Kosmos Energy

KOS · Main Market · Energy · mcap £1,191m · 202.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 03 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,203m
Owner’s net cash: −£1,939m
Net cash / market cap: -161%
EV ex leases: £3,142m
Revenue: £1,009m
Free cash flow after leases: −£25.0m
FCF yield: -2.1%
Price / tangible book: 2.26×
Net income (owners): −£408.4m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 03 Aug 26 · read the results ↗

Source ↗

	June 30, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents $ $	102,137	91,518
Receivables, net	113,022	103,472
Other current assets	177,584	232,884
Total current assets	392,743	427,874
Property and equipment, net	3,351,526	3,733,784
Other non-current assets	565,878	534,968
Total assets $ $	4,310,147	4,696,626
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ $	161,981	202,555
Accrued liabilities	343,879	237,609
Current maturities of long-term debt	145,303	132,143
Other current liabilities	11,633	-
Total current liabilities	662,796	572,307
Long-term liabilities
Long-term debt, net	2,526,872	2,920,616
Deferred tax liabilities	177,375	305,924
Other non-current liabilities	238,207	369,189
Total long-term liabilities	2,942,454	3,595,729
Total stockholders' equity	704,897	528,590
Total liabilities and stockholders' equity $ $	4,310,147	4,696,626

Source ↗

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Operating activities:
Net income (loss) $ $ $ $	184,775	(87,740)	(40,799)	(198,346)
Depletion, depreciation and amortization (including deferred financing costs)	123,206	153,157	245,671	275,708
Deferred income taxes	47,745	(175)	(1,268)	1,636
Unsuccessful well costs and leasehold impairments	(582)	(1,741)	13,959	162
Change in fair value of derivatives	(40,684)	(15,469)	262,292	(7,883)
Cash settlements on derivatives, net(1)	(117,363)	5,787	(198,684)	6,281
Equity-based compensation	8,114	7,346	14,064	15,707
Gain on sale of assets	(9,421)	(600)	(9,421)	(600)
Debt modifications and extinguishments	136	-	(1,081)	-
Other	(13,198)	(2,909)	(20,759)	(8,506)
Changes in assets and liabilities
Net changes in working capital	(7,718)	69,512	17,592	42,121
Net cash provided by operating activities	175,010	127,168	281,566	126,280
Investing activities
Oil and gas assets	(76,430)	(82,521)	(163,477)	(172,766)
Proceeds on sale of assets	127,034	-	127,034	-
Notes receivable and other investing activities	-	(42,743)	(11,598)	(86,791)
Net cash provided by (used in) investing activities	50,604	(125,264)	(48,041)	(259,557)
Financing activities
Borrowings under long-term debt	-	100,000	124,167	200,000
Payments on long-term debt	(227,000)	(100,000)	(504,738)	(100,000)
Net proceeds from issuance of senior notes and bonds	-	-	350,000	-
Repurchase and redemption of senior notes	(200)	-	(347,184)	-
Net proceeds from issuance of common stock	-	-	206,440	-
Payments on finance lease	(9,689)	-	(14,951)	-
Other financing costs	(1,041)	(1)	(8,772)	(1)
