Tamboran Resources Corporation
NYSE: TBN · ENERGY · OIL & GAS E&P
Updated 2026-11-04
Tamboran Resources Corporation (TBN) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0.00 | $0.00 | $0.00 | $-3.25B | $-1.14M |
| Revenue growth (YoY) | — | — | — | — | — | — | — | — | +100.0% |
| Cost of revenue | $2126.00 | $12000.00 | $135679.00 | $333748.00 | $407629.00 | $719290.00 | $120444.00 | $85947.00 | $1.25M |
| Gross profit | $-2126.00 | $-12000.00 | $-135679.00 | $-333748.00 | $-407629.00 | $-719290.00 | $-120444.00 | $-85947.00 | $-1.25M |
| Gross margin | — | — | — | — | — | — | — | 0.0% | 109.6% |
| R&D | — | — | — | — | — | — | $0.00 | $6.04M | $123000.00 |
| SG&A | $4.03M | $2.92M | $11.76M | $12.98M | $6.36M | $14.52M | $17.32M | $21.71M | $12.89M |
| Operating income | $-4.04M | $-3.23M | $-12.25M | $-17.42M | $-8.22M | $-19.43M | $-20.52M | $-39.32M | $-32.67M |
| Operating margin | — | — | — | — | — | — | — | 1.2% | 2863.3% |
| EBITDA | $-4.24M | $-3.55M | $-12.56M | $-15.14M | $-7.23M | $-31.48M | $-20.37M | $-32.90M | $-31.42M |
| EBITDA margin | — | — | — | — | — | — | — | 1.0% | 2753.7% |
| EBIT | $-4.25M | $-3.57M | $-12.70M | $-15.58M | $-7.79M | $-32.20M | $-20.49M | $-32.99M | $-32.67M |
| Interest expense | $33259.00 | $11.80M | $3.63M | $4.68M | $61852.00 | $92635.00 | — | — | $2.66M |
| Income tax | $5.00 | $-159860.00 | $4.00 | $-2.00 | $59854.00 | $1.00 | $11.92M | — | — |
| Effective tax rate | -0.0% | 1.0% | -0.0% | 0.0% | -0.8% | -0.0% | -119.1% | 0.0% | 0.0% |
| Net income | $-4.21M | $-15.36M | $-14.50M | $-23.82M | $-7.83M | $-32.03M | $-21.92M | $-36.90M | $-26.07M |
| Net income growth (YoY) | — | -265.0% | +5.6% | -64.2% | +67.1% | -308.9% | +31.6% | -68.4% | +29.3% |
| Profit margin | — | — | — | — | — | — | — | 1.1% | 2285.1% |
Frequently asked questions
How profitable is TBN?
In its most recent fiscal year, TBN ran a gross margin of 109.55%, an operating margin of 2,863.28%, and a net margin of 2,285.10%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TBN generate?
TBN produced $-72.30M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TBN's balance sheet healthy?
TBN holds $219.13M in cash and equivalents against $59.04M in long-term debt, on $796.22M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.