BTE

MKT CAP:$3B

Baytex Energy Corp.

Market Cap

$3B

Energy·Oil & Gas Exploration & Production·🇨🇦 Canada·NYSE

Energy·Oil & Gas Exploration & Production·🇨🇦·NYSE

Stock Price

$4.47+$1.17 (+35.45%)

Apr 22, 2026

Company Details

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil an...

CEO

Eric Thomas Greager

IPO Date

Apr 3, 2006

Website

www.baytexenergy.com

Key Metrics TTM

Revenue

$2.3B

-8.9% YoY

Net Income

$242M

EPS (Diluted)

$0.31

Free Cash Flow

$466M

Revenue / Share

$2.95

Gross Margin

23.6%

Operating Margin

20.5%

Net Margin

10.6%

FCF Margin

20.4%

P/S

1.5x

P/E

14.0x

Earnings Reports

Q4 2025

May 4, 2026

PENDING

Q3 2025

Nov 4, 2025

$546M-12.0%EPS $0.03

Q2 2025

Aug 11, 2025

$521M-20.1%EPS $0.15

FY 2024

Mar 4, 2025

$1.2B-40.6%EPS $0.22

Q4 2024

Mar 4, 2025

$592M-3.3%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$143M	-$435.1K	-$8M
Q1 21	$232M	$77M	$69M
Q2 21	$263M	$103M	$93M
Q3 21	$291M	$109M	$100M
Q1 22	$402M	$184M	$173M
Q2 22	$499M	$258M	$247M
Q1 23	$338M	$75M	$59M
Q2 23	$358M	$90M	$66M
Q3 23	$672M	$252M	$226M
Q4 23	$612M	$131M	$118M
Q1 24	$567M	$116M	$93M
Q2 24	$652M	$193M	$174M
Q3 24	$621M	$170M	$155M
Q4 24	$592M	$156M	$141M
Q2 25	$521M	$91M	$74M
Q3 25	$546M	$121M	$98M

Valuation

Quarter	P/S	P/E
Q4 20	5.3x	61.4x
Q1 21	5.5x	185.1x
Q2 21	4.3x	3.8x
Q3 21	3.7x	3.7x
Q1 22	2.9x	4.2x
Q2 22	2.3x	3.5x
Q1 23	2.2x	14.4x
Q2 23	2.1x	9.2x
Q3 23	1.8x	8.1x
Q4 23	1.7x	—
Q1 24	1.5x	—
Q2 24	1.4x	—
Q3 24	1.4x	—
Q4 24	1.4x	19.7x
Q2 25	1.4x	11.5x
Q3 25	1.5x	14.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$37M	-$20M
Q1 21	$88M	$27M
Q2 21	$126M	$80M
Q3 21	$131M	$62M
Q1 22	$145M	$33M
Q2 22	$263M	$192M
Q1 23	$135M	-$36M
Q2 23	$141M	$15M
Q3 23	$324M	$21M
Q4 23	$347M	$175M
Q1 24	$280M	-$49M
Q2 24	$369M	$118M
Q3 24	$402M	$177M
Q4 24	$343M	$188M
Q2 25	$259M	-$3M
Q3 25	$345M	$104M

Capital Expenditures

Quarter	CapEx
Q4 20	$57M
Q1 21	$61M
Q2 21	$45M
Q3 21	$69M
Q1 22	$113M
Q2 22	$71M
Q1 23	$171M
Q2 23	$125M
Q3 23	$303M
Q4 23	$172M
Q1 24	$329M
Q2 24	$252M
Q3 24	$225M
Q4 24	$155M
Q2 25	$262M
Q3 25	$242M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-50.5%	-40.0%
Q1 21	-9.2%	-30.2%
Q2 21	+193.0%	+15.1%
Q3 21	+87.9%	+19.9%
Q1 22	+180.4%	+51.8%
Q2 22	+114.9%	+54.0%
Q1 23	+28.2%	+63.9%
Q2 23	+23.3%	+53.3%
Q3 23	+67.2%	+94.3%
Q4 23	+22.6%	+96.4%
Q1 24	+68.0%	+70.2%
Q2 24	+81.9%	+63.6%
Q3 24	-7.7%	+4.4%
Q4 24	-3.3%	-8.7%
Q2 25	-8.2%	-5.9%
Q3 25	-16.2%	-6.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$543.7K	0.4%
Q1 21	$2M	0.9%
Q2 21	$2M	0.8%
Q3 21	$2M	0.6%
Q1 22	$3M	0.7%
Q2 22	$2M	0.4%
Q1 23	$7M	2.1%
Q2 23	$12M	3.3%
Q3 23	$11M	1.6%
Q4 23	$0	0.0%
Q1 24	$7M	1.2%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 20	$7M
Q1 21	$9M
Q2 21	$10M
Q3 21	$9M
Q1 22	$11M
Q2 22	$11M
Q1 23	$16M
Q2 23	$23M
Q3 23	$26M
Q4 23	$14M
Q1 24	$23M
Q2 24	$19M
Q3 24	$15M
Q4 24	$15M
Q2 25	$17M
Q3 25	$23M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$0	$0
Q2 22	$0	$0	$0
Q3 22	$3M	$0	$3M
Q4 22	$4M	$0	$4M
Q1 23	$5M	$0	$5M
Q2 23	$14M	$0	$14M
Q3 23	$17M	$0	$17M
Q4 23	$41M	$0	$41M
Q1 24	$21M	$0	$21M
Q2 24	$26M	$0	$26M
Q3 24	$16M	$0	$16M
Q4 24	$12M	$0	$12M
Q1 25	$4M	$0	$4M
Q2 25	$5M	$0	$5M
Q3 25	$8M	$0	$8M
Q4 25	$696M	$0	$696M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	561M	+0.0%	+0.1%
Q1 21	562M	+0.2%	+0.2%
Q2 21	570M	+1.4%	+1.7%
Q3 21	572M	+0.3%	+1.9%
Q1 22	572M	+0.0%	+1.9%
Q2 22	572M	+0.0%	+1.7%
Q1 23	548M	-4.1%	-3.8%
Q2 23	588M	+7.3%	+2.9%
Q3 23	861M	+46.3%	+50.5%
Q4 23	834M	-3.0%	+46.0%
Q1 24	822M	-1.5%	+49.9%
Q2 24	818M	-0.4%	+39.1%
Q3 24	800M	-2.2%	-7.0%
Q4 24	800M	0.0%	-4.1%
Q2 25	772M	-3.5%	-6.0%
Q3 25	773M	+0.1%	-5.5%

Shares Outstanding