Short answer
EVOLUTION PETROLEUM CORP (EPM) filed its fiscal 2026 10-K annual report with the SEC on Sep 16, 2026. It reported revenue of $86M (+0.6% year over year) and net income of −$2M.
- Top risk flagged: Regulatory risk: December 2023 EPA methane emission reduction rule may increase operating costs and regulatory burdens
FY2026 key financial metrics · XBRL
- Revenue
- $86M
- +0.6% YoY
- Net income
- −$2M
- −264.9% YoY
- Operating margin
- 4.0%
- −0.8 pp YoY
- EPS (diluted)
- −$0.08
- −366.7% YoY
- ROE
- -4.0%
- −6.1 pp YoY
- Operating cash flow
- $24M
- −28.8% YoY
Source: XBRL data from the EVOLUTION PETROLEUM CORP (EPM) FY2026 10-K on SEC EDGAR. USD.
EVOLUTION PETROLEUM CORP FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: acquisition and development of non-operated working interests and mineral and royalty interests in U.S. oil and natural gas properties
- New emphasized assets: $16M Permian Basin mineral interests acquisition, $6.2M Louisiana minerals purchase, and divestiture of 3,700 SCOOP/STACK net royalty acres
- Strategic shift: increased borrowing base temporary raise from $65M to $73M to finance acquisitions, alongside public equity offering raising $12.8M net proceeds
- Quantitative highlight: total proved reserves 27.2 MMBOE with 39.1% oil, 45.4% natural gas; total acreage 396,604 gross (74,692 net) as of June 30, 2026
- Distinctive fact: small full-time workforce of eleven employees emphasizing outsourcing, with ESG governance formalized via a Sustainability Committee since fiscal year 2023
Management Discussion & Analysis
- Revenue $86.3M, up 0.6% YoY from $85.8M; crude oil revenue slight decline by $0.5M, natural gas up $1.5M
- Operating margin under pressure: net loss $(2.4)M in 2026 vs net income $1.5M in 2025; adverse derivative losses $(2.85)M
- Best performing: Natural gas revenue increased 6.5% to $25.0M; worst performing: Crude oil revenue down 1.1% to $50.6M
- Cash flow: Operating cash $23.5M (down $9.5M YoY); investing cash outflow $27.2M; financing cash inflow $7.3M; paid $16.9M dividends; development capex $5.5M
- Forward outlook: FY27 capex forecast $4.0-6.0M excluding acquisitions; borrowing base temporarily up to $73M; commodity price volatility a key risk factor
Risk Factors
- Regulatory risk: December 2023 EPA methane emission reduction rule may increase operating costs and regulatory burdens
- Geopolitical risk: 39% oil reserves & 45% natural gas exposure vulnerable to OPEC+ decisions and conflicts like Ukraine-Russia
- Operational risk: Limited control over non-operated properties' operators risks delays, increased costs, and development uncertainties
- Competitive risk: Larger integrated oil companies with greater capital and technology resources may outbid Evolution Petroleum for assets
- Financial risk: Senior Secured Credit Facility borrowing at $60M of $73M commitment, limited lender capacity may restrict capital access
Generated from the filing text; verify against the original. How to read a 10-K
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