WTI

MKT CAP:$565M

W&T Offshore, Inc.

Market Cap

$565M

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$2.98+$1.37 (+85.09%)

Apr 20, 2026

Company Details

W&T Offshore, Inc., an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural...

CEO

Tracy W. Krohn

IPO Date

Jan 28, 2005

Website

www.wtoffshore.com

Key Metrics TTM

Revenue

$501M

-4.5% YoY

Net Income

-$150M

EPS (Diluted)

-$1.01

Free Cash Flow

$45M

Revenue / Share

$3.37

Gross Margin

21.2%

Operating Margin

-10.5%

Net Margin

-29.9%

FCF Margin

8.9%

P/S

1.1x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 16, 2026

$501M-4.5%EPS -$1.01

Q4 2025

Mar 16, 2026

$122M+1.1%EPS -$0.18

Q3 2025

Nov 6, 2025

$128M+5.1%EPS -$0.48

Q2 2025

Aug 5, 2025

$122M-14.3%EPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$191M	$118M	$98M
Q2 22	$274M	$237M	$162M
Q3 22	$266M	$168M	$138M
Q4 22	$190M	$154M	$56M
Q1 23	$132M	$103M	$10M
Q2 23	$126M	$91M	$71.0K
Q3 23	$142M	$99M	$17M
Q4 23	$132M	$92M	$2M
Q1 24	$141M	$21M	-$4.0K
Q2 24	$143M	$15M	-$6M
Q3 24	$121M	$81M	-$19M
Q4 24	$120M	$76M	-$17M
Q1 25	$130M	$91M	-$8M
Q2 25	$122M	$5M	-$13M
Q3 25	$128M	$9M	-$13M
Q4 25	$122M	$2M	-$19M

Valuation

Quarter	P/S	P/E
Q1 22	0.9x	—
Q2 22	0.9x	5.4x
Q3 22	1.0x	3.9x
Q4 22	0.9x	3.5x
Q1 23	0.9x	3.1x
Q2 23	0.8x	4.6x
Q3 23	1.0x	10.3x
Q4 23	0.8x	29.0x
Q1 24	0.7x	—
Q2 24	0.6x	—
Q3 24	0.6x	—
Q4 24	0.5x	—
Q1 25	0.4x	—
Q2 25	0.5x	—
Q3 25	0.5x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$28M	-$20M
Q2 22	$210M	$185M
Q3 22	$89M	$81M
Q4 22	$13M	$933.0K
Q1 23	$23M	$16M
Q2 23	$26M	$11M
Q3 23	$23M	-$17M
Q4 23	$43M	$25M
Q1 24	$12M	-$76M
Q2 24	$37M	$31M
Q3 24	$15M	$5M
Q4 24	-$4M	-$18M
Q1 25	-$3M	-$10M
Q2 25	$28M	$35M
Q3 25	$27M	$5M
Q4 25	$25M	$15M

Capital Expenditures

Quarter	CapEx
Q1 22	$48M
Q2 22	$26M
Q3 22	$8M
Q4 22	$12M
Q1 23	$8M
Q2 23	$16M
Q3 23	$40M
Q4 23	$18M
Q1 24	$88M
Q2 24	$7M
Q3 24	$10M
Q4 24	$14M
Q1 25	$7M
Q2 25	$7M
Q3 25	$22M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+52.0%	+8.5%
Q2 22	+106.1%	+12.3%
Q3 22	+98.9%	+49.7%
Q4 22	+14.6%	+263.3%
Q1 23	-31.0%	+30.0%
Q2 23	-53.9%	+13.1%
Q3 23	-46.6%	-2.5%
Q4 23	-30.2%	-2.4%
Q1 24	+6.9%	+16.0%
Q2 24	+13.1%	+18.1%
Q3 24	-14.8%	+12.2%
Q4 24	-9.1%	+5.2%
Q1 25	-7.8%	-1.9%
Q2 25	-14.3%	-9.2%
Q3 25	+5.1%	-0.2%
Q4 25	+1.1%	+2.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$520.0K	0.3%
Q2 22	$2M	0.7%
Q3 22	$3M	1.0%
Q4 22	$3M	1.4%
Q1 23	$2M	1.5%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$3M	2.2%
Q2 24	$1M	1.0%
Q3 24	$2M	1.6%
Q4 24	$4M	3.2%
Q1 25	$2M	1.6%
Q2 25	$3M	2.3%
Q3 25	$4M	2.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	$14M	—
Q2 22	$68M	—
Q3 22	$23M	—
Q4 22	$91M	—
Q1 23	$85M	—
Q2 23	$83M	—
Q3 23	$82M	—
Q4 23	$83M	—
Q1 24	$91M	—
Q2 24	$95M	—
Q3 24	$92M	—
Q4 24	$85M	—
Q1 25	$91M	—
Q2 25	$18M	—
Q3 25	$22M	—
Q4 25	—	$21M

