Viper Energy, Inc. (VNOM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Viper Energy published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Viper Energy calls its top line total operating income. This page uses that line as revenue; royalty income is most of it.
• Viper Energy completed the Sitio Acquisition on August 19, 2025 and sold all of its non-Permian assets on February 9, 2026, so the year-ago quarter covers a different set of properties.
• EPS is per Class A share. Net income attributable to the non-controlling interest (the OpCo units paired with Class B shares) is excluded from it.

Source: Viper Energy Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Viper Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Viper Energy's Royalty income revenue was $656 million in Q3 2026, up 67% from $393 million in Q3 2025, 99% of total revenue.
• Viper Energy's Lease bonus income revenue was $4.0 million in Q3 2026, down 50% from $8.0 million in Q3 2025, under 1% of total revenue.
• Viper Energy's Other operating income revenue was $1.0 million in Q3 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Viper Energy said:

“Inclusive of the Pending Buckhorn Acquisition, initiating average daily production guidance for Q4 2026 of 70,000 to 71,000 bo/d (141,500 to 143,500 boe/d)”

“Increasing average daily production guidance for full year 2026 to 67,250 to 67,750 bo/d (137,000 to 138,000 boe/d)”

“This guidance gives effect to the 2026 Drop Down and the McElroy Ranch Acquisition that closed during September 2026 as well as the Pending Buckhorn Acquisition that is expected to close in the fourth quarter of 2026.”

Source: Viper Energy Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VNOM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total operating income and GAAP diluted EPS per Class A share, each as first reported in that quarter's release. Q3 2025 and Q4 2025 include ceiling test impairments of $360 million and $408 million.

We do not hold a confirmed date for Viper Energy's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Viper Energy reports a top line it calls total operating income: $661 million in Q3 2026, against $418 million a year earlier. Royalty income made up $656 million of it, split into oil income of $557 million, natural gas income of $19 million and natural gas liquids income of $80 million. Lease bonus income was $4 million, from 21 executed leases. (Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

Viper Energy owns mineral and royalty interests, primarily in the Permian Basin in West Texas, and operates in one reportable segment. Substantially all of its acreage is leased to working interest owners who bear the costs of operation and development, so Viper's income moves with the volumes those operators produce and the prices they realize. Average daily oil production was 69,076 bo/d in the quarter, against 56,087 bo/d a year earlier, and the unhedged realized oil price was $87.65 per barrel, against $64.34. (Viper Energy Form 10-K, year ended December 31, 2025, Feb 25, 2026; Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

Diamondback Energy, Viper's parent, is both its largest operator and its manager. Of the $656 million of royalty income in Q3 2026, $300 million came from properties operated by Diamondback and $356 million from properties operated by third parties. About 38% of Viper's 98,098 net royalty acres are operated by Diamondback, Viper has no employees of its own, and Diamondback beneficially owned approximately 39.6% of the voting power of Viper's common stock at September 30, 2026. (Viper Energy Form 10-Q, quarter ended September 30, 2026, Nov 4, 2026)

Against Q2 2026, royalty income fell by $2 million: lower prices, mainly for oil, took off $49 million, and a 6% increase in production added $47 million. Viper attributed about 54% of that production growth to the Riverbend Acquisition, which closed on July 1, 2026 for about $347 million in cash and 3,691,796 Class A shares, and 16% to other acquisitions. (Viper Energy Form 10-Q, quarter ended September 30, 2026, Nov 4, 2026)

The asset base has changed a lot in a year. Viper completed the Sitio Acquisition on August 19, 2025, then on February 9, 2026 sold all of its non-Permian assets, about 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins, for net cash proceeds of approximately $610 million. In September 2026 it bought the McElroy Ranch interests for about $529 million, and it agreed to buy Buckhorn Minerals' interests for $280 million in cash and about 1.8 million Class A shares. (Viper Energy Form 10-K, year ended December 31, 2025, Feb 25, 2026; Viper Energy Form 10-Q, quarter ended September 30, 2026, Nov 4, 2026; Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

Viper Energy's GAAP diluted EPS was $0.72 in Q3 2026, against a loss of $0.52 a year earlier. The year-ago quarter carried a $360 million impairment; there was none in Q3 2026. Viper does not report an adjusted EPS. Its non-GAAP measures are Adjusted EBITDA, $596 million in the quarter at a 90% margin, and Free Cash Flow, $520 million. (Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

EPS is calculated on Class A shares only. Of consolidated net income of $300 million, $160 million was attributable to the non-controlling interest and $140 million to Viper Energy, Inc. Diluted weighted average Class A shares were 193,988 thousand, against 148,882 thousand a year earlier, and 168,551,337 Class B shares were outstanding at September 30, 2026. (Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

Viper Energy's income tax provision was $39 million, an effective tax rate of 11.5%. For the nine months, the 10-Q attributes the gap to the federal statutory rate primarily to net income attributable to the non-controlling interest. In the quarter Viper repurchased approximately 2.1 million Class A shares for approximately $90 million, at an average price of $43.01, declared a base dividend of $0.50 per Class A share, and had approximately $906 million left on its buyback authorization. (Viper Energy Form 10-Q, quarter ended September 30, 2026, Nov 4, 2026; Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Viper Energy guides production and unit costs, not revenue or EPS. For Q4 2026 it guided average daily oil production of 70,000 to 71,000 bo/d, including the Pending Buckhorn Acquisition, and it raised full year 2026 guidance to 67,250 to 67,750 bo/d. It also guides a cash tax rate of 27% - 30% of pre-tax income attributable to the company, against 27.4% in Q3 2026. (Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

Because Viper Energy does not operate its wells, its release also counts the activity it can see on its acreage: 104 active horizontal rigs, 1,965 gross horizontal wells being drilled or completed and 1,404 gross line-of-sight wells, which Viper expects to be turned to production within approximately the next 15 to 18 months. (Viper Energy Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Viper Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Viper Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VNOM is on is VNOM a buy or a sell?, what analysts expect next is on the VNOM forecast, and what the company does is on the Viper Energy, Inc. (VNOM) stock page.

Every number on this page can be traced to a document Viper Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.