At a glance
Talos Energy is worth $3.04B. Revenue fell 9.8% to $1.78B in fiscal 2025, at a loss; over 5 years it has grown 25.3% a year. It pays no dividend; it spent $212.1M buying back its shares over FY2021–FY2025. The stock returned +91.7% over the past year with dividends reinvested and +7.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 69.1% in the 2020 crash (S&P 500: 33.7%) and 47.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Talos Energy is an offshore oil and gas producer. It is an "upstream" business: it explores for oil and gas under the seabed, drills wells and sells the output, rather than refining or retailing fuel. Most of its activity is in the deep waters of the US Gulf of America, with smaller operations on the shallower Shelf and Gulf Coast. A June 2025 strategy update aims to make it a "pure-play" offshore producer, focused solely on offshore exploration and production.
Oil is the main earner. For the year ended December 31, 2025, revenue was about $1.78 billion, and oil and condensate (a very light oil found with natural gas) made up 87.7% of it. Natural gas added 9.5% and natural gas liquids, such as propane, 2.8%. Most output sells at spot prices, the going market rate, rather than under long-term fixed-price contracts, so revenue swings with oil prices.
Talos also keeps a stake in Talos Mexico, which holds a 17.35% interest in the Zama Field off Mexico's Tabasco state. Talos sold 49.9% of Talos Mexico to Zamajal, majority-owned by Grupo Carso, in 2023 and agreed in December 2024 to sell another 30.1%. As of December 31, 2025, all of its proved reserves, the oil and gas it is reasonably certain to recover, were in the US.
Price history
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TALO +91.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil And Condensate | $1.56B | 87.7% |
| Natural Gas Production | $169.4M | 9.5% |
| Natural Gas Liquids Reserves | $50.2M | 2.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $664.8M, up 56.5% from a year earlier, and net income was $149.7M.
- For fiscal 2025, revenue was $1.78B (-9.8% year over year; +25.3% a year from FY2020 to FY2025) with a -27.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.3% good |
|---|---|
| Operating margin | -31.5% weak |
| Return on equity (FY2025) | -22.8% weak |
| Return on assets (FY2025) | -8.9% weak |
| Net cash (cash minus debt) | $-651.2M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $575.9M | $-465.6M | — |
| FY2021 | $1.24B | $-183.0M | — |
| FY2022 | $1.65B | $381.9M | — |
| FY2023 | $1.46B | $187.3M | — |
| FY2024 | $1.97B | $-76.4M | — |
| FY2025 | $1.78B | $-494.3M | — |
Valuation snapshot
| Market value | $3.04B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Talos Energy’s market value went from $883.8M at the end of 2018 to $3.04B on Oct 28, 2026, about 3.4 times as much; since the end of 2025 it is up 62%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.04B | +62.3% |
| 2025 | $1.87B | +7.2% |
| 2024 | $1.75B | -1.0% |
| 2023 | $1.77B | +13.3% |
| 2022 | $1.56B | +94.3% |
| 2021 | $802.4M | +33.3% |
| 2020 | $601.8M | -63.2% |
| 2019 | $1.63B | +84.9% |
| 2018 | $883.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TALO price data to Oct 28, 2026 | +65.2% | +91.7% | +5.3% | +7.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +65.3% |
| 2025 | +13.5% |
| 2024 | -31.8% |
| 2023 | -24.6% |
| 2022 | +92.7% |
| 2021 | +18.9% |
| 2020 | -72.7% |
| 2019 | +84.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 66.5% over that stretch · deepest drop along the way 69.1%, back to its old high 24.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 105% over that stretch · deepest drop along the way 47.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 22 sales ($407.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 13, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $47.3M |
| Oct 16, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $46.4M |
| Oct 23, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $45.8M |
| Oct 8, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $39.3M |
| Oct 19, 2026 | Control Empresarial de Capitales S.A. de C.V. 10% owner | sell | $38.6M |
Who owns it
Large shareholders (13G filings)
| Carlos Slim Helu | 14.7% | Oct 16, 2026 |
| BlackRock, Inc. | 11.7% | Jun 30, 2026 |
| Sourcerock Group LLC | 6.3% | Jun 30, 2025 |
| Dimensional Fund Advisors LP | 5.3% | Dec 31, 2025 |
ETFs with the most weight in TALO
| PXE Invesco Energy Exploration & Production ETF | 2.61% |
| KEAT Keating Active ETF | 2.43% |
| PSCE Invesco S&P SmallCap Energy ETF | 2% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.43% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.39% |
| OASC OneAscent Small Cap Core ETF | 0.27% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.25% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.23% |
What could go wrong
- Production is concentrated in one region. All of Talos's proved reserves are in the U.S., mostly in the Deepwater Gulf of America. A hurricane, regulatory change or pipeline outage there could hit much of its output at once.
