EOG RESOURCES, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$22.6B
Gross margin	— not reported
Operating income	$6.4B
Net income	$5.0B
Diluted EPS	$9.12
Cash & equivalents	$3.4B
Total assets	$51.8B
Long-term debt	$7.9B

Key takeaway

EOG closed the Encino Acquisition Partners deal in August 2025, expanding its Appalachian Basin Utica footprint to roughly 1.1 million net acres.

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Beneath the surface

Cash dropped by roughly $3.7 billion in 2025 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect of -3,696,000,000), and financing activities used $2.8 billion, consistent with funding the Encino acquisition alongside debt service and dividends, so net debt (long-term debt of $7.9B minus cash of $3.4B) is about $4.5B rather than the gross $7.9B figure suggesting a stronger headline leverage picture than net position implies.

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