Short answer
Kosmos Energy Ltd. (KOS) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $1.3B (−23.1% year over year) and net income of −$700M.
- Top risk flagged: Regulatory risk from Ghana license extension: Government share to increase by 10% starting July 2036, reducing partners’ shares pro rata
FY2025 key financial metrics · XBRL
- Revenue
- $1.3B
- −23.1% YoY
- Net income
- −$700M
- −468.6% YoY
- EPS (diluted)
- −$1.47
- −467.5% YoY
- ROE
- -132.4%
- −148.2 pp YoY
- Operating cash flow
- $134M
- −80.2% YoY
Source: XBRL data from the Kosmos Energy Ltd. (KOS) FY2025 10-K on SEC EDGAR. USD.
Kosmos Energy Ltd. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Exploration, development, and production of oil, natural gas, and LNG
- No new products or business segments introduced or emphasized in 2026 filing
- Increased regulatory compliance focus due to global anti-corruption laws and rising derivatives market regulations affecting hedging costs
- Operational risks highlighted include employee retention and exposure to global activism potentially increasing costs and taxation
- Noteworthy emphasis on risks from U.S. Foreign Corrupt Practices Act and evolving Commodity Futures Trading Commission rules impacting derivatives use and cost structure
Management Discussion & Analysis
- Revenue $1.29B in 2025, down $387M YoY from $1.68B in 2024, due to lower prices, offset by LNG ramp-up in Mauritania/Senegal
- Net loss of $700M in 2025 vs. net income $190M in 2024; oil and gas production costs increased to $709M in 2025 from $531M; depletion & amortization $557M vs. $457M
- Best segment: Mauritania/Senegal with LNG ramp-up increasing sales volumes; worst: Jubilee and Equatorial Guinea with lower volumes and negative reserve impairments of $177.6M
- Operating cash flow $134M in 2025, down from $678M; capex $314M in 2025 vs. $934M in 2024; debt increased to $3.1B with new $350M Nordic bonds in 2026 and $100M early Facility repayment
- 2026 capital budget $350M focused on Ghana, GoA, Mauritania/Senegal development; amended debt covenants easing leverage ratios through Sept 2026; commodity price volatility and LNG ramp risks noted
Risk Factors
- Regulatory risk from Ghana license extension: Government share to increase by 10% starting July 2036, reducing partners’ shares pro rata
- Geopolitical risk in Equatorial Guinea: Ceiba and Okume asset sale for $180M upfront pending CEMAC approval delays
- Operational risk at Gulf of America Winterfell: Winterfell-4 well abandoned due to casing collapse, production remains curtailed since late 2024
- Competitive risk from alliance with Shell in Gulf of America: Alignment on 10 blocks with Shell, drilling Trailblazer planned for 2027
- Financial risk from leverage: $250M term loan secured by Gulf of America assets with principal payments starting June 30, 2026
Generated from the filing text; verify against the original. How to read a 10-K
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