Viper Energy Crushes Q2 Estimates with Record Revenue Growth

Viper Energy (NASDAQ:VNOM) reported strong Q2 CY2026 results, beating Wall Street's revenue expectations. The company generated $677 million in sales, a 128% increase year-over-year and a 5% beat on analyst estimates.

The non-GAAP profit of $0.76 per share fell short of consensus at 8.7%, but the adjusted EBITDA of $642 million exceeded expectations by 9.1%. Viper Energy's operating margin rose to 63.2%, up from 45.5% in the same quarter last year.

The company's free cash flow turned positive, reaching $487 million, a significant improvement from the negative -$602 million reported in the same quarter last year. Oil production increased by 56.4% year-over-year, while natural gas production averaged 89.8% growth over the past two years.