Income Statement

Revenue

+36%

+211%

10Y

Currency: CAD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	33	33	31	28	25	26	26	26	24	21	21	18	19	23	25	30	33	35	36	36	35	34	34	35	35	36	35	34	33	32	31	34	38	31	30	27	27	29	32	33	35	36	36	38	40	40	42	41	41	43	48	67	83	100	109	105	103	105	104	105	104	102	103	102	100	100	99	101	104	108	111	111	107	108	107	106	107	102	99	96	92	88	85	82	80	78	86	123	160	195	220	214	206	200	191	184
Revenue	272 N/A	275 +1%	285 +3%	279 -2%	307 +10%	329 +7%	318 -3%	317 0%	302 -5%	270 -11%	268 -1%	239 -11%	277 +16%	275 -1%	315 +14%	391 +24%	431 +10%	487 +13%	493 +1%	503 +2%	471 -6%	500 +6%	522 +4%	555 +6%	609 +10%	670 +10%	740 +10%	929 +26%	1 012 +9%	936 -8%	899 -4%	734 -18%	685 -7%	770 +12%	805 +5%	809 +0%	834 +3%	865 +4%	951 +10%	1 019 +7%	1 097 +8%	1 146 +4%	1 098 -4%	1 087 -1%	1 025 -6%	962 -6%	1 003 +4%	1 090 +9%	1 115 +2%	1 199 +7%	1 284 +7%	1 428 +11%	1 530 +7%	1 448 -5%	1 351 -7%	1 079 -20%	880 -18%	770 -13%	656 -15%	597 -9%	602 +1%	686 +14%	751 +9%	802 +7%	858 +7%	876 +2%	929 +6%	1 070 +15%	1 115 +4%	1 266 +14%	1 391 +10%	1 396 +0%	1 486 +6%	1 394 -6%	1 122 -20%	985 -12%	812 -18%	850 +5%	1 087 +28%	1 273 +17%	1 529 +20%	1 762 +15%	2 084 +18%	2 251 +8%	2 326 +3%	2 237 -4%	2 045 -9%	2 403 +17%	2 713 +13%	3 026 +12%	3 428 +13%	3 355 -2%	3 329 -1%	3 345 +0%	3 162 -5%	3 057 -3%
Gross Profit
Cost of Revenue	(83)	(84)	(81)	(76)	(75)	(77)	(79)	(84)	(86)	(88)	(88)	(87)	(89)	(93)	(96)	(102)	(111)	(113)	(114)	(116)	(112)	(113)	(117)	(126)	(135)	(144)	(155)	(164)	(173)	(173)	(172)	(166)	(163)	(167)	(170)	(173)	(172)	(177)	(185)	(197)	(209)	(220)	(227)	(228)	(232)	(239)	(251)	(267)	(276)	(279)	(287)	(313)	(354)	(379)	(384)	(363)	(320)	(302)	(275)	(254)	(241)	(235)	(251)	(259)	(269)	(271)	(270)	(284)	(312)	(346)	(376)	(396)	(398)	(402)	(375)	(351)	(331)	(307)	(317)	(327)	(343)	(363)	(388)	(414)	(423)	(434)	(446)	(510)	(571)	(632)	(680)	(673)	(654)	(628)	(622)	(615)
Gross Profit	189 N/A	192 +2%	204 +6%	203 0%	232 +14%	252 +9%	239 -5%	233 -3%	216 -7%	183 -16%	180 -2%	152 -15%	188 +24%	182 -3%	219 +20%	289 +32%	321 +11%	375 +17%	378 +1%	387 +2%	359 -7%	388 +8%	405 +4%	429 +6%	474 +10%	525 +11%	584 +11%	765 +31%	840 +10%	763 -9%	727 -5%	568 -22%	522 -8%	574 +10%	607 +6%	630 +4%	663 +5%	688 +4%	767 +11%	822 +7%	888 +8%	926 +4%	871 -6%	859 -1%	793 -8%	723 -9%	752 +4%	824 +10%	840 +2%	920 +9%	997 +8%	1 115 +12%	1 176 +5%	1 069 -9%	967 -10%	716 -26%	560 -22%	468 -16%	381 -19%	343 -10%	361 +5%	451 +25%	500 +11%	543 +9%	589 +8%	605 +3%	659 +9%	787 +19%	804 +2%	920 +14%	1 015 +10%	1 000 -1%	1 088 +9%	992 -9%	747 -25%	633 -15%	480 -24%	542 +13%	770 +42%	945 +23%	1 186 +25%	1 399 +18%	1 696 +21%	1 837 +8%	1 903 +4%	1 803 -5%	1 599 -11%	1 893 +18%	2 142 +13%	2 394 +12%	2 747 +15%	2 682 -2%	2 675 0%	2 717 +2%	2 540 -7%	2 442 -4%
Operating Income
Operating Expenses	(377)	(378)	(373)	(360)	(116)	(121)	(123)	(129)	(151)	(187)	(205)	(200)	(199)	(203)	(206)	(208)	(211)	(208)	(206)	(205)	(205)	(242)	(279)	(324)	(377)	(401)	(440)	(471)	(480)	(473)	(451)	(427)	(438)	(485)	(490)	(526)	(557)	(535)	(572)	(590)	(592)	(565)	(568)	(568)	(605)	(600)	(604)	(595)	(583)	(598)	(612)	(711)	(791)	(1 336)	(894)	(864)	(842)	(1 822)	(1 757)	(667)	(623)	(1 035)	(1 069)	(1 053)	(655)	(647)	(621)	(670)	(776)	(1 148)	(1 235)	(1 250)	(931)	(919)	(806)	(729)	(630)	(544)	(565)	(597)	(662)	809	(819)	(866)	(950)	(1 006)	(1 050)	(1 264)	(1 499)	(1 705)	(1 911)	(1 944)	(1 905)	(1 885)	(1 846)	(1 826)
Selling, General & Administrative	(5)	(6)	(6)	(7)	(7)	(11)	(16)	(21)	(28)	(31)	(35)	(38)	(39)	(40)	(40)	(41)	(44)	(46)	(48)	(51)	(53)	(86)	(117)	(149)	(187)	(202)	(233)	(254)	(256)	(244)	(217)	(195)	(201)	(248)	(252)	(289)	(324)	(312)	(343)	(336)	(323)	(320)	(307)	(298)	(289)	(276)	(266)	(255)	(237)	(235)	(234)	(236)	(229)	(210)	(196)	(174)	(165)	(142)	(117)	(112)	(103)	(110)	(133)	(144)	(156)	(162)	(157)	(165)	(171)	(181)	(189)	(179)	(174)	(168)	(140)	(131)	(121)	(114)	(134)	(146)	(170)	(199)	(241)	(270)	(317)	(349)	(366)	(410)	(422)	(449)	(477)	(473)	(497)	(500)	(492)	(499)
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(6)	(12)	(18)	(25)	(22)	(19)	(17)	(14)	(13)	(14)	(13)	(12)	(13)	(11)	(11)	(10)	(17)	(19)	(19)	(18)	(10)	(8)	(8)	(9)	(8)	(8)	(7)	(6)	(6)	(8)	(7)	(8)	(9)	(7)	(7)	(22)	(22)	(25)	(26)	(12)	(10)	(7)	(14)	(14)	(15)	(16)	(14)	(15)	(18)	(22)	(22)	(30)	(27)	(20)	(14)	(9)	(9)	(9)	(9)	(1)	(1)	(1)	(1)
Depreciation & Amortization	(367)	(368)	(364)	(350)	(107)	(108)	(106)	(108)	(123)	(137)	(151)	(162)	(161)	(163)	(166)	(167)	(167)	(162)	(157)	(155)	(153)	(156)	(162)	(175)	(190)	(199)	(207)	(217)	(224)	(229)	(234)	(232)	(237)	(230)	(222)	(215)	(203)	(212)	(219)	(232)	(249)	(264)	(278)	(286)	(298)	(304)	(320)	(323)	(329)	(339)	(352)	(450)	(537)	(622)	(684)	(675)	(662)	(630)	(590)	(546)	(508)	(489)	(498)	(498)	(482)	(468)	(449)	(476)	(559)	(636)	(710)	(746)	(732)	(728)	(646)	(573)	(486)	(407)	(406)	(426)	(465)	(503)	(543)	(560)	(587)	(612)	(646)	(822)	(1 048)	(1 226)	(1 403)	(1 440)	(1 386)	(1 362)	(1 331)	(1 303)