Revenue Segments

Quarter	Natural Gas Liquids	Natural Gas, Production	Oil and Condensate	Product and Service, Other
Q1 22	$14M	$51M	$123M	$3M
Q2 22	$17M	$92M	$159M	$5M
Q3 22	$17M	$114M	$131M	$5M
Q4 22	$10M	$66M	$112M	$2M
Q1 23	$8M	$25M	$97M	$2M
Q2 23	$10M	$23M	$90M	$2M
Q3 23	$7M	$33M	$100M	$2M
Q4 23	$7M	$29M	$94M	$2M
Q1 24	$7M	$22M	$107M	$5M
Q2 24	$8M	$22M	$111M	$2M
Q3 24	$6M	$23M	$91M	$2M
Q1 25	$5M	$35M	$88M	$2M
Q2 25	—	$35M	$80M	$3M
Q3 25	—	$37M	$84M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$215M	$0	$215M
Q2 22	$378M	$0	$378M
Q3 22	$447M	$0	$447M
Q4 22	$461M	$0	$461M
Q1 23	$177M	$0	$177M
Q2 23	$172M	$0	$172M
Q3 23	$149M	$0	$149M
Q4 23	$173M	$0	$173M
Q1 24	$95M	$0	$95M
Q2 24	$123M	$0	$123M
Q3 24	$127M	$0	$127M
Q4 24	$109M	$0	$109M
Q1 25	$106M	$0	$106M
Q2 25	$121M	$0	$121M
Q3 25	$125M	$0	$125M
Q4 25	$141M	$0	$141M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	143M	-0.8%	+0.6%
Q2 22	145M	+1.1%	+1.6%
Q3 22	146M	+0.9%	+2.5%
Q4 22	146M	+0.3%	+1.5%
Q1 23	149M	+1.7%	+4.0%
Q2 23	146M	-1.5%	+1.3%
Q3 23	151M	+3.4%	+3.8%
Q4 23	147M	-3.2%	+0.2%
Q1 24	147M	+0.2%	-1.3%
Q2 24	147M	+0.1%	+0.3%
Q3 24	147M	+0.2%	-2.8%
Q4 24	147M	+0.1%	+0.5%
Q1 25	148M	+0.2%	+0.5%
Q2 25	148M	+0.2%	+0.6%
Q3 25	149M	+0.5%	+0.9%
Q4 25	149M	+0.1%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$578.8K	330
Q2 22	$829.7K	330
Q3 22	$807.5K	330
Q4 22	$519.7K	365
Q1 23	$360.9K	365
Q2 23	$345.7K	365
Q3 23	$390.2K	365
Q4 23	$335.0K	395
Q1 24	$356.4K	395
Q2 24	$361.4K	395
Q3 24	$307.3K	395
Q4 24	$300.9K	400
Q1 25	$324.7K	400
Q2 25	$305.9K	400
Q3 25	$318.8K	400
Q4 25	$329.0K	370

Revenue / Employee