Phoenix Energy One ( PHXE) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 144% YoY to $687.2M, net income reached $66.1M, and production more than doubled to 9.9M Boe. Q4 revenue, net income, EBITDA, and production also set records or rose sharply YoY.

• Operations remain focused on the Williston Basin, with drilling activity also spanning the Powder River and Denver-Julesburg basins; 2026 guidance anticipates higher production and revenue.

Financial highlights

• Q4 2025 revenue was $218.6M, up 115% YoY; net income was $33.3M, up 347%; EBITDA was $147.1M, up 207%.

• FY2025 revenue was $687.2M vs. $281.2M; net income was $66.1M vs. a $24.8M loss; EBITDA was $403.6M vs. $150.7M.

• Q4 net income benefited from $74.4M higher product sales and a $49.6M increase in derivative gains; higher DD&A, cost of sales, and interest expense partly offset gains.

• FY net income benefited from $311.8M higher product sales and a $58.8M increase in derivative gains; higher DD&A, cost of sales, interest expense, and lower mineral and royalty revenue partly offset gains.

Outlook and guidance

• 2026 revenue guidance is $1.19B-$1.49B; total operating expenses $965M-$1.03B; net income range is a $40M loss to $65M income; EBITDA guidance is $475M-$605M.

• 2026 production guidance: 15.46M-16.84M Boe total, or 42,352-46,128 Boe/d; crude oil 12.5M-13.6M Bbls, natural gas 14.9M-16.3M Mcf, and NGLs 475K-520K Bbls.

• Guidance assumes benchmark prices of $63.90/Bbl for crude and $3.50/MMBtu for natural gas; 7.55M-7.75M Mcf of guided gas volumes are expected to be sold and recognized as revenue.