Filing Flows › Blue Dolphin Energy (BDCO) › Q4 2025
Blue Dolphin Energy (BDCO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
Blue Dolphin Energy (BDCO) reported revenue of $68.8M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -2% from the quarter before. Operating margin was -0.2%, net loss $1.4M (2.1% of revenue).
Blue Dolphin Energy, Q4 2025: revenue $68.8M (-8% year over year), operating margin -0.2%, net loss $1.4M, operating cash flow $1.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $68.8M | -2% | -8% |
| Operating profit | −$137K | — | — |
| Net earnings | −$1.4M | — | — |
| Operating cash flow | $1.8M | +116% | +114% |
What changed
Revenue was $68.8M in Q4 2025, down 8% year over year and down 2% from the previous quarter. Refinery Operations was the largest line at 99% of revenue.
Operating costs exceeded revenue by $137K, an operating margin of -0.2%. Total costs fell 11% while revenue fell 8%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $1.4M, narrower than the previous quarter's $4.7M loss. Net interest and other expense of $1.5M was the main reason.
Operating cash flow was $1.8M (up 114% year over year). Non-cash charges added back $718K of depreciation and amortization. Working capital and other items added $2.5M. Capital expenditures of −$323K left free cash flow of $2.1M.
Questions
What was Blue Dolphin Energy's revenue in the fourth quarter 2025?
Blue Dolphin Energy (BDCO) reported revenue of $68.8M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -2% from the quarter before.
Was Blue Dolphin Energy profitable in the fourth quarter 2025?
Operating loss was $137K (-0.2% of revenue) and net loss $1.4M.