Net cash provided by (used in) financing activities	(237,930)	(1)	(195,038)	99,999
Net increase (decrease) in cash, cash equivalents and restricted cash	(12,316)	1,903	38,487	(33,278)
Cash, cash equivalents and restricted cash at beginning of period	168,547	50,096	117,744	85,277
Cash, cash equivalents and restricted cash at end of period $ $ $ $	156,231	51,999	156,231	51,999
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Three Months Ended Six months ended Twelve Months Ended
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026
Net income (loss) $ $ $ $ $	(87,740)	(40,799)	(198,346)	(542,239)
Exploration expenses	4,069	22,941	13,738	232,819
Depletion, depreciation and amortization	151,268	240,374	271,935	525,213
Impairment of long-lived assets	-	-	-	177,563
Equity-based compensation	7,346	14,064	15,707	26,310
Derivatives, net	(21,566)	200,187	(14,834)	161,356
Cash settlements on commodity derivatives	11,414	(135,723)	9,664	(134,993)
Other expenses, net	6,481	13,546	8,470	18,567
Gain on sale of assets	(600)	(9,421)	(600)	(11,021)
Interest and other financing costs, net	54,834	112,502	106,676	229,256
Income tax expense	23,980	82,185	40,555	106,835
EBITDAX $ $ $ $ $	149,486	499,856	252,965	789,666
Pro Forma Adjustment - TEN FPSO Lease and EG Divestiture(1)(2)	-	27,301	-	33,403
Pro Forma EBITDAX	149,486	527,157	252,965	823,069
June 30, December 31,
2026(1)	2025	–	–	–
Total long-term debt $ $	2,719,676	3,100,274	–	–
Cash and cash equivalents	102,137	91,518	–	–
Total restricted cash	54,094	26,226	–	–
Net debt $ $	2,563,445	2,982,530	–	–
(1) Excludes $73.2 million TEN FPSO finance lease liability.
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
Total june 30, June 30,	2026	2025	2026	2025
Net income (loss) $ $ $ $	184,775	(87,740)	(40,799)	(198,346)
Derivatives, net	(51,809)	(21,566)	200,187	(14,834)
Cash settlements on commodity derivatives	(105,381)	11,414	(135,723)	9,664
Gain on sale of assets	(9,421)	(600)	(9,421)	(600)
Other expenses, net	10,238	6,364	13,499	8,029
Write-off of leasehold costs	-	-	13,181	-
Debt modifications and extinguishments	136	-	(1,081)	-
Total selected items before tax	(156,237)	(4,388)	80,642	2,259
Income tax (expense) benefit on adjustments(1)	39,639	(569)	(7,287)	(2,034)
Adjusted net income (loss) $	68,177	(92,697)	32,556	(198,121)
Net income (loss) per diluted share $ $ $ $	0.31	(0.18)	(0.07)	(0.42)
Derivatives, net	(0.09)	(0.05)	0.36	(0.03)
Cash settlements on commodity derivatives	(0.18)	0.02	(0.24)	0.02
Gain on sale of assets	(0.02)	-	(0.02)	-
Other expenses, net	0.02	0.02	0.02	0.02
Write-off of leasehold costs	-	-	0.02	-
Debt modifications and extinguishments	-	-	-	-
Total selected items before tax	(0.27)	(0.01)	0.14	0.01
Income tax (expense) benefit on adjustments(1)	0.07	-	(0.01)	(0.01)
Adjusted net income (loss) per diluted share $ $ $ $	0.11	(0.19)	0.06	(0.42)
Weighted average number of diluted shares	604,713	478,068	550,060	476,881
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
	2026	2025	2026	2025