Other Operating Expenses	(4)	(4)	(3)	(3)	(3)	(2)	0	0	0	(19)	(19)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(3)	(4)	(6)	11	10	(6)	(6)	32	32	30	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(7)	(495)	(7)	(8)	(6)	(1 043)	(1 043)	(3)	(6)	(430)	(431)	(404)	(9)	(9)	(9)	(23)	(24)	(310)	(312)	(299)	(14)	(13)	(12)	(10)	(9)	(8)	(10)	(11)	(12)	1 529	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(22)	(21)	(22)	(22)	(23)
Operating Income	(188) N/A	(186) +1%	(170) +9%	(157) +7%	115 N/A	131 +14%	117 -11%	104 -11%	65 -37%	(4) N/A	(25) -502%	(48) -89%	(12) +76%	(21) -81%	13 N/A	81 +525%	110 +35%	167 +52%	173 +4%	182 +5%	154 -15%	146 -5%	126 -13%	105 -17%	97 -8%	125 +28%	145 +16%	295 +104%	360 +22%	290 -19%	277 -5%	142 -49%	84 -41%	119 +41%	146 +23%	110 -25%	106 -4%	153 +44%	195 +27%	232 +19%	296 +27%	361 +22%	303 -16%	291 -4%	187 -36%	123 -34%	148 +20%	229 +55%	257 +12%	322 +25%	385 +20%	404 +5%	385 -5%	(267) N/A	73 N/A	(148) N/A	(282) -90%	(1 354) -380%	(1 377) -2%	(324) +76%	(262) +19%	(584) -123%	(569) +2%	(510) +10%	(66) +87%	(43) +36%	37 N/A	117 +215%	28 -76%	(228) N/A	(221) +3%	(250) -13%	157 N/A	72 -54%	(59) N/A	(95) -61%	(150) -57%	(2) +99%	206 N/A	348 +69%	524 +50%	2 209 +322%	877 -60%	971 +11%	953 -2%	797 -16%	549 -31%	629 +15%	643 +2%	689 +7%	837 +21%	739 -12%	770 +4%	832 +8%	695 -17%	616 -11%
Pre-Tax Income
Interest Income Expense	(49)	(37)	(31)	(29)	(23)	(0)	(3)	(27)	(16)	(40)	(58)	(3)	(3)	(4)	(4)	(11)	(26)	(27)	(16)	(28)	(35)	(32)	(25)	(13)	(3)	(13)	(27)	(46)	(71)	(66)	(55)	(39)	(15)	12	(1)	(1)	(13)	(73)	(28)	(19)	(61)	(27)	(22)	(34)	27	23	(24)	(46)	(58)	(48)	(88)	(59)	54	(49)	(15)	(69)	(171)	13	(59)	(21)	(104)	(158)	(50)	(39)	(8)	(118)	(268)	(304)	(169)	(116)	36	59	(53)	(27)	(88)	(92)	(89)	(209)	(316)	(393)	(377)	(495)	(464)	(316)	(323)	(80)	14	(169)	(124)	(241)	(287)	(162)	(360)	(332)	(193)	(276)
Non-Reccuring Items	0	0	0	0	0	0	0	(19)	(19)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16	0	0	0	2	0	0	0	0	0	0	0	0	0	0	(37)	(37)	(488)	0	(451)	(944)	(1 039)	0	0	(572)	(423)	0	0	0	0	0	0	0	(285)	0	0	0	(188)	(2 904)	(2 904)	(2 904)	(2 360)	356	1 483	1 483	1 542	0	416	416	268	259	226	224	(883)	(875)	(843)	(840)	(2)	0	3	3
