Filing Flows › BKV (BKV) › Q3 2025
BKV (BKV) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
BKV (BKV) reported revenue of $200M for the third quarter 2025 (Q3 2025), +50% from a year earlier and -4% from the quarter before. Operating margin was 41.2%, net earnings $76.8M (38.5% of revenue).
BKV, Q3 2025: revenue $200M (+50% year over year), operating margin 41.2%, net earnings $76.8M, operating cash flow $74.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $200M | -4% | +50% |
| Operating profit | $82.3M | -36% | — |
| Net earnings | $76.8M | -29% | +497% |
| Operating cash flow | $74.5M | -2% | +15% |
What changed
Revenue was $199.8M in Q3 2025, up 50% year over year and down 4% from the previous quarter. Natural gas was the largest line at 76% of revenue. Natural gas added $63.1M year over year (up 72%), 95% of the total change. Marketing revenues declined 5%.
Operating profit was $82.3M, a 41.2% margin (up 56.9 points year over year). Total costs fell 24% while revenue rose 50%. Net earnings were $76.8M, up 497% year over year. The effective tax rate was 20.5%.
Operating cash flow was $74.5M (up 15% year over year), 96% of net earnings. Non-cash charges added back $38.0M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $44.1M. Capital expenditures of $201.5M exceeded it, leaving free cash flow of −$126.9M.
Questions
What was BKV's revenue in the third quarter 2025?
BKV (BKV) reported revenue of $200M for the third quarter 2025 (Q3 2025), +50% from a year earlier and -4% from the quarter before.
Was BKV profitable in the third quarter 2025?
Operating profit was $82.3M (41.2% of revenue) and net earnings $76.8M.
Source: BKV 10-Q on SEC EDGAR.