Source ↗

	March 31, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents $ $	129,957	91,518
Receivables, net	110,510	103,472
Assets held for sale	18,707	-
Other current assets	194,268	232,884
Total current assets	453,442	427,874
Property and equipment, net	3,367,489	3,733,784
Non-current assets held for sale	408,895	-
Other non-current assets	553,616	534,968
Total assets $ $	4,783,442	4,696,626
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ $	194,969	202,555
Accrued liabilities	332,078	237,609
Current maturities of long-term debt	30,220	132,143
Liabilities held for sale	43,544	-
Other current liabilities	156,243	-
Total current liabilities	757,054	572,307
Long-term liabilities
Long-term debt, net	2,866,043	2,920,616
Deferred tax liabilities	134,750	305,924
Long-term liabilities held for sale	260,601	-
Other non-current liabilities	249,885	369,189
Total long-term liabilities	3,511,279	3,595,729
Total stockholders' equity	515,109	528,590
Total liabilities and stockholders' equity $ $	4,783,442	4,696,626

Source ↗

	2026	2025
Three Months Ended
Operating activities:
Net loss $ $	(225,574)	(110,606)
Depletion, depreciation and amortization (including deferred financing costs)	122,465	122,551
Deferred income taxes	(49,013)	1,811
Unsuccessful well costs and leasehold impairments	14,541	1,903
Change in fair value of derivatives	302,976	7,586
Cash settlements on derivatives, net(1)	(81,321)	494
Equity-based compensation	5,950	8,361
Debt modifications and extinguishments	(1,217)	-
Other	(7,561)	(5,597)
Changes in assets and liabilities
Net changes in working capital	25,310	(27,391)
Net cash provided by (used in) operating activities	106,556	(888)
Investing activities
Oil and gas assets	(87,047)	(90,245)
Notes receivable and other investing activities	(11,598)	(44,048)
Net cash used in investing activities	(98,645)	(134,293)
Financing activities
Borrowings under long-term debt	124,167	100,000
Payments on long-term debt	(277,738)	-
Net proceeds from issuance of senior notes and bonds	350,000	-
Repurchase and redemption of senior notes	(346,984)	-
Net proceeds from issuance of common stock	206,440	-
Payments on finance lease	(5,262)	-
Other financing costs	(7,731)	-
Net cash provided by financing activities	42,892	100,000
Net increase (decrease) in cash, cash equivalents and restricted cash	50,803	(35,181)
Cash, cash equivalents and restricted cash at beginning of period	117,744	85,277
Cash, cash equivalents and restricted cash at end of period(2) $ $	168,547	50,096
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Three Months Ended Twelve Months Ended
March 31, 2026 March 31, 2025 March 31, 2026
Net loss $ $ $	(110,606)	(814,754)
Exploration expenses	9,669	233,691
Depletion, depreciation and amortization	120,667	555,980
Impairment of long-lived assets	-	177,563
Equity-based compensation	8,361	25,542
Derivatives, net	6,732	191,599
Cash settlements on commodity derivatives	(1,751)	(18,197)
Other expenses, net(1)	1,989	14,766
Gain on sale of assets	-	(2,200)
Interest and other financing costs, net	51,842	230,390
Income tax expense (benefit)	16,575	33,117
EBITDAX $ $ $	103,478	627,497
Pro Forma Adjustment - TEN FPSO Lease(1)	-	47,421
Pro Forma EBITDAX	103,478	674,918
EBITDAX - M S	(57,932)	(77,333)
Pro Forma EBITDAX - Base Business $ $ $	161,410	752,251
March 31, December 31,
Total march 31, December 31,	2026	2025
Total long-term debt $ $	2,946,876	3,100,274
Cash and cash equivalents	129,957	91,518
Cash included in assets held for sale	7,960	-
Total restricted cash	30,630	26,226
Net debt(1) $ $	2,778,329	2,982,530
(1) Excludes $80.1 million TEN FPSO finance lease liability.
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
Total march 31,	2026	2025
Net loss $ $	(225,574)	(110,606)
Derivatives, net	251,996	6,732
Cash settlements on commodity derivatives	(30,341)	(1,751)
Other, net(2)	3,259	1,664
Write-off of leasehold costs	13,181	-
Debt modifications and extinguishments	(1,217)	-
Total selected items before tax	236,878	6,645
Income tax (expense) benefit on adjustments(1)	(46,926)	(1,465)
Adjusted net income (loss) $	(35,622)	(105,426)
Net loss per diluted share $ $	(0.45)	(0.23)
Derivatives, net	0.50	0.01
Cash settlements on commodity derivatives	(0.06)	-
Write-off of leasehold costs	0.03	-
Total selected items before tax	0.47	0.01
Income tax (expense) benefit on adjustments(1)	(0.09)	-
Adjusted net income (loss) per diluted share $ $	(0.07)	(0.22)
Weighted average number of diluted shares	506,198	475,681
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended
March 31,
	2026	2025

Source ↗

	2025	2024
Assets
Current assets:
Cash and cash equivalents $ $	91,518	84,972
Receivables, net	103,472	164,959
Other current assets	232,884	196,201
Total current assets	427,874	446,132
Property and equipment, net	3,733,784	4,444,221
Other non-current assets	534,968	418,635
Total assets $ $	4,696,626	5,308,988
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ $	202,555	349,994
Accrued liabilities	237,609	244,954
Current maturities of long-term debt	132,143	-
Total current liabilities	572,307	594,948
Long-term liabilities
Long-term debt, net	2,920,616	2,744,712
Deferred tax liabilities	305,924	313,433
Other non-current liabilities	369,189	455,471
Total long-term liabilities	3,595,729	3,513,616
Total stockholders' equity	528,590	1,200,424
Total liabilities and stockholders' equity $ $	4,696,626	5,308,988

