10-Q · May 6, 2026
Viper Energy, Inc. reported strong performance in Q1 2026, exceeding revenue and EPS estimates due to higher commodity prices and production efficiency despite production decreases. Management highlighted the…
Earnings analysis · 10-Q
VNOM earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Viper delivered strong Q3 results, with $661 million of revenue, $0.72 diluted EPS and $520 million of free cash flow; revenue and EPS exceeded consensus estimates of $609.9 million and $0.66, respectively. Revenue was…
Read full summary
Viper delivered strong Q3 results, with $661 million of revenue, $0.72 diluted EPS and $520 million of free cash flow; revenue and EPS exceeded consensus estimates of $609.9 million and $0.66, respectively. Revenue was down modestly from $677 million in Q2 2026, but free cash flow increased from $384 million and oil production reached 69,076 bo/d. The principal concerns are the funding and closing of the $280 million-cash Buckhorn acquisition, increased revolver borrowings and interest-rate exposure, and substantial ongoing capital commitments.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.72
What stood out
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Revenue up 58% year over year
Q3 revenue was $661 million, up from $418 million in Q3 2025, a 58% year-over-year increase, although it declined from $677 million in Q2 2026.
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EPS remained strongly positive
Diluted EPS was $0.72 versus $(0.52) in Q3 2025 and $0.73 in Q2 2026; EPS exceeded the $0.66 consensus estimate by $0.06.
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Free cash flow accelerated
Free cash flow was $520 million, improving from $(2.08) billion in Q3 2025 and increasing from $384 million in Q2 2026.
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Production momentum continued
Average daily oil production increased to 69,076 bo/d, supporting the increase in full-year 2026 oil production guidance to 67,250-67,750 bo/d.
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Share repurchases remained active
The company repurchased 2,084,432 Class A shares during Q3 at an average price of $43.01, with approximately $923 million remaining under the repurchase program at September 30, 2026.
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No control deficiencies reported
Management concluded that disclosure controls were effective at the reasonable assurance level as of September 30, 2026, and reported no material changes in internal control over financial reporting during the quarter.
What to watch
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Acquisition funding and closing risk
The Pending Buckhorn Acquisition requires approximately $280 million of cash plus 1,844,168 shares of Class A Common Stock and is subject to customary closing conditions; it is expected to close during Q4 2026 but has not yet closed.
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Higher revolver borrowings raise interest risk
The company reported increased borrowings on its Revolving Credit Facility and related interest-rate risk; the filing specifically notes this as a market-risk change for the nine months ended September 30, 2026.
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Capital allocation commitments compete
The company repurchased 2,084,432 Class A shares in Q3 while also committing approximately $280 million of cash to the pending Buckhorn transaction, creating competing uses of capital.
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Recent acquisition execution risk
The Riverbend Acquisition required approximately $347 million in cash, including certain transaction costs, plus 3,691,796 shares of Class A Common Stock, increasing integration and acquisition-execution exposure.
Management's outlook
The filing does not provide numeric revenue or EPS guidance. Management’s quantitative production outlook, as reported with the Q3 results, increased full-year 2026 average daily oil production guidance to 67,250-67,750 bo/d, or 137,000-138,000 boe/d, and initiated Q4 2026 guidance of 70,000-71,000 bo/d, or 141,500-143,500 boe/d.
Earlier filings 3
10-K · February 25, 2026
VNOM is a Permian-focused mineral and royalty owner that posted royalty income of $1.3 billion for 2025 (up from $854 million in 2024 and $717 million in 2023) and reported average 2025 net production of 95,126 BOE/d…
10-Q · November 5, 2025
Viper reported materially higher top-line activity for the quarter with total operating income of $418 million (Q3 2025) driven by higher oil, NGL and royalty receipts, but the quarter produced an operating loss of $176…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.