Phoenix Energy One (PHXE) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PHXE SEC filings page.
Phoenix Energy One, LLC (PHXE) reported $1.1B in revenue over the twelve months to Jun 30, 2026, up 152.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
FY2025 shows rapid expansion converting into cash, while the business remains heavily debt-funded.
Operating cash flow reached$301M against net income of$66.1M in FY2025, or455.4% of reported profit, so accounting earnings are not the cleanest measure of cash generation. Depreciation and amortization was$177.9M , while FY2024 operating cash flow was$101M , showing this cash-versus-profit gap predates the profit turnaround.
Revenue expansion did not lift the operating margin: it was
Equity moved from negative in FY2024 to
Financial Health Signals
We do not publish a peer-relative financial health score for Phoenix Energy One, LLC, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Phoenix Energy One, LLC passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Phoenix Energy One, LLC generates $4.55 in operating cash flow ($301.1M OCF vs $66.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Phoenix Energy One, LLC earns $1.09 in operating income for every $1 of interest expense ($175.6M vs $161.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Phoenix Energy One, LLC generated $405.9M in revenue in Q2 2026. This represents an increase of 147.7% from the same quarter a year earlier. Against the prior quarter it is up 35.9%.
Phoenix Energy One, LLC's EBITDA was $237.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 185.4% from the same quarter a year earlier. Against the prior quarter it is up 56.4%.
Phoenix Energy One, LLC reported $106.0M in net income in Q2 2026. This represents an increase of 466.8% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
Phoenix Energy One, LLC held $37.0M in cash against $1.5B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Phoenix Energy One, LLC's gross margin was 87.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 8.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.1 percentage points.
Phoenix Energy One, LLC's operating margin was 40.3% in Q2 2026, reflecting core business profitability. This is up 11.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.5 percentage points.
Phoenix Energy One, LLC's net profit margin was 26.1% in Q2 2026, showing the share of revenue converted to profit. This is up 14.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 73.0 percentage points.
Phoenix Energy One, LLC's quarterly ROE was 260.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized.
Capital Allocation
None of these metrics is reported for Q2 2026.
PHXE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $405.9M+147.7% | $298.7M+158.0% | $218.6M+115.0% | $189.0M+220.2% | $163.8M+105.2% | $115.7M+184.5% | $101.7M | $59.0M |
| Cost of Revenue | $51.6M+46.7% | $56.1M+107.1% | $50.0M+111.9% | $42.9M+146.6% | $35.2M+135.3% | $27.1M+239.3% | $23.6M | $17.4M |
| Gross Profit | $354.3M+175.3% | $242.6M+173.6% | $168.5M+115.9% | $146.1M+250.9% | $128.7M+98.3% | $88.7M+171.2% | $78.1M | $41.6M |
| SG&A Expenses | $2.8M-56.7% | $4.3M-54.3% | $4.6M-35.2% | $5.5M-38.0% | $6.4M-18.8% | $9.5M+81.2% | $7.1M | $8.9M |
| Operating Income | $163.5M+250.2% | $91.8M+134.5% | $43.4M+69.4% | $46.3M+302.2% | $46.7M+75.5% | $39.2M+353.4% | $25.7M | $11.5M |
| EBITDA | $237.8M+185.4% | $152.1M+116.1% | $108.0M+85.2% | $91.8M+239.5% | $83.3M+63.5% | $70.4M+219.3% | $58.3M | $27.0M |
| Interest Expense | $58.3M+57.5% | $52.5M+46.5% | $49.5M+70.2% | $38.8M+48.1% | $37.0M+105.8% | $35.8M+111.9% | $29.1M | $26.2M |
| Net Income | $106.0M+466.8% | -$140.1M-2602.6% | $33.3Mn/m | $8.5Mn/m | $18.7M+122.6% | $5.6Mn/m | -$13.5M | -$11.3M |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
PHXE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2B+62.0% | $2.0B+74.3% | $1.8B+75.6% | $1.6B | $1.4B | $1.1B | $1.0B | N/A |
| Current Assets | $173.6M+11.0% | $181.7M+79.3% | $173.6M+10.8% | $178.9M | $156.4M | $101.3M | $156.7M | N/A |
| Cash & Equivalents | $37.0M-38.8% | $70.2M+98.4% | $65.8M-45.5% | $95.5M+289.2% | $60.5M+1383.0% | $35.4M+1335.3% | $120.8M | $24.5M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 | $0 |
| Inventory | $2.1M | $1.3M | $0 | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 | $0 |
| Total Liabilities | $2.2B+57.9% | $2.0B+75.5% | $1.7B+62.6% | $1.6B | $1.4B | $1.2B | $1.1B | N/A |
| Current Liabilities | $584.8M+61.6% | $539.8M+108.7% | $418.4M+84.6% | $400.9M | $362.0M | $258.6M | $226.6M | N/A |
| Non-Current Liabilities | $1.6B+56.7% | $1.5B+66.0% | $1.3B+56.6% | $1.2B | $1.0B | $904.5M | $836.5M | N/A |
| Long-Term Debt | $1.5B+53.8% | $1.4B+63.3% | $1.2B+55.4% | $1.1B | $960.3M | $853.5M | $795.2M | N/A |
| Total Equity | $40.7Mn/m | -$63.6Mn/m | $78.2Mn/m | $46.6Mn/m | -$9.8Mn/m | -$28.5Mn/m | -$34.1M | -$20.6M |
| Retained Earnings | -$8.2Mn/m | -$112.3Mn/m | $29.7Mn/m | -$1.7M | -$10.2M | -$28.9M | -$34.5M | N/A |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
PHXE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $173.5M+110.4% | $103.8M+473.4% | $110.5M+81.2% | $90.0M+735.3% | $82.5M+353.4% | $18.1M+60.9% | $61.0M | $10.8M |
| Depreciation & Amortization | $74.3M+102.8% | $60.2M+93.0% | $64.5M+97.5% | $45.5M+193.1% | $36.6M+50.3% | $31.2M+132.9% | $32.7M | $15.5M |
| Stock-Based Compensation | N/A | $68Kn/m | N/A | N/A | N/A | $0 | N/A | N/A |
| Investing Cash Flow | -$294.2Mn/m | -$238.6Mn/m | -$237.5Mn/m | -$256.0Mn/m | -$167.6Mn/m | -$182.4Mn/m | -$163.6M | -$94.4M |
| Financing Cash Flow | $87.6M-20.6% | $139.2M+76.6% | $97.3M-51.1% | $200.9M+93.1% | $110.3M+47.8% | $78.8M+6.0% | $198.9M | $104.1M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
PHXE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.3%+8.8pp | 81.2%+4.6pp | 77.1%+0.3pp | 77.3%+6.8pp | 78.5%-2.7pp | 76.6%-3.8pp | 76.8% | 70.5% |
| Operating Margin | 40.3%+11.8pp | 30.8%-3.1pp | 19.9%-5.4pp | 24.5%+5.0pp | 28.5%-4.8pp | 33.8%+12.6pp | 25.2% | 19.5% |
| Net Margin | 26.1%+14.7pp | -46.9%-51.8pp | 15.3%+28.5pp | 4.5%+23.6pp | 11.4%+0.9pp | 4.8%+25.5pp | -13.3% | -19.1% |
| Return on Equity | 260.5% | N/A | 42.6% | 18.2% | N/A | N/A | N/A | N/A |
| Return on Assets | 4.8%+3.4pp | -7.1%-7.6pp | 1.8%+3.1pp | 0.5% | 1.4% | 0.5% | -1.3% | N/A |
| Current Ratio | 0.30-0.1x | 0.34-0.1x | 0.41-0.3x | 0.45 | 0.43 | 0.39 | 0.69 | N/A |
| Debt-to-Equity | 36.30 | N/A | 15.80 | 24.18 | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 53.55 | N/A | 22.10 | 34.19 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.18+0.1x | 0.150.0x | 0.120.0x | 0.12 | 0.12 | 0.10 | 0.10 | N/A |
Not reported in any period shown, so not listed: FCF Margin.
Note: The current ratio is below 1.0 (0.41), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Phoenix Energy One, LLC Ranks
Frequently Asked Questions
Phoenix Energy One, LLC (PHXE) reported $687.2M in total revenue for fiscal year 2025. This represents a 144.4% 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.
Phoenix Energy One, LLC (PHXE) revenue grew by 144.4% year-over-year, from $281.2M to $687.2M in fiscal year 2025.
Yes, Phoenix Energy One, LLC (PHXE) reported a net income of $7.7M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $66.1M, with a net profit margin of 9.6%.
Phoenix Energy One, LLC (PHXE) had EBITDA of $353.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Phoenix Energy One, LLC (PHXE) had $65.8M in cash and equivalents against $1.2B in long-term debt.
Phoenix Energy One, LLC (PHXE) had a gross margin of 77.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Phoenix Energy One, LLC (PHXE) had an operating margin of 25.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Phoenix Energy One, LLC (PHXE) had a net profit margin of 9.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Phoenix Energy One, LLC (PHXE) has a return on equity of 84.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Phoenix Energy One, LLC (PHXE) generated $301.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Phoenix Energy One, LLC (PHXE) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
Phoenix Energy One, LLC (PHXE) had a current ratio of 0.41 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Phoenix Energy One, LLC (PHXE) had a debt-to-equity ratio of 15.80 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Phoenix Energy One, LLC (PHXE) had a liabilities-to-equity ratio of 22.10 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Phoenix Energy One, LLC (PHXE) had a return on assets of 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Phoenix Energy One, LLC (PHXE) has a Piotroski F-Score of 7 out of 8 computable signals; 1 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.
Phoenix Energy One, LLC (PHXE) has an earnings quality ratio of 4.55x, considered cash-backed (high quality). 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.
Phoenix Energy One, LLC (PHXE) has an interest coverage ratio of 1.09x, 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.