Source ↗

	Three Months Ended December 31, 2025	Three Months Ended December 31, 2024	Years Ended December 31, 2025	Years Ended December 31, 2024
Operating activities:
Net income (loss) $ $ $ $	(377,141)	(6,579)	(699,786)	189,851
Depletion, depreciation and amortization (including deferred financing costs)	145,549	146,919	564,660	465,483
Deferred income taxes	(7,424)	(63,454)	(6,738)	(52,174)
Unsuccessful well costs and leasehold impairments	151,119	70,617	202,492	74,489
Impairment of long-lived assets	177,563	-	177,563	-
Change in fair value of derivatives	(34,333)	2,939	(45,008)	14,747
Cash settlements on derivatives, net(1)	3,380	(4,898)	6,181	(19,652)
Equity-based compensation	6,944	10,102	27,953	37,951
Gain on sale of assets	(1,600)	-	(2,200)	-
Debt modifications and extinguishments	195	379	195	25,173
Other	(10,389)	(1,609)	(21,881)	(13,735)
Changes in assets and liabilities
Net changes in working capital	(18,563)	21,331	(69,419)	(43,884)
Net cash provided by operating activities	35,300	175,747	134,012	678,249
Investing activities
Oil and gas assets	(70,275)	(161,421)	(314,408)	(933,659)
Notes receivable and other investing activities	-	(29,822)	(86,791)	(32,397)
Net cash used in investing activities	(70,275)	(191,243)	(401,199)	(966,056)
Financing activities
Borrowings under long-term debt	300,000	50,000	675,000	325,000
Payments on long-term debt	(75,000)	-	(225,000)	(350,000)
Net proceeds from issuance of senior notes	-	-	-	885,285
Purchase of capped call transactions	-	-	-	(49,800)
Repurchase and redemption of senior notes	(150,000)	-	(150,000)	(499,515)
Other financing costs	(345)	(1,113)	(346)	(36,647)
Net cash provided by financing activities	74,655	48,887	299,654	274,323
Net increase (decrease) in cash, cash equivalents and restricted cash	39,680	33,391	32,467	(13,484)
Cash, cash equivalents and restricted cash at beginning of period	78,064	51,886	85,277	98,761
Cash, cash equivalents and restricted cash at end of period $ $ $ $	117,744	85,277	117,744	85,277
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Three Months Ended Years ended
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Net income (loss) $ $ $ $	(377,141)	(6,579)	(699,786)	189,851
Exploration expenses	154,930	79,915	223,616	119,907
Depletion, depreciation and amortization	143,325	145,024	556,774	456,774
Impairment of long-lived assets	177,563	-	177,563	-
Equity-based compensation	6,944	10,102	27,953	37,951
Derivatives, net	(35,185)	6,383	(53,665)	12,099
Cash settlements on commodity derivatives	3,054	(2,532)	10,395	(12,488)
Other expenses, net(1)	(1,363)	11,285	13,491	17,703
Gain on sale of assets	(1,600)	-	(2,200)	-
Interest and other financing costs, net	58,835	12,759	223,430	88,598
Income tax expense (benefit)	6,823	(27,254)	65,205	159,961
EBITDAX $ $ $ $	136,185	229,103	542,776	1,070,356
EBITDAX - M/S	1,915	(37,969)	(129,482)	(104,386)
EBITDAX - Base Business $ $ $ $	134,270	267,072	672,258	1,174,742
December 31, December 31,
Total december 31, December 31,	2025	2024	–	–
Total long-term debt $ $	3,100,274	2,800,274	–	–
Cash and cash equivalents	91,518	84,972	–	–
Total restricted cash	26,226	305	–	–
Net debt $ $	2,982,530	2,714,997	–	–
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended Years Ended
December 31, December 31,
	2025	2024	2025	2024
Net income (loss) $ $ $ $	(377,141)	(6,579)	(699,786)	189,851
Derivatives, net	(35,185)	6,383	(53,665)	12,099
Cash settlements on commodity derivatives	3,054	(2,532)	10,395	(12,488)
Gain on sale of assets	(1,600)	-	(2,200)	-
Impairment of long-lived assets	177,563	-	177,563	-
Other, net(2)	(1,400)	8,178	12,985	14,070
Impairment of suspended well costs	151,092	37,175	202,152	37,175
Debt modifications and extinguishments	195	379	195	25,173
Total selected items before tax	293,719	49,583	347,425	76,029
Income tax (expense) benefit on adjustments(1)	8,664	(2,291)	7,205	(22)
Impact of valuation adjustments and other tax items	(2,891)	(56,295)	(2,891)	(64,258)
Adjusted net income (loss) $	(77,649)	(15,582)	(348,047)	201,600
Net income (loss) per diluted share $ $ $ $	(0.79)	(0.01)	(1.47)	0.40
Derivatives, net	(0.07)	0.01	(0.11)	0.03
Cash settlements on commodity derivatives	0.01	(0.01)	0.02	(0.03)
Gain on sale of assets	-	-	-	-
Impairment of long-lived assets	0.37	-	0.37	-
Other, net(2)	-	0.03	0.03	0.03
Impairment of suspended well costs	0.31	0.08	0.42	0.08
Debt modifications and extinguishments	-	-	-	0.05
Total selected items before tax	0.62	0.11	0.73	0.16
Income tax (expense) benefit on adjustments(1)	0.02	-	0.02	-
Impact of valuation adjustments and other tax items	(0.01)	(0.13)	(0.01)	(0.14)
Adjusted net income (loss) per diluted share $ $ $ $	(0.16)	(0.03)	(0.73)	0.42
Weighted average number of diluted shares	478,326	471,894	477,591	476,691
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended Years Ended
December 31, December 31,
	2025	2024	2025	2024

