Company file · EOG

EOG Resources

Trinidad was EOG Resources' fastest-growing segment in FY2025, up 15.4%

Revenue fell 4.5% to $22.6B in FY2025, from $23.7B in FY2024. Net income fell 22.2% to $5.0B. United States of America was the largest segment, at 98% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026) · Data pulled Oct 29, 2026

Key facts

EOG Resources (NYSE: EOG) reported revenue of $22.6B for fiscal 2025, the year ended Dec 31, 2025, down 4.5% from fiscal 2024. Net income was $5.0B, down 22.2%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $8.6B, up 57.4% from the same quarter a year earlier, and net income was $2.7B. The largest piece by segment was United States of America, at 98% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).

Revenue$22.6BFY2025 · −4.5% vs FY2024

Net income$5.0BFY2025 · −22.2% vs FY2024

Operating cash flow$10.0BFY2025 · −17.3% vs FY2024

Cash & equivalents$4.9Bat Jun 30, 2026 · +44.5% vs FY2025 end

Total debt$7.9Bat Jun 30, 2026 · −0.1% vs FY2025 end

Diluted shares546MFY2025 avg · −4.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
United States of America$22.3B98%−4.8%
Trinidad$359M2%+15.4%
Other International$4M0%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: United States of America (98%), Trinidad (2%) and Other International (0%), as shares of total revenue. Total revenue was $22.6B.

By segment: three-year mixShare of the total each fiscal year

FY2023

99%

FY2024

99%

FY2025

98%

United States of AmericaTrinidadOther International

Source: 10-K FY2025

By product or service, FY2025

Oil and Condensate$12.5B55%−10.2%

Natural Gas, Gathering, Transportation, Marketing and Processing$4.9B22%−15.3%

Natural Gas, Production$2.8B12%+79.9%

Natural Gas Liquids (NGL)$2.4B10%+12.8%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$8.6B Q2 2026

$5.5B Q2 2025

57.4% increase

Net income

$2.7B Q2 2026

$1.3B Q2 2025

102.5% increase

Source: EOG Resources 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

By segment

United States of America

$8.5B Q2 2026

$5.4B Q2 2025

57.5% increase

Trinidad

$127M Q2 2026

$90M Q2 2025

41.1% increase

Other International

$11M Q2 2026

$3M Q2 2025

266.7% increase

Source: EOG Resources 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

Cash & equivalents $4.9B at Jun 30, 2026, vs $3.4B at FY2025 end.
Total debt $7.9B at Jun 30, 2026, vs $7.9B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $7.6B vs $4.3B a year earlier.

The bull case and the bear case

The bull case

Diluted shares fell 4.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $8.6B, up 57.4% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Net income in the quarter ended Jun 30, 2026 was $2.7B, up 102.5% on a year earlier. 10-Q, quarter ended Jun 30, 2026
Trinidad revenue grew 15.4% in FY2025 to $359M. 10-K, FY2025

The bear case

Revenue fell 4.5% in FY2025 to $22.6B, from $23.7B a year earlier. 10-K, FY2025
Net income fell 22.2% in FY2025 to $5.0B, from $6.4B. 10-K, FY2025
Operating cash flow fell 17.3% in FY2025 to $10.0B. 10-K, FY2025
Total debt rose 67.0% in FY2025 to $7.9B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

EOG Resources is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Crude Petroleum & Natural Gas.

EOG Resources reports 3 segments: United States of America, Trinidad and Other International.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of EOG Resources’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$24.2B	$23.7B	$22.6B
Net income	$7.6B	$6.4B	$5.0B
Operating cash flow	$11.3B	$12.1B	$10.0B
Cash & equivalents (year end)	$5.3B	$7.1B	$3.4B
Total debt (year end)	$3.8B	$4.8B	$7.9B
Diluted shares	584M	569M	546M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Aug 4, 2026	Jun 30, 2026
10-Q	May 5, 2026	Mar 31, 2026
DEF 14A	Mar 27, 2026	May 20, 2026
10-K	Feb 24, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about EOG Resources

How does EOG Resources make money?

EOG Resources's revenue was $22.6B in fiscal 2025. By segment in FY2025: United States of America (98%), Trinidad (2%) and Other International (0%), as shares of total revenue. Total revenue was $22.6B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was EOG Resources's revenue in fiscal 2025?

$22.6B of revenue for the fiscal year ended Dec 31, 2025, down 4.5% from $23.7B in fiscal 2024. Fiscal 2023 was $24.2B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is EOG Resources profitable?

EOG Resources reported net income of $5.0B for fiscal 2025, down 22.2% from $6.4B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $2.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did EOG Resources report in its latest quarterly filing?

Revenue was $8.6B in the quarter ended Jun 30, 2026, up 57.4% from $5.5B a year earlier. Net income was $2.7B, up 102.5% from $1.3B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.

How much cash and debt does EOG Resources have?

EOG Resources had $4.9B in cash and cash equivalents and $7.9B of total debt on Jun 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Aug 4, 2026.

What are the main risks EOG Resources faces?

EOG Resources's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these EOG Resources numbers come from?

From EOG Resources's own SEC filings: the 10-K for fiscal 2025 (filed Feb 24, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in EOG: The editor holds no position in EOG Resources (EOG). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell EOG from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold EOG, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
EOG ResourcesEOG	FY2025	$22.6B	−4.5%	$5.0B
ConocoPhillipsCOP	FY2025	$58.9B	+7.7%	$8.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.