GPORHIGH SIGNALFINANCIAL10-K

GPOR achieved a dramatic turnaround from a $261.4M net loss to $427.8M profit while simultaneously increasing debt by 12.1%.

This represents one of the most significant financial reversals possible, with the company swinging from deeply unprofitable to highly profitable operations. However, the concurrent increase in total debt to $788.2M during a period of strong profitability raises questions about capital allocation strategy and future leverage management.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

GPOR delivered exceptional financial performance with revenue growing 48.5% to $1.4B and operating income surging from negative $236.8M to positive $600.4M, demonstrating dramatically improved operational efficiency. Operating cash flow increased a solid 23.6% to $803.2M, while accounts receivable grew 18.4% consistent with higher revenue levels. The simultaneous 12.1% increase in total debt to $788.2M during this profitable period suggests either strategic expansion investments or refinancing activities that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+353.6%
-$236.8M$600.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+263.7%
-$261.4M$427.8M

Net income grew 263.7% — bottom-line growth signals improving overall business health.

Revenue
P&L
+48.5%
$958.1M$1.4B

Strong top-line growth of 48.5% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
+23.6%
$650.0M$803.2M

Operating cash flow grew 23.6% — strong conversion of earnings to cash, healthy business fundamentals.

Cash & Equivalents
Balance Sheet
+23.1%
$1.5M$1.8M

Cash grew 23.1% — improving liquidity position supports investment and shareholder returns.

Accounts Receivable
Balance Sheet
+18.4%
$155.9M$184.6M

Receivables grew 18.4% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
+12.1%
$702.9M$788.2M

Debt rose 12.1% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
As of February 19, 2026, there were 18,558,415 shares of our $0.0001 par value common stock outstanding.
In addition, the following are other abbreviations and definitions of certain terms used within this Annual Report on Form 10-K: 2026 Senior Notes .
as administrative agent and various lender parties, providing for a senior secured reserve based revolving credit facility effective as of October 14, 2021, as amended most recently by the Borrowing Base Reaffirmation Agreement and Fifth Amendment to Credit Agreement dated October 30, 2025.
Our acreage is located primarily in Belmont, Jefferson and Monroe County in eastern Ohio.
Our undeveloped leasehold acreage must be drilled before the lease's expiration date in order to hold the lease by production.
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REMOVED
As of February 20, 2025, there were 17,894,932 shares of our $0.0001 par value common stock outstanding.
In addition, the following are other abbreviations and definitions of certain terms used within this Annual Report on Form 10-K: 1145 Indenture .
Indenture dated May 17, 2021 between Gulfport Operating, UMB Bank, National Association, as trustee, and the guarantors party thereto, under section 1145 of the Bankruptcy Code for our 8.0% Senior Notes due 2026.
Collectively, the 1145 Indenture and the 4(a)(2) Indenture governing the 2026 Senior Notes.
The 4(a)(2) Indenture s terms are substantially similar to the terms of the 1145 Indenture.
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