Source ↗

	September 30, 2025	December 31, 2024
Assets
Current assets:
Cash and cash equivalents $ $	64,032	84,972
Receivables, net	103,330	164,959
Other current assets	198,205	196,201
Total current assets	365,567	446,132
Property and equipment, net	4,208,535	4,444,221
Other non-current assets	515,639	418,635
Total assets $ $	5,089,741	5,308,988
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ $	200,809	349,994
Accrued liabilities	251,310	244,954
Current maturities of long-term debt	250,000	-
Other current liabilities	3,239	-
Total current liabilities	705,358	594,948
Long-term liabilities
Long-term debt, net	2,728,500	2,744,712
Deferred tax liabilities	313,426	313,433
Other non-current liabilities	443,670	455,471
Total long-term liabilities	3,485,596	3,513,616
Total stockholders' equity	898,787	1,200,424
Total liabilities and stockholders' equity $ $	5,089,741	5,308,988

Source ↗

	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024	Nine Months Ended September 30, 2025	Nine Months Ended September 30, 2024
Operating activities:
Net income (loss) $ $ $ $	(124,299)	44,974	(322,645)	196,430
Depletion, depreciation and amortization (including deferred financing costs)	143,403	122,887	419,111	318,564
Deferred income taxes	(950)	6,081	686	11,280
Unsuccessful well costs and leasehold impairments	51,211	1,187	51,373	3,872
Change in fair value of derivatives	(2,792)	(9,298)	(10,675)	11,808
Cash settlements on derivatives, net(1)	(3,480)	(7,388)	2,801	(14,754)
Equity-based compensation	5,302	10,034	21,009	27,849
Gain on sale of assets	-	-	(600)	-
Debt modifications and extinguishments	-	2,263	-	24,794
Other	(2,986)	(138)	(11,492)	(12,126)
Changes in assets and liabilities
Net changes in working capital	(92,977)	(164,320)	(50,856)	(65,215)
Net cash provided by (used in) operating activities	(27,568)	6,282	98,712	502,502
Investing activities
Oil and gas assets	(71,367)	(219,245)	(244,133)	(772,238)
Notes receivable and other investing activities	-	-	(86,791)	(2,575)
Net cash used in investing activities	(71,367)	(219,245)	(330,924)	(774,813)
Financing activities
Borrowings under long-term debt	175,000	100,000	375,000	275,000
Payments on long-term debt	(50,000)	-	(150,000)	(350,000)
Net proceeds from issuance of senior notes	-	494,855	-	885,285
Purchase of capped call transactions	-	-	-	(49,800)
Repurchase of senior notes	-	(499,515)	-	(499,515)
Other financing costs	-	(4,609)	(1)	(35,534)
Net cash provided by financing activities	125,000	90,731	224,999	225,436
Net increase (decrease) in cash, cash equivalents and restricted cash	26,065	(122,232)	(7,213)	(46,875)
Cash, cash equivalents and restricted cash at beginning of period	51,999	174,118	85,277	98,761
Cash, cash equivalents and restricted cash at end of period $ $ $ $	78,064	51,886	78,064	51,886
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
Three Months Ended Nine months ended Twelve Months Ended
Net income (loss) $ $ $ $ $	44,974	(322,645)	196,430	(329,224)
Exploration expenses	14,697	68,686	39,992	148,601
Depletion, depreciation and amortization	120,728	413,449	311,750	558,473
Equity-based compensation	10,034	21,009	27,849	31,111
Derivatives, net	(15,254)	(18,480)	5,716	(12,097)
Cash settlements on commodity derivatives	(2,532)	7,340	(9,956)	4,808
Other expenses, net(1)	2,227	14,854	6,418	26,139
Gain on sale of assets	-	(600)	-	(600)
Interest and other financing costs, net	22,112	164,595	75,839	177,354
Income tax expense	61,578	58,382	187,215	31,128
EBITDAX $ $ $ $ $	258,564	406,590	841,253	635,693
EBITDAX - M/S	(42,986)	(131,397)	(66,418)	(169,336)
EBITDAX - Base Business $ $ $ $ $	301,550	537,987	907,671	805,029
September 30, December 31,
Total september 30, December 31,	2025	2024	–	–
Total long-term debt $ $	3,025,274	2,800,274	–	–
Cash and cash equivalents	64,032	84,972	–	–
Total restricted cash	14,032	305	–	–
Net debt $ $	2,947,210	2,714,997	–	–
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
Total september 30, September 30,	2025	2024	2025	2024
Net income (loss) $ $ $ $	(124,299)	44,974	(322,645)	196,430
Derivatives, net	(3,646)	(15,254)	(18,480)	5,716
Cash settlements on commodity derivatives	(2,324)	(2,532)	7,340	(9,956)
Gain on sale of assets	-	-	(600)	-
Other, net(2)	6,358	1,965	14,386	5,892
Impairment of suspended well costs	51,060	-	51,060	-
Debt modifications and extinguishments	-	2,263	-	24,794
Total selected items before tax	51,448	(13,558)	53,706	26,446
Income tax (expense) benefit on adjustments(1)	575	6,186	(1,459)	2,269
Impact of valuation adjustments and other tax items	-	-	-	(7,963)
Adjusted net income (loss) $	(72,276)	37,602	(270,398)	217,182
Net income (loss) per diluted share $ $ $ $	(0.26)	0.09	(0.68)	0.41
Derivatives, net	(0.01)	(0.03)	(0.04)	0.01
Cash settlements on commodity derivatives	-	-	0.02	(0.01)
Other, net(2)	0.01	-	0.03	0.01
Impairment of suspended well costs	0.11	-	0.10	-
Debt modifications and extinguishments	-	-	-	0.05
Total selected items before tax	0.11	(0.03)	0.11	0.06
Income tax (expense) benefit on adjustments(1)	-	0.02	-	–
Impact of valuation adjustments and other tax items	-	-	-	(0.02)
Adjusted net income (loss) per diluted share $ $ $ $	(0.15)	0.08	(0.57)	0.45
Weighted average number of diluted shares	478,254	479,190	477,344	478,701
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
	2025	2024	2025	2024