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16	0	0	0	38	0	175	173	173	194	18	21	21	0	19	46	50	48	30	3	(2)	0	0	44	44	44	44	(6)	12	14	14	20	2	0	1	1	2	2	1	1	1	5	5	7	10	6	6	9	5	4	4	0	(141)	(138)	(145)	(147)	(1)	(5)	2	5
Total Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(2)	(6)	0	(6)	(5)	(2)	(2)	(2)	(3)	(3)	(3)	(2)	(1)	(10)	(10)	(10)	(11)	(2)	(2)	(2)	0	0	0	0	0	0	7	6	4	(7)	(13)	(13)	(14)	(4)	(7)	(6)	(5)	(4)	(3)	(0)	1	1	3	(1)	(3)	(2)	(1)	2	2	0	(4)	(4)	(8)	(12)	(12)	(12)	(10)	(9)	(11)	(16)	(47)	(36)	(34)	(34)	(6)	(15)
Pre-Tax Income	(237) N/A	(223) +6%	(201) +10%	(186) +7%	93 N/A	131 +41%	114 -13%	58 -49%	30 -48%	(44) N/A	(83) -88%	(50) +39%	(15) +70%	(25) -69%	9 N/A	70 +724%	83 +19%	140 +68%	157 +12%	154 -2%	119 -23%	114 -4%	101 -11%	92 -9%	94 +3%	112 +19%	118 +5%	250 +112%	289 +16%	223 -23%	219 -2%	97 -56%	69 -29%	125 +83%	141 +12%	123 -12%	107 -13%	78 -27%	164 +110%	211 +29%	270 +28%	331 +23%	456 +38%	420 -8%	376 -10%	330 -12%	130 -60%	201 +54%	218 +8%	272 +25%	278 +2%	354 +27%	2 -100%	(267) N/A	(364) -36%	(1 159) -219%	(1 487) -28%	(1 335) +10%	(1 432) -7%	(880) +39%	(758) +14%	(711) +6%	(590) +17%	(559) +5%	(69) +88%	(153) -121%	(222) -45%	(171) +23%	(427) -150%	(344) +19%	(183) +47%	(189) -3%	(79) +58%	(2 857) -3 521%	(3 053) -7%	(3 092) -1%	(2 599) +16%	152 N/A	1 379 +808%	1 445 +5%	1 695 +17%	1 715 +1%	828 -52%	1 068 +29%	891 -17%	969 +9%	783 -19%	675 -14%	(517) N/A	(581) -13%	(485) +17%	(446) +8%	373 N/A	460 +23%	501 +9%	333 -34%
Net Income
Tax Provision	100	95	84	77	(48)	(61)	(25)	(19)	5	42	29	32	32	35	30	20	(2)	(17)	6	12	33	33	21	25	43	38	35	4	(26)	(5)	(9)	15	19	0	115	115	124	125	(11)	(30)	(52)	(72)	(146)	(135)	(118)	(104)	(26)	(36)	(53)	(69)	(75)	(94)	(134)	(89)	(57)	76	344	369	405	333	273	236	211	211	65	74	75	61	102	93	69	63	67	335	313	314	160	(128)	(163)	(173)	(81)	(9)	6	(2)	(35)	(118)	100	70	283	282	76	95	(137)	(140)	(133)	(118)
Income from Continuing Operations	(137)	(128)	(117)	(109)	45	70	89	39	35	(2)	(54)	(18)	17	10	39	90	82	123	163	165	152	147	122	117	137	149	153	254	263	218	210	112	88	126	256	238	232	203	153	181	217	260	310	285	259	226	105	165	165	203	203	260	(133)	(357)	(420)	(1 083)	(1 143)	(967)	(1 026)	(548)	(485)	(475)	(378)	(348)	(5)	(78)	(147)	(110)	(325)	(251)	(114)	(126)	(13)	(2 522)	(2 739)	(2 778)	(2 439)	24	1 215	1 272	1 614	1 706	834	1 066	856	850	883	745	(233)	(299)	(409)	(351)	237	320	368	215
