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Blue Dolphin Energy (BDCO) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Blue Dolphin Energy (BDCO) Q2 2026 earnings results →
Q2 2026 Revenue up 155% year over year to $144M · 12¢ of every $1 of revenue kept as net profit · operating margin 16.4%
Blue Dolphin Energy made $144M in Q2 2026 (+155% Y/Y): Refinery Operations $143M, Tolling and Terminaling $765K. Operating margin 16.4%, net earnings $17.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
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What changed this quarter
Revenue was $144.3M in Q2 2026, up 155% year over year and up 77% from the previous quarter. Refinery Operations was the largest line at 99% of revenue. Refinery Operations added $87.7M year over year (up 157%), 100% of the total change. Tolling and Terminaling declined 3%.
Operating profit was $23.7M, a 16.4% margin (up 17.6 points year over year). Total costs grew 111% against revenue growth of 155%. The fastest-growing cost line was Cost of revenue (+113%). Net earnings were $17.7M. The effective tax rate was 21.5%.
Operating cash flow was $38.2M, 215% of net earnings. Non-cash charges added back $720K of depreciation and amortization. Working capital and other items added $19.7M. Capital expenditures of $121K left free cash flow of $38.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $144M | +155% | 16.4% | $17.7M | $38.2M |
| Q1 2026 | 10-Q | May 15, 2026 | $81.5M | -3% | 24.5% | $14.7M | $831K |
| Q4 2025 | 10-K | Mar 31, 2026 | $68.8M | -8% | -0.2% | −$1.4M | $1.8M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $70.4M | -14% | -7.2% | −$4.7M | $818K |
| Q2 2025 | 10-Q | Aug 14, 2025 | $56.6M | -19% | -1.1% | −$1.7M | −$1.6M |
| Q1 2025 | 10-Q | May 15, 2025 | $83.7M | -8% | 5.2% | $2.2M | −$1.7M |
| Q4 2024 | 10-K | Apr 1, 2025 | $74.7M | -31% | -3.6% | −$3.9M | $826K |
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About Blue Dolphin Energy
The following section of this Annual Report on Form 10-K generally refers to business developments during the twelve months ended December 31, 2025. Discussion of, or references to, prior period business developments that are not included in this Form 10-K can be found in “ Part I, Item 1. Business ” of our Annual Report on Form 10-K for the year ended December 31, 2024. Blue Dolphin was formed in 1986 as a Delaware corporation. The company is an independent downstream energy company operating in the Gulf Coast region of the U.S. Operations primarily consist of a light sweet-crude, 15,000-bpd crude distillation tower, and approximately 1.25 million bbls of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin trades on the OTCQX under the ticker symbol “BDCO.”
In its own words, from its 10-K, filed Mar 31, 2026.
Blue Dolphin Energy against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +155% against the peers' median +52%. Operating margin: 16.4% against the peers' median 19.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BDCO Blue Dolphin Energy | Q2 2026 | $144M | +155% | 16.4% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Blue Dolphin Energy 10-Q on SEC EDGAR · CIK 793306 · Crude Petroleum & Natural Gas
More on BDCO
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Blue Dolphin Energy operating margin by quarter
- Blue Dolphin Energy net income by quarter
- Blue Dolphin Energy free cash flow by quarter
- Blue Dolphin Energy capital expenditures by quarter
- Blue Dolphin Energy Refinery Operations revenue by quarter
- Blue Dolphin Energy Tolling and Terminaling revenue by quarter