Jun 2026 (Q2 FY26) — Aug 4, 2026
Viper Energy Q2 FY26 — Capital Allocation Shift and Strong Organic Growth
Read the full callViper Energy (VNOM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Viper Energy earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 677 | +127.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 63.2 | +17.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 142 | +283.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Riverbend acquisition closing | acquire Riverbend royalty acreage and ~2,000 bo/d of production for $337 million in cash and 3.7 million Class A shares | Mar 2026 | we incorporated the 2,000 barrels a day of production contribution from the Riverbend assets, but that still implies 1,000 barrels a day of quarter-over-quarter growth on purely on an organic basis | Achieved |
| Full-year 2026 average production growth (vs pro forma Q4 2025 base) | mid-single-digit percentage increase from expected pro forma Q4 2025 production levels | Jun 2025 | All in, you're looking at about high single-digit organic growth in 2026. | Revised Up |
| Average daily oil production guidance (Q3 FY26) | guidance implying roughly 4.5% growth relative to Q2 FY26, approximately 15% annualized oil production per share growth relative to Q4 FY25 | Jun 2026 | we have initiated average production guidance for the third quarter that implies roughly 4.5% growth relative to the second quarter. Importantly, the midpoint of our third quarter guidance implies an approximate 15% annualized growth rate in oil production per share relative to the fourth quarter of 2025. | New |
11 of Viper Energy, Inc.'s 16 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 13 more targets are in the full ledger.
Claimed
- Operators turned 691 gross horizontal wells to production on Viper's acreage.
- Third quarter production guidance implies roughly 4.5% growth relative to Q2 FY26.
- Midpoint of Q3 guidance implies an approximate 15% annualized oil production per share growth rate relative to Q4 FY25.
- Base dividend increased by 32% to $2 per Class A share on an annual basis, implying an annualized yield of approximately 4.5%.
- Viper has achieved a 17% CAGR in per share growth (excluding price impacts) over time.
Qualified
- Market is not currently valuing the variable dividend framework, leading to its removal.
- Viper's valuation does not reflect its 17% CAGR in per share growth or 15% annualized oil production growth.
- Market is not rewarding Viper for its growth prospects, leading to aggressive share repurchases.
Price
$45.53 +1.13% · +$0.51
Performance +25.3% 1Y
1Y: $36.35 on 17 Oct 2025 → $45.53. High $50.95 (4 May 2026), low $35.84 (20 Nov 2025).
- Previous close
- $45.02
- 52-week range
- $35.84 – $50.95
- One year
- +23.92%
Overview
- Symbol
- VNOM
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Riverbend acquisition closing | acquire Riverbend royalty acreage and ~2,000 bo/d of production for $337 million in cash and 3.7 million Class A shares | Mar 2026 | we incorporated the 2,000 barrels a day of production contribution from the Riverbend assets, but that still implies 1,000 barrels a day of quarter-over-quarter growth on purely on an organic basis | Achieved |
| Full-year 2026 average production growth (vs pro forma Q4 2025 base) | mid-single-digit percentage increase from expected pro forma Q4 2025 production levels | Jun 2025 | All in, you're looking at about high single-digit organic growth in 2026. | Revised Up |
| Average daily oil production guidance (Q3 FY26) | guidance implying roughly 4.5% growth relative to Q2 FY26, approximately 15% annualized oil production per share growth relative to Q4 FY25 | Jun 2026 | we have initiated average production guidance for the third quarter that implies roughly 4.5% growth relative to the second quarter. Importantly, the midpoint of our third quarter guidance implies an approximate 15% annualized growth rate in oil production per share relative to the fourth quarter of 2025. | New |
Claimed
- Operators turned 691 gross horizontal wells to production on Viper's acreage.
- Third quarter production guidance implies roughly 4.5% growth relative to Q2 FY26.
- Midpoint of Q3 guidance implies an approximate 15% annualized oil production per share growth rate relative to Q4 FY25.
- Base dividend increased by 32% to $2 per Class A share on an annual basis, implying an annualized yield of approximately 4.5%.
- Viper has achieved a 17% CAGR in per share growth (excluding price impacts) over time.
Qualified
- Market is not currently valuing the variable dividend framework, leading to its removal.
- Viper's valuation does not reflect its 17% CAGR in per share growth or 15% annualized oil production growth.
- Market is not rewarding Viper for its growth prospects, leading to aggressive share repurchases.
