Empire Petroleum Financials
This page shows Empire Petroleum (EP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Empire Petroleum's recent story is a balance-sheet squeeze as operating losses stopped being mostly noncash.
One year earlier, a-$16.2M net loss still translated into$6.2M of operating cash, so accounting results looked worse than near-term cash reality. By the latest year, cash conversion and balance-sheet cushioning broke down together: operating cash flow turned negative, equity flipped below zero, and short-term obligations were no longer comfortably matched by liquid resources.
The latest year's operating loss of
In both recent years, the business leaned on external funding rather than internally generated cash, even as cash on hand fell to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Empire Petroleum's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Empire Petroleum scores -5.68, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($107.8M) relative to total liabilities ($70.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Empire Petroleum passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Empire Petroleum generates $0.05 in operating cash flow (-$3.9M OCF vs -$72.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Empire Petroleum earns $-46.1 in operating income for every $1 of interest expense (-$71.3M vs $1.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Empire Petroleum generated $34.2M in revenue in fiscal year 2025. This represents a decrease of 21.6% from the prior year.
Empire Petroleum's EBITDA was -$60.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1276.9% from the prior year.
Empire Petroleum reported -$72.1M in net income in fiscal year 2025. This represents a decrease of 345.0% from the prior year.
Empire Petroleum earned $-2.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 292.6% from the prior year.
Cash & Balance Sheet
Empire Petroleum held $1.2M in cash against $0 in long-term debt as of fiscal year 2025.
Empire Petroleum had 35M shares outstanding in fiscal year 2025. This represents an increase of 3.5% from the prior year.
Margins & Returns
Empire Petroleum's operating margin was -208.5% in fiscal year 2025, reflecting core business profitability. This is down 177.2 percentage points from the prior year.
Empire Petroleum's net profit margin was -210.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 173.6 percentage points from the prior year.
Capital Allocation
EP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1M-27.7% | $7.1M-24.8% | $9.4M+7.2% | $8.8M-2.8% | $9.0M-10.8% | $10.1M-11.3% | $11.4M-11.1% | $12.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $3.1M-3.6% | $3.2M+1.9% | $3.1M-8.0% | $3.4M-9.0% | $3.7M-11.9% | $4.2M+6.6% | $4.0M+34.8% | $2.9M |
| Operating Income | -$5.6M+90.5% | -$58.9M-1559.8% | -$3.5M+27.6% | -$4.9M-23.9% | -$4.0M-0.8% | -$3.9M-14.8% | -$3.4M-77.5% | -$1.9M |
| Interest Expense | $480K | N/A | $388K | N/A | $296K | N/A | $196K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$6.6M+88.7% | -$59.0M-1433.6% | -$3.8M+24.0% | -$5.1M-19.8% | -$4.2M-0.7% | -$4.2M-15.2% | -$3.6M+17.1% | -$4.4M |
| EPS (Diluted) | $-0.18 | N/A | $-0.11+26.7% | $-0.15-25.0% | $-0.12 | N/A | $-0.12+20.0% | $-0.15 |
EP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $78.0M+18.4% | $65.9M-46.4% | $123.0M-1.3% | $124.7M+0.8% | $123.7M-0.1% | $123.9M+2.2% | $121.2M+1.1% | $119.9M |
| Current Assets | $17.3M+111.5% | $8.2M-44.3% | $14.7M+1.2% | $14.5M+25.5% | $11.6M-6.3% | $12.4M+5.3% | $11.7M-42.2% | $20.3M |
| Cash & Equivalents | $8.8M+638.9% | $1.2M-74.2% | $4.6M+100.7% | $2.3M+112.1% | $1.1M-52.0% | $2.3M-28.5% | $3.1M-66.0% | $9.3M |
| Inventory | $1.5M+15.1% | $1.3M+3.6% | $1.2M-6.5% | $1.3M-13.4% | $1.5M+15.2% | $1.3M-13.0% | $1.5M+3.3% | $1.5M |
| Accounts Receivable | $6.0M+16.3% | $5.1M-38.5% | $8.3M-18.1% | $10.2M+29.1% | $7.9M-3.4% | $8.2M+25.4% | $6.5M-25.9% | $8.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $74.3M+5.4% | $70.5M+1.7% | $69.3M-1.2% | $70.2M+8.6% | $64.6M+5.7% | $61.1M-5.6% | $64.7M+5.6% | $61.3M |
| Current Liabilities | $29.3M+20.2% | $24.3M+4.4% | $23.3M-10.9% | $26.2M+9.0% | $24.0M+12.9% | $21.3M-21.2% | $27.0M+13.6% | $23.8M |
| Long-Term Debt | $13.1M | N/A | $15.2M+4.0% | $14.6M+26.6% | $11.6M+2.0% | $11.3M+33.2% | $8.5M-0.1% | $8.5M |