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Share-based payments	19.6	21.2	29.7
Operating profit to net income
Tax	(79.3)	(49.5)	(125.2)
Net income (owners)	(408.4)	(531.1)	148.6
Per share
EPS diluted	(83.8p)	(109.2p)	31.9p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Share-based payments	10.5	−14%	9.1	12.1
Operating profit to net income
Tax	(61.1)	+95%	(18.2)	(31.3)
Net income (owners)	(30.3)	n/m	(378.0)	(153.1)
Per share
EPS diluted	(5.3p)	–	(78.5p)	(30.6p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	213.6	101.7	530.7
Investing activities
Capex (PP&E)	–	(238.6)	(730.6)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	209.4	+115%	4.2	97.5
Financing activities
Lease principal paid	(11.1)	–	–	–
Shares issued	153.5	–	–	–

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	2,528.7	2,772.5	3,541.5
Non-current assets	2,955.6	3,169.7	3,875.1
Current assets
Trade receivables	85.3	76.8	131.5
Cash	77.1	68.0	67.7
Current assets	296.3	317.7	355.5
Total assets	3,252.0	3,487.5	4,230.6
Current liabilities
Trade payables	122.2	150.4	278.9
Borrowings, current	109.6	98.1	0.0
Current liabilities	500.1	425.0	474.1
Non-current liabilities
Borrowings, non-current	1,906.5	2,168.7	2,187.2
Equity
Total equity	531.8	392.5	956.6
Net cash and other figures
Net cash / (debt) ex leases	(1,934.1)	(2,214.7)	(2,163.5)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	2,528.7	2,772.5	3,541.5
Non-current assets	2,955.6	3,169.7	3,875.1
Current assets
Trade receivables	85.3	76.8	131.5
Cash	77.1	68.0	67.7
Current assets	296.3	317.7	355.5
Total assets	3,252.0	3,487.5	4,230.6
Current liabilities
Trade payables	122.2	150.4	278.9
Borrowings, current	109.6	98.1	0.0
Current liabilities	500.1	425.0	474.1
Non-current liabilities
Borrowings, non-current	1,906.5	2,168.7	2,187.2
Equity
Total equity	531.8	392.5	956.6
Net cash and other figures
Net cash / (debt) ex leases	(1,934.1)	(2,214.7)	(2,163.5)

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