return of capital was $197 million, or 75% of cash available for distribution. Consolidated net debt was $1.6 billion as of June 30, 2026, with a cash balance of $77 million. The most significant change is a strategic shift in capital return policy. Effective Q3 2026, the Board approved a 32% increase in the base dividend to $2.00 per Class A share annually, which the company says would be fully protected down to approximately $30 per barrel WTI and would represent about 50% of cash available for distribution at $70 per barrel WTI. Viper is also removing its quarterly commitment to return at least 75% of cash available for distribution, which the company says will provide flexibility for share repurchases, debt reduction, and M&A. On the operating side, Viper initiated Q3 2026 production guidance of 67,500 to 68,500 bo/d and raised full-year 2026 guidance to 66,000 to 67,250 bo/d. The Riverbend Acquisition closed July 1, 2026, and on August 3, 2026, a subsidiary agreed to acquire about 933 net royalty acres from Diamondback in exchange for approximately 3.7 million OpCo Units, with closing expected in late Q3 2026.
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04—See also

Related Companies

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