The full ledger
Open Viper Energy, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Viper Energy Q1 FY26 — Production Exceeds Expectations, Riverbend Acquisition Announced
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
Viper Energy Q4 FY25 — Strong Production Growth, Increased Shareholder Returns, and Strategic Acquisitions
Read the full callEvery analysed call
Viper Energy earnings calls (VNOM)
Financials
What the filings say
Net profit, year on year: +284% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 211 | 229 | 245 | 297 | 418 | 435 | 511 | 677 |
| Operating profit | 136 | 144 | 155 | 135 | -176 | -254 | 253 | 428 |
| Operating margin | 64.5% | 62.9% | 63.3% | 45.5% | −42.1% | −58.4% | 49.5% | 63.2% |
| Other income | -9 | -14 | 19 | -44 | -47 | -13 | -10 | -25 |
| Profit before tax | 127 | 130 | 174 | 91 | -223 | -267 | 243 | 403 |
| Tax rate | 14.2% | −110.0% | 12.1% | 7.7% | 11.7% | 7.9% | 11.5% | 17.9% |
| Net profit | 49 | 210 | 75 | 37 | -77 | -103 | 97 | 142 |
| EPS ($ per share) | 0.52 | — | 0.62 | 0.28 | -0.52 | — | 0.54 | 0.73 |
| Line item | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Reserves | — | 118 | -278 |
| Total liabilities | — | 1,162 | 2,308 |
| Fixed assets | — | 4,638 | 12,209 |
| Total assets | — | 5,069 | 12,671 |
| Line item | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash from operations | 638 | 620 | 1,053 |
| Cash from investing | -908 | -608 | -2,424 |
| Cash from financing | 278 | -11 | 1,357 |
| Net cash flow | 8 | 1 | -14 |
VNOM revenue by segment
Oil Income grew from 84% to 88% of revenue over the last three quarters.
| Segment | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|
| Oil Income | 84% | 86% | 88% | — |
| Natural Gas Liquids Income | 12% | 10% | 11% | — |
| Natural Gas Income | 4% | 3% | <1% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
VNOM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Gross horizontal wells turned to production | 650+And -- during the quarter, operators in our acreage turned more than 650 gross horizontal wells to production, led by Diamondback's 114 gross wells in the Midland Basin, with meaningful contributions from leading third-party operators across both the Midland and Delaware Basins.Source: earnings call transcript | 691During the quarter, operators turned 691 gross horizontal wells to production on our acreage in which Viper owned an average 3% net revenue interest.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
21 filings between Mar 1, 2026 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$589.46M
2 sales by 1 insider
Compensation
not trading decisions- 10
- Award — granted as compensation
- 7
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 conversions.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Diamondback Energy, Inc. | — | $589.46M | Mar 19, 2026 |
Latest filings (23)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Gilfillian Austen President | Tax withheld | 1,008 | $40.2K |
| Sep 15, 2026 | Grotzinger John P. Director | Award | 2,606 | $0 |
| May 19, 2026 | Armour Spencer D III Director | Award | 3,612 | $0 |
| May 19, 2026 | PERRY WILLIAM WESLEY Director | Award | 3,612 | $0 |
| May 19, 2026 | Hu Frank C. Director | Award | 3,612 | $0 |
| May 19, 2026 | Rubin James L. Director | Award | 3,612 | $0 |
| May 19, 2026 | Stice Travis D. Director | Award | 3,612 | $0 |
| May 19, 2026 | WEST STEVEN E Director | Award | 3,612 | $0 |
| May 19, 2026 | Argo Laurie H Director | Award | 3,612 | $0 |
| Mar 19, 2026 | Diamondback Energy, Inc. 10% owner | Conversion | 510,071 | — |
| Mar 19, 2026 | Diamondback Energy, Inc. 10% owner | Sale | 510,071 | $23.31M |
| Mar 4, 2026 | Diamondback Energy, Inc. 10% owner | Conversion | 12,391,304 | — |
| Mar 4, 2026 | Diamondback Energy, Inc. 10% owner | Sale | 12,391,304 | $566.16M |
| Mar 1, 2026 | Gilfillian Austen President | Award | 12,302 | $0 |
| Mar 1, 2026 | Gilfillian Austen President | Tax withheld | 1,421 | $66.1K |
| Mar 1, 2026 | Gilfillian Austen President | Tax withheld | 1,614 | $75.1K |
| Mar 1, 2026 | Krueger William F VP, Gen Counsel and Sec | Award | 8,787 | $0 |
| Mar 1, 2026 | Krueger William F VP, Gen Counsel and Sec | Tax withheld | 1,166 | $54.3K |
| Mar 1, 2026 | Krueger William F VP, Gen Counsel and Sec | Tax withheld | 1,153 | $53.7K |
| Mar 1, 2026 | Gilfillian Austen President | Tax withheld | 829 | $38.6K |
| Mar 1, 2026 | Gilfillian Austen President | Tax withheld | 2,645 | $123.1K |
| Oct 1, 2025 | Gilfillian Austen President | Tax withheld | 730 | $27.9K |
| Oct 1, 2025 | Gilfillian Austen President | Tax withheld | 1,008 | $38.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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