Filing Flows › Blue Dolphin Energy (BDCO) › Q1 2026 › vs Q4 2025
Blue Dolphin Energy (BDCO) Q1 2026 vs Q4 2025 (quarter over quarter)
Blue Dolphin Energy's revenue rose $12.7M (+19%) from $68.8M in Q4 2025 to $81.5M in Q1 2026. The biggest changes: Refinery Operations +$12.7M (+19%); Tolling and Terminaling +$0 (0%). Operating margin 24.5% against -0.2% (+24.7 pts).
Blue Dolphin Energy, Q1 2026: revenue $81.5M (-3% year over year), operating margin 24.5%, net earnings $14.7M, operating cash flow $831K. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 24.5% | -0.2% | +24.7 pts |
| Net margin | 18.1% | -2.1% | +20.2 pts |
| Free cash flow margin | 1.0% | 3.0% | -2.0 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Refinery Operations | $80.7M | $68.0M | $12.7M | +19% |
| Tolling and Terminaling | $765K | $765K | $0 | 0% |
| Revenue | $81.5M | $68.8M | $12.7M | +19% |
| Operating profit | $19.9M | −$137K | $20.1M | — |
| Costs & expenses | $61.5M | $68.9M | −$7.3M | -11% |
| Pre-tax earnings | $18.6M | −$1.7M | $20.2M | — |
| Other expense, net | $1.4M | $1.5M | −$141K | -9% |
| Net earnings | $14.7M | −$1.4M | $16.2M | — |
| Income tax | $3.8M | −$213K | $4.0M | — |
| Depreciation & amortization | $719K | $718K | $1K | +0.1% |
| Working capital & other | $14.6M | −$2.5M | $17.1M | — |
| Operating cash flow | $831K | $1.8M | −$934K | -53% |
| Free cash flow (OCF − capex) | $820K | $2.1M | −$1.3M | -61% |
| Capital expenditures | $11K | −$323K | $334K | — |
Questions
How much did Blue Dolphin Energy's revenue grow quarter over quarter in Q1 2026?
Blue Dolphin Energy's revenue rose $12.7M (+19%) from $68.8M in Q4 2025 to $81.5M in Q1 2026.
What drove Blue Dolphin Energy's revenue change in Q1 2026?
Refinery Operations +$12.7M (+19%); Tolling and Terminaling +$0 (0%).