| Total Equity | $3.7M+180.1% | -$4.6M-108.6% | $53.7M-1.5% | $54.5M-7.7% | $59.1M-5.9% | $62.8M+11.0% | $56.5M-3.7% | $58.7M |
| Retained Earnings | -$159.5M-4.3% | -$152.9M-62.8% | -$93.9M-4.3% | -$90.1M-5.9% | -$85.0M-5.2% | -$80.8M-5.5% | -$76.6M-5.0% | -$73.0M |
EP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$970K+64.7% | -$2.8M-933.6% | $330K+110.5% | -$3.1M-294.5% | $1.6M+118.4% | -$8.8M-168.4% | $12.8M+810.5% | -$1.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$1.3M-5.1% | -$1.2M-614.5% | -$172K+61.8% | -$450K+83.7% | -$2.8M+39.9% | -$4.6M+75.5% | -$18.8M-39.8% | -$13.4M |
| Financing Cash Flow | $9.9M+1635.6% | $568K-73.6% | $2.1M-55.2% | $4.8M+22957.1% | -$21K-100.2% | $12.5M+7934.6% | -$159K-100.8% | $21.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
EP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -109.4%+725.1pp | -834.5%-796.7pp | -37.8%+18.2pp | -56.0%-12.1pp | -44.0%-5.0pp | -38.9%-8.9pp | -30.0%-15.0pp | -15.0% |
| Net Margin | -130.2%+705.0pp | -835.1%-794.2pp | -40.9%+16.8pp | -57.8%-10.9pp | -46.9%-5.3pp | -41.6%-9.6pp | -32.0%+2.3pp | -34.3% |
| Return on Equity | -180.1% | N/A | -7.2%+2.1pp | -9.3%-2.1pp | -7.1%-0.5pp | -6.7%-0.2pp | -6.4%+1.0pp | -7.5% |
| Return on Assets | -8.5%+81.0pp | -89.5%-86.4pp | -3.1%+0.9pp | -4.1%-0.6pp | -3.4%-0.0pp | -3.4%-0.4pp | -3.0%+0.7pp | -3.7% |
| Current Ratio | 0.59+0.3 | 0.34-0.3 | 0.63+0.1 | 0.55+0.1 | 0.48-0.1 | 0.58+0.1 | 0.43-0.4 | 0.85 |
| Debt-to-Equity | 20.14+35.4 | -15.30-15.6 | 0.28+0.0 | 0.27+0.1 | 0.20+0.0 | 0.18+0.0 | 0.150.0 | 0.15 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$4.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.34), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What is Empire Petroleum's annual revenue?
Empire Petroleum (EP) reported $34.2M in total revenue for fiscal year 2025. This represents a -21.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Empire Petroleum's revenue growing?
Empire Petroleum (EP) revenue declined by 21.6% year-over-year, from $43.6M to $34.2M in fiscal year 2025.
Is Empire Petroleum profitable?
No, Empire Petroleum (EP) reported a net income of -$72.1M in fiscal year 2025, with a net profit margin of -210.7%.
What is Empire Petroleum's EBITDA?
Empire Petroleum (EP) had EBITDA of -$60.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Empire Petroleum's operating margin?
Empire Petroleum (EP) had an operating margin of -208.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Empire Petroleum's net profit margin?
Empire Petroleum (EP) had a net profit margin of -210.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Empire Petroleum's operating cash flow?
Empire Petroleum (EP) generated -$3.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Empire Petroleum's total assets?
Empire Petroleum (EP) had $65.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Empire Petroleum's current ratio?
Empire Petroleum (EP) had a current ratio of 0.34 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Empire Petroleum's debt-to-equity ratio?
Empire Petroleum (EP) had a debt-to-equity ratio of -15.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Empire Petroleum's return on assets (ROA)?
Empire Petroleum (EP) had a return on assets of -109.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Empire Petroleum's cash runway?
Based on fiscal year 2025 data, Empire Petroleum (EP) had $1.2M in cash against an annual operating cash burn of $3.9M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Empire Petroleum's debt-to-equity ratio negative or unusual?
Empire Petroleum (EP) has negative shareholder equity of -$4.6M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Empire Petroleum's Altman Z-Score?
Empire Petroleum (EP) has an Altman Z-Score of -5.68, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Empire Petroleum's Piotroski F-Score?
Empire Petroleum (EP) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Empire Petroleum's earnings high quality?
Empire Petroleum (EP) has an earnings quality ratio of 0.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Empire Petroleum cover its interest payments?
Empire Petroleum (EP) has an interest coverage ratio of -46.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Empire Petroleum?
Empire Petroleum (EP) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.