Empire Petroleum (EP) Financial Statements & Analysis

Empire Petroleum (EP) Income Statement

Empire Petroleum reported revenue of $34.20M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 22.3% from $44.04M a year earlier. Empire Petroleum posted a net loss of $72.07M, compared with a net loss of $16.20M a year earlier. Gross margin was -19.3% and operating margin -58.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $11.12M, up 27.0% from the same quarter a year earlier.

Empire Petroleum Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Empire Petroleum Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	34.20	44.04	40.14	40.14	53.28	53.27	27.68	5.64	5.83	0.35	0.00
Cost of Revenue	40.81	40.57	34.77	34.77	29.48	29.48	17.89	4.87	3.73	0.04	0.76
Gross Profit	-6.61	3.47	5.38	5.38	23.80	23.80	9.79	0.77	2.09	0.32	0.00
Operating Expenses
Research & Development	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	12.00	14.74	15.18	15.18	12.33	12.33	8.46	7.37	3.63	1.23	0.76
Operating Expenses	13.42	16.75	17.00	16.93	15.01	13.69	10.26	9.68	8.25	1.23	0.76
Operating Income	-20.03	-13.28	-11.63	-11.56	8.78	10.11	-0.47	-8.91	-6.15	-0.92	-0.76
Other Income/Expense
Interest Income	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00	0.00
Interest Expense	1.55	1.52	1.00	1.00	0.51	0.51	8.60	-0.52	0.50	0.10	0.07
Other Income/Expense	-52.05	-1.41	-0.98	-0.04	-1.49	-2.31	-18.14	0.75	-0.50	-0.10	-0.07
Income
Income Before Tax	-72.07	-16.20	-12.60	-12.60	7.29	7.29	-18.61	-16.84	-6.65	-1.02	-0.83
Income Tax Expense	0.00	0.00	-0.13	-0.13	0.21	0.21	0.00	0.00	0.00	0.00	0.00
Net Income	-72.07	-16.20	-12.47	-12.47	7.08	7.08	-18.61	-16.84	-6.65	-1.02	-0.83
Net Income - Continuous Operations	-72.07	-16.20	-12.47	-12.47	7.08	7.08	-18.61	-16.84	-6.65	-1.02	-0.83
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-57.32	-4.89	-8.08	-8.08	10.02	10.02	-7.37	-4.84	-2.80	-0.90	0.00
EBIT	-71.32	-14.68	-	-11.60	-	7.80	-0.47	-8.91	-	-	-
Depreciation & Amortization	13.20	9.80	3.52	3.52	2.21	2.21	2.64	4.07	3.35	0.02	0.76
Earnings Per Share
Basic EPS	-2.00	-1.00	-1.00	-1.00	-	-	-5.00	-3.00	-1.00	-	-
Diluted EPS	-2.00	-1.00	-1.00	-1.00	-	-	-5.00	-3.00	-1.00	-	-
Basic Shares Outstanding	34.06	30.15	22.73	22.78	21.39	21.45	3.66	5.68	4.97	3.29	2.72
Diluted Shares Outstanding	34.06	30.15	22.73	22.78	23.82	23.89	3.66	5.68	4.97	3.29	2.72

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Empire Petroleum Financial Statements

What was Empire Petroleum's revenue in fiscal 2025?

Empire Petroleum reported revenue of $34.20M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 22.3% from $44.04M a year earlier.

Is Empire Petroleum profitable?

No. Empire Petroleum reported a net loss of $72.07M in fiscal 2025. In fiscal 2024 it lost $16.20M.

What is Empire Petroleum's operating margin?

Empire Petroleum's operating income was −$20.03M on revenue of $34.20M in fiscal 2025, an operating margin of -58.6%, compared with -30.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition