Here are the 10-K annual reports from Phoenix Energy One, LLC (PHXE-P) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PHXE-P and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PHXE-P filings page.
Phoenix Energy One, LLC reports rapid expansion in its 2025 annual filing. Revenue grew to $687.2 million from $281.2 million in 2024 and $118.1 million in 2023, with net income of $66.1 million versus prior losses and EBITDA rising to $403.6 million.
The company has shifted from primarily royalty acquisitions to a three-pronged model that now emphasizes direct drilling through PhoenixOp, alongside royalty and non‑operated working interest acquisitions. Production climbed to 9.9 million Boe in 2025, and proved reserves increased to 113.6 million Boe, with additional probable reserves of 228.0 million Boe.
Growth is funded by significant leverage. As of December 31, 2025, total assets were $1,806.8 million and total liabilities $1,728.6 million, including $1,529.9 million of indebtedness. Management estimates $1,064.1 million and $2,167.3 million of capital will be required to develop proved and probable undeveloped reserves and plans to raise about $669.8 million of additional capital through the end of 2028.