- Deepwater drilling is costly and uncertain. Talos's strategy leans on Deepwater exploration, which carries higher operational and financial risk than shallow water. Wells can find no commercial oil, and reserves must be replaced as fields deplete, or production shrinks.
- Offshore cleanup bills are hard to predict. Talos must eventually plug old wells and remove offshore equipment. These decommissioning costs can swing widely from year to year, and it needs surety bonds (financial guarantees) that may not stay affordable.
- Slim family holds significant voting power. Carlos Slim Helu reported owning 14.7% as of October 16, 2026. Talos warns the Slim family's influence could create conflicts of interest, and large share sales, or fear of them, could weigh on the price.
- Results swing with oil prices. Oil and condensate made up 87.7% of 2025 revenue, mostly sold at spot prices. In 2025, the monthly benchmark crude price ranged from $57.97 to $75.74 a barrel; sustained declines cut cash flow and reserves.
- About $1.23 billion of debt. As of June 30, 2026, total debt was about $1.23 billion against $578 million of cash and investments. Loan covenants (lender rules) can restrict the business, and breaching them could force early repayment.
Recent events
- Executive or board change; Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Investor presentation or announcement; Other company announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Talos Energy paid no dividends from FY2021 through FY2025, so it offers no regular income; any return would come from the share price. The company has bought back stock instead: $212.1 million over those five years, including $119.5 million in fiscal 2025. Even so, the share count more than doubled, from about 81.9 million in October 2021 to about 167.0 million in July 2026, diluting each existing share.
The shares have swung sharply. In the 2020 COVID crash they fell 69.1% between February 19 and March 16, 2020, and took about 25 months to recover. Between the market's January 3 peak and October 12 trough in 2022, they gained 105%, yet still dropped 47.2% from June 7 to July 14, 2022, and had not regained that high as of October 28, 2026. A single stock like Talos carries more risk than a diversified fund.
Questions investors ask
How does Talos Energy make money?
Talos makes money by producing and selling crude oil, natural gas and natural gas liquids from offshore fields, mainly in the Deepwater U.S. Gulf of America. Of its $1.78 billion in revenue for the year ended December 31, 2025, oil and condensate made up 87.7%, natural gas 9.5% and natural gas liquids 2.8%. Most sales are at spot (going market) prices, so revenue rises and falls with oil prices.
Does Talos Energy pay a dividend?
No. Talos Energy paid no dividends from FY2021 through FY2025, so it provides no regular income. It has returned cash through share buybacks instead, spending $212.1 million over those five years, including $119.5 million in fiscal 2025. Buybacks did not stop the share count from rising: shares outstanding more than doubled between October 2021 and July 2026. Any return for shareholders depends on the share price.
Is Talos Energy profitable?
It lost money in fiscal 2025 but turned a profit in the quarter ended June 30, 2026. The full-year net loss was $494.3 million, or $2.82 per share, on revenue of $1.78 billion. Talos also lost money in 2020, 2021 and 2024, while earning profits in 2022 and 2023. In the June 2026 quarter, net income was $149.7 million on revenue of $664.8 million, up 56.5% from a year earlier.
How has Talos Energy stock performed?
It has been very volatile. As of October 28, 2026, the share price was up 91.7% over one year and 65.2% for 2026 to date, and had returned about 7.9% a year over five years. Calendar years ranged from a 92.7% gain in 2022 to losses of 72.7% in 2020, 24.6% in 2023 and 31.8% in 2024. Over its roughly 8.5-year price history it was down 7.8%, with a worst drop of 86.3%.
Who owns the biggest stake in Talos Energy?
Carlos Slim Helu reported the largest stake, 14.7%, as of October 16, 2026. BlackRock reported 11.7% as of June 30, 2026, and Dimensional Fund Advisors 5.3% as of December 31, 2025. Talos warns that the Slim family's ownership and voting power could create conflicts of interest and sway major decisions. In October 2026, a 10% owner, Control Empresarial de Capitales S.A. de C.V., sold shares in a series of trades, the five largest worth about $39 million to $47 million each.