Income to Minority Interest	0	0	0	0	0	0	0	0	1	(0)	(0)	0	(0)	(0)	(1)	(2)	(2)	(2)	(3)	(3)	(5)	(5)	(5)	(5)	(4)	(5)	(4)	(5)	(3)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income (Common)	(137) N/A	(128) +7%	(117) +8%	(109) +7%	45 N/A	70 +55%	89 +27%	39 -56%	36 -8%	(2) N/A	(54) -2 575%	(17) +67%	17 N/A	10 -42%	38 +286%	87 +131%	80 -9%	120 +51%	160 +33%	162 +2%	147 -9%	142 -3%	117 -18%	112 -5%	133 +19%	145 +9%	148 +2%	249 +68%	260 +4%	216 -17%	209 -3%	112 -46%	88 -22%	126 +43%	256 +103%	238 -7%	232 -3%	203 -12%	153 -25%	181 +19%	217 +20%	260 +19%	310 +19%	285 -8%	259 -9%	226 -13%	105 -54%	165 +58%	165 0%	203 +23%	203 +0%	260 +28%	(133) N/A	(357) -168%	(420) -18%	(1 083) -158%	(1 143) -6%	(967) +15%	(1 026) -6%	(548) +47%	(485) +11%	(475) +2%	(378) +20%	(348) +8%	87 N/A	13 -85%	(55) N/A	(18) +67%	(325) -1 697%	(251) +23%	(114) +55%	(126) -11%	(13) +90%	(2 522) -20 076%	(2 739) -9%	(2 778) -1%	(2 439) +12%	24 N/A	1 215 +4 985%	1 272 +5%	1 614 +27%	1 706 +6%	834 -51%	1 066 +28%	856 -20%	850 -1%	883 +4%	745 -16%	(233) N/A	(299) -28%	(409) -37%	(351) +14%	237 N/A	320 +35%	368 +15%	215 -42%
EPS (Diluted)	-2.73 N/A	-2.44 +11%	-2.2 +10%	-1.99 +10%	0.85 N/A	1.3 +53%	1.63 +25%	0.72 -56%	0.63 -12%	-0.04 N/A	-0.85 -2 025%	-0.28 +67%	0.26 N/A	0.14 -46%	0.53 +279%	1.14 +115%	1.07 -6%	1.54 +44%	2.01 +31%	2.01 N/A	1.82 -9%	1.74 -4%	1.42 -18%	1.33 -6%	1.54 +16%	1.59 +3%	1.56 -2%	2.48 +59%	2.69 +8%	2.21 -18%	1.92 -13%	1.01 -47%	0.82 -19%	1.12 +37%	2.23 +99%	2.06 -8%	2.01 -2%	1.72 -14%	1.29 -25%	1.53 +19%	1.83 +20%	2.15 +17%	2.58 +20%	2.33 -10%	2.12 -9%	1.82 -14%	0.85 -53%	1.33 +56%	1.31 -2%	1.59 +21%	1.48 -7%	1.55 +5%	-0.89 N/A	-2.11 -137%	-2.04 +3%	-5.2 -155%	-5.77 -11%	-4.58 +21%	-4.87 -6%	-2.61 +46%	-2.29 +12%	-2 +13%	-1.59 +20%	-1.47 +8%	0.36 N/A	0.05 -86%	-0.23 N/A	-0.04 +83%	-0.93 -2 225%	-0.44 +53%	-0.19 +57%	-0.23 -21%	-0.02 +91%	-4.5 -22 400%	-4.89 -9%	-4.96 -1%	-4.35 +12%	0.04 N/A	2.14 +5 250%	2.23 +4%	2.82 +26%	2.98 +6%	1.45 -51%	1.9 +31%	1.52 -20%	1.55 +2%	1.5 -3%	0.86 -43%	-0.33 N/A	-0.36 -9%	-0.49 -36%	-0.43 +12%	0.29 N/A	0.4 +38%	0.47 +17%	0.28 -40%

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Baytex Energy Corp
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Baytex